UNION, N.J. — JLL has arranged an undisclosed amount of permanent financing for Centurion Union, a newly built, 80-unit apartment building in Union, located southwest of Newark. Residents have access to amenities including a fitness center, game room, lounge, coworking space, dog run and a children’s playroom. Michael Klein and Max Custer of JLL arranged the fixed-rate loan through Provident Bank on behalf of the borrower, American Landmark Development.
NEWINGTON, N.H. — Cushman & Wakefield has negotiated a 50,000-square-foot office lease at 90 Arboretum Drive in Newington, located in the southeast corner of the state. Designed by Boston-based SGA Architects, the property is the first commercial office building in New England to be constructed with manufactured timber elements. Denis Dancoes, Thomas Farrelly and Sue Ann Johnson of Cushman & Wakefield represented the owner, Farley White Interests, in the transaction. Kent White of The Boulos Company represented the undisclosed tenant.
DRACUT, MASS. — GreenStar Herbals has opened a 13,000-square-foot cannabis dispensary for recreational use in Dracut, located north of Boston near the Massachusetts-New Hampshire border. The store is GreenStar’s third and offers a variety of flower, edible, tincture and salve products. Vantage Builders Inc., a metro Boston-based design-build and construction management firm, handled the build-out of the space, which also includes a consultation area and a break room and locker area for employees.
NORTH RICHLAND HILLS, TEXAS — Centurion American Development Group has broken ground on City Point, a 52-acre mixed-use development in the Dallas suburb of North Richland Hills. Development costs were not disclosed, but D Magazine reports it will cost the Farmers Branch, Texas-based developer $300 million. City Point will comprise 400 to 600 multifamily units, 60,000 square feet of commercial space, a trail system, outdoor greenspace and 366 single-family homes, including bungalows and townhomes. The commercial space will include office, retail and restaurant space. The City of North Richland Hills and Tarrant County each contributed a cap of $4.2 million and $1.7 million, respectively, through a Tax Increment Financing District (TIF) for infrastructure improvements surrounding the development. Cleveland-based NRP Group will build the apartment units, Plano, Texas-based CB Jeni Homes will construct the townhomes and Gunter, Texas-based New Synergy Homes will build the bungalow homes portion of the development. A developer for the commercial space was not disclosed. City Point is situated at the former site of North Mills Mall, which closed in 2004 and was torn down in 2007, according to D Magazine. The site has sat vacant since. The property is located along Grapevine Highway near Interstate 280, …
By Allison Gray, Steadfast City Economic & Community Partners The growing demand for distribution space and the related importance of freight logistics and a healthy supply chain have remained steady even though the COVID-19 pandemic continues to shake up markets across the U.S. and around the globe. This demand is evident in the bi-state St. Louis region, where more inventory of bulk distribution space has been added in the five-year period between 2015 and 2019 than at any other point in St. Louis history, totaling more than 18 million square feet of top-of-the-line modern bulk space. Recent construction and development trends in the bi-state St. Louis area reveal that bulk distribution buildings — those that top 250,000 square feet — have been the highest growing sector for the regional inventory. Since 2016, 94 percent of all bulk construction has been focused along the vital I-70 corridor, while 90 percent of the new major industrial parks with significant construction are located within 10 minutes of the I-70 corridor. This corridor, which includes portions of I-170, I-270 and I-370, is a development hotspot that links Illinois and Missouri. It has emerged as a major logistics corridor supported with more than $600 million …
