development1

Venture Completes 43-Acre Land Assemblage for Mixed-Use Development in Metro Dallas

by Haisten Willis December 3, 2015

EULESS, TEXAS — Venture Commercial Real Estate has completed an assemblage of 43 acres of land located at the northeast quadrant of Cheek-Sparger Road and Heritage Avenue west of State Highway 121 in Euless. The buyer, Tonti Properties, is expected to break ground in spring 2016 on Trinity Union, a 457-unit multifamily community. The project has a mixture of product types including a four-story wrap-style building with structured parking and separate townhome-style buildings with direct-access garages and private yards. Trinity Union will feature an urban design, and 19 acres of the site will be devoted to retail use. John Zikos, Ken Reimer, Christopher Gibbons and Cheryl Hill of Venture worked with Tonti to acquire three separate land tracts. In the most complex of the transactions, Venture represented the seller, a family that had owned a 25-acre tract for 54 years, while Wilson Stafford of Edge Realty Capital Markets represented Tonti Properties. In the other transactions, Venture and Edge co-represented Tonti Properties.

December 3, 2015

Retail Southeast Tennessee

GBT Realty to Develop $16M Retail Center in Metro Nashville

by John Nelson December 3, 2015

MURFREESBORO, TENN. — GBT Realty Corp. plans to develop The Shoppes of Northgate, a $16 million shopping center located along Memorial Boulevard in Murfreesboro. GBT Realty acquired the 13.1-acre site across from the Walmart Supercenter in November for $2.4 million. The new shopping center will feature a 30,000-square-foot Sprouts Farmers Market, as well as a PetSense, Liquor Barn and Newk’s Eatery. The new Sprouts store will be the fourth Sprouts that GBT Realty has developed this year. Construction on The Shoppes of Northgate is expected to begin this month, with store openings set for spring 2016. GBT Realty currently has $161 million of commercial space under development in the Nashville region.

December 3, 2015

Industrial Texas

Port of Houston Selects McCarthy for $38.7M Upgrade of Wharf 2 at Barbours Cut Terminal

by Haisten Willis December 2, 2015

HOUSTON — McCarthy Building Cos. has been awarded the contract for the $38.7 million upgrade of Wharf 2 at the Port of Houston Authority’s Barbours Cut Terminal located in Morgan’s Point. Barbours Cut is considered to be one of the premier container handling facilities in the country. The project will upgrade the existing Wharf 2 to support larger wharf cranes that can accommodate post-panamax vessels. McCarthy will upgrade 1,000 linear feet of wharf, installing new foundations and crane rails, and construct a new stevedore support building, mast poles and the electrical infrastructure required for three new 100-foot gauge electric dock cranes. Wharf 2 is adjacent to McCarthy’s recently completed Wharf 1 project, which included the rehabilitation of a 1,333 linear foot structure used for the receipt and shipment of containerized freight intended for both foreign and domestic trade. The project was completed in fall 2014. The upgrade of Wharf 2 is scheduled to begin in January 2016. Completion is scheduled for early 2017.

December 2, 2015

Loans Massachusetts Multifamily Northeast

EagleBridge Capital Arranges $20.5M Construction Financing for Allston Apartment Complex

by Amy Works December 2, 2015

BOSTON — EagleBridge Capital has arranged $20.5 million in construction/permanent financing for an apartment complex located at 61-83 Braintree St. in Boston’s Allston neighborhood. The borrower is a joint venture between The Grossman Companies and Waypoint Cos. The apartment building will feature 80 studio, one-, two- and three-bedroom rental units and ground-floor commercial space. Additionally, the property will feature a rooftop deck, fitness center, bicycle storage and 68 parking spaces. Ted Sidel and Brian Sheehan of EagleBridge Capital secured the financing for the borrowers.

December 2, 2015

California Multifamily Seniors Housing Western

Goodman Group to Open 19-Unit Memory Care Addition to Community in California

by Nellie Day December 1, 2015

LOS ALAMITOS, CALIF. — Minnesota-based operator The Goodman Group will hold a grand opening Thursday for Pearl Garden, a 19-unit memory care community within the Katella Senior Living community in the Los Alamitos submarket of Los Angeles. Pearl Garden will add memory care to the community’s existing independent living and assisted living units. The new units are intended to allow residents to age in place at Katella longer. Alamitos West Health Care Center, a skilled nursing and rehabilitation community also managed by Goodman Group, is located on the same campus. The full-service Los Alamitos Medical Center is located across the street.

