WILLOW GROVE, PA. — Federal Realty Investment Trust has broken ground on the second phase of construction at Willow Grove Shopping Center, a 211,000-square-foot development located on the northern outskirts of Philadelphia. Phase II will deliver an 18,000-square-foot outparcel building, new dining and public amenities and newly designed walkways and pocket plazas. Completion is slated for summer 2023.
AUSTIN, TEXAS — Austin-based Inspire Development has begun construction of Pearson Ranch, a $2 billion, 156-acre mixed use project located just off State Highway 45 in northwest Austin. The master plan for the project includes 48 acres of land for a corporate campus, including 2.6 million square feet of office space. Upon completion, the mixed-use property will also include approximately 200,000 square feet of retail, restaurant and community/cultural spaces; two hotels; thousands of residential units; and 30 acres of parks and green space. Phase I of Pearson Ranch will center on The Eden, an apartment community that will feature 306 one-, two- and three-bedroom units that will range in size from 672 to 1,511 square feet. Residences will be furnished with technology such as smart locks and thermostats, gas appliances, built-in kitchen islands with quartz countertops and in-unit washers and dryers. Residents will have access to amenities such as a fitness center, rooftop deck, coworking lounge, golf simulator, dog spa, community gardens, a three-acre park and a pool area with barbeque grills, day beds, cabanas and a bocce ball court. The general contractor for The Eden is NRP Group. The project’s architect is Austin-based Davies Collaborative. Vertical construction on The …
By Melissa Molyneaux, Executive Vice President, Colliers Northern Nevada’s office market has continued to post strong fundamentals this year. Positive tenant demand has improved vacancy in recent quarters, though an uptick in available sublease space could impact market-wide vacancy in the future. The Reno-Sparks region has also seen a handful of new speculative office construction starts that will add trophy office and medical office space to the downtown and South Meadows submarkets. Strong economic recovery has been evident this year as Nevada reached a new employment peak of nearly 1.5 million jobs in June. Washoe County’s population has grown an impressive 17.1 percent since 2010, to 500,000 people. A study by Woods and Poole Economics estimates the area will reach 764,000 people by 2060. Market-wide vacancy rates dropped to 10.6 percent in the third quarter of 2022, down 200 basis points year over year. Downtown vacancy fell 310 basis points to 11.7 percent, while suburban vacancy fell 180 basis points to 10.3 percent in the same period. Vacancy has continued to improve since the onset of the pandemic, though the Reno area has started to see an increase in available sublease space hitting the market. About one quarter of all …
HOUSTON — Cushman & Wakefield has negotiated a 226,287-square-foot office lease renewal in Houston’s Energy Corridor area for global engineering firm Wood Group USA. The tenant will continue to occupy the entirety of Westgate III, a four-story building that was originally constructed in 2014 and is located within the 550-acre Park Ten Business Center. Kevin Snodgrass, Trey Strake and Megan Madorsky of Cushman & Wakefield represented Wood Group USA in the lease negotiations. Chip Colvill, also with Cushman & Wakefield, along with Cameron Colvill of Whitebox Real Estate, represented the landlord, Griffin Partners.
PLANO, TEXAS — JLL has arranged the sale of Independence Crossing, a 124-unit apartment complex located north of Dallas in Plano. Built in 1999, Independence Crossing offers one- and two-bedroom units with an average size of 942 square feet. Amenities include a pool, fitness center, business center, clubhouse and a dog park. Rob Key, Roberto Casas, Greg Toro and David Austin of JLL represented the undisclosed seller in the transaction. Los Angeles-based investment firm Langdon Street Capital acquired the asset for an undisclosed price.
IRVING, TEXAS — New York City-based bridge lender Pembrook Capital Management has provided a $12.2 million loan for the recapitalization and renovation of The Braxton Apartments, a 125-unit complex in Irving. The unit mix comprises 51 studios, 57 one-bedroom apartments and 17 two-bedroom residences. Approximately half of the units are reserved for renters earning between 30 to 80 percent of the area median income. The borrower was not disclosed.
SKOKIE, ILL. — Unibail-Rodamco-Westfield is underway on the redevelopment of the Westfield Old Orchard shopping mall in Skokie. Plans call for retail, apartments, restaurants, gourmet markets, health and wellness amenities and entertainment space. The project will also include a park and event space designed as the center’s focal point and social gathering space. The multi-phase project began earlier this fall with the modernization of the existing shopping center, starting with enhancements to the common areas as well as the opening of new restaurants, health and wellness components and retailers such as Bloomies and Louis Vuitton as well as the return of Barnes & Noble. Redevelopment will continue in 2023 with the former Lord & Taylor space, which will be completely reimagined. Development of the new residences, eateries, wellness facilities and outdoor amenities is expected to begin in 2024 and open in phases starting in 2026. Westfield Old Orchard originally opened in 1956.
ETNA TOWNSHIP, OHIO — Contegra Construction Co. has completed a 1.1 million-square-foot distribution center at The Cubes at Etna 70 development in Etna Township near Columbus. Known as Building E, the speculative facility features a clear height of 40 feet, 108 dock doors, four drive-in docks and parking for 289 tractor-trailers and 298 cars. The developer was CRG and its capital partner LXP Industrial Trust. Lamar Johnson Collaborative served as architect. At full buildout, CRG’s The Cubes at Etna 70 will provide up to 2.9 million square feet of industrial space across 220 acres.
Subtext Begins Development of 536-Bed Student Housing Community Near University of Wisconsin-Madison
MADISON, WIS. — Subtext has begun development of VERVE Madison, a 536-bed student housing community located within walking distance of the University of Wisconsin-Madison campus. The project will rise 12 stories at 506 W. Johnson St. Completion is slated for fall 2024. In addition to fully furnished units, VERVE Madison will feature 19,000 square feet of amenity space with a rooftop pool, outdoor terrace, fitness center, coffee bar, study lounge, dog walk and pet spa. Stevens Construction Corp. is the general contractor and ESG is the architect.
OLATHE, KAN. — Sealy & Co. has acquired a 569,584-square-foot industrial building in Olathe for an undisclosed price. The property, located at 1508 S. Green Road within the I-35 Logistics Park, is fully leased to a Fortune 500 tenant. The building features a clear height of 36 feet, 76 dock-high doors, three drive-in doors and a 135-foot truck court. Jason Gandy and Davis Gibbs led the acquisition on behalf of Sealy & Co. JLL brokered the sale on behalf of the seller, Scannell Properties.