Property Type

Tutor Perini to Build $285M Resort, Casino Expansion in Southern California

by John Nelson February 25, 2016

TEMECULA, CALIF. — The Pechanga Development Corp., the economic development branch of the Pechanga Band of Luiseño Indians, has selected Tutor Perini Building Corp. to expand the Pechanga Resort & Casino in Temecula, roughly 60 miles north of San Diego. The contract is valued at $285 million. “Perini was the general contractor for the original Pechanga resort that opened in 2002. This development will complement our current offerings, enhance the resort experience for guests, and cement Pechanga Resort & Casino as the preeminent luxury gaming destination in California,” says Patrick Murphy, president of the Pechanga Development Corp. The resort expansion project involves adding a AAA Four Diamond, 568-room hotel wing; a standalone luxury two-story spa and salon with 17 treatment rooms, a fitness center and hydrotherapy pool terrace; a resort-style pool complex with eight pool areas; two new restaurants; and an additional 67,000 square feet of event space. Tutor Perini previously completed multiple phases of the Pechanga Resort & Casino over the past 13 years. Tutor Perini expects the expansion to be “substantially completed” by the end of 2017. Pechanga Resort & Casino is the largest resort/casino in California and employs roughly 4,000 team members, according to the casino’s website. …

February 25, 2016

Retail South Carolina Southeast

Crossman & Co. Brokers Sale of Publix-Anchored Shopping Center in Charleston MSA

by John Nelson February 25, 2016

DANIEL ISLAND, S.C. — Crossman & Co. has brokered the sale of Daniel Island Town Center, a Publix-anchored, 68,688-square-foot shopping center located on Seven Farms Drive in Daniel Island in metro Charleston. The property was 98 percent occupied at the time of sale. Publix Super Markets Inc. purchased the shopping center from an unnamed institutional group based in the Northeast for nearly $14 million.

February 25, 2016

Industrial Market Reports Midwest Midwest Market Reports Wisconsin

Milwaukee Industrial Market Is Primed for New Round of Development

by Christina Cannon February 25, 2016

Metropolitan Milwaukee has experienced a robust industrial real estate market for the past several years. This strength should continue in 2016 and for the foreseeable future. Like many other metro areas, Milwaukee’s industrial sector experienced slow but steady economic growth as it emerged from the Great Recession. However, unlike many other metro areas, Milwaukee has not yet exhibited a strong uptick in new industrial development. Minimal speculative construction has occurred during the past few years. Consequently, while demand for industrial space has continued to increase, supply has remained fairly flat. This phenomenon of increased absorption without a corresponding increase in new product coming to market has driven down the overall vacancy rate to slightly under 5 percent, near a record low, according to Xceligent. Moreover, the new industrial development that has occurred has been primarily driven by users expanding, relocating or consolidating existing facilities, or by new build-to-suit or speculative developments undertaken by Milwaukee-based firms such as Zilber Property Group, Luterbach Properties, Briohn Building and Wangard Partners. Larger regional and national industrial developers such as Centerpoint Properties and First Industrial Realty Trust, which once drove industrial development in Milwaukee, ceased construction in Milwaukee during the Great Recession and have not …

February 25, 2016

Office Texas

KDC to Develop 150,000 SF Office Building in Dallas

by Haisten Willis February 24, 2016

DALLAS — KDC plans to develop a multi-story office building within the $200 million West Love mixed-use project near Dallas Love Field Airport. Located at 2345 W. Mockingbird Lane, KDC’s 150,000-square-foot office building will include structured parking along with views of Love Field and downtown Dallas. The office building is a key element in the mixed-use plan for West Love, located on 37 acres between Maple Avenue and Forest Park Road. In addition to the office building, West Love’s initial phase includes two Starwood hotels, 368 apartment homes and 65,000 square feet of retail and restaurant space. A later phase will include an additional 750 apartments. West Love will be a pedestrian-friendly community with extensive landscaping. Starwood Hotels & Resorts Worldwide, Atlantic Hotels Group and Civitas Capital Group are developing the 224-room, dual-branded Aloft and Element hotel project, now under construction and slated for completion in December. Highridge Partners and affiliates will develop the apartments and retail spaces, which are expected to be completed in mid-2017.

