development1

USA Properties Fund Starts Construction of Terracina at Whitney Ranch Affordable Housing Community in Rocklin, California

by Amy Works June 17, 2022

ROCKLIN, CALIF. — Roseville-based USA Properties Fund has started construction of Terracina at Whitney Ranch, an affordable multifamily property in Rocklin. Completion is slated for late 2024. Situated between University Avenue and Wildcat Boulevard, Terracina at Whitney Ranch will feature 288 apartments in a mix of one-, two- and three-bedroom layouts. Units will offer energy-efficient appliances, light fixtures and ceiling fans, as well as low-flow faucets, showers and toilets. One-bedroom apartment rents are projected to be $515 to $1,275 per month, while two-bedroom apartments will lease for $606 to $1,518 per month and three-bedroom units will rent for $687 and $1,741 per month. Community amenities will include a 4,000-square-foot clubhouse with a community room and fitness room, a swimming pool, courtyard with seating, a tot-lot play area and laundry facilities.

June 17, 2022

Development Florida Industrial Southeast

GCP to Develop 237,500 SF Industrial Facility Near Jacksonville Port

by John Nelson June 16, 2022

JACKSONVILLE, FLA. — Growth Capital Partners (GCP), an industrial real estate developer and owner based in Birmingham, plans to develop a 237,500-square-foot industrial facility near JAXPORT (Jacksonville Port Authority). GCP recently purchased a 37.8-acre site on Alta Drive near JAXPORT’s Blount Island and Dames Point terminals with plans to break ground in July on the project. Dubbed Port Commerce Center, the front-load, concrete tilt-wall project will feature 32-foot clear heights, a 130-foot truck court and land for trailer storage. GCP has tapped Bryan Bartlett of Newmark to lease the property. Newmark also represented the land seller, an entity doing business as Alta Jacksonville Holdings, in the transaction. Birmingham-based Vardaman Construction LLC is the general contractor of Port Commerce Center, which is GCP’s fourth industrial project underway. The developer is also building industrial facilities in Texas and Tennessee.

June 16, 2022

Development Multifamily New Jersey Northeast

Kushner Breaks Ground on 265-Unit Multifamily Project in East Hanover, New Jersey

by Taylor Williams June 16, 2022

EAST HANOVER, N.J. — Locally based developer Kushner has broken ground on a 265-unit multifamily project in the Northern New Jersey community of East Hanover. The community will feature a mix of one- to three-bedroom residences across four buildings and will include 53 affordable housing units. The amenity package will comprise a pool, grilling stations, outdoor gaming area, fitness center with a yoga studio, theater room, residents-only clubroom, a conference and coworking facilities. Completion is slated for the first quarter of 2025.

June 16, 2022

Development Midwest Missouri Retail

Outside the Lines Completes Water Show Fountain at Branson Boardwalk in Missouri

by Kristin Harlow June 16, 2022

BRANSON, MO. — Outside the Lines (OTL), a design-build construction company that specializes in water features, fountains, rockwork and themed environments, has completed a water-effects show fountain at Branson Boardwalk in Missouri. The water feature is in a cascading lake situated adjacent to the Aquarium at the Boardwalk, the first attraction developed at the entertainment complex that opened in fall 2020. The fountain plays two fully choreographed shows every half hour from 8 a.m. to 10:30 p.m. seven days a week. Branson Boardwalk is a dining, shopping and entertainment destination that is opening in phases.

June 16, 2022

Development Loans Mixed-Use Multifamily Office Retail Washington Western

Cushman & Wakefield Arranges $193M in Development Funding for The Confidential Mixed-Use Project in Seattle

by Amy Works June 16, 2022

SEATTLE — Cushman & Wakefield has procured a $193 million development funding package on behalf of Seattle-based Security Properties. The package includes a $65.2 million joint venture equity investment with MetLife Investment Management and $115.3 million in construction financing from Bank OZK for The Confidential, a 29-story, 212-unit, 374,000-square-foot mixed-use building being developed in the Belltown submarket Located at 2315 Fourth Ave., at the corner of Bell Street, The Confidential will feature 212 apartments, 17,500 square feet of office space, 8,000 square feet of ground-floor retail space and 243 parking spaces. Planned community amenities include a fitness center, lounge and theater. Currently under construction, The Confidential is expected to open in 2024. Design of The Confidential is being provided by VIA Architecture. Communita Atelier is the landscape architect and Exxel Pacific is the general contractor.

