development1

Kraus-Anderson Completes Elementary School in Woodbury, Minnesota

by Kristin Harlow September 13, 2017

WOODBURY, MINN. — Kraus-Anderson Construction Co. (KA) has completed Brookview Elementary School in Woodbury, about 10 miles east of St. Paul. The 74,000-square-foot property is located at 11099 Brookview Road. Serving up to 600 students, the new school features individual classrooms that open to a common learning space. A 6,000-square-foot gymnasium with an open cafeteria overlooks playgrounds and a baseball field. BWBR Architects designed the $18.6 million project. In addition, KA recently completed renovations at Stillwater High School in Oak Park Heights, Minn. New features include an 80,000-square-foot activity center, practice field and weight room.

September 13, 2017

NewQuest Properties Sells Two Adjacent Tracts in Metro Austin for Future Hotels

by Camren Skelton September 12, 2017

PFLUGERVILLE, TEXAS — NewQuest Properties has sold two adjacent land tracts at its Stone Hill Town Center development in Pflugerville to two different hospitality franchisees. The undisclosed buyers plan to develop an 86-room Holiday Inn Express and a Tru by Hilton hotel. Construction is slated to begin in early 2018. Josh Friedlander and Rebecca Le of NewQuest represented the seller internally. Situated on 196 acres roughly 12 miles north of Austin at 500 Limestone Commercial Drive, Stone Hill Town Center features 1 million square feet of retail space, including a Super Target, as well as the 400-unit Mansions at Stone Hill apartment community. In addition to the hotels in the pipeline, NewQuest Properties is currently courting restaurant concepts to join Stone Hill Town Center.

September 12, 2017

Alabama Loans Multifamily Southeast

Love Funding Provides $11.8M Loan for Historic Office Building Conversion in Montgomery

by Camren Skelton September 12, 2017

MONTGOMERY, ALA. — Love Funding, a subsidiary of Effingham, Ill.-based Midland States Bank Inc., has provided an $11.8 million loan for the conversion of an historic office building in downtown Montgomery into Historic Bell Lofts. The apartment community will offer 88 one- and two-bedroom units, as well as 4,478 square feet of commercial space. Constructed in 1907, the 12-story tower, formerly known as the Bell Building, is on the National Register of Historic Places. Holly Bray of Love Funding secured the funding through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program, which is HUD’s flagship product for financing the construction and/or redevelopment of market-rate and affordable housing communities. The transaction was supported by federal historic tax credit equity from National Trust Community Investment Corp. and state historic tax credits purchased by First Partners Bank. Red Leaf Development LLC and MAL LP, in conjunction with WDG Construction and Development Services, are developing the property. Rosemann & Associates is designing the community.

September 12, 2017

Midwest Minnesota Retail

Valley Natural Foods to Expand in Burnsville, Minnesota

by Kristin Harlow September 12, 2017

BURNSVILLE, MINN. — Valley Natural Foods has unveiled plans to expand its grocery operation in Burnsville, approximately 15 miles south of Minneapolis. The company acquired a building adjacent to its existing 15,000-square-foot property and plans to add an additional 11,000 square feet of space. Built by Loeffler Construction and designed by Wilkus Architects, the building will be remodeled to expand food service, catering service, fresh departments and shopping convenience. The store will feature a new community room for meetings and a classroom for cooking classes. Existing Valley Natural Foods employees will staff the expanded facility. Construction will begin this month and is slated for completion in spring 2018.

September 12, 2017

Industrial Texas

Dermody Completes 626,439 SF Distribution Center in South Dallas

by Taylor Williams September 11, 2017

DALLAS — Nevada-based development firm Dermody Properties has completed Phase I of Logisticenter at Dallas, a two-building industrial park situated on 61.7 acres at the intersection of Bonnie View Road and Logistics Drive in South Dallas. Phase I delivered a 626,439-square-foot distribution center featuring 36-foot clear heights, 111 loading docks, 262 car parking stalls and 136 trailer stalls. The center is also expandable to 1.1 million square feet. MYCON General Contractors handled construction of the project.

