LOS ANGELES — CIM Group has completed the construction of 888 at Grand Hope Park, a 34-story apartment tower located at 888 S. Hope St. in downtown Los Angeles. The property features 525 apartment units, 6,000 square feet of ground-floor retail space and a public park. Additionally, the apartment tower features a 30,000-square-foot rooftop deck with thousands of plants and more than 132 trees; an indoor lounge; and a large outdoor terrace. The tower is adjacent to a seven-story, 650-stall parking structure and a 5,000-square-foot Petco.
SAN DIEGO — Amazon has opened an 85,000-square-foot office within Alexandria Real Estate Equities’ Campus Pointe, located in the University Town Center neighborhood of San Diego. The new space will house the company’s expanded San Diego Tech Hub, which will include 300 new high-tech jobs in fields in the software development, machine learning, cloud computing and digital entertainment. Amazon’s San Diego Tech Hub is one of 17 Tech Hubs outside of Seattle that employ more than 17,500 people across North America who invent and build new products and services for Amazon customers. Employees at the San Diego Tech Hub develop software systems for AmazonFresh, Prime Now, Amazon Web Services, supply chain tech, and preventing fraud and abuse on Amazon. Additionally, San Diego-based engineers and scientists recently played a key role in the launch of Whole Foods Market pickup and delivery via Prime Now, Alexa features for grocery shopping, and data-drive and machine-learning innovations. This expansion more than doubles Amazon’s tech workforce in the San Diego area.
DENVER — iBorrow, a nationwide private direct lender for commercial real estate, has funded a $6.4 million for an industrial property slated for conversion into a co-working office building. Located at 3950 Wynkoop St. in Denver, the asset includes a 16,646-square-foot warehouse and a parking lot. The undisclosed borrower plans to construct a two-story structure above the current parking lot and a second story above the current warehouse.
ORLANDO, FLA. — Tavistock Development Co. has partnered with McCraney Property Co. to co-develop 1.3 million square feet of industrial space at Infinity Park, Tavistock’s 206-acre, mixed-use development located along John Young Parkway in Orlando. The joint venture expects to break ground on the speculative light distribution and logistics buildings by the end of the year. Infinity Park currently houses a 113,000-square-foot office building and an adjacent 125,000-square-foot office building currently under construction. Orange Lake Resorts, which joined Infinity Park last year, will house its corporate campus at the buildings. Once complete by the end of the year, the two buildings will house nearly 2,100 employees. At full build-out, the park will feature industrial and hotel space, approximately 50,000 square feet of retail space and up to 500,000 square feet of office space available for build-to-suit and pre-lease opportunities. David Murphy and Monica Wonus of CBRE are handling the leasing assignment for the industrial portion of Infinity Park. John Pottinger and Scott Bell of Tavistock are handling leasing for the project’s retail, hospitality and office segments.
JESSUP, MD. — HFF has arranged a $56.3 million loan for the refinancing of Baltimore Washington Logistics Center, a two-building industrial complex in Jessup, located roughly halfway between Baltimore and Washington, D.C. Daniel McIntyre, Fred Wittmann and Greg LaBine of HFF arranged the loan through Citizens Bank on behalf of the borrower, a joint venture between AEW Capital Management LP and Manekin LLC. Building I at the complex is located at 7600 Assateague Drive and totals 853,503 square feet. The asset was vacant at the time of sale. Building II, located at 7540 Assateague Drive, is a 160,255-square-foot refrigerated warehouse/distribution building that is fully leased to G Cefaly & Bro, a seafood and produce food service distributor.
RICHMOND, VA. — Berkadia has arranged a $41 million loan for the refinancing of Malvern Manor Apartments, a garden-style multifamily community located at 41 Malvern Ave. in Richmond. Steve Murden and David Blake of Berkadia arranged the 34-year loan through the U.S. Department of Housing and Urban Development (HUD)’s 223(f) program on behalf of the borrower, Malvern Manor Apartments LLC. Originally constructed in 1948, Malvern Manor has had numerous improvements in recent years, including a new clubhouse and additional apartment units. The community includes a mix of one- and two-bedroom floor plans and features a resort-style swimming pool, fitness center and onsite management.