December 1, 2015

Georgia Mixed-Use Southeast

Lee & Associates to Lease 712-Acre Theme Park North of Atlanta

by John Nelson December 1, 2015

EMERSON, GA. — AVATRON USA Development LLC has selected Lee & Associates Atlanta to lease AVATRON Park, a 712-acre development housing a theme park and an adjacent hospitality and retail complex in Emerson, roughly 40 miles north of Atlanta. Slated for completion in early 2019, AVATRON Park will feature a theme park, 300,000-square-foot lifestyle shopping center, dining area, two hotels totaling 500 rooms and a 10,000-seat outdoor amphitheater. According to Joe Simpson of Lee & Associates Atlanta, the firm is primarily focused on hospitality and multifamily projects at the development and will work with New York–based Newmark Grubb Knight Frank on the retail projects. Attractions in development for the theme park will include newly created intellectual property along with gaming and movie industry intellectual property, most notably The Hunger Games franchise. In early November, movie studio Lionsgate announced its licensing, for the first time in North America, of the Hunger Games, Step Up and Now You See Me franchises as part of its partnership agreement with AVATRON.

December 1, 2015

Florida Southeast

MCSS Self Storage to Build 85,000 SF Facility in Broward County

by John Nelson December 1, 2015

PEMBROKE PINES, FLA. — MCSS Self Storage LLC, a developer of urban infill self storage facilities in South Florida, has closed on a land parcel at 1781 S. Park Road in Pembroke Pines, a city in Broward County. MCSS plans to develop an 85,000-square-foot self storage facility at the site, located in Pembroke Park, totaling 1,139 climate controlled storage units. The project will be managed by an unnamed self storage REIT. In addition to its most recent purchase, MCSS is developing several locations throughout Miami-Dade and Broward counties.

December 1, 2015

Illinois Midwest Multifamily

Power Construction, Ascend, Intercontinental Break Ground on 202-Unit Apartment Tower in Chicago

by Christina Cannon November 30, 2015

CHICAGO — Power Construction Co. LLC, along with Ascend Real Estate Group and Intercontinental Real Estate Corp. has broken ground on Niche 905 in Chicago. The 18-story, 202-unit luxury apartment tower will be located at 905 N. Orleans St. Designed by Fitzgerald Associates Architects, the building is expected to obtain LEED certification and will include one-, two- and three-bedroom units. The tower will also include 1,750 square feet of ground-level retail, parking for more than 150 vehicles and storage for 110 bikes, as well as views of Lake Michigan and the downtown skyline. Niche 905 will be located near the Chicago Transit Authority’s Brown, Purple and Red lines. Amenities at Niche 905 include a rooftop pool, spa and sundeck; grilling stations and a fire pit; outdoor bar; community garden; a fitness center with yoga studio; private party room with kitchen; business center; conference room; coffee bar; pet washing station and bike storage and workshop. Unit amenities include quartz countertops, glass tile backsplashes, under-cabinet lighting, plank flooring, 9-foot ceilings, private balconies and washers and dryers. Ascend Real Estate Group and Intercontinental Real Estate Corp. make up the development venture.

November 30, 2015

Hospitality New York Northeast

Cambria Hotel & Suites Times Square Opens in Manhattan

by Amy Works November 25, 2015

NEW YORK CITY — Concord Hospitality and Choice Hotels has developed the 78,000-square-foot Cambria Hotel & Suites Times Square at 30 W. 46th St. in Manhattan. Designed by Gene Kaufman Architect, the 21-story, 196-room LEED-certified hotel is the largest Cambria hotel in the country. The guestrooms include private terraces for the second-floor rooms, and a refrigerator and flat-screen television. On-site amenities include a rear outdoor garden with lounge seating, a front outdoor area with tables and chairs, a 700-square-foot fitness center, a 24-hour business center, event facilities, dry cleaning and laundry services, and free WiFi. Additionally, the hotel features a 1,000-square-foot restaurant and a 500-square-foot bar/lounge designed by McGinley Design.

November 25, 2015

Office Texas

Final Phase of Renovations Underway at One Riverway Office Building in Houston

by Haisten Willis November 25, 2015

HOUSTON — CBRE and Unilev Management Corp. are now in the final phase of a multimillion-dollar renovation project at One Riverway in Houston. The 481,000-square-foot, 25-floor, Class A office building is located on the north side of the Galleria/Uptown area, directly adjacent to the Omni Hotel at Woodway Drive and South Post Oak Lane. Renovations include a new backup power generator, cooling towers, restaurant/deli, conferencing center, fitness facility, interior elevator cab upgrades and corridor upgrades. A lobby renovation will include a coffee/smoothie bar. Tenants at One Riverway include Northwestern Mutual, Texas Capital Bank, Regus Group, Thompson Coe Cousins, Wright & Close, EMC and PLS. Steve Rocher, Kristen Rabel and Parker Duffie with CBRE’s Houston office are the leasing representatives for One and Three Riverway. Unilev Management Corp. owns One and Three Riverway, provides on-site management and is also a tenant in the building.

November 25, 2015

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