development1

Ankura, Medicus Capital Break Ground on 50,000 SF Outpatient Care Center in Kildeer, Illinois

by Kristin Harlow December 3, 2018

KILDEER, ILL. — Ankura Healthcare Real Estate Solutions and Medicus Capital have broken ground on a 50,000-square-foot outpatient care center in Kildeer. The new facility will be located on a five-acre site at the corner of Rand and Cuba roads. Northwest Community Healthcare will occupy the facility. Slated for completion in late 2019, the building will be home to primary care, physical therapy and cardiac rehab and include an immediate care center, advanced imaging center and lab. Leopardo Cos. Inc. is the contractor and Jensen & Halstead Ltd. is the architect. Lake Forest Real Estate Capital LLC arranged $19.1 million in development financing through Wintrust Financial.

December 3, 2018

Arizona Development Multifamily Seniors Housing Western

Wolff Breaks Ground on Independent Living Community in Scottsdale, Arizona

by Amy Works December 3, 2018

SCOTTSDALE, ARIZ. — The Wolff Company, a Scottsdale-based private equity firm and senior living developer, has broken ground on Revel Scottsdale, an independent living apartment community in the company’s hometown. The three-story community is expected to open in late 2020 and will feature 157 units in studio, one- and two-bedroom layouts. Wolff cited an underserved and growing affluent senior population in Scottsdale as the reason for building. The U.S. Census Bureau named Scottsdale, a suburb of Phoenix, as the fourth-fastest-growing metropolitan area in the country. Revel Scottsdale joins a portfolio of 18 other senior living communities from The Wolff Company that are either under development or currently open.

December 3, 2018

California Development Loans Office Western

Acclaim Cos. Receives $65.7M in Construction Financing for 100,000 SF Office Building in Redwood City, California

by Amy Works November 30, 2018

REDWOOD CITY, CALIF. — Menlo Park, Calif.-based Acclaim Cos. has received $65.7 million in non-recourse construction financing for the 855 Main Street, a speculative office project development in downtown Redwood City. The company received entitlement approvals for the project in June and will develop the building with a team that includes W.L. Butler and DES Architects. The neoclassical-designed building will feature 100,000 square feet of office and retail space within a short walking distance of downtown amenities, multifamily buildings and public transit opportunities. Ramsey Daya, Chris Moritz and Travis Bailey of Newmark Knight Frank secured the financing for the borrower.

November 30, 2018

Development Loans Massachusetts Mixed-Use Northeast

Fantini & Gorga Secures $28.3M Construction Loan for Mixed-Use Development in Cambridge

by David Cohen November 29, 2018

CAMBRIDGE, MASS. — Fantini & Gorga has secured a $28.3 million construction loan for St. James Place, a mixed-use development in the Porter Square neighborhood of Cambridge. Located at 2013 Massachusetts Ave., the development will feature 46 residential condominiums, ground-floor retail and underground parking. Derek Coulombe, Tim O’Donnell and Despina Hixon of Fantini & Gorga secured financing for the undisclosed borrower through a mid-sized regional bank. Terms of the financing were not disclosed.

November 29, 2018

Development Illinois Midwest Multifamily Retail

Retail-Residential Project in Winnetka, Illinois Earns Development Approval

by Kristin Harlow November 29, 2018

WINNETKA, ILL. — The Winnetka Village Council has given final approval to One Winnetka, a five-story retail-residential project in suburban Chicago. The development will be located adjacent to the city’s train station in the downtown area. David Trandel, CEO of both Springbank Capital Advisors LLC and Stonestreet Partners LLC, is the developer. Lucien Lagrange Studio is the architect. One Winnetka will offer 36 apartment units, 15 condominiums and seven townhome units, as well as 30,000 square feet of street-level commercial space and 355 parking spaces. The three-building project is slated for completion at the end of 2020.

