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jll-somerville-massachusetts
Life SciencesLoansMassachusettsMixed-UseNortheast

JLL Arranges $140M Construction Loan for Life Sciences Building in Metro Boston

by Alex Patton

SOMERVILLE, MASS. — JLL has arranged a $140 million construction loan for 101 South Street, a life science development in Somerville, a northern suburb of Boston. The project represents Phase I of the borrower’s planned mixed-use development, which will include retail and residential components as well as public green space. JLL arranged the financing on behalf of the borrower, a joint venture between New York-based developer DLJ Real Estate Capital Partners and Boston-based developer Leggate McCall Properties. Construction is slated for completion in 2021.

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cubesmart-montville-nj
DevelopmentIndustrialNew JerseyNortheastSelf-Storage

Diversified Properties, 1026 Real Estate to Build 807-Unit Self-Storage Facility in Montville, New Jersey

by Alex Patton

MONTVILLE, N.J. — A joint venture between New Jersey-based developer Diversified Properties LLC and New York-based 1026 Real Estate Investors LLC will develop an 807-unit self-storage facility in Montville, a western suburb of New York City. The project will span three stories and 98,000 square feet of net rentable space. CubeSmart Self Storage will manage the property, construction of which is slated to begin September 2019.

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DevelopmentMidwestMultifamilySeniors HousingWisconsin

Ryan Cos. to Develop 141-Unit Senior Living Community in Wisconsin

by Kristin Harlow

SUN PRAIRIE, WIS. — Ryan Cos. US Inc. will develop a 141-unit senior living community to be named Talamore at Sun Prairie in suburban Madison. Ryan will develop, design and build the project and is set to begin construction in spring 2020. Great Lakes Management will operate the property. Talamore at Sun Prairie will offer independent living, assisted living and memory care services. Amenities will include multiple dining venues, a library, wellness center, salon, clubroom and activity room.

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DevelopmentIndustrialMidwestMinnesota

Opus Breaks Ground on 152,000 SF Spec Industrial Development in Eagan, Minnesota

by Kristin Harlow

EAGAN, MINN. — The Opus Group has broken ground on Dodd Road Business Center, a 152,000-square-foot industrial development in Eagan. Construction of the building is slated for the first quarter of 2020. The speculative project will sit on 10 acres and include 180 parking stalls, a clear height of 32 feet, 35 dock doors, two drive-in doors and an outdoor patio. Opus is the developer, design-builder, architect and engineer of record. Eric Rossbach and Bill Ritter of Colliers International will market the property for lease.

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Stafford-Logistics-Center-Aurora-CO
ColoradoDevelopmentIndustrialWestern

NorthPoint Development Buys 185 Acres for Stafford Logistics Center in Colorado

by Amy Works

AURORA, COLO. — NorthPoint Development has closed on 185 acres of land that will be part of the site for Stafford Logistics Center, a 350-acre, 4.4 million-square-foot industrial and mixed-use development in Aurora. The property is located at the confluence of Interstate 70, Expressway 470, East Colfax Avenue and Picadilly Road. NorthPoint has already started construction on a 598,500-square-foot warehouse that is slated for delivery in the second quarter of 2020. Building 1 at Stafford Logistics Center will feature 136 trailer spaces, approximately 134 dock-high doors, four drive-in doors/ramps, 36-foot clear heights and ESFR sprinklers. Aaron Valdez, Tyler Smith and Alec Rhodes of Cushman & Wakefield Denver’s industrial team represented the undisclosed seller in the deal. Additionally, the Cushman & Wakefield team has been retained to handle the leasing efforts of Stafford Logistics Center.

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DevelopmentIllinoisMidwestOffice

GlenStar, Rubenstein Launch $15M Capital Improvement Plan for Office Complex in Rolling Meadows, Illinois

by Kristin Harlow

ROLLING MEADOWS, ILL. — GlenStar and Rubenstein Partners LP have launched a $15 million capital improvement plan for Continental Towers, a 910,796-square-foot office complex in Rolling Meadows, about 30 miles northwest of Chicago. This is the second of a two-phase renovation project initiated in 2015. Plans call for a reimagined outdoor terrace with a lounge, grilling areas, fire pits and lawn area. The property’s café and amenity center, which are currently undergoing renovations, will be connected to the new terrace. Project completion is scheduled for second-quarter 2020. Phase I was a $30 million project that included the construction of a new 734-stall parking garage and a full renovation of the 22,000-square-foot fitness center run by Midtown Health Club. Continental Towers is a three-tower property situated on 34 acres at 1701 Golf Road. GlenStar originally acquired the property in 2013 and recapitalized the asset in 2018 with Rubenstein.

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DevelopmentIllinoisMidwestOffice

J.C. Anderson Completes Build-Out for Colliers International Chicago Headquarters

by Kristin Harlow

CHICAGO — J.C. Anderson has completed the build-out for Colliers International’s Chicago headquarters at 71 S. Wacker Drive. The global real estate services and investment management company has relocated its Chicago headquarters from 200 S. Wacker Drive. The space features raised flooring, open ceilings, new light fixtures and new painting. Irvine Co. owns 71 South Wacker, a 48-story office tower that was completed in 2005.

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DevelopmentIndianaMidwestMultifamilySeniors Housing

Leo Brown Group Breaks Ground on 129-Unit Seniors Housing Community in Indiana

by Kristin Harlow

COLUMBUS, IND. — Leo Brown Group has started construction of Traditions of Columbus, a 129-unit independent living, assisted living and memory care community. Located in Columbus, about 45 miles south of Indianapolis, the community will sit on 17 acres. Traditions Management, a wholly owned management company of Leo Brown Group, will run the operations. Leo Brown Group is headquartered in Indianapolis and has developed more than 15 seniors housing communities in the Midwest totaling more than 2,000 units.

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Terraces-Via-Verde-San-Dimas-CA
CaliforniaDevelopmentMultifamilySeniors HousingWestern

Advocacy Development Partners Breaks Ground on 32-Unit Memory Care Community in San Dimas, California

by Amy Works

SAN DIMAS, CALIF. — Advocacy Development Partners has broken ground on The Terraces at Via Verde, a 32-unit memory care community in San Dimas, a city in the San Gabriel Valley of Los Angeles County. The project is scheduled to open in early fall 2020. Upon opening it will be the only standalone memory care community in the San Dimas area, according to the developers. The community will be split into two 15,000-square-foot neighborhoods with 16 suites each, all located on 1.2 acres near parks and shopping centers. Frontier Management will operate the community upon completion. Irwin Partners Architects designed the project, with PacifiCore Construction serving as general contractor and Conley Design handling interiors. Fremont Bank, which recently announced an expansion of its seniors housing lending platform, is providing the construction and bridge financing for the project.

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whole-foods-nyc
DevelopmentNew YorkNortheastRetail

Whole Foods to Open 60,000 SF Store in Manhattan

by Alex Patton

NEW YORK CITY — Whole Foods Market will open a 60,000-square-foot store within 63 Madison Avenue, a 15-story office building in Manhattan. The store will occupy 10,000 square feet on the ground floor of the building and 50,000 square feet on the second floor. The building owner, a partnership between George Comfort & Sons, Jamestown and Loeb Partners Realty, plans to renovate the first and second floors with glass walls and a new lobby. The time frame of the construction was not specified. Peter Duncan, Matt Coudert and Alex Bermingham of represented the landlord on an internal basis in the lease negotiations.

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