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CivicDevelopmentMidwestMinnesota

Kraus-Anderson Completes Trails, Landscape Rehab at Split Rock Lighthouse in Minnesota

by Kristin Harlow

TWO HARBORS, MINN. — Kraus-Anderson has completed a trails and landscape renovation at Split Rock Lighthouse in Two Harbors along Lake Superior. Designed by Quinn Evans, the project returns circulation patterns to their historic locations with modifications for accessibility needs of the site, including a new ADA ramp, a precast boardwalk that follows the path of the original tramway, structural components and new fencing. The site was designated as a National Historic Landmark in 2011. The Minnesota Historical Society directed archeological efforts. The lighthouse remained open to the public during the majority of construction, which began in May. Split Rock Light Station was completed in 1910, and for half a century it helped freighters carry freshly mined ore from Minnesota’s Iron Range. The State of Minnesota obtained the historic and scenic landmark in 1971 and transferred administrative responsibility for the 25-acre Split Rock Lighthouse historic site to the Minnesota Historical Society in 1976. The historic core has been restored to its early 1920s appearance. The project was made possible by the people of Minnesota through an appropriation made by the Minnesota Legislature and approved by the governor.

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DevelopmentMixed-UseSoutheastTop StoriesVirginia

Greenberg Gibbons Breaks Ground on $500M Midtown64 Mixed-Use Project in Richmond

by Kristin Harlow

RICHMOND, VA. — Greenberg Gibbons has broken ground on Midtown64, a more than $500 million mixed-use development comprising 46 acres in Henrico County, located just outside downtown Richmond. Shamin Hotels is a joint venture partner for the project, which is being built on the former Genworth Financial headquarters campus. The personal finance firm signed a 175,000-square-foot office lease in late 2022 to move its headquarters to the SunTrust Business Center in the Richmond suburb of Glen Allen, Va. Located at the intersection of West Broad Street and I-64, Midtown64 will span 2 million square feet with up to 130,000 square feet of upscale retail, restaurant and entertainment space. Anchor tenants will include a grocery store and new-to-market fitness concept. The project will also include up to 300,000 square feet of Class A office space, an apartment community with nearly 1,000 units, 194 townhomes built by homebuilder Lennar and a 226-room, dual-branded hotel featuring Tempo by Hilton. Greenberg Gibbons says the development will feature contemporary architecture, landscaped plazas and convenient parking within a walkable environment. “Midtown64 builds on our track record of revitalizing properties into thriving mixed-use destinations, while marking an exciting expansion of our portfolio in Virginia,” says Brian Gibbons, …

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Plymouth-Technology-Park-Minneapolis
FeaturesIndustrial

Built for Every Cycle: The Staying Power of Shallow Bay Industrial

by Taylor Williams

By Cliff Booth, founder & chairman, Westmount Realty Capital Shallow bay industrial, often defined as product with suites between 2,000 and 30,000 square feet, has proven to be a resilient and attractive commercial real estate investment for the past four decades. Today, a combination of persistent tenant demand, flexible space configurations, favorable lease structures and limited new supply continues to drive investor interest in this subcategory of industrial product, including increased institutional capital flows. Shallow bay industrial remains a standout in commercial real estate portfolios — here’s why. Consistent Tenant Demand, Diversification Shallow bay industrial properties cater to a broad spectrum of users, ranging from local contractors and logistics providers to regional distributors and e-commerce firms. These tenants are drawn to highly functional suites that support frequent changes in business operations, from manufacturing to last-mile delivery. Research from JLL shows that over the past decade, the annual average leasing volume in the shallow bay category has been about 250 million square feet, evidencing stable demand through multiple economic cycles.​ The multi-tenant structure of shallow bay buildings reduces single-tenant risk and enhances asset stability. A project might host five to 50 tenants, with no single occupant accounting for more than 10 percent …

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DevelopmentHospitalityTexas

Crow Holdings to Undertake $100M Renovation of Hilton Anatole Hotel in Dallas

by Taylor Williams

DALLAS — Crow Holdings will undertake a $100 million renovation of the Hilton Anatole, a 1,610-room hotel located northwest of downtown Dallas. Trammell Crow Co. originally developed the hotel on a 52-acre site in 1979. The renovation will be carried out in phases over the next several years, with completion slated for 2028. Updates to 718 guestrooms were recently completed, and the next phase will include renovations to another 899 guestrooms and 600,000 square feet of meeting and event space. The project will also enhance the hotel’s food-and-beverage offerings, which at present include nine restaurants and bars. The Hilton Anatole also houses a water park and curated art from the Crow family collection.

