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Keith Corp. Breaks Ground on Pharmaceutical Company’s Headquarters in Research Triangle Park

by Camren Skelton January 29, 2018

DURHAM, N.C. — The Keith Corp. has broken ground on a 159,000-square-foot corporate headquarters for Rho Inc., a contract research organization that provides clinical drug development services. Located at the corner of Highway 54 and TW Alexander Drive in Durham, the building is situated within Triangle 54 Office Park, a 39-acre office park under development in North Carolina’s Research Triangle Park submarket. The Rho project is the first of three phases within the park. At full build-out, Triangle 54 will include up to 477,000 square feet of office space, a parking ratio of 4.5 per 1,000 square feet, walking trails and other outdoor amenities. The new corporate headquarters building will be five stories tall and will feature glass exteriors, a game room, café, work lounges and exterior gathering spaces. Rho Inc. will occupy the entire building, which is slated for completion in spring 2019. The project team includes general contractor Choate Construction, architects LS3P and Little Diversified Architectural Consultants, civil engineer McAdams Co. and planning and design firm Kimley Horn.

January 29, 2018

Industrial Texas

Stream, Cabot Break Ground on 160,000 SF Industrial Property in Frisco

by Taylor Williams January 26, 2018

FRISCO, TEXAS — Stream Realty Partners and Boston-based Cabot Properties have broken ground on a 160,000-square-foot industrial property within Frisco Park 25, a 216-acre business park located in the northern Dallas metro of Frisco. The Class A property will serve as the new corporate headquarters for PowerSecure Lighting, a manufacturer of LED lighting products. The company will occupy 75,000 square feet at the property as the anchor tenant. Completion of the project, which is being built on a 10-acre site that Cabot acquired from the Frisco Economic Development Corp., is slated for this summer.

January 26, 2018

Illinois Industrial Midwest

Bridge Development Acquires 54-Acre Site, Plans 680,420 SF Industrial Development in Downers Grove, Illinois

by Kristin Harlow January 26, 2018

DOWNERS GROVE, ILL. — Bridge Development Partners LLC has acquired a 54-acre infill site in Downers Grove. The developer plans to build three industrial buildings totaling 680,420 square feet. The development will be known as Bridge Point Downers Grove. The buildings will feature clear heights of 32 and 36 feet and offer immediate access to I-88 and I-355. Completion is slated for the fourth quarter of 2018. Jason West, Sean Henrick, Michael Magliano, Doug Pilcher and David Friedland of Cushman & Wakefield will represent Bridge in the lease-up of the properties. No brokers were involved in the sale of the land site, as it was conducted off-market. An undisclosed national developer sold the land. Daniel Barrins of Associated Bank originated a $20 million acquisition loan, with $21.16 million syndicated to Byline Bank and Inland Bank.

January 26, 2018

Multifamily New Jersey Northeast

River Development Sells Proposed Multifamily Development Site in Bogota, New Jersey, for $17M

by Amy Works January 25, 2018

BOGOTA, N.J. — River Development has completed the disposition of The River Club, a proposed multifamily development site located on the former Hess Oil Terminal and an adjacent parcel that was the former Sifford Pontiac site in Bogota. Jonathan Stein of PCD Capital acquired the development for $17 million. Situated on 13 acres, the proposed development will feature five multifamily buildings including 421 apartments, a clubhouse, secured parking, resort-style pool, a Riverwalk and retail space. Construction is slated to begin this spring. Kathy Anderson of Progress Capital brokered the transaction for the seller. Mike Bruno of Giordano, Halleran, Ciesla provided legal representation for River Development, while Chris Otteau of Otteau Realty Advisors provided legal counsel for the buyer in the deal.

January 25, 2018

Multifamily Texas

KBS, Southern Land Break Ground on 19-Story Apartment Tower in Highland Park in Dallas

by Taylor Williams January 25, 2018

DALLAS — A joint venture between California-based KBS Realty Advisors and Tennessee-based Southern Land Co. has broken ground on a 309-unit multifamily tower in the Highland Park area of Dallas. The 19-story, Class A tower will feature amenities such as a fitness center, pool, resident lounge, private park and a 465-space parking garage. A timeline for completion has not yet been established.