Landlords, users and brokers throughout the Houston retail market are re-tooling their properties and operating practices to stay afloat amid the COVID-19 pandemic, introducing ways of doing business that may persist long after the public health crisis has subsided. A panel comprising retail leasing, development and investment sales professionals in Houston convened on Tuesday, Oct. 6 to discuss specific ideas and methodologies that have been put into practice as COVID-19 rocks the world of brick-and-mortar retail. Shopping Center Business and Texas Real Estate Business, two magazines published by Atlanta-based France Media Inc., hosted the event. Prior to the pandemic, social events that activated open public spaces helped landlords to promote their tenants’ businesses and to bring traffic to their centers. With public health protocols precluding many of these events from happening, owners and tenants alike have had to think outside the box. New Practices Sustain Business No retail category has seen this trend displayed more visibly than the restaurant sector. Emily Durham, partner and director of hospitality services at Waterman Steele Real Estate Advisors and a longtime tenant rep specialist for restaurant owners, identified several new practices that have helped restaurants stay above water. “The sit-down and fine dining restaurants have had the …
ROCK HILL, S.C. — A joint venture between URS Capital Partners and Catalyst Capital Partners will develop The Exchange at Rock Hill, a planned $45 million mixed-use project in Rock Hill. The property will include 229 multifamily units, coworking office space and 26,000 square feet of retail and commercial space. The joint venture recently closed on the land sales, which included the assemblage of three parcels that were acquired from the City of Rock Hill and private investors. The Exchange at Rock Hill will be situated at the intersection of Dave Lyle Boulevard and E. White Street, adjacent to downtown Rock Hill and 27 miles south of downtown Charlotte. Amenities for the multifamily residents will include a pool, outdoor lounge area, roof deck and a fitness center. Concorde Construction is the general contractor for the apartment component, while Wharton Smith Inc. is the general contractor for the commercial spaces. BB+M Architecture and 505 Design are the project architects, and Land Design is the civil engineer for the site. Pinnacle Bank provided the joint venture with acquisition and construction financing. The co-developers will hold a groundbreaking ceremony Wednesday, Oct. 13.
CHARLOTTE, N.C. — Dominion Realty Partners (DRP) has topped out FNB Tower, a 29-story mixed-use building located at 401 S. Graham St. in Uptown Charlotte. The developer expects to deliver the asset in the second quarter of 2021. The building will feature 116,915 square feet of office space as well as 196 multifamily units. Pittsburgh-based FNB Corp., the parent company of First National Bank, will occupy 40,000 square feet of the tower to serve as the company’s regional headquarters. Batson-Cook Construction is the general contractor.
LOUISVILLE, KY. — PRG Commercial Property Advisors has arranged the $9.3 million sale of Stonybrook South Shopping Center, a 149,000-square-foot retail property in Louisville. At the time of sale, the 14.5-acre center was leased to Dick’s Sporting Goods, Planet Fitness, PetSmart, Rack Room Shoes and Burkes Outlet, which opened Sept. 21. Stonybrook South is situated at 3500 S. Hurstbourne Parkway, 13 miles east of downtown Louisville. Fred Sutterlin of PRG Commercial was the court-appointed receiver for the property, which was in foreclosure from February 2018 to Sept. 21, 2020. During that time, Taylor Thompson, Reed Weinberg and Parker Page, who are also with PRG, were engaged to lease, manage, market and sell the asset. Midland Loan Services serviced the foreclosed conduit loan and chose Sutterlin as receiver and PRG as the brokerage firm through a competitive process. A locally based private investor that was completing a 1031 exchange closed on the purchase of Stonybrook South on Oct. 2. According to Sutterlin, the previous ownership was a tenancy in common (TIC) group of investors operating under the name TIC Stonybrook LLC.
MOUNT PLEASANT, S.C. — Serendipity Labs will open a 20,372-square-foot coworking space within Portside at Ferry Wharf by the end of this month. The developer and landlord is Atlanta-based Holder Properties. The building is situated at 75 Port City Landing, five miles north of downtown Charleston and along Cooper River. The office space will have COVID-19 guidelines in place, including touchless check-in and registration. Serendipity Labs will feature offices, meeting and focus rooms, retreats for nursing mothers, prayer and meditation, and a work lounge, each with their own air ducts. Kristie Roe of Colliers International | South Carolina represented the tenant in the lease negotiations. Rye, N.Y.-based Serendipity Labs operates more than 35 locations in 19 states.
