Property Type

Gilbane Starts Construction of 978-Bed Student Housing Complex Near University of Maryland

by Alex Tostado October 21, 2020

COLLEGE PARK, MD. — Gilbane Development Co. has started construction on Tempo, a 978-bed student housing complex near the University of Maryland in College Park. The community will comprise 296 units with studio to five-bedroom floor plans. Units will be fully furnished and will feature stainless steel appliances, granite countertops, washers and dryers, walk-in closets and flat-screen TVs. Communal amenities will include study lounges, a fire pit, clubhouse, pool, sundeck, fitness center, multisport simulator and a computer lab. The two-acre site will be situated at 8430 Baltimore Ave., less than one mile from campus. Providence, R.I.-based Gilbane Development expects to deliver the asset in August 2022. Gilbane Development is the project development, financing and ownership arm of Gilbane Inc., a private holding company.

October 21, 2020

Georgia Office Southeast

CBRE: More Than 5 MSF of Office Sublease Available in Metro Atlanta, Highest Total Since 2010

by Alex Tostado October 21, 2020

ATLANTA — There has been 2.5 million square feet of sublease space added to the Atlanta office market since the beginning of March, bringing the total to more than 5 million square feet, the highest the metro area has posted since 2010, a recent study from CBRE has found. Nearly 1.1 million square feet was added to the inventory in August and September alone. Of the 18 industries in the study that are tracked, companies involved in the tech sector have added the most inventory (29 percent) since the onset of the pandemic. The North Fulton and Central Perimeter submarkets have added 453,710 square feet and 447,737 square feet, respectively.

October 21, 2020

Loans Maryland Multifamily Southeast

MAC Realty Advisors Arranges $72.5M Loan for Multifamily Development in Metro D.C.

by Alex Tostado October 21, 2020

NORTH BETHESDA, MD. — MAC Realty Advisors has arranged a $72.5 million construction-to-permanent loan for East Village at North Bethesda Gateway, a 335-unit multifamily community in North Bethesda. The borrower/developer, a partnership between Foulger-Pratt and Promark Partners, expects to deliver the asset by the end of 2020. The property is located at 5616 Nicholson Lane, 11 miles north of downtown Washington, D.C., on the former site of White Flint Mall. Andrew McAllister, Nick Rubenstein and Pate Hardison of MAC Realty originated the loan on behalf of the borrower through an undisclosed national lender.

October 21, 2020

Development Florida Retail Southeast

Konover South Breaks Ground on 56,600 SF Retail Center in South Florida

by Alex Tostado October 21, 2020

MIRAMAR, FLA. — Deerfield Beach, Fla.-based Konover South LLC has broken ground on Miramar Park Place, a 56,600-square-foot retail center in Miramar. Tenants, which include Flannigan’s, World of Beer, Jersey Mike’s and Starbucks, are expected to open in summer 2021. Konover South, in partnership with Master Development Partners of Dania Beach, Fla., purchased the property in October 2019. R.A. Rodgers Construction Co., based in Altamonte Springs, Fla., is the general contractor. City National Bank provided a $20 million construction loan for the project.

October 21, 2020

Acquisitions Florida Office Southeast

TerraCap Acquires Office Park Near Orlando Airport for $24M

by Alex Tostado October 21, 2020

ORLANDO, FLA. — TerraCap Management LLC has acquired Airport Business Center, a six-building, 196,000-square-foot office/flex park in Orlando. The property is situated at 5730 S. Semoran Blvd., four miles north of Orlando International Airport. The asset was 88 percent leased at the time of sale to tenants including law firm Hogan PA, Reliance Plumbing & Drain Cleaning, Southeast Airport Services Inc. and US Marine Corps Recruiting. TerraCap hired Foundry Commercial LLC to lease the property and Harvard Pacific to manage the property. CBRE | Orlando arranged acquisition financing through Prime Finance on behalf of the Estero, Fla.-based buyer. Ron Rogg of CBRE | Orlando represented the undisclosed seller in the sale.

