development1

Cabot Properties to Develop 322,853 SF Industrial Space in Metro Dallas

by Haisten Willis September 16, 2015

GRAND PRAIRIE, TEXAS — Cabot Properties, a private equity real estate investment firm, has purchased an 18.4-acre site in Grand Prairie. Cabot, along with Stream Realty, plans to develop two Class A industrial buildings totaling 322,853 square feet designed to accommodate tenants from 30,000 to 175,000 square feet. The project is located at the intersection of Roy Orr and Trinity boulevards in Dallas’ Great Southwest industrial submarket. Stream Realty will develop and lease the new project branded Trinity Crossing. Steve Riordan of Stream’s construction division will oversee the project. The project is expected to break ground this month and will deliver in the second quarter of 2016.

September 16, 2015

Pollack Shores to Break Ground on Multifamily Community in Alpharetta

by John Nelson September 16, 2015

ALPHARETTA, GA. — Pollack Shores Real Estate Group has purchased a development site at 10105 Westside Parkway in Alpharetta for the construction of ECHO at North Point Center. Located near Top Golf, the boutique-style multifamily property will feature 111 residential units and 5,600 square feet of retail space. Each unit will feature shaker-style cabinetry, quartz countertops and plank flooring. Community amenities will include a resort-style pool, bocce ball court and a dog park. ECHO at North Point Center is scheduled to have the first units available in summer 2016. Matrix Residential, the multifamily residential management division of Pollack Shores, will manage the property upon completion.

September 16, 2015

Connecticut Loans Multifamily Northeast

CBRE Arranges $51.4M in Financing for 250-Unit Multifamily Development in Connecticut

by Amy Works September 14, 2015

GLASTONBURY, CONN. — CBRE Capital Markets’ Debt & Structured Finance team has arranged $51.4 million in debt and equity for the development of Flanagan’s Landing, a 250-unit multifamily complex located in Glastonbury. The $36.5 million construction loan, which was provided by Wells Fargo Bank, carries a three-year term plus a mini-perm at a market spread over LIBOR. A private institutional investor contributed equity in excess of $14 million. The developers will convert a historic mill into a 250-unit apartment community featuring garages, an electric car charging station, carport parking, fitness center, billiards cyber-lounge, a heated in-ground salt water pool, picnic and sundeck areas. In-unit amenities include washers and dryers and top-of-the-line finishes. Additionally, Flanagan’s Landing will include 6,150 square feet of commercial space. Mike Riccio, Susan Larkin, Anna Pfau and Kyle Juszczyszyn of CBRE placed the debt and equity on behalf of a joint venture between Lexington Partners and a private equity firm.

September 14, 2015

Illinois Midwest Multifamily Student Housing

McHugh Nears Completion of $58M Conversion Of Office Building To Student Apartments In Chicago

by Katie Sloan September 14, 2015

CHICAGO — The restoration and conversion of the Old Colony office building, located at 37 W. Van Buren St. in Chicago, into luxury student apartments is nearly complete. The building, renamed The Arc at Old Colony, is in the last stages of its $58 million update by CA Ventures LLC and MCJ Development. The building was originally constructed in 1894 and is on the National Register of Historic Places. This qualifies the building for a $10 million federal historic landmark tax credit, which is being guided by MacRostie Historic Advisors. McHugh Construction has completed the renovation and conversion of interior offices to 137 apartment units, which are 75 percent leased. The vintage 17-story building, originally designed by famed architects Holabird and Roche, was among the tallest buildings in Chicago at the time of its construction in 1894. The Old Colony Building was one of the first of its kind to employ a unique structural portal wind-bracing system, allowing for open floor plates and thinner masonry exterior cladding. The structure’s innovative design, dating back to the Columbian Exposition of 1893, reflects the evolving structural steel technology of the era. The building’s most distinctive features are the round oriel corner bays, oversized windows and upper level terra …

September 14, 2015

Multifamily Seniors Housing Washington Western

Living Care Lifestyles to Open New Memory Care Community in West Seattle

by Nellie Day September 14, 2015

SEATTLE — Living Care Lifestyles, an operator with 10 communities in Hawaii, California, Oregon, Texas and Washington, plans to open a new memory care community in Seattle in early 2017. Quail Park of West Seattle will feature 45 units, all memory care, in a 20,000-square-foot, three-story facility situated on a half-acre site. According to the operator, the community will be the first memory-care-only facility in West Seattle. Morningside Development Group is developing the property, which John Lape Architecture designed.

