Wednesday, March 5, 2025
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Cosmetics Giant L’Oréal Completes $160M Research and Innovation Center in Clark, New Jersey

by John Nelson

CLARK, N.J. — French cosmetics company L’Oréal Groupe has announced the completion of its new North America Research & Innovation (R&I) Center located in Clark, roughly 13 miles outside Newark, N.J. The $160 million, 250,000-square-foot scientific research center is L’Oréal’s largest outside of France and will complement existing L’Oréal R&I hubs in Brazil, South Africa, India, China and Japan. “New Jersey has served as our scientific hub here in the United States for over six decades, and we are excited to expand our footprint in the state and bring all our scientific teams together in a beautiful and modern new research facility,” says David Greenberg, president and CEO of L’Oréal USA. The North America R&I Center broke ground in 2022 and comprises a 26,000-square-foot modular laboratory, a consumer center for product testing and co-creation (which accommodates up to 400 patrons) and an onsite mini factory to scale final formulations before full-scale productions. Sustainability attributes of the center include 10,000 solar panels, which meet 70 percent of the facility’s energy needs, an eco-retention pond for stormwater management and employee-led gardening and composting initiatives that create a green workspace.  According to company representatives, the North America R&I Center will play a “pivotal …

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The-Gin-Mill-Arlington
Market ReportsMultifamilyTexasTexas Market Reports

DFW Multifamily Market Defies Economic Headwinds — Here’s Why Smart Investors Are Paying Attention

by Taylor Williams

By Joe Lutz, managing director at Leon Multifamily Group Market uncertainty has many real estate investors hesitating. Rising costs, high interest rates and shifting supply demand dynamics add to the caution. Yet Dallas-Fort Worth (DFW) remains a powerhouse in multifamily development, driven by strong demand and solid market fundamentals. For those willing to act, the opportunities are hard to ignore. Investor caution is evident, with a “stay alive through ’25” mentality  reflecting economic pressures. Transaction volumes have dropped to historic lows. Newmark Capital Research (NCR) reports that 2023 and 2024 saw the weakest activity since 2013, with sales down 30 percent compared to the pre-COVID era. For the first time since 2008, 2023 ended without the usual year-end sales uptick, and 2024 data suggests a similar trend. While some feared a market collapse, conditions haven’t reached Great Financial Crisis levels. The multifamily sector faces supply imbalances and growing debt pressures. Construction starts hit their lowest levels since 2013, while completions exceeded new starts by over 200,000 units — a gap unseen since the 1970s, according to data from NCR. The surge in 2023 completions resulted from post-COVID low-interest-rate incentives, but now concerns over vacancies, concessions and stagnant rent growth linger. …

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Market ReportsMichiganMidwestMidwest Market ReportsOffice

Detroit Office Market Balances History, Opportunity

by Kristin Harlow

By Andy Gutman, Farbman Group Detroit’s office market, like many other large cities across the Midwest, has experienced many shifts — specifically in the office sector. Despite the challenges Detroit has seen over the past few years, the city has also shown great resilience. As companies continue to reconsider and revise their office needs, and workspaces evolve, Detroit is well positioned to capitalize on office occupancy in 2025 thanks to its historical assets, as well as opportunities in the city that are ripe for redevelopment. Tech, transportation and tenacity One of the city’s strengths in the office sector is its potential to rebound faster than many other Midwest cities. Unlike other markets that are overbuilt with more pain coming in the form of downsizing, such as Chicago, Detroit has avoided oversupply and isn’t overburdened with soaring vacancy rates. The city’s office market vacancy rate has slowly declined over the last several quarters — a positive sign for the local market. Detroit has also benefitted from steady and incremental growth, particularly by incubation, innovation and technology-focused tenants. It’s these types of tenants who have assisted in revitalizing the city’s urban core. The market is also characterized by a higher proportion of …

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Exploration-Park-Houston
DevelopmentIndustrialTexas

ACMI Properties to Develop 1.5 MSF Industrial Park in Southeast Houston

by Taylor Williams

HOUSTON — ACMI Properties, the development arm of the American Center for Manufacturing & Innovation, will develop Exploration Park, a 1.5 million-square-foot build-to-suit industrial park in southeast Houston. The site spans 207 acres on NASA’s Johnson Space Center campus. Plans for Exploration Park currently call for as many as 22 buildings ranging in size from 15,000 to 500,000 square feet with 24- to 30-foot clear heights and rear- or side-load configurations. Construction is expected to begin in the second quarter and to be complete late 2026. JLL has been tapped as the leasing agent.

