development1

Wolff Plans 185-Unit Independent Living Community Near LA

by Nellie Day February 26, 2018

TORRANCE, CALIF. — The Wolff Company has unveiled plans for Revel South Beach, a 185-unit independent living community in the coastal Los Angeles suburb of Torrance. Wolff, an Arizona-based private equity firm and developer, plans to break ground on the community before the end of the 2018 and open the community during 2019. The property is located near many of Southern California’s most notable beaches, including Manhattan, Redondo, Torrance and Palos Verdes. The four-story property will be the 10th seniors housing community Wolff has developed since 2016. The company plans to invest $300 million to $400 million annually in seniors housing developments, in addition to seeking acquisition opportunities.

February 26, 2018

Loans Multifamily New York Northeast

JLL Arranges $42.1M Construction Financing, JV Equity for Condo Development in Brooklyn

by Amy Works February 26, 2018

NEW YORK CITY — JLL has arranged joint venture equity from a fund managed by The Davis Cos. for a mixed-use residential condominium project located at 70 Schermerhorn St. in Brooklyn’s Brooklyn Heights. A partnership between Lonicera Partners and Orange Management is developing the 12-story property. In addition to the equity, JLL secured $42.1 million in construction financing, which was provided by Bank of the Ozarks, for the project. The 85,000-square-foot property will feature 59 for-sale residential units and 3,000 square feet of rentable retail space. Jonathan Schwartz, Keith Kurland and Mark Fisher of JLL arranged the equity placement and financing.

February 26, 2018

Industrial Texas

United States Cold Storage to Open $34M Warehouse in Denton

by Taylor Williams February 26, 2018

DENTON, TEXAS — United States Cold Storage (USCS), an operator of frozen food warehouses with 38 facilities across 13 states, will open a $34 million cold storage facility in Denton. According to the Denton Chamber of Commerce, the property will be situated on a 40-acre site on Jim Christal Road and will facilitate the creation of 67 new jobs. USCS recently closed on the land for the site but has not yet released a timeline for construction.

February 26, 2018

Healthcare Midwest Missouri

McGrath & Associates Completes 16,000 SF Renovation of Medical Center in St. Louis

by Kristin Harlow February 26, 2018

ST. LOUIS — McGrath & Associates has completed a renovation of the Missouri Baptist Medical Heart Center in St. Louis. The renovations totaled 16,000 square feet and included two physician office suites, a PET/CT imaging room and an outpatient testing area. An advanced nuclear imaging technique combines positron emission tomography (PET) and computed tomography (CT) into one machine. Christner served as the architect for the six-month project.

February 26, 2018

Nevada Restaurant Retail Western

Dunkin’ Donuts Opens at Hard Rock Hotel & Casino in Las Vegas

by Nellie Day February 23, 2018

LAS VEGAS — Dunkin’ Donuts’ has opened two restaurants in the Hard Rock Hotel & Casino in Las Vegas and Biloxi, Miss. Further expanding the Dunkin’ Donuts footprint within rest stops and travel centers, the brand’s franchisees opened a total of 12 travel center restaurants around the country. The company also significantly increased its partnership with Pilot Flying J Travel Centers in 2017, accounting for five of the total 12 locations open throughout the year, with a commitment for an additional 20 in 2018. These new locations expanded the brand’s portfolio to include full-service restaurants, as well as additional self-serve locations. A Dunkin’ Donuts franchisee opened its first non-traditional location at the University of Hawaii in October. Eight restaurants on college and university campuses opened during 2017, including George Mason University in Fairfax, Va.; Binghamton University in Binghamton, N.Y.; and the second restaurant to open in the Air Force Academy in Colorado Springs, Colo .

February 23, 2018

Industrial North Carolina Southeast

M. David Properties Acquires 30-Acre Site in Charlotte to Build 300,000 SF Industrial Park

by Camren Skelton February 23, 2018

CHARLOTTE, N.C. — M. David Properties has acquired a 30-acre site at the intersection of Hucks and Old Statesville roads in Charlotte, with plans to develop a 300,000-square-foot industrial park dubbed SilverPark North. Matthew Greer of JLL arranged the transaction on behalf of the seller, Kathy Godley, while JLL’s Brad Cherry and Pete Pittroff represented M. David Properties. SilverPark North will include three buildings, the first of which will be a 136,000-square-foot speculative building that is due for completion in the first quarter of 2019. The site is situated less than two miles from Interstates 77 and 485.

February 23, 2018

Industrial Texas

Hillwood to Develop 1 MSF Industrial Facility at AllianceTexas in Fort Worth

by Taylor Williams February 23, 2018

FORT WORTH, TEXAS — Hillwood will develop Alliance Northport 3, an industrial facility totaling approximately 1 million square feet that will be situated on a 260-acre site within the AllianceTexas master-planned community in Fort Worth. The property, which offers convenient access to Interstate 35 and State Highway 114, is being built on a speculative basis. The site will be able to accommodate more than 1.2 million square feet of space and provide additional trailer storage when fully expanded. A timeline for construction has not yet been established.

February 23, 2018

Retail Texas

Vista Equities Breaks Ground on 108,000 SF Retail Expansion Project in Metro Houston

by Taylor Williams February 23, 2018

SUGAR LAND, TEXAS — Vista Equities Group has broken ground on Phase II of University Commons in Sugar Land, an expansion project that will deliver 108,000 square feet of new retail space. Sprouts Farmers Market will anchor the second phase with a 30,000-square-foot store. Phase I of University Commons delivered 155,000 square feet of retail space that is 95 percent leased and anchored by a 50,000-square-foot Burlington. Houston-based Arch-Con Construction is serving as general contractor for the expansion project, which was designed by Dallas-based O’Brien Architects. The project is expected to be ready for tenant build-out in December. A third phase of undetermined size is also planned at the property.

February 23, 2018

Healthcare Midwest Nebraska

Darland Constructs 130,000 SF Medical Office Building in Norfolk, Nebraska

by Kristin Harlow February 23, 2018

NORFOLK, NEB. — Darland Construction Co. is building a 130,000-square-foot medical office building for Faith Regional Health Services in Norfolk. The project, located in northeastern Nebraska, is slated for completion in spring 2019. The four-story building will include an outpatient surgery center on the main floor. The remainder of the building will be dedicated to women’s and children’s services, surgical and medical specialty offices and orthopedics. Avant Architects is the project architect.

February 23, 2018

Affordable Housing Midwest Multifamily Ohio

Woda Group Completes Conversion of Affordable Housing Property in Nelsonville, Ohio

by Kristin Harlow February 23, 2018

NELSONVILLE, OHIO — Woda Group Inc. has completed the conversion of a historic school into a 33-unit affordable housing property in Nelsonville, 60 miles southeast of Columbus. A grand opening and ribbon-cutting ceremony is scheduled for Friday, March 2. The project, which included the restoration and renovation of two buildings into one facility, will be restricted to workforce families earning 60 percent of the area median income. Original chalkboards and classroom closets were incorporated into several of the units. Woda Group repurposed the school’s original auditorium into a large community room with a kitchen, property management office and fitness center. Funding for the $9.6 million project came from Ohio historic preservation tax credits administered by the Ohio Development Services Agency; federal historic preservation tax incentives through the National Park Service; and competitive housing tax credits made available through the Ohio Housing Finance Agency (OHFA). The Ohio Capital Corp. for Housing also served as an investor for the project, providing equity in exchange for tax credits. OHFA’s Home Development Loan Program provided a bridge loan. Summit Community Bank provided construction and permanent financing.

February 23, 2018

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