November 29, 2018

Development Georgia Industrial Southeast

Korean Battery Manufacturer to Invest Nearly $1.7B, Develop 2 MSF Plant in North Georgia

by Alex Tostado November 28, 2018

JACKSON COUNTY, GA. — SK innovation, a developer and manufacturer of lithium-ion batteries for hybrid electric vehicles, will create more than 2,000 jobs and invest $1.67 billion in Jackson County by way of a new manufacturing plant. The project will be built in two phases, with each phase including about 1 million square feet of manufacturing space and housing more than 1,000 advanced manufacturing jobs. SK innovation is a part of SK Group, one of the largest conglomerates in South Korea, and employs more than 6,500 individuals worldwide. Its customers include Mercedes-Benz and Hyundai-Kia Motors. “SK innovation’s decision to make this significant investment and create more than 2,000 jobs in Jackson County reflects Georgia’s reputation as a top destination for international businesses, especially those in the automotive supply sector,” says Georgia Gov. Nathan Deal. A timetable for the Jackson County plant has not been established.

November 28, 2018

Loans Multifamily New York Northeast

Carlton Group Arranges $47.5M Construction Loan for Multifamily Tower in Coney Island

by David Cohen November 28, 2018

NEW YORK CITY — The Carlton Group has arranged a $47.5 million construction loan for Sea Breeze Tower, a 20-story multifamily tower in the Coney Island neighborhood of Brooklyn. Located at 271 Sea Breeze Ave., the property will feature a limestone and glass façade and will offer a mix of studio, one-, two- and three-bedroom apartments. Ruth Barone of the Carlton Group secured financing on behalf of the borrower, Rybak Development, through a private lender. The terms of the financing were not disclosed.

November 28, 2018

Matter-Business-Warm-Springs-Las-Vegas-NV

Development Industrial Nevada Western

Matter Real Estate Breaks Ground on 132,450 SF Office/Warehouse Project in Las Vegas

by Amy Works November 28, 2018

LAS VEGAS — San Diego-based Matter Real Estate Group has broken ground on Matter Business Park @ Warm Springs, a light industrial office/warehouse project in Las Vegas’ southwest submarket. Situated on 10 acres at 7952 W. Warm Springs Road, the two-building project will feature a total of 132,450 square feet space across condominium-style units with flexible floorplans divisible to 6,000 square feet. Each unit will feature two dock doors and at-grade-level access. Additionally, second-story mezzanine, two dock-level doors and one at-grade door are available in select units. Completion is slated for July 2019. Project partners include Tectonics Design Group, Burke Construction Group, Slate Hanifan, Nuvis and Doherty Industrial Group/Colliers International as broker.

November 28, 2018

Development Industrial Midwest Minnesota

Opus, Hillcrest Complete 161,000 SF Industrial Build-to-Suit in Minneapolis Suburb

by Kristin Harlow November 28, 2018

COTTAGE GROVE, MINN. — The Opus Group and Hillcrest Development LLLP have completed a 161,000-square-foot industrial build-to-suit on behalf of North Star Sheets in Cottage Grove. The producer of corrugated paper products will occupy the entire facility for its manufacturing needs. The rail-served building is the first within a 38-acre industrial development known as Southeast Industrial Park that is located just south of Highway 61. Hillcrest owns the site.

November 28, 2018

Delaware Development Industrial Northeast

Harvey Hanna Begins Redevelopment of Former General Motors Plant in Wilmington, Delaware

by David Cohen November 27, 2018

WILMINGTON, DEL. — Harvey Hanna & Associates and partner Boxwood Industrial Park LLC have begun the redevelopment of a former General Motors plant in Wilmington. The demolition of the 3 million-square-foot property is the first step of the redevelopment into a business and distribution campus. The project will include 3 million square feet of commercial space spread across four buildings. The demolition of the former plant is expected to take 10 to 12 months, with a significant amount of materials to be reclaimed and recycled. The new campus is expected to create more than 2,100 permanent jobs in logistics, distribution, engineering and transportation. The plant was one of dozens of properties surrendered by General Motors Co. as part of its 2009 bankruptcy.

November 27, 2018

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