October 21, 2020

Industrial Nevada Webinar Western Western Feature Archive

Webinar: Las Vegas Industrial Outlook — How has the Pandemic Changed the Industrial Sector in Nevada?

by Sarah Daniels October 21, 2020

The webinar Las Vegas Industrial Outlook — How has the Pandemic Changed the Industrial Sector in Nevada? hosted by Shopping Center Business and Western Real Estate Business, covers how industrial experts are approaching investment sales, leasing and development within the Las Vegas industrial sector in the wake of COVID-19. With shutdowns, social distancing, and the explosion of e-commerce, industrial has become essential. Shopping patterns have changed, affecting manufacturing as well as warehousing and logistics. How has the coronavirus pandemic impacted industrial activity within the Las Vegas market? What do industrial leaders expect to see in the rest of 2020 and into 2021? See a list of some topics covered below: How has the pandemic impacted industrial activity? How are rents and sales prices trending within the market? Will industrial development slow in southern Nevada or remain steady? What types of tenants are looking for space? What features are they looking for? What are the hot submarkets? What trends in industrial development are you seeing in the Las Vegas market? Panelists: David E. Waters, Lathrop GPM LLP (moderator) Erin Johnston, Copaken Brooks Andy Crimmins, Crossroads Retail Group Tyler Enders, Made in KC Dan Lowe, Legacy Development David Block, Block & Company Webinar sponsors: …

October 21, 2020

Company News Retail Texas

J.C. Penney Sale Is On Track As Venerable Retailer Expects to Exit Bankruptcy by December

by Taylor Williams October 21, 2020

PLANO, TEXAS — J.C. Penney has drafted and filed an asset purchase agreement (APA), effectively moving the Plano-based retailer one step closer to concluding negotiations for its acquisition by Brookfield Asset Management and Simon Property Group, a $1.75 billion deal that was announced in September. J.C. Penney CEO Jill Soltau described this filing as “another important milestone in our restructuring plan” that should help the company shed its Chapter 11 bankruptcy status in time for the holiday shopping season. A hearing to seek court approval for the transaction is expected to be scheduled for early November 2020. If court approval is received and other closing conditions in the APA are met, the sale of J.C. Penney’s retail and operating assets should close by December, company officials said.

October 21, 2020

Development Office Texas

Harwood International Unveils Plans for 27-Story Office Tower in Dallas

by Taylor Williams October 21, 2020

DALLAS — Harwood International has unveiled plans for a new 360,000-square-foot office project that will be located in the company’s 19-block Harwood District in between Uptown and downtown Dallas. The 27-story building will feature a 17,000-square-foot rooftop terrace and sky garden, as well as a fitness center with locker rooms and multi-purpose flex space for conferences, catering or other curated events. The design and architecture firms behind Harwood No. 14 are Dallas-based HDF (architect of record), Dallas-based Corgan (associate architect) and Tokyo-based architect Kengo Kuma & Associates (design architect). Construction is scheduled to begin this winter.

October 21, 2020

Civic Development Iowa Midwest

Stahl Underway on Construction of $28M Elementary School in Urbandale, Iowa

by Kristin Harlow October 21, 2020

URBANDALE, IOWA — Stahl is underway on the construction of the Millard A. Olmsted Elementary School within the Urbandale Community School District near Des Moines. The two-story, 118,000-square-foot elementary school will feature classrooms, auxiliary spaces, a kitchen and cafeteria, gymnasium and administration area. The $28 million building, located at 7110 Prairie Ave., will replace the previous Olmsted Elementary School. Demolition of the old school began in July 2019. The new school is expected to house up to 650 students with future expansion capabilities. It is slated for completion in May 2021.

October 21, 2020

Development Office Texas

Cawley Breaks Ground on 120,000 SF Parkwood Office Project in Plano

by Taylor Williams October 21, 2020

PLANO, TEXAS — Cawley Partners has broken ground on The Parkwood, a 120,000-square-foot office project that will be located at 3930 N. Dallas Tollway in Plano. Designed by global architecture firm Gensler, the Class A building will serve as the headquarters for First United Mortgage, which will occupy more than 50 percent of the leasable space and open a First United Bank branch on the main floor. Other building features include spacious floor plates, a fitness center and a 4:1000 parking ratio. Ridgemont Construction is the general contractor for the project, which is expected to be complete in November 2021. Cawley Partners also recently announced plans to develop a 150,000-square-foot office project near Dallas Love Field Airport.

October 21, 2020

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