development1

CapRock Acquires 230,000 SF Infill Industrial Property in San Gabriel Valley for Redevelopment

by Amy Works November 13, 2020

POMONA, CALIF. — Newport Beach, Calif.-based CapRock Partners has purchased an infill industrial property situated on 12.5 acres at 4200 W. Valley Blvd. in Pomona. Terms of the transaction were not released. The buyer acquired the asset as a sale-leaseback from an owner-tenant that will continue to occupy the existing 230,000-square-foot manufacturing building in the short term. Upon expiration of the lease, CapRock intends to demolish the existing facility and develop a 270,000-square-foot, 36-foot-clear-height building offering up to 10,000 square feet of speculative office space. The property’s location is within minutes of the California State Route 57 and Interstate 605 interchange, Interstate 10 and California State Route 71. Wes Hunnicutt, Matt Moore and Eric Tomchick of Newmark represented the buyer and undisclosed seller in the transaction. Additionally, the Newmark team will serve as leasing agents for the property. Greg Brown, Peter Thompson and San Godfrey of JLL Capital Markets Debt Placement arranged an undisclosed amount of financing on behalf of CapRock Partners.

November 13, 2020

Development Florida Multifamily Seniors Housing Southeast

Moss Construction to Build $120M Expansion of Seniors Housing Community in South Florida

by Alex Tostado November 12, 2020

POMPANO BEACH, FLA. — Moss Construction will expand John Knox Village, a seniors housing community in Pompano Beach, by 150 units and 508,513 square feet of retail, outdoor and event space. The two-phase expansion is expected to cost $120 million to execute. Construction on the first phase has started. The 37,117-square-foot project will consist of a first-level pavilion featuring a performing arts center, pre- and post-event gallery space, two restaurants with indoor and lakeside dining, a bar in between the two restaurants, a lakefront promenade and gathering spaces. A timeline for completion was not disclosed. The second phase is scheduled to start in the first quarter 2022. The 471,396-square-foot project will include two podium-style towers with 150 independent living residences, a 153-space parking garage, three restaurants and other common areas. The expansion will also involve infrastructure improvements and revisions to lakes and roadways in the vicinity.

November 12, 2020

Development Illinois Midwest Multifamily

Synergy Construction Group Completes 100-Unit Luxury Apartment Development in South Elgin, Illinois

by Kristin Harlow November 12, 2020

SOUTH ELGIN, ILL. — Synergy Construction Group has completed Panton Mill Station, a 100-unit luxury apartment development in South Elgin, about 40 miles west of Chicago. The four-story building is located on the banks of the Fox River and includes 10,000 square feet of retail space and a 180-stall surface parking lot. Amenities include a fitness center, business center and outdoor kitchens. Ware Malcomb provided architecture and interior design services for the project. Residents can now receive one month of free rent. Monthly rents start around $1,410.

November 12, 2020

California Development Mixed-Use Multifamily Office Restaurant Retail Western

San Diego City Council Approves $1.4B Transformation of Tailgate Park Outside Padres Stadium

by Amy Works November 12, 2020

SAN DIEGO — The San Diego City Council has unanimously approved an exclusive negotiating agreement with the Padres Development Team to negotiate terms for the previously announced acquisition and redevelopment of Tailgate Park into East Village Quarter. The site is located outside Petco Park, which Major League Baseball’s San Diego Padres call home. The Padres Development Team, including the San Diego Padres, Tishman Speyer and Ascendant Capital Partners, was selected during a public request for proposals process. The development team’s vision for East Village Quarter includes residential space, 50,000 square feet of neighborhood-serving retail, 236,000 square feet of public spaces, 1.4 million square feet of office space targeted to technology and biotechnology companies, and 1,600 parking spaces. According to media reports, the development will cost $1.4 billion. “We are excited to take another step forward to revitalize Tailgate Park and further transform the Ballpark District and downtown San Diego,” says Erik Greupner, president of business operations for the San Diego Padres. “We look forward to finalizing a deal with the City of San Diego that will result in the creation of a vibrant, inclusive, mixed-use district in East Village.”

November 12, 2020

Montrose-Collective-HoustonMontrose-Collective-Houston

Development Mixed-Use Texas

Radom Capital Tops Out $105M Montrose Collective Mixed-Use Project in Houston

by Taylor Williams November 11, 2020

HOUSTON — Houston-based developer Radom Capital has topped out Montrose Collective, a 197,000-square-foot retail and office development in Houston’s Montrose District. According to the Houston Business Journal, the four-story project is valued at $105 million. JP Morgan Asset Management is serving as a joint venture equity partner on the project, which also includes 40,000 square feet of green space and 600 parking spaces. Construction began in early 2020.

