development1

J.G. Petrucci Co. to Build 200,000 SF of Build-to-Suit Industrial Space

by Amy Works August 13, 2015

SOUTH BRUNSWICK TOWNSHIP AND MONROE TOWNSHIP, N.J. — J.G. Petrucci Co. Inc. is constructing two build-to-suit industrial properties in Middlesex County, N.J. Located at 15 Stults Road in South Brunswick Township, the first building will feature 63,506 square feet of industrial space. Slated for delivery in October, the property will feature high bay clear height, ample parking, loading docks and an ESFR sprinkler system. The second facility, located at 30 Engelhard Drive in Monroe Township, will feature 130,102 square feet of industrial space. Scheduled for delivery in second quarter of 2016, the single- or multi-tenant building will feature high bay clear height, ample parking, loading docks and an ESFR sprinkler system.

August 13, 2015

Retail Texas

Trader Joe’s to Open New Location in North Dallas

by Haisten Willis August 13, 2015

DALLAS — Trader Joe’s has leased 12,500 square feet in the Preston Alexis addition to Pepper Square Shopping Center at Preston Road and Alexis Drive in north Dallas. Trader Joe’s is a privately held chain that entered the Dallas/Fort Worth market in 2013 and has six stores in the region. Vaughn Miller of VCM Development Group secured the lease and worked in cooperation with Henry Miller IV and Daniel Harris of HSM Brokerage on behalf of the landlord. Kevin Deighan of Timberline Real Estate represented the tenant. The store is slated to open later this year. Vaughn Miller and his father, Vance C. Miller, developed the Preston Alexis addition in 2001 after redeveloping the nearby Pepper Square Shopping Center at Preston Road and Beltline Road.

August 13, 2015

Mixed-Use Southeast Tennessee

Batson-Cook Breaks Ground on SkyHouse Nashville

by John Nelson August 13, 2015

NASHVILLE, TENN. — Batson-Cook Construction has begun building SkyHouse Nashville, a luxury mixed-use tower in midtown Nashville. Upon completion in the summer of 2016, the 25-story property will feature 352 luxury apartment residences, more than 10,000 square feet of retail space and a rooftop amenities deck. The property will be situated along Broadway, 17th Avenue and Division Street and offer panoramic views of downtown Nashville. The development’s amenity package will include an upscale clubhouse, fitness center, swimming pool and an outdoor kitchen. The design team includes co-developers Batson-Cook Development Co. and Novare Group and architect Smallwood, Reynolds, Stewart, Stewart. SkyHouse Nashville is the 15th SkyHouse-branded project that Batson-Cook has constructed since 2001. Earlier this year, the company delivered SkyHouse Buckhead in Atlanta, SkyHouse Channelside in Tampa and SkyHouse Raleigh in Raleigh.

August 13, 2015

Illinois Midwest Mixed-Use

Associated Bank Finances $17M Mixed-Use Project in Chicago

by Jeff Shaw August 12, 2015

CHICAGO — Associated Bank has provided a $17 million construction loan for a new mixed-use development at 2501 W. Armitage Ave. in Logan Square. The developer is a partnership between Mario Greco and Dimitri Nassis of Spearhead Properties LLC and Chris Fifield of Fifield Construction and Realty Inc. Michael McGovern of Associated Bank’s commercial real estate division originated the loan. The LEED-certified development will include two buildings comprised of 78 apartments and 6,500 square feet of retail space along Armitage. The project will feature a private courtyard and large landscaped second-floor terraces. Eight affordable units will be made available. Once completed, the new apartments will offer tenants sleek modern finishes and an amenity package that includes an automated package room, high-speed fiber Internet service, a workout area, 55 parking spaces, bicycle parking and a 1,300-square-foot amenity space overlooking a 6,000-square-foot landscaped courtyard. Demolition is scheduled to start in early August and construction will begin soon after.

August 12, 2015

Michigan Midwest Multifamily Seniors Housing

Ciena Healthcare Opens New Skilled Nursing and Rehabilitation Center in Metro Detroit

by Jeff Shaw August 12, 2015

SHELBY TOWNSHIP, MICH. — Ciena Healthcare, a manager and operator of skilled nursing and rehabilitation centers in Michigan and Connecticut, has opened its newest skilled nursing and rehabilitation center in Shelby Township, about 30 miles north of Detroit. To meet the medical needs of the residents, the 116-bed Regency at Shelby Township offers a range of comprehensive therapy and nursing care under the direction of a board-certified physician. Skilled services include 24-hour nursing care, physical and occupational therapy, speech and language pathology, wound care and pain management, and IV therapy. Therapy is available seven days a week in the state-of-the-art therapy gym that helps bridge the gap between hospital and home. Regency at Shelby Township is dedicated to improving patients’ mobility and function, allowing them to return home in a timely manner. Located on six acres and built at a cost of $10 million, the facility includes 60 private suites and 28 semi-private suites with individual showers, complimentary television, phone, and Internet service, 24-hour room service, rejuvenating spa, full-service salon with massage room, manicure and pedicure services, spacious dining room and common areas throughout. All rooms in the center offer scenic views for resident relaxation and rejuvenation. Lush courtyards and …

