development1

JLL Arranges $27.4M in Financing to Convert Industrial Building to Life Sciences Space in Vista, California

by Amy Works May 10, 2022

VISTA, CALIF. — JLL Capital Markets has secured $27.4 million in financing for the acquisition and repositioning of 2065 Thibodo Road, an industrial property in Vista. The borrower is a joint venture between Lincoln Property Co. and Angelo Gordon. The new owner plans to convert the existing 76,872-square-foot property, which is situated on 4.1. acres, into manufacturing space that meets Current Good Manufacturing Practices for life sciences users. The property features 149 parking stalls, five grade-level doors, 28-foot clear heights and 8,000 amps of power. Aldon Cole, Jordan Angel, Daniel Pinus and Auden Menke of JLL Capital Markets arranged the three-year, floating-rate loan through Citizens. Additionally, Joe Anderson of JLL brokered the sale from the previous owner and currently represents the borrower in its efforts to lease the building.

May 10, 2022

Development Multifamily Texas

Realty Capital to Develop 200-Unit Apartment Complex in Flower Mound, Texas

by Taylor Williams May 9, 2022

FLOWER MOUND, TEXAS — Realty Capital will develop Terranea at Lake Grapevine, a 200-unit apartment complex in Flower Mound, located in the northern central part of the metroplex. Designed by Merriman Anderson Architects, Terranea at Lake Grapevine will rise 16 stories and include townhouses, penthouses and retail space in addition to traditional rental units. Amenities will include a pool deck overlooking Lake Grapevine, a fitness center, golf simulator, game room, bar, dog wash, storage and outdoor gathering spaces. Construction is slated to begin this summer and to be complete in 2024.

May 9, 2022

Development Multifamily New York Northeast

Eliviat Group to Develop 224-Unit Multifamily Project in Wallkill, New York

by Taylor Williams May 9, 2022

WALLKILL, N.Y. — Long Island-based developer Eliviat Group, in partnership with Pyramid Management Group, will develop The Galleria Residences, a 224-unit multifamily project that will be located about 80 miles north of Manhattan in Wallkill. The site spans five acres and sits directly across from the Galleria Mall at Crystal Run. CT Male & Associates is designing the community, which will feature 122 one-bedroom units, 96 two-bedroom residences and six three-bedroom units. Amenities will include a rooftop lounge, dog park and office-style conference rooms. Construction is scheduled to begin in September and to be complete in June 2024.

May 9, 2022

Development Industrial Midwest Missouri

Contegra Construction Completes 70,000 SF Headquarters for Diode Dynamics Near St. Louis

by Kristin Harlow May 6, 2022

ST. CHARLES, MO. — Contegra Construction has completed a 70,000-square-foot headquarters and manufacturing facility for Diode Dynamics at Fountain Lakes Commerce Center in St. Charles, a northwest suburb of St. Louis. Diode Dynamics, an automotive LED lighting manufacturer, is relocating from Earth City and plans to add 36 new positions over the next five years. The company currently employs 90 people. The new property in St. Charles features a showroom, two drive-in engineering bays, an electronics manufacturing area, engineering laboratory, two-story office space and a warehouse with a clear height of 30 feet. Joining Contegra on the project were Remiger Design, BAX Engineering, SSC Engineering, Kaemmerlen Electric, O.J. Laughlin Plumbing Co. Inc., Wiegmann Associates and Bi-State Fire Protection Corp. Bank of Franklin County provided project financing. James Delgado of Cozad Commercial Real Estate and David Zobel of Danna McKitrick PC represented Diode Dynamics.

May 6, 2022

Development Mixed-Use Retail Texas

Festival Cos. Unveils Renovation Plans for 250,000 SF River Oaks District in Houston

by Taylor Williams May 5, 2022

HOUSTON — The Festival Cos. has unveiled renovation plans for River Oaks District, a 250,000-square-foot mixed-use development located at 4444 Westheimer Road in Houston. The 14-acre property was developed in 2015 and offers office space and luxury residential units alongside retail and restaurants. Enhancements will include the construction of a public park on the property’s western side, the redevelopment of the central plaza and the addition of three restaurants (Bari, Little Hen and Oio De Agua) with outdoor dining space. Construction is set to begin this month, with completion slated for the fall. Additionally, several new retailers are set to open this year, including Assouline bookstore, Jenni Kayne, La Vie Style House, Icon Luxury Sound, LoveShackFancy, Lunya, Lahgo, Teressa Foglia, The Conservatory, Yellow Korner and Zimmermann.