February 24, 2016

Harbor-Walk-apartments-league-city-texas

Multifamily Texas

29SC Acquires Apartment Portfolio in Metro Houston

by Haisten Willis February 24, 2016

LEAGUE CITY, TEXAS — 29th Street Capital (29SC), a privately held real estate investment and advisory firm, has acquired a 314-unit multifamily real estate portfolio in League City. The two apartment communities are located within 1.5 miles of each other in the Clear Lake submarket of Houston. The deal closed Feb. 19 and includes: Crow’s Nest Apartments, a 176-unit complex built in 1984 with mostly one- and two-bedroom units; Harbor Walk Apartments, a 138-unit complex built in 1987 and made exclusively of two- and three-bedroom units. 29SC purchased the assets on an off-market basis from a regional owner. The firm plans $1.6 million worth of renovations, which include a new appliance package, microwaves, better kitchen lights and accent walls. Exterior improvements are planned as well.

February 24, 2016

Office Texas

Oldham Goodwin Arranges Office Lease in Bryan

by Haisten Willis February 24, 2016

BRYAN, TEXAS — Oldham Goodwin Group, in conjunction with Cresa Boston, has represented Wayfair Inc. in the lease of a new 51,185-square-foot customer service center located at 3101 University Drive E. in Bryan. Wayfair has one of the world’s largest online selections of furniture, home furnishings, décor and goods, including more than 7 million products from over 7,000 suppliers. The low-rise office building will serve as the location for Wayfair’s new Bryan/College Station customer service center. The Bryan/College Station customer service center is expected to bring 450 jobs to the Research Valley area and is scheduled to open in Spring 2016. Jody Slaughter of Oldham Goodwin Group, along with David Ross, Matt Harvey and Tim Myllykangas of Cresa Boston, represented Wayfair in lease negotiations.

February 24, 2016

Retail Texas

Weitzman Negotiates Retail Lease for Cinépolis USA in Metro Dallas

by Haisten Willis February 24, 2016

EULESS, TEXAS — Cinépolis USA has signed a lease for 52,000 square feet in the second phase of Glade Park, a new power retail project located at the southwest corner of SH-121 and Glade Road in Euless. Blake Shipp of The Weitzman Group handled negotiations for Cinépolis USA as the theater chain’s tenant representative in metro Dallas. Neil Baron represented the cinema chain as its in-house representative. Cinépolis USA will develop a multi-screen cinema at Glade Park that will feature automated recliners, a bar and gourmet snacks. The location is set to open in summer 2017.

February 24, 2016

Multifamily Texas

BMC Capital Provides $1.7M Loan for Apartment Community in Austin

by Haisten Willis February 24, 2016

AUSTIN, TEXAS —Hank Crane of BMC Capital’s Austin office has arranged a $1.7 million loan for the refinancing of Woodland Corners, a 63-unit apartment community in Austin. The loan features a five-year fixed term at 4 percent interest and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent agency relationships.

February 24, 2016

Hospitality Mixed-Use Multifamily New York Northeast Office Restaurant Retail

Triangle Equities Breaks Ground on Lighthouse Point in Staten Island

by Amy Works February 24, 2016

NEW YORK CITY — Triangle Equities has broken ground on Lighthouse Point, a $200 million mixed-used project on the St. George waterfront in Staten Island. Triangle, along with its partner, Lubert Adler LLP, secured construction financing for the first phase of development. The project is being financed through a partnership of private and public sector groups, including $30 million of construction loans and tax credit equity from the Goldman Sachs Urban Investment Group, $29 million of construction loans from Citizens Bank, $16.5 million from Empire State Development, $6.2 million of capital from New York City, and joint venture equity from Triangle and Lubert Adler. The first phase, which is slated for completion in 2017, will feature 65,000 square feet of retail and office space, as well as restaurant space, entertainment space and a 12-story residential tower with 116 apartment units. Regus, a shared workspace provider, has signed a 15-year lease to occupy 30,000 square feet of space at the first phase. Following completion of the first phase, Triangle will rehabilitate and repurpose the four historic structures, historic wall and multiple underground vaults currently situated on the site. This repurposing will allow for additional restaurant, office and hospitality space, including a …

February 24, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Treetop Development Acquires Development Site in the Bronx

by Amy Works February 24, 2016

NEW YORK CITY — Treetop Development has acquired a development site located at 121-129 E. 144th St. in the Mott Haven section of the Bronx for an undisclosed sum. Situated in a special mixed-use district zoning area (MX-13), the property has 68,326 buildable square feet as-of-right, with the option to develop up to 91,000 square feet by utilizing the inclusionary housing bonus. Treetop, a multifamily owner and investor focused on renovating and developing market-rate properties in New York City, is in the process of determining the best use for the site. Jason Gold, Victor Sozio, Scot Hirschfield, Marko Agbaba and Michael Tortorici of Ariel Property Advisors represented the undisclosed seller and procured the buyer in the transaction.

February 24, 2016

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