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Valley-Ranch-Convention-Center
DevelopmentRetailTexas

EMCID Underway on 210,000 SF Convention Center at Valley Ranch in New Caney, Texas

by Taylor Williams

NEW CANEY, TEXAS — The East Montgomery County Improvement District (EMCID) is underway on construction of a 210,000-square-foot convention center within the Valley Ranch master-planned development in New Caney, a northeastern suburb of Houston. The facility will feature a 55,000-square-foot ballroom/exhibit hall, nearly 20,000 square feet of meeting space and approximately 25,000 square feet of pre-function and lobby space and outdoor courtyards. Plans also call for an attached 813-space parking garage and connection to a full-service hotel. Completion is slated for fall 2026. Signorelli Co. is the master developer of Valley Ranch and previously owned the land on which the facility will be located.

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DevelopmentRetailTexas

Merlin Entertainments Opens Peppa Pig Theme Park in North Richland Hills, Texas

by Taylor Williams

NORTH RICHLAND HILLS, TEXAS — Merlin Entertainments, an operator based in the United Kingdom, has opened a theme park in North Richland Hills, a suburb of Fort Worth, that is dedicated to children’s character Peppa Pig. The site formerly housed a Mountasia Family Fun Center, and the new park features multiple rides, interactive attractions, themed playscapes and shows. Merlin Entertainments, which also operates facilities for concepts including Legoland and Sea Life Aquariums, has a licensing agreement with toymaker Hasbro, which owns the intellectual property rights to Peppa Pig and associated characters. Merlin Entertainments announced the concept in spring 2023.

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DevelopmentHospitalityTexas

CDC Houston Begins Renovation of 128-Room Residence Inn Hotel

by Taylor Williams

HOUSTON — CDC Houston, a subsidiary of Coventry Development Corp., has begun the renovation of the 128-room Residence Inn Houston City Place hotel. Built on 3.3 acres in 2015, the hotel is located within the 2,000-acre City Place master-planned community on the city’s north side. Suites feature full kitchens and separate living, working and sleeping areas. Amenities include an event space, a sport court, outdoor pool, onsite laundry facilities and a convenience store. Arkansas-based Julian Builders is leading design and construction of the project, which is expected to be complete in the second quarter.

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AcquisitionsHospitalityTexas

Marcus & Millichap Brokers Sale of 86-Room Hotel in North Austin

by Taylor Williams

AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of an 86-room hotel in North Austin. The Best Western Plus Executive Residency Austin — Round Rock was built on 2.7 acres in 2019 and offers amenities such as a pool, fitness center and onsite laundry facilities. Chris Gomes of Marcus & Millichap represented the seller in the transaction and procured the buyer with support from Allan Miller of Marcus & Millichap. Both parties requested anonymity.

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Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheast

Merchants Capital Funds $316M in Financing for Brooklyn Affordable Housing Project

by Taylor Williams

NEW YORK CITY — Merchants Capital has funded $316 million in financing for the second phase of Alafia, a project in the East New York area of Brooklyn that will add 634 affordable and supportive housing units to the local supply. The borrower is a partnership between RiseBoro Community Partnership Inc., L+M Development Partners and Apex Building Group. The financing package, which includes both construction and permanent debt as well as equity, comprises: Phase II of Alafia will consist of two 14-story residential buildings that will house studio, one-, two- and three-bedroom apartments that will be restricted for households earning between 40 and 70 percent of the area median income. A portion of those residences will be specifically reserved for individuals who were either formerly incarcerated or homeless. Amenities will include a fitness center, children’s playroom, community rooms and outdoor courtyards. Phase II will also feature 22,000 square feet of community and retail space. Construction began in December and is expected to be complete in summer 2027.

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1200-Monticello-St.-Brockton
Affordable HousingDevelopmentLoansMassachusettsMultifamilyNortheast

MassHousing Provides $29.7M in Financing for Affordable Housing Project in Brockton, Massachusetts

by Taylor Williams

BROCKTON, MASS. — MassHousing has provided $29.7 million in financing for the construction of a 94-unit affordable housing project in Brockton, a southern suburb of Boston. The borrower, nonprofit owner-operator NeighborWorks Housing Solutions, is redeveloping a former industrial site at 1200 Monticello St. into a five-story building with 31 one-bedroom and 63 two-bedroom units. Of the 94 units, 14 will be restricted to households earning up to 30 percent of the area median income (AMI); 65 apartments will be earmarked for renters earning 60 percent or less of AMI; and 15 residences will be restricted to households earning 80 percent or less of AMI. Amenities will include a fitness center and a community room, and the building will also house 1,473 square feet of commercial space. Utile Inc. and NEI General Contracting are handling design and construction of the project, respectively. Completion is slated for fall 2026.

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