August 12, 2015

Maryland Multifamily Southeast

ZOM to Build Luxury Apartment Community in Baltimore’s Inner Harbor

by John Nelson August 12, 2015

BALTIMORE — ZOM will commence construction in the third quarter on Banner Hill Apartments, a 349-unit luxury apartment community located in the Inner Harbor area of Baltimore. The project is a joint venture between ZOM and institutional investors advised by J.P. Morgan Asset Management. The general contractor is CBG Building Co. LLC, a division of Clark Construction Group. The property’s amenity package will include an e-lounge, fitness center, sports simulator, courtyards and a resort-style pool. The interior of the units will include kitchen islands, stainless steel appliances, granite countertops, stand-up showers, vinyl plank flooring, walk-in closets and private balconies. The units will range from 528 to 1,325 square feet. ZRS Management LLC will provide property management services upon completion. Pre-leasing for Banner Hill Apartments will begin in the first quarter of 2017.

August 12, 2015

Maryland Office Southeast

St. John Properties to Build Office Building in Metro Baltimore

by John Nelson August 12, 2015

ANNAPOLIS JUNCTION, MD. — St. John Properties Inc., in partnership with Somerset Construction Co., has revealed plans for the development of a new 100,000-square-foot office building at 10170 Junction Drive in Annapolis Junction, roughly 18 miles south of Baltimore. The new four-story property will be located within Annapolis Junction Town Center, a mixed-use transit-oriented development situated adjacent to the Savage Maryland Rail Commuter Rail (MARC) station. The project represents the office component of the development, which will also contain 416 luxury apartment homes, a 150-room hotel, 17,450 square feet of retail space and the recently completed MARC Station with a 700-space commuter parking garage. Southern Management Corp. and Somerset Construction Co. are developing the residential and retail portions of Annapolis Junction Town Center and are seeking a partner for the hospitality component. St. John Properties is constructing the office building to satisfy LEED Silver specifications for Core and Shell. The exterior of the building will comprise brick and glass and will feature 25,000-square-foot floorplates. St. John Properties plans to deliver the property in fall 2016. The company recently assumed control of this project, which was formerly being developed by Corporate Office Properties Trust.

August 12, 2015

Florida Retail Southeast

Trinity Signs Walmart Neighborhood Market to Anchor Shopping Center in South Florida

by John Nelson August 11, 2015

PALM SPRINGS, FLA. — Trinity Place Holdings has executed a long-term lease with Wal-Mart Stores Inc. to bring a new Walmart Neighborhood Market to South Florida. The new 42,000-square-foot grocery store will anchor Trinity’s 112,000-square-foot Shoppes at Forest Hill, a shopping center located at the intersection of Forest Hill Boulevard and South Military Trail in Palm Springs. The Walmart Neighborhood Market is expected to open in the spring of 2016 and will bring approximately 95 new jobs to the area. David Lipp of Atlantic Commercial Group Inc. and David Emihovich of Katz & Associates were the broker and the agent, respectively, for the transaction.

August 11, 2015

Multifamily New York Northeast

Cushman & Wakefield Closes $19.9M Sale of Greenwich Village Development Site

by Amy Works August 11, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a development site located at 71 Fourth Ave., also known as 71 Park Ave. South, in Manhattan’s Greenwich Village. A joint venture between NAVA Cos., Savitar Realty Advisors, Williams & Sons Group and LePera Equities Inc. acquired the site for $19.9 million, or $780 per buildable square foot. Zoned C6-2A, the site consists of two buildings suitable for approximately 25,573 square feet of as-of-right development. The joint venture plans to develop a 10-story, 22,507-square-foot mixed-use property on the site, with eight floor-through apartments (units which occupy an entire floor), a duplex penthouse and a retail space with 14-foot ceiling heights.

August 11, 2015

Multifamily Student Housing Texas

Texas A&M Selects Servitas to Develop 48 Acres of Student Housing

by Haisten Willis August 10, 2015

COLLEGE STATION, TEXAS — The Texas A&M University System has selected Servitas LLC to develop 48 acres on the west side of Texas A&M University’s campus into student housing. According to school officials, the project will cost approximately $360 million to build and develop. The land will be ground leased to NCCD-College Station Properties LLC, a Texas nonprofit corporation, which will engage Servitas to develop the property, and contract with Servitas Management Group LLC to serve as manager of the development. Under the terms of the ground lease, NCCD-College Station will pay $18.5 million upfront to Texas A&M University, and future revenues are projected to average $20 million annually over 30 years. The facilities will revert to The Texas A&M University System upon termination of the ground lease. Raymond James served as the underwriter for the project and managed the financing process, which included coordinating the legal, structural and approval process through the issuer, The New Hope Cultural Education Facilities Finance Corp. Once the transaction was structured, Raymond James took the bonds to market garnering an overall cost of funds of 4.82 percent with a final maturity in 2047. The 48-acre site, which is currently pasture, is adjacent to a …

August 10, 2015

Newer Posts

Older Posts