November 11, 2020

Development Midwest Multifamily Ohio Seniors Housing

Anthology Senior Living Opens 180-Unit Property in Suburban Cleveland

by Kristin Harlow November 11, 2020

MAYFIELD HEIGHTS, OHIO — Anthology Senior Living, a new organization created by real estate development firm CA Ventures, has opened Anthology of Mayfield Heights in suburban Cleveland. The property is home to 180 independent living, assisted living and memory care residences. The community serves as the company’s first “Life Plan Community,” a new design strategy for seniors housing created in collaboration with national design firm HED. This type of community consists of a main building and a small arrangement of cottages. Courtyards enable residents to participate in outdoor activities such as swimming, pickleball, gardening, lounging and meditating. Indoors, residents have access to multiple dining options such as a bistro, pub, private dining and large dining room. Other amenities include a business center, clubhouse, fitness center, golf simulator, library, pottery room and theater.

November 11, 2020

Development Industrial Midwest Ohio

Opus Completes Two-Building Winchester Logistics Park Near Columbus, Ohio

by Kristin Harlow November 11, 2020

CANAL WINCHESTER, OHIO — The Opus Group has completed Winchester Logistics Park, a two-building speculative industrial project in Canal Winchester, about 15 miles southeast of Columbus. The first building spans 258,000 square feet while the other is 556,000 square feet. Kenco Logistics Group is the first tenant and will occupy 197,465 square feet of the smaller building. Opus served as developer, design-builder, architect and engineer. First National Bank of Omaha provided project financing. Brian Marsh and Dan Wendorf of JLL are marketing the remaining square footage for lease.

November 11, 2020

22-Chapel-Street-Brooklyn22-Chapel-Street-Brooklyn

Development Multifamily New York Northeast

Delshah Capital Tops Out 180-Unit Multifamily Project in Brooklyn

by Taylor Williams November 11, 2020

NEW YORK CITY — Locally based developer Delshah Capital has topped out a 180-unit multifamily project at 22 Chapel St. in Brooklyn that will include 45 affordable housing residences. The 20-story building is being developed in partnership with START Treatment & Recovery Centers, New York’s largest independent drug treatment agency, and will also house 2,000 square feet of retail space and the offices of START. The property will also feature a rooftop pool, fitness center, playground and onsite parking. Locally based general contractor OTL Enterprises is handling construction of the project, which is slated for a late 2021 completion.

November 11, 2020

Company News Development Restaurant Retail Western

Chipotle Plans to Open First Digital Restaurant as Online Sales Tripled in Third Quarter

by Jeff Shaw November 11, 2020

NEWPORT BEACH, CALIF. — Chipotle Mexican Grill plans to launch a digital restaurant concept dubbed Chipotle Digital Kitchen. Customers will be required to order in advance via the Chipotle app, website or third-party delivery service; there will not be a dining area or line to order food. The Newport Beach-based restaurant chain says the footprint is designed for urban areas but will open its first location near West Point Academy in Highland Falls, New York, on Saturday, Nov. 14. The announcement of the restaurant opening comes on the heels of the company’s third-quarter earnings report, which showed Chipotle’s digital sales tripled year-over-year. Furthermore, online sales accounted for nearly half (48.8 percent) of total sales for the quarter, which ended Sept. 30.

November 11, 2020

Development Multifamily North Carolina Southeast

Hawthorne Residential, Evolve to Develop 248-Unit Apartment Complex Near Raleigh

by Alex Tostado November 10, 2020

WAKE FOREST, N.C. — A joint venture between Hawthorne Residential and Evolve Cos. has acquired a 23-acre site in Wake Forest to develop Hawthorne at the Forest, a 248-unit apartment community. The developer acquired the land from an undisclosed seller for $4.3 million. The asset is expected to deliver in 2022 and will be situated at 10728 Star Road, 14 miles north of downtown Raleigh. The property will offer one-, two- and three-bedroom floor plans with wood-style floors, energy-efficient GE appliances, washers and dryers, stone countertops and tile backsplashes. Communal amenities will include a saltwater pool, grilling area, 5,000-square-foot clubhouse, cyber café, fitness center, playground and a dog park. Caleb Troop, Ron Corrao and Eric Liebich of Capstone represented the buyers in the land transaction.

November 10, 2020

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