development1

Equity Industrial, Raith Capital to Develop Three Spec Warehouses Totaling 304,303 SF in El Paso

by Taylor Williams April 12, 2022

EL PASO, TEXAS — A partnership between Boston-based Equity Industrial Partners and New York-based Raith Capital Partners will develop three speculative warehouses in the El Paso area that will total 304,303 square feet. The two buildings at 9577 Plaza Circle will total 215,444 square feet and are expected to be complete in the fourth quarter. The building at 455 Pan American Drive will span 88,859 square feet and is slated for a first-quarter 2023 delivery. All three buildings will feature 1,200-square-foot office suites, 28-foot clear heights and ESFR sprinkler systems. CBRE has been tapped to lease the buildings. The partnership has developed other spec industrial projects in El Paso that have since been sold.

April 12, 2022

Development Office Texas

Ivanhoe Cambridge, Greystar Break Ground on 170,000 SF Office Project in Downtown Austin

by Taylor Williams April 12, 2022

AUSTIN, TEXAS — Canadian developer Ivanhoé Cambridge and South Carolina-based Greystar have broken ground on a 170,000-square-foot office project in downtown Austin. The seven-story building will be part of 1121 at Symphony Square, a mixed-use development at which The Waller, a 32-story residential tower, is currently under construction. The property will feature 5,000 square feet of retail and restaurant space, as well as a range of amenities that promote employee health and wellness, such as a pool, fitness center and turf lawn. Architecture firm R2L is designing the project, with interiors by Austin-based Page and landscape architecture by TBG Partners. Completion is slated for spring 2023.

April 12, 2022

Development Multifamily New York Northeast

Breslin Realty to Develop 201-Unit Multifamily Project in Lynbrook, New York

by Taylor Williams April 12, 2022

LYNBROOK, N.Y. — Breslin Realty Development Corp. will build The Langdon, a 201-unit multifamily project that will be located in the Long Island community of Lynbrook. Located at 47 Broadway, the new development will replace the former Mangrove Feather factory, which has been vacant for 15 years. The Langdon will consist of 55 studios, 111 one-bedroom units and 35 two-bedroom apartments, as well as 2,000 square feet of ground-floor retail space and onsite parking for 205 vehicles. Construction is expected to begin within 60 days and to be complete in summer 2023. Lee Spiegelman, Mark DeLillo, Marc Schulder and Felipe Marin of BlueGate Partners arranged construction financing for the project, which carries a total price tag of $109 million, according to the debt placement team.

April 12, 2022

Development Industrial Texas

Stream Realty, Westcore to Develop 301,120 SF Spec Industrial Project in Rockwall, Texas

by Taylor Williams April 11, 2022

ROCKWALL, TEXAS — Stream Realty Partners, in partnership with San Diego-based investment firm Westcore, will develop 1515 Corporate Crossing, a 301,120-square-foot speculative industrial project that will be situated on a 43.2-acre site in Rockwall, an eastern suburb of Dallas. Building features will include 32-foot clear heights, a divisible rear-load configuration, 68 dock doors, 309 car parking spaces and 62 trailer stalls, both of which can be expanded based on tenant needs. Completion is slated for the end of the year. Stream will also handle leasing of the facility.

April 11, 2022

Development Multifamily Washington Western

Ethos Breaks Ground on 160-Unit Moraine Apartment Project in Tacoma, Washington

by Amy Works April 11, 2022

TACOMA, WASH. — Portland, Ore.-based Ethos Development has broken ground on The Moraine, a multifamily property in Tacoma. The eight-story, 115,000-square-foot podium building will include 160 apartments, a fitness center, media room, roof deck with communal kitchen and billiards room. The project has a voluntary target of 25 percent minority and disadvantaged business participation during construction, a target to recycle 70 percent of the construction waste stream, and the building will have both onsite solar panels and a green roof. The units are designed to provide market-rate affordability by way of efficient floor plans, and 20 percent of the units will be available to those earning no more than 80 percent of area median income as part of the tax exemption program of Pierce County. The project team includes Portland-based Works Progress Architecture, Walsh Construction Co. and Ethos Commercial Advisors.

