development1

M&R Development, Bucksbaum Retail Properties to Develop 148-Unit Luxury Apartment Building in Chicago

by Christina Cannon March 29, 2016

CHICAGO — A joint venture between M&R Development and Bucksbaum Retail Properties LLC has acquired a 2.3-acre site in Chicago’s Lakeview neighborhood for the future development of an apartment building. Addison & Clark, slated for completion in 2018, will contain 148 luxury units and 150,000 square feet of retail space across from Wrigley Field. Demolition of existing structures will take place over the next two months. The retail component, which will be located on the first three floors, will contain a multi-screen theater, health and fitness club and several dining options. The units at Addison & Clark will consist of studio, one- and two-bedroom apartments. The transit-oriented building will be located a block west of the Chicago Transit Authority’s Red Line and will also feature a 405-space parking garage. Solomon Cordwell Buenz will design the LEED-certified building, and Power Construction will serve as the general contractor.

March 29, 2016

Loans Office Oregon Western

George Smith Partners Arranges $19.9M Loan for Under Armour Office Build-to-Suit in Downtown Portland

by Nellie Day March 28, 2016

PORTLAND, ORE. — George Smith Partners has arranged a $19.9 million bridge loan for the construction of a build-to-suit creative office campus in downtown Portland for sportswear supplier Under Armour. The 68,698-square-foot, special-purpose, single-tenant building formerly housed the local YMCA. It will be transformed into a 108,698-square-foot campus environment. Under Armour signed a 15-year lease at the property. The borrower and landlord were not disclosed. Malcolm Davies, Kyle Henrickson and Teddy Stutz of George Smith Partners secured the financing.

March 28, 2016

Retail Texas

Baker Katz Breaks Ground on 33,000 SF Retail Development in Houston

by Haisten Willis March 28, 2016

HOUSTON — Houston-based Baker Katz has broken ground on the redevelopment of two buildings totaling 33,000 square feet on a 4.5-acre tract. Baker Katz purchased the property in summer 2015 with plans to add new signage, update the parking lot and renovate the two buildings located near the cross streets of FM 1960 and West Lake Houston Parkway. Verizon Wireless will join the tenant mix in a 4,000-square-foot building. The 15 tenants currently occupying space will remain open during construction.

March 28, 2016

Creekside at Langford Distribution Corridor

Georgia Industrial Southeast

Solution Property Group to Build 538,500 SF Distribution Center in Metro Atlanta

by John Nelson March 28, 2016

EAST POINT, GA. — Atlanta-based Solution Property Group has purchased a former General Services Administration warehouse in East Point, a town roughly seven miles south of Atlanta, for an undisclosed price. The company plans to demolish the 55-year-old building and replace it with a new 538,500-square-foot project known as Creekside at Langford Distribution Corridor. The industrial property will be the closest bulk distribution center to Atlanta’s central business district, according to Solution Property Group, which plans to deliver the facility in the early fall of this year. Solution Property Group has selected Pat Murphy, Ray Stache and Spencer Green of Cushman & Wakefield to lease Creekside at Langford Distribution Corridor.

March 28, 2016

pei-wei-1425-east-renner-road-Richardson-texas

Restaurant Retail Texas

Pei Wei to Open Second Location in Richardson

by Haisten Willis March 25, 2016

RICHARDSON, TEXAS — Pei Wei, a fast casual restaurant with an Asian-inspired menu, will open its second location in Richardson on March 28. Pei Wei is now hiring and plans to have a staff of 50 employees. The new Pei Wei location will be located at 1425 E. Renner Road, Suite 610, and will be open from 11 a.m. to 9 p.m. Sunday through Thursday and 11 a.m. to 11 p.m. Friday and Saturday.

March 25, 2016

Michigan Midwest Office

Schostak Brothers, Schoolcraft College to Develop 91,220 SF Corporate Headquarters for Masco Corp. in Michigan

by Christina Cannon March 25, 2016

LIVONIA, MICH. — Schostak Brothers & Co. has formed a joint venture with Schoolcraft College to develop a 91,220-square-foot corporate headquarters for Masco Corp., which is relocating its operations to Livonia from Taylor, Mich. The building is slated for completion in the spring of 2017. The facility will be located between Six Mile Road and Seven Mile Road on the Schoolcraft College campus. Masco is a designer, manufacturer and distributer of branded home improvement and building products.