September 11, 2017

Office Texas

Local Resident to Develop Class A Office Property in Austin

by Taylor Williams September 11, 2017

AUSTIN, TEXAS — Austin resident Michael Ayer will develop Davenport 360, a 33,911-square-foot, Class A office property that will be located at 6001 Bold Ruler Way along Capital of Texas Highway in Austin. The property will be situated near local retail and restaurant options and offer employees a three-level parking garage. The developer plans to break ground as soon as the property is 50 percent pre-leased, according to the Austin Business Journal. Cushman & Wakefield is handling pre-leasing of the property.

September 11, 2017

Midwest Missouri

McCarthy Completes Interim Science Building at Saint Louis University

by Kristin Harlow September 11, 2017

ST. LOUIS — McCarthy Building Cos. Inc. has completed the conversion of a former charter elementary school into an interim science building for Saint Louis University (SLU) in St. Louis. Located on SLU’s south campus, the building is now home to research, teaching and office space for the biology department while the University renovates Macelwane Hall, which experienced a fire and subsequent water damage in May of this year. The 50,000-square-foot renovation was completed in time for the fall 2017 semester. McCarthy reworked the mechanical and electrical systems to accommodate advanced research and teaching labs.

September 11, 2017

Illinois Midwest Office

Marcus & Millichap to Expand Chicago Offices

by Kristin Harlow September 11, 2017

CHICAGO — Marcus & Millichap will expand its downtown Chicago office by 6,000 square feet. Located at 333 W. Wacker Drive, the downtown office will support more than 80 sales professionals, originators and staff with three managers. Previously, the downtown location had 47 agents and staff members. The firm is also expanding personnel in its Oak Brook office, located at One Mid-America Plaza. The Oak Brook office is expanding from 34 agents and staff to approximately 45 employees in order to support more rapid suburban market penetration, according to Marcus & Millichap.

September 11, 2017

Industrial Oregon Western

PCCP, Capstone Partners to Develop 1 MSF Mill Creek Logistics Center in Salem

by Nellie Day September 11, 2017

SALEM, ORE. — A joint venture between PCCP and Capstone Partners has announced plans to develop Mill Creek Logistics Center, a 1 million-square-foot distribution facility in Salem. The facility is situated in the Mill Creek Corporate Center, a 548-acre master-planned industrial park. The JV acquired the land in late August from the State of Oregon – Department of Administrative Services. Development has commenced on the 62-acre parcel with completion anticipated in July 2018. Notable neighboring tenants include Home Depot and FedEx.

September 11, 2017

Mixed-Use Southeast Tennessee

Southeastern Underway on Development of $160M Mixed-Use Project in Knoxville

by Camren Skelton September 11, 2017

KNOXVILLE, TENN. — Southeastern Development is underway on One Riverwalk, a $160 million mixed-use project in downtown Knoxville. The Augusta, Ga.-based company demolished 800,000 square feet of the former Baptist Hospital to make way for the project. Upon completion, the 23-acre development will include a 300-unit apartment community that is slated to open in November, a student housing facility, a new hotel and various retail and office buildings. Regal Cinema Corp., one of the world’s largest theater chains, redeveloped a former 180,000-square-foot medical building on the site, with plans to relocate its corporate headquarters to the development this fall. University Housing Group purchased five acres within the project to develop the student housing community, servicing students attending the University of Tennessee. The student housing units are slated to open in summer 2018. Phase II of the project will bring a Home2 Suites Hotel, slated to open in the fall of 2018; the renovation of an existing 50,000-square-foot office building that will be converted to retail and restaurant space; 10,000 square feet of retail space; and reconfiguration of Blount Avenue to include wider sidewalks, bike paths and landscaped medians. Public improvements are slated to debut in summer 2018, and restaurant and …

September 11, 2017

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