MACON, GA. — A joint venture between The Sembler Co. and Berkley Development has broken ground on North Macon Plaza, a 166,465-square-foot retail project located in Macon, located roughly 83 miles south of Atlanta. The center will be home to Marshalls/HomeGoods, Michaels, Beall’s Outlet, Old Navy, Five Below, Famous Footwear and Lifeway Christian. North Macon Plaza will be situated adjacent to a 600,000-square-foot Bass Pro Shops retail facility and distribution center, as well as the Shoppes at River Crossing, a 750,000-square-foot shopping center. The new center is scheduled to open in fall 2019. A second phase of the project could accommodate up to 50,000 square feet, according to the developers.
VIRGINIA BEACH, VA. — Atlanta-based New Realm Brewing Co. has opened a new brewery in Virginia Beach. Co-founded by Carey Falcone, Bob Powers and Mitch Steele, the new location features a tasting room offering more than 15 different types of beer on tap; a 44,000-square-foot outdoor beer garden with fire pits, adult game areas and a patio bar; and private event space. The facility can produce up to 40,000 barrels annually and is built to scale to even larger capacities in the future. The brewery is located four miles from the oceanfront, in the space that was formerly home to Green Flash Brewing Co. Local food trucks will be onsite at New Realm daily, and bands are scheduled every Friday through Sunday. A full-service restaurant is scheduled to open at the brewery in early 2019. The Virginia Beach location is the second facility for New Realm, which opened its first brewery along the Atlanta BeltLine near Ponce City Market this past year.
Over the last decade, Dallas-Fort Worth (DFW) has been consistently recognized as one of the fastest-growing metropolitan areas in the nation, and there are no immediate signs that the growth is stagnating. Particularly in the last several years, DFW has experienced a wave of corporate relocations and expansions from a wide variety of industries. This activity has brought an assortment of valuable economic opportunities to the metroplex, resulting in a robust construction pipeline. This new product is focused on meeting the strong demand for highly amenitized, future-proofed Class A office space and embracing the high-tech connectivity that helps guard against obsolescence. Fortune 500 and other prominent companies continue to eye DFW as a top location. These users expect buildings to include not only standard amenities like fitness centers and conference rooms, but also access to the latest technology and seamless connectivity. How We Got Here In the 1980s, a major commercial construction boom in North Texas set the benchmark for Class A office buildings, which were traditionally developed without modern technology in mind. Buildings such as The Crescent, Bank of America Plaza and Fountain Place were the gold standard for office properties and served as benchmarks for quality for much …
TAMPA, FLA. — Strategic Property Partners LLC (SPP) has unveiled plans for a pair of office towers within the $3 billion Water Street Tampa project. The multi-phased development will comprise more than 9 million square feet of commercial, residential, hospitality, educational, entertainment, cultural and retail space upon completion scheduled for 2027. The office towers will total approximately 1 million square feet and will be the first ground-up office buildings to be constructed in downtown Tampa in nearly 25 years. “With Tampa’s population growing daily and sustained job creation happening within the community, we saw a tremendous opportunity to build new and efficient office space within the initial phase of the Water Street Tampa neighborhood,” says David Bevirt, executive vice president of corporate leasing and strategy for SPP. One of the buildings, 1001 Water St., will rise 20 stories and span 380,000 square feet. COOKFOX Architects designed the speculative property. Construction is expected to begin in the spring, with completion slated for the second quarter of 2021, according to the Tampa Bay Times. Building features will include a rooftop terrace, conference space, flex rooms and a wellness community center. A Nelson Byrd Woltz Landscape Architects-designed plaza area will link the building …