OMAHA, NEB. — Darland Construction has completed the five-story Jones 13 Apartments in downtown Omaha. Darland’s second project with America First Real Estate Group, the property includes 100 units. Apartments range from studios to two-bedroom units, which are built around a central courtyard. The property features a 57-stall parking garage. Additional amenities include a fitness center with a street view; a courtyard with outdoor kitchen, fire pit, and pergola, water feature and planters. Jones 13 is the second multifamily construction project that Darland has completed for America First Real Estate Group.
The Kansas City industrial market continues to be an incredibly strong performer. At the end of the third quarter of 2014, the industrial vacancy rate stood at a tight 6.1 percent. Absorption totaled more than 2.5 million square feet during the first nine months of the year, while new deliveries were slightly over 2.6 million square feet in the same period. Let’s examine some contributing factors that are encouraging new deliveries while still driving vacancy rates down and absorption up. Spec Is King The biggest story in the Kansas City industrial real estate market during the first three quarters of 2014 was the delivery of over 2.5 million square feet of Class A distribution facilities on a speculative basis. It can be argued that, in the past, many prospective tenants considered locating a distribution center in Kansas City, but they ultimately selected a different market based on a lack of available inventory and the inability of some companies to wait on the extended timetable for a build-to-suit project. Developers that took notice of this trend and reacted by delivering space to the local market are currently being rewarded for their actions. Much of the speculative development in 2014 centered around …
BRIDGEPORT, CONN. — Bridgeport Landing Development LLC, a subsidiary of The RCI Group, has added Starbucks and Chipotle to the tenant roster for Steelpointe Harbor. The two retail stores will open with the first phase of the 2 million-square-foot, waterfront development in fall 2015. Situated on 82 acres, the mixed-use project will feature more than 750,000 square feet of retail, restaurant and entertainment space, with a 12-screen premium theater. Additionally, the development will feature two hotels, 1,100 residential units, 30,000 square feet of office space and a 200-slip, full-service deep-water marina. In addition to Starbucks and Chipotle, Bass Pro Shops has signed on to open its first-and-only Connecticut store at the project. The $50 million first phase of Steelpointe Harbor is slated for completion in fall 2015.
GREENVILLE, S.C. — BIG Shopping Centers USA (BIG USA) and RealtyLink LLC have entered into a joint venture agreement to purchase Crosspointe Plaza, a 124,200-square-foot shopping center in Greenville. Beverly Hills, Calif.-based BIG USA secured an 85 percent interest in the property and RealtyLink is maintaining the balance. The shopping center is located across the street from Haywood Mall, Greenville’s only shopping mall. The shopping center is fully leased to tenants such as T.J. Maxx, DSW Shoe Warehouse, JoAnn Fabrics and Crafts, Burkes Outlet, Up 2 Us Furniture, Jason’s Deli and Chipotle Mexican Grill. The shopping center was originally constructed in 1989 and redeveloped by RealtyLink in 2013.
RICHLAND HILLS AND FORT WORTH, TEXAS — HFF has arranged $46.7 in acquisition financing for two metro Dallas apartment complexes, The Bluffs at Ironhorse and Stone Villas. The Bluffs at Ironhorse is a 490-unit complex located in North Richland Hills. Stone Villas is a 396-unit apartment complex in northwest Fort Worth. HFF worked on behalf of the borrower, Oxford Enterprises Inc., to secure financing for the properties in two separate transactions. The Bluffs at Ironhorse was financed with a $34.7 million, 10-year, fixed-rate Fannie Mae loan through M&T Realty Capital Corp. The $12 million balance sheet loan for Stone Villas was placed with M&T Bank. Adam Herrin led HFF’s debt placement team.
ST. LOUIS — HOK has designed a new $17 million patient care center for The University of Missouri-St. Louis (UMSL) Colleges of Optometry and Nursing. The 48,000-square-foot facility will expand the eye-care services offered through the existing University Eye Center. The facility will also incorporate the latest technology needed to advance eye and vision research. Scheduled to open in 2016, the center will include space for campus and community partners to offer complementary healthcare services, such as dental and primary care. UMSL has the only optometry program in Missouri and one of just 21 nationwide. Funding for the new center came in part from a supplemental fee that will be assessed to optometry students. It is also funded by internal reallocations within the college and campus reserves. The improvements to the College of Optometry are the first phase of planned capital improvements for the UMSL campus.
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