March 25, 2016

Illinois Industrial Midwest Office

Opus to Build 23,400 SF Industrial Facility in West Dundee, Illinois

by Christina Cannon March 25, 2016

WEST DUNDEE, ILL. — The Opus Group will develop a 23,400-square-foot warehouse and office facility in West Dundee, approximately 45 miles northwest of Chicago, for oelheld U.S. Inc., a German manufacturer of cooling and lubricating fluids for the tool-making industry. The space, which will be located inside the Oakview Corporate Park, will serve as the company’s U.S. headquarters and manufacturing site. The building will include 7,600 square feet of office space and 15,800 square feet of warehouse space with the ability to accommodate future expansion up to 16,000 square feet. The new facility will include both an interior and exterior spill containment system to ensure that any spilled fluids can be controlled for cleanup, and a new laboratory will allow oelheld to conduct the needed research to meet the demands of their clients. The project is slated for completion this December. Opus Design Build will be the design-builder, and Opus AE Group will be the architect and structural engineer of record. Noel Liston of Darwin Realty represented Opus Development Company, and Ed Lowenbaum and Jason Talanian of Lowenbaum Real Estate Partners represented oelheld in the transaction.

March 25, 2016

Louisiana Retail Southeast

Stirling Properties, CBL Open Ambassador Town Center In Louisiana

by John Nelson March 25, 2016

LAFAYETTE, LA. — Stirling Properties and CBL & Associates Properties Inc. have opened Ambassador Town Center in Lafayette. The co-developers hosted a formal ribbon cutting ceremony attended by Lafayette City-Parish president Joel Robideaux, former City-Parish president Joey Durel, LEDA president and CEO Gregg Gothreaux and other Lafayette area community leaders. Ambassador Town Center is a roughly 60-acre retail project anchored by Costco Wholesale and Dick’s Sporting Goods/Field & Stream. Situated at Ambassador Caffery Parkway and Kaliste Saloom Road, the 430,000-square-foot property is 97 percent leased to tenants such as Avalon Salon & Spa, BJ’s Restaurant & Brewhouse, Blaze Pizza, Chuy’s Mexican Restaurant, Costco Gasoline, Dickey’s Barbecue Pit, Five Below, Freddy’s Frozen Custard & Steakburgers, Marshalls/HomeGoods, Nordstrom Rack, Off Broadway Shoes, Panda Express, Panera Bread, PetSmart, Phone Zone, Professor Bob Beans, Red Robin, Subway, Tao Japanese Cuisine, World of Beer and Verizon Wireless. Ambassador Town Center is expected to generate roughly 1,700 permanent jobs and nearly $9 million annually in estimated sales tax collection.

March 25, 2016

Marcelo Claure David Beckham Miami Beckham United

Florida Retail Southeast Top Stories

David Beckham-Led Investment Group Buys Land in Miami for $300M Soccer Stadium

by John Nelson March 25, 2016

MIAMI — Miami Beckham United (MBU), an investment group led by international soccer star and celebrity David Beckham, has purchased two parcels of land in Miami’s Overtown neighborhood for a new soccer stadium. In December 2015, Major League Soccer (MLS) approved the location of the $300 million project, which is expected to have about 30,000 seats and 7,000 parking spaces, according to the South Florida Business Journal. The new stadium will be the home of an MLS expansion team in Miami. In addition to Beckham, MBU is headed by Marcelo Claure, CEO of Sprint, producer Simon Fuller and sports executive Tim Leiweke. The partners have said the project will be privately funded. “We have the right site, the right ownership group, and a loyal base of fans counting down the days until our first match,” said Claure in a prepared statement. “We’re all-in on Overtown, and we couldn’t be more excited about moving forward with plans to deliver the most responsible stadium in Miami history.” MBU purchased the two sites, which total 6.2 acres, at 650 N.W. 8th St. The stadium site is situated midway between Miami Beach and Miami International Airport, within walking distance of downtown Miami and two blocks …

March 25, 2016

California Hospitality Loans Western

R.D. Olson Receives $49.8M Loan to Build Residence Inn Silicon Valley

by Nellie Day March 24, 2016

SAN FRANCISCO — R.D. Olson Development has received a $49.8 million construction loan to build the 204-room Residence Inn by Marriott Silicon Valley in the San Francisco Bay Area community of San Carlos. The new hotel will be situated at Industrial Road and East San Carlos Avenue, halfway between San Francisco and San Jose. The four-story, select-service hotel will feature 1,500 square feet of meeting space, a convenience market, fitness center, outdoor pool and spa, sport court and outdoor patio with fire pit. The hotel is slated for completion in 2017. The three-year, floating-rate loan features two one-year extensions through a diversified financial services company. HFF’s James Fowler secured the financing on behalf of the developer.

March 24, 2016

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