June 16, 2022

Development Industrial Texas

Stream Realty Partners Breaks Ground on 3.4 MSF Industrial Project in Mesquite, Texas

by Taylor Williams June 15, 2022

MESQUITE, TEXAS — Stream Realty Partners has broken ground on 20 East, a 3.4 million-square-foot industrial project in the eastern Dallas suburb of Mesquite. The initial phase of the development will consist of three buildings totaling 1.8 million square feet that will be constructed on 192 acres. One of those warehouses will feature a rear-load configuration and 36-foot clear heights, while the other two will be cross-dock facilities with 40-foot clear heights. Phase II will also comprise three buildings that will total 1.6 million square feet across 92 acres and will be marketed as both speculative and build-to-suit spaces. Stream is also leasing and managing the development. Completion of Phase I is scheduled for the third quarter of 2023.

June 15, 2022

Acquisitions Arizona Office Western

SDC Foothills Sells 110,360 SF Office Building in Phoenix for Industrial Conversion

by Amy Works June 15, 2022

PHOENIX — SDC Foothill Inc., a global investment manager, has completed the disposition of Foothills Corporate Centre I, a value-add office building in Phoenix. WG Group purchased the property for an undisclosed price as its first acquisition in the Phoenix market. Located at 14415 S. 50th St., the single-story Foothills Corporate Centre I features 110,360 square feet of office space. At the time of sale, the property was 64 percent leased to one tenant. The new owner plans to convert the property to flex/light industrial space. CJ Osbrink, Scott Scharlach and Kevin Shannon of Newmark represented the seller and buyer in the deal.

June 15, 2022

Development Maryland Seniors Housing Southeast

Monarch Plans $80M Seniors Housing Community in White Marsh, Maryland

by John Nelson June 15, 2022

WHITE MARSH, MD. — Monarch Communities has unveiled plans for Monarch White Marsh, a 188-unit independent living, assisted living and memory care community in the Baltimore suburb of White Marsh. Construction is scheduled to begin this month on the $80 million project. The property is incorporated into a 113-acre, master-planned, mixed-use development known as Villages of White Marsh. The community will be connected to a 20-acre park via a walking bridge, providing access to 40 acres of open space and walking trails. Monarch will be the operator upon completion, which is slated for late 2023. Monarch Communities operates and develops senior living communities along the East Coast.

June 15, 2022

Development Georgia Industrial Office Southeast

Shadowbox Studios Underway on 1.2 MSF Expansion of Movie Studio Campus in Atlanta

by John Nelson June 15, 2022

ATLANTA — Shadowbox Studios, a TV and movie studio operator formerly known as Blackhall Studios, is underway on expanding its studio campus in Atlanta from nine soundstages to 31. The 1.2 million-square-foot expansion project will grow the locally based company’s footprint to total 2 million square feet. The move follows a $500 million financing commitment from Silver Lake, a private equity investor with more than $88 billion in assets under management. Silver Lake will partner with existing investor Commonwealth Asset Management, which remains the majority shareholder of Shadowbox Studios. The capital injection will also be used to fund Shadowbox’s studio developments underway in London and Los Angeles. Deutsche Bank, EY and Sidley Austin represented Shadowbox in the financing transaction with Silver Lake. Farrer & Co. and King & Spalding also provided legal counsel. Latham & Watkins represented Silver Lake. The existing Atlanta studios for Shadowbox Studios served as filming locations for movies such as Jumanji: The Next Level, Jungle Cruise and Godzilla: King of the Monsters. The construction timeline for the expansion project was not disclosed.

June 15, 2022

California Development Loans Multifamily Seniors Housing Western

Live Oak, Locust Point Provide $28M Construction Loan for Assisted Living, Memory Care Community in San Diego

by Amy Works June 14, 2022

SAN DIEGO — Live Oak Bank and Locust Point Capital have provided a $28 million loan for the development of an 81-unit assisted living and memory care community in the Clairemont neighborhood of San Diego. The borrower is a partnership between RhodesMoore and Frontier Management. The urban infill development will consist of a 73,000-square-foot building and parking deck situated on 1.5 acres. Frontier will be the operator upon completion.

June 14, 2022

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