May 5, 2022

Connecticut Development Multifamily Northeast

Partnership Opens 299-Unit Olive & Wooster Apartments in New Haven, Connecticut

by Taylor Williams May 4, 2022

NEW HAVEN, CONN. — A partnership between Adam America Real Estate, EPIMONI and BH Management Services has opened Olive & Wooster, a 299-unit apartment community in New Haven. Units feature studio, one-, two- and three-bedroom floor plans and are furnished with stainless steel appliances, quartz countertops, shaker cabinets and wood-style flooring. Amenities include a pool, fitness center, clubroom with a bar and a gaming area. Rents start at $1,258 per month.

May 4, 2022

Development Florida Mixed-Use Southeast

Shoma Group to Develop $220M Mixed-Use Project in Miami

by John Nelson May 4, 2022

MIAMI — Locally based developer Shoma Group has purchased a 2.5-acre site located at 3650 Bird Road in Miami for $34 million. The buyer plans to build Shoma One, a $220 million mixed-use development, at the site. Configured in two 18-story towers, the development will feature 391 apartments with residences ranging in size from 375-square-foot micro studios to 1,400-square-foot, two-bedroom units. There will also be seven two-story residences ranging from 1,344 to 1,400 square feet, as well as a food hall. Amenities will include a bowling alley, lounge, daycare, yoga and spin studios, fitness center, bike room with repair station, dog park, coworking café and a spa with steam room, sauna and massage rooms. The property will also have a rooftop pool and pavilion with an outdoor grill, water features and lounge areas equipped with large projection screens for viewing parties. Shoma will link the property’s outdoor space to The Underline, a newly created linear park in Miami spanning 10 miles. Shoma plans to break ground on Shoma One in January 2023, and construction will take 18 to 24 months to complete. The site currently houses a car dealership named Deel Volvo. Michael Fay, John Crotty, David Duckworth and Brian …

May 4, 2022

Development Illinois Midwest Office Retail

Kinema Fitness Opens 31,680 SF FitLab at Bell Works Chicagoland

by Kristin Harlow May 4, 2022

HOFFMAN ESTATES, ILL. — Kinema Fitness has opened FitLab, a 31,680-square-foot fitness facility, at Bell Works Chicagoland in Hoffman Estates. FitLab offers personal training, health coaching, nutrition consultation, state-of-the-art equipment and a range of group fitness classes. NPZ Style+Décor designed the space. Bell Works Chicagoland is the redevelopment of the former AT&T campus. Somerset Development is the owner and developer.

May 4, 2022

Acquisitions Arizona Development Industrial Western

LPC Desert West Buys 140-Acre Site for Luke Field Industrial Development in Glendale, Arizona

by Amy Works May 4, 2022

GLENDALE, ARIZ. — LPC Desert West, the Southwest arm of Dallas-based Lincoln Property Co., has purchased a 140-acre development site in Glendale for $53 million. The company plans to develop Luke Field, a $515 million industrial project, on the site. The property’s borders are Litchfield Road, Northern Avenue, Northern Parkway and Luke Air Force Base. Upon completion, the 2.3 million-square-foot Luke Field will include three buildings totaling 1.26 million square feet, 604,000 square feet and 416,000 square feet. All buildings will feature 40-foot clear heights, touchless technology, 25-foot glass entries, 3,000 amps of power, automated dock doors, steel moment frame shear bracing and five-foot by 10-foot clerestory windows on all elevations. Additionally, the project will offer barbecue stations, a shaded outdoor eating area and employee collaboration spaces, as well as extensive car and secure trailer parking. Construction is slated to begin fourth-quarter 2022, with completion slated for first-quarter 2024. All three buildings will be constructed in a single phase. Butler Design Group is serving as architect. A general contractor has not yet been selected.

May 4, 2022

Development Hospitality Mixed-Use Southeast Tennessee

Carlisle to Open Hyatt-Branded Hotel at One Beale Development in Downtown Memphis

by John Nelson May 3, 2022

MEMPHIS, TENN. — Carlisle Corp. plans to open the first Caption by Hyatt-flagged hotel this summer in downtown Memphis. Caption by Hyatt Beale Street Memphis will anchor Carlisle’s $200 million One Beale mixed-use development, which includes three Hyatt-branded hotels and the new Renasant Convention Center. Memphis Business Journal reports that the new hotel’s development costs hovered around $41 million. Situated along Memphis’ famous Beale Street and the Mississippi River, the upscale select-service hotel will be integrated into the historic main building of Wm. C Ellis & Sons Ironworks and Machine Shop, which is one of the longest-running businesses in the city. The historic building will house the hotel’s ground and second floors, and a new 136-room tower will rise above and give guests views of the river and Memphis skyline. Designed by HBG Design, the hotel will feature dual entrances and an all-day, multi-functional lounge space dubbed Talk Shop that will include a coffee shop, cocktail lounge, workstations and sundries market on the inside and a patio and beer garden with fire pits on the outside. Hyatt Hotels Corp. collaborated with Union Square Hospitality Group on the Talk Shop concept. Hyatt plans to expand the Caption by Hyatt brand to …

May 3, 2022

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