April 11, 2022

Development Illinois Leasing Activity Midwest Retail

Allsteel to Open 24,000 SF Showroom in Chicago’s Fulton Market

by Kristin Harlow April 8, 2022

CHICAGO — Allsteel Inc., an Iowa-based furniture manufacturer, has unveiled plans to open a new 24,000-square-foot showroom in Chicago’s Fulton Market district. The company plans to relocate from its current space at Merchandise Mart to 345 N. Morgan St. in the first quarter of 2023. Owner and developer Sterling Bay recently topped out the office and retail building, which is slated for completion later this summer. Chicago-based Partners by Design is the architect for Allsteel’s space.

April 8, 2022

Acquisitions Arizona Development Multifamily Western

Stillwater Capital Acquires Land Parcel in Mesa for 373-Unit Apartment Development

by Amy Works April 8, 2022

MESA, ARIZ. — Dallas-based Stillwater Capital Investments has purchased a 16.6-acre multifamily development site in Mesa from Lamar Cos. and Utah-based GFI-Mesa Investments for $11.1 million. The company plans to develop a Class A apartment community on the site. Located at 1445 S. Power Road and 1455 S. Clearview Ave., the development will feature 373 apartments. The site currently houses vacant retail structures that will be demolished prior to construction of the new community. The project team includes Omniplan, Brennan Ray of Burch & Crach, Ali Fakih of SEG and Andy Baron of ABLA. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the buyer in the deal.

April 8, 2022

Development Illinois Industrial Midwest

Peak Construction to Build 477,115 SF Spec Warehouse in Elgin, Illinois

by Kristin Harlow April 7, 2022

ELGIN, ILL. — Developer Scannell Properties has selected Peak Construction Corp. to build a new 477,115-square-foot speculative warehouse in Elgin. Slated for completion in late December, the project will feature a clear height of 36 feet, 40 dock doors, four drive-in doors, trailer storage and parking for 372 cars. Harris Architects Inc. and Haeger Engineering make up the project team.

April 7, 2022

California Development Mixed-Use Multifamily Restaurant Retail Western

Sudberry Properties Opens 260-Unit Hub at Scripps Ranch Mixed-Use Project in San Diego

by Amy Works April 7, 2022

SAN DIEGO — Sudberry Properties has opened The Hub at Scripps Ranch, a mixed-use redevelopment project located at 9840 Carroll Canyon Road in the Scripps Ranch neighborhood of San Diego. Construction is nearing completion and apartment residents are moving in. Situated on 9.5 acres, The Hub at Scripps Ranch features 260 apartments and 10,700 square feet of retail and restaurant space. The property offers one-, two- and three-bedroom layouts, ranging from 614 square feet to 1,391 square feet, with rents starting at $2,600 per month. Interior amenities include private patios or balconies, nine-foot ceilings, hardwood-style flooring in main areas, carpeting in bedrooms, fully equipped kitchens with GE Energy Star stainless steel appliances, quartz countertops and full-size washers/dryers. The retail and restaurant space includes a 2,061-square-foot Starbucks Coffee, Pacific Dental Services and Big Cheech’s Chicken N’ Waffles and Sliders. The development team includes MVE Architecture, Reylenn Construction Co., Pasco Laret Suiter & Associates, GroundLevel Landscape Architecture and Design Tec. Matt Mosser of Retail Insite is responsible for retail leasing, and Sudberry Properties will provide property management for The Hub.

April 7, 2022

Development Loans Office Texas

Granite Properties Receives Construction Financing for 626,215 SF Uptown Dallas Office Project

by Taylor Williams April 6, 2022

DALLAS — National development and investment firm Granite Properties has received an undisclosed amount of construction financing for 23Springs, a 626,215-square-foot office project in Uptown Dallas. Arkansas-based Bank OZK provided the financing for the 26-story building and has also committed to leasing four floors totaling 110,029 square feet upon completion in early 2025. Construction is set to begin in June. GFF Architects is designing 23Springs, and DPR Construction is serving as the general contractor. Amenities will include an indoor lounge with a golf simulator, conference center, outdoor workspaces, two restaurants, coffee and wine bar and a half-acre park. Robert Blount of JLL represented Bank OZK in the lease negotiations. Jim Curtin of JLL arranged the loan on behalf of Granite Properties.

April 6, 2022

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