development1

Thor Equities, QuadReal Break Ground on 450,000 SF Office Tower in Chicago’s Fulton Market

by Kristin Harlow October 30, 2019

CHICAGO — Thor Equities and QuadReal have broken ground on 800 W. Fulton, a 19-story, 450,000-square-foot office tower in Chicago’s Fulton Market district. The project will be situated at the southeast entrance to the historic neighborhood and occupy a full city block. The property, which features a stepped terrace design, will also include retail space and public amenities. The developers have yet to announce any tenants. Completion is slated for spring 2021. Skidmore, Owings & Merrill is the architect and Cushman & Wakefield will market the property for lease. A groundbreaking ceremony took place on Tuesday, Oct. 29.

October 30, 2019

Development Industrial New Jersey Northeast

Rockefeller Group Opens 2.1 MSF Logistics Center in Piscataway, New Jersey

by Alex Patton October 29, 2019

PISCATAWAY, N.J. — Rockefeller Group has opened Rockefeller Group Logistics center, a 2.1 million-square-foot industrial park in Piscataway, a southwestern suburb of New York City. The property comprises five buildings, the largest of which is a 725,000-square-foot distribution center with 36-foot clear ceiling heights preleased to Best Buy. Other tenants include Fujitsu General America Inc., Humanscale, KISS Products, SHI and Kuehne + Nagel.

October 29, 2019

Development Industrial New Jersey Northeast

CT Realty Completes 95,808 SF Industrial Facility in Jersey City

by Alex Patton October 29, 2019

JERSEY CITY, N.J. — CT Realty has completed construction of a 95,808-square-foot industrial facility in Jersey City, an eastern suburb of New York City. The property, located at 79 Thomas McGovern Drive, offers 36-foot ceiling heights, eight dock doors and approximately 2,000 square feet of office space. CBRE is leasing the property on behalf of CT Realty.

October 29, 2019

Development Industrial Kansas Midwest

Meritex Breaks Ground on Two Industrial Buildings Totaling 240,000 SF in Lenexa, Kansas

by Kristin Harlow October 29, 2019

LENEXA, KAN. — Meritex has broken ground on two 120,000-square-foot industrial buildings in Lenexa. The new buildings will each feature a clear height of 28 feet and insulated wall panels. The buildings, located at 9800 Britton St., will share a truck court. Site work will continue this fall with vertical construction expected to begin in the spring. Project completion is slated for December 2020. Colliers International will market the properties for lease.

October 29, 2019

Loans New York Northeast Office

AKS Capital Arranges $749M Refinancing for The Company Building Office Property in Manhattan

by Alex Patton October 28, 2019

NEW YORK CITY — AKS Capital Partners has arranged a $749 million refinancing loan for the redevelopment of 335 Madison as The Company Building, a 1.1 million-square-foot, Class A office property in Manhattan. Brookfield Real Estate Financial Partners provided the loan to the borrower, Milstein Properties, to support the building’s redevelopment plan, which will deliver a interior upgrades such as a new wellness center, outdoor space, dining venues and a theater. Company, a tech startup incubator, occupies 250,000 square feet as the building’s anchor tenant. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Michael Diaz of AKS Capital Partners arranged the transaction for Milstein Properties. SHoP Architects is handling design of the redevelopment.

October 28, 2019

Development Industrial Midwest Missouri

LANE4 to Break Ground on Three-Building Industrial Development in Liberty, Missouri

by Kristin Harlow October 28, 2019

LIBERTY, MO. — LANE4 Property Group has unveiled plans to develop a three-building, speculative industrial project in Liberty known as Liberty Logistics Center. Situated on a 68-acre tract of land at Missouri Highway 69 and Liberty Parkway, the project is adjacent to the Ford assembly plant and visible from I-35. Construction is expected to begin within a month and the first building, spanning 741,000 square feet, is slated for completion in late 2020. The two smaller buildings will measure 80,000 and 132,000 square feet. The project will also include a retail portion known as Liberty Parkway Plaza, containing eight pad sites fronting I-35 and the industrial buildings. LANE4 serves as developer for the entire project and leasing agent for the retail component. Joe Orscheln of CBRE will market the industrial portion for lease. Davidson Architecture & Engineering is providing architectural and engineering services.

October 28, 2019

California Development Loans Multifamily Western

Z&L Properties Receives $330M in Financing for 640-Unit Condo Project in San Jose, California

by Amy Works October 25, 2019

SAN JOSE, CALIF. — Z&L Properties has received $330 million in financing for the development of 188 West St. James, a two-tower condominium project in downtown San Jose. Brandon Roth, Charles Halladay and Taylor Gimian of JLL arranged the five-year, floating-rate construction loan with Mack Real Estate Credit Strategies for the borrower. Currently under construction, 188 West St. James will consist of 20- and 22-story towers totaling nearly 629,000 square feet of residential space, approximately 30,000 square feet of ground-floor retail space and more than 650 parking stalls. The 640 condominiums will feature kitchens equipped with stainless steel Bosch appliance packages, custom quartz countertops and white oak cabinetry, as well as bathrooms with custom floating vanities and porcelain tile flooring. Additionally, units will have hardwood flooring throughout the main living areas. Community amenities will include an outdoor pool, spa, grilling area, fitness center, business conference center, pet wash and clubroom with catering kitchen.

October 25, 2019

Development Industrial Self-Storage Texas

ARCO/Murray Completes 650-Unit Self-Storage Facility Near Fort Worth

by Taylor Williams October 25, 2019

SOUTHLAKE, TEXAS — Dallas-based design-build firm ARCO/Murray has completed a 650-unit self-storage facility in Southlake, a northern suburb of Fort Worth. The three-story facility spans 104,000 square feet and includes a 1,300-square-foot office space and an interior loading area. The developer was The Jenkins Organization, a self-storage firm based in Houston.

October 25, 2019

Development New York Northeast Office

RAL Underway on 240,000 SF Zero Irving Office Building in Manhattan

by Alex Patton October 25, 2019

NEW YORK CITY — RAL Development Services (RAL) is underway on Zero Irving, a 240,000-square-foot Class A office building in the Midtown South neighborhood of Manhattan. The 21-story building features 176,000 square feet of office space across 14 floors, plus a street-level food hall, coworking spaces, event space and a technology training center designed to improve the skills of tenant employees. Bank OZK provided $120 million of construction financing to RAL and the developer entered a long-term ground lease with NYCEDC. RAL broke ground on the project this summer.

October 25, 2019

Development New York Northeast Retail

Wegmans to Open 74,000 SF Grocery Store in Brooklyn

by Alex Patton October 25, 2019

NEW YORK CITY — Wegmans Food Markets will open a 74,000-square-foot grocery store at the Brooklyn Navy Yard mixed-use development. The chain has garnered a cult following in the Northeast since it expanded from its original Rochester location in 1968 and now operates 100 stores, including 46 in New York. Eater New York reports that the new store will feature 350 varieties of cheese, a full-service bar and made-to-order meals at several hot and cold bars. The store is slated to open this weekend on Sunday, Oct. 27.

October 25, 2019

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