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Deven-Parallel-Waco
DevelopmentMultifamilyStudent HousingTexas

Deven Group, Parallel to Develop 631-Bed Student Housing Project Near Baylor University

by Taylor Williams

WACO, TEXAS — Development Ventures Group, known as Deven Group, and Austin-based owner-operator Parallel will develop a 631-bed student housing project near Baylor University in Waco. The site at the corner of James Avenue and 5th Street will house a seven-story building with 265 units in studio through five-bedroom configurations. Amenities will include a resort-style pool and a sky lounge. The groundbreaking for the project is scheduled for April 2026, with completion planned for summer 2028. Teddy Leatherman of JLL and Ryan Lang of Newmark structured the partnership between the two groups.

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Lakeside-Houston
AcquisitionsMultifamilyTexas

Knightvest Capital Sells 296-Unit Lakeside Apartments in Southwest Houston

by Taylor Williams

HOUSTON — Dallas-based investment firm Knightvest Capital has sold Lakeside, a 296-unit apartment community in southwest Houston. Built in 2001, Lakeside offers one-, two- and three-bedroom units with an average size of approximately 1,000 square feet. Newly added or upgraded amenities at Lakeside include a clubhouse, pool, fitness center and a dog park. David Mitchell of Newmark represented Knightvest in the transaction. Colin Cross, also with Newmark, arranged financing on behalf of the buyer, Pegasus Real Estate.

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AcquisitionsMultifamilyTexas

TMG Negotiates Sale of 76-Unit Apartment Complex in Bryan, Texas

by Taylor Williams

BRYAN, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Clearleaf Crossing, a 76-unit complex located in the Central Texas city of Bryan. Built in 1983, the property exclusively offers three-bedroom units with an average size of 1,400 square feet. Yonnic Land of TMG represented the seller in the transaction. Dylan Tomor, also with TMG, represented the buyer, which plans to implement capital improvements. Both parties requested anonymity.

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Leasing ActivityRetailTexas

SVN | J. Beard Arranges Sale of 11,250 SF Retail Strip Center in Spring, Texas

by Taylor Williams

SPRING, TEXAS — Locally based brokerage firm SVN | J. Beard Real Estate has arranged the sale of an 11,250-square-foot retail strip center in Spring, a northern suburb of Houston. The center is home to tenants such as Sherwin-Williams and Shogun Japanese Grill. Matt Knagg of SVN | J. Beard represented the buyer in the transaction. Austen Baldridge and Bob Conwell of NewQuest represented the seller. Both parties requested anonymity.

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200-Douglass-Brooklyn
DevelopmentLoansMultifamilyNew YorkNortheast

Affinius Capital Provides $200M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams

NEW YORK CITY — Affinius Capital has provided a $200 million construction loan for 200 Douglass, a 276-unit multifamily project that will be located in the Gowanus area of Brooklyn. The 21-story building will house studio, one-, two- and three-bedroom units that will be furnished with in-unit washers and dryers and oversized floor-to-ceiling windows. Amenities will include an outdoor lap pool with cabanas, multiple rooftop terraces, fire pits and grilling areas, fitness and yoga studios, a dedicated coworking space, half-court basketball court, children’s playroom, dog washing station and a multi-sport simulator. Scott Aiese and Lauren Kaufman of JLL arranged the loan on behalf of the borrower, Midwood Investment & Development.

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United-Logistics-Center-West-Bridgewater-Massachusetts
DevelopmentIndustrialMassachusettsNortheast

Logistics Property Co. to Develop 312,279 SF Industrial Project in West Bridgewater, Massachusetts

by Taylor Williams

WEST BRIDGEWATER, MASS. — Chicago-based Logistics Property Co. will develop United Logistics Center, a 312,279-square-foot industrial project in West Bridgewater, located south of Boston. The site spans 43 acres at 38-40 United Drive, and the development will consist of two buildings that will span 131,045 and 181,234 square feet. Both buildings will feature 36-foot clear heights, “substantial” car and truck parking and the ability to accommodate a single or multiple users. Newmark represented the undisclosed seller in the land deal. Construction is expected to be complete in the first quarter of 2027.

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