September 14, 2015

California Multifamily Western

Construction is Complete on Phase II of Playa Del Oro in Los Angeles

by Nellie Day September 14, 2015

LOS ANGELES — Construction is now complete on Phase II of Playa Del Oro, a 260-unit addition to the existing 405-unit residential and mixed-use complex in Los Angeles. The community is located at the corner of Manchester Avenue and Lincoln Boulevard in the Westchester district. The original structure was built in 2009. The new addition is a concrete, podium-style structure with 235 units above the podium slab, along with 25 units situated at street level, which also contains 5,000 square feet of retail space. Phase II also adds a variety of lifestyle amenities to the complex, including a lounge, fitness on demand, a video game lounge and resident café. It also received a new landscaped courtyard with water features and outdoor living areas. Decron Properties developed the property, which Bernards build and Van Tilburg, Banvard & Soderbergh designed.

September 14, 2015

Alabama Hospitality Southeast

IHG, Chance Partners Break Ground on Hotel Indigo Tuscaloosa Downtown

by John Nelson September 14, 2015

TUSCALOOSA, ALA. — InterContinental Hotels Group (IHG) and Chance Partners have broken ground on Hotel Indigo Tuscaloosa Downtown, a 91-room hotel located at 120 Greensboro Ave. within Riverfront Village, a $60 million mixed-use development. Riverfront Village fronts Black Warrior River in downtown Tuscaloosa. The new hotel will be the first LEED-certified hotel in Alabama and Tuscaloosa’s first riverfront hotel. IHG and Chance Partners expect to open the hotel in winter 2016. Upon completion, the hotel will feature 1,000 square feet of executive meeting space, a fitness center, restaurant, rooftop bar, business center and a 2,500-square-foot outdoor terrace. Interstate Hotels & Resorts will manage the hotel upon completion.

September 14, 2015

Retail Texas

Endeavor to Invest $27.5M in Renovation for San Marcos Shopping Center

by Katie Sloan September 11, 2015

SAN MARCOS, TEXAS — Endeavor Real Estate Group has announced plans to invest $27.5 million to revamp Springtown Shopping Center, a retail center with low occupancy along I-35 in San Marcos between Austin and San Antonio. Endeavor purchased the center in November, at which point it was 10.5 percent occupied and split among four separate owners. The developer has signed leases with two anchor tenants. EVO Entertainment Group leased 34,000 square feet to build a dine-in luxury movie theater, bowling alley and event venue called The Spot. Gold’s Gym has leased 42,000 square feet.

September 11, 2015

California Life Sciences Office Western

LMU Debuts New $110M Life Sciences Building in Los Angeles

by Nellie Day September 11, 2015

LOS ANGELES — Loyola Marymount University (LMU) in Los Angeles has debuted its new $110 million Life Sciences building. Construction on the 100,000-square-foot project began in June 2013. The new Life Sciences building houses faculty and research staff from the biology, chemistry and biochemistry, health and human sciences, civil engineering, and environmental science departments under the Seaver College of Science and Engineering. It provides modernized laboratories and collaborative research space. The three-story facility contains 35 teaching labs, 40 faculty and staff offices, nine informal student study spaces, a green roof and outdoor laboratory, three conference rooms and a 273-seat auditorium with an adjoining 1,800-square-foot terrace. C.W. Driver constructed the new building, which CO Architects designed.

September 11, 2015

Georgia Office Southeast

Pattillo, Parkside Partners to Develop Office Project at MARTA Site in Metro Atlanta

by John Nelson September 11, 2015

CHAMBLEE, GA. — Pattillo Industrial Real Estate and Parkside Partners Inc. have formed a joint venture, known as Trackside Partners LLC, to develop a Class A office project in Chamblee, a northeast suburb of Atlanta. The MARTA (Metropolitan Atlanta Rapid Transit Authority) board of directors selected the joint venture to develop the project, known as Trackside, on a 2.2-acre site located at Peachtree and Chamblee Tucker roads. MARTA owns the site, which is located across from the Chamblee MARTA station. Upon completion, the two-phase, 80,000-square-foot Trackside will be Chamblee’s first Class A office development. Trackside will serve as the new headquarters for Pattillo Industrial Real Estate, which will occupy 20,000 square feet of the four-story, 50,000-square-foot Trackside One building. Pattillo will relocate 35 employees in second-quarter 2017 from its current offices in Stone Mountain, Ga., where the firm has been headquartered since 1975. Pattillo’s office space will feature a rooftop deck and a two-level sky lobby with a walkway beneath a glass roof. Trackside Two will be a two-story, 30,000-square-foot office building that also features a single-level parking deck. Both phases will feature first-floor retail and restaurant space. Construction is scheduled to begin in second-quarter 2016 on Trackside One. Chad …

September 11, 2015

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