January 25, 2018

Industrial Office Texas

Price Distributing to Relocate to 70,000 SF Office, Distribution Center in Metro Dallas

by Taylor Williams January 25, 2018

ENNIS, TEXAS — Price Distributing Co., a distributor of alcoholic beverages, will relocate from its current headquarters at 1212 Clay St. in the southern Dallas metro of Ennis to a new, 70,000-square-foot property, also in Ennis. St. Louis-based HDA Architects is designing the new property, which will serve as both Price’s primary office space and distribution center. A timetable for construction has not yet been established.

January 25, 2018

Idaho Multifamily Seniors Housing Western

Wolff Starts Construction 146-Unit Independent Living Community in Idaho

by Nellie Day January 25, 2018

EAGLE, IDAHO — The Wolff Company has broken ground on Revel Eagle, a 146-unit independent living community in the Boise suburb of Eagle. The property is located within the Eagle River development along the Boise River. It will feature a combination of studio, one- and two-bedroom units. Wolff, an Arizona-based developer, plans to open the three-story community in late 2018. Revel Eagle is the eighth senior living community that The Wolff Company has developed since 2016. The company plans to invest $300 million to $400 million annually in the development of new independent and assisted living communities, in addition to the purchase and renovation of existing communities.

January 25, 2018

Illinois Midwest Multifamily

Summit Design + Build Completes Conversion and Renovation of Apartment Building in Chicago

by Kristin Harlow January 24, 2018

CHICAGO — Summit Design + Build LLC has completed the conversion of an 18-story mixed-use building into apartments in Chicago’s Uptown neighborhood. Montrose Apartments, formerly known as Pensacola Place, underwent a phased conversion and renovation of floors one through three, which were vacant offices and retail space. Developer Waterton Associates purchased the property in 2015 with plans to modernize and refresh the building. Summit started construction in the summer of 2016, beginning with the conversion and new construction of 23 studio and one-bedroom apartments. Summit also renovated the lobby and first-floor leasing center, and added new tenant amenity spaces including a fitness center and third-floor urban lounge. Summit completed construction while the building was fully operational and occupied. Chicago-based Brininstool + Lynch provided architectural services for the project.

January 24, 2018

California Office Western

MedImpact Begins Construction of Second San Diego Headquarters Building

by Nellie Day January 24, 2018

SAN DIEGO — MedImpact has announced plans to expand in San Diego. The pharmacy benefit manager has started construction of its second corporate headquarters campus building in the Scripps Ranch submarket. The 158,000-square-foot building will be located at 10159 Scripps Gateway Court. It is an extension of MedImpact’s existing corporate headquarters building. Watermark Building 2 will include a large outdoor courtyard for casual meetings, social gatherings and exercise. A pedestrian bridge will connect the two buildings in the outdoor courtyard. Completion is scheduled for December 2018. Sudberry Properties is the development and construction manager for MedImpact.

January 24, 2018

Multifamily Northeast Pennsylvania

Westrum Development Adds Final Phase to Luxor Apartment Complex in Norristown, Pennsylvania

by Amy Works January 23, 2018

NORRISTOWN, PA. — Westrum Development Co. has completed Luxor Building II, the final phase of the revitalization and transformation of 770 Sandy Street into Luxor Lifestyle Apartments in Norristown. Located at the renamed 800 Luxor Lane address, Luxor Building II features 38 apartment units and complements the 157-unit main building at the Luxor complex. Amenities at the community include an open-air courtyard with bocce, grilling and fire pits, an infinity pool, a bar, a fitness center and panoramic views of Norristown and Philadelphia’s skyline. For more than a decade before Westrum Development Co. acquired the property, 770 Sandy Street was embroiled in construction, legal and financial turmoil that cost Norristown taxpayers up to $4 million for repairs and legal expenses.

January 23, 2018

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