CHANDLER, ARIZ. — A joint venture between Conor Commercial Real Estate and WHI Real Estate Partners have completed the disposition of the first phase of Lotus Project to a Chicago-based investment advisor. The acquisition price was not released. Located in Chandler, the newly built industrial park features four state-of-the-art advanced manufacturing and light industrial buildings offering a total of 473,516 square feet. The project is one of the largest Class A industrial parks in Chandler and was 96 percent leased at the time of sale. Each building features 32-foot clear heights, 50-foot by 56-foot column spacing with 56-foot by 60-foot speed bays, 29 truck docks, a 210-foot shared truck court and abundant parking. Additionally, all buildings offer ample power, skylights, six-inch reinforced concrete floors, LED lighting and ESFR sprinkler systems. Recently, the development team broke ground on the second phase of Lotus Project, which will include three industrial buildings totaling nearly 300,000 square feet on a 21-acre site. The new buildings will offer 24-foot to 32-foot clear heights, 60 dock doors, eight drive-in doors, 558 parking spaces and 55-foot speed bays. Will Strong, Jeff Chiate, Jeffrey Cole, Mike Adey, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial …
WALTHAM, MASS. — Design firm Bergmeyer and construction management firm J. Calnan & Associates (JC&A) have completed a 180,000-square-foot life sciences redevelopment project in the western Boston suburb of Waltham. The property, which features traditional office and lab space, will serve as the new headquarters for robotics firm Boston Dynamics. Amenities include kitchens and a fitness center, as well as mothers’ and quiet rooms.
CHICAGO — Trammell Crow Co. (TCC) has topped out the construction of Fulton Labs at 400 N. Aberdeen in Chicago. The laboratory building spans 423,454 square feet and was developed in order to meet rapidly expanding demand for Class A lab space in the Chicago area, according to TCC. Construction began in July and completion is slated for the first quarter of 2022. Portal Innovations, a life sciences, med-tech and bioinformatics company, has pre-leased 35,000 square feet at the 16-story development. The project team includes Power Construction, ESG Architects, CRB and CBRE.
COLUMBUS, GA. — The Cotton Cos. is bringing Highside Market, an urban infill and adaptive reuse mixed-use development, to Columbus. The first phase of the development is expected to be open in September, and Cotton Cos. plans to fully open the project by the third quarter of 2022. Located at the intersection of 13th Street and 2nd Avenue, Highside Market will feature four retail, dining, work and gathering spaces. The mixed-use development will also include full-service, dine-in and fast-casual restaurants; 20,000 square feet of retail space; 10,300 square feet of office space; green space; and outdoor lounges. Highside Market’s flagship structure, the 211 Building, was built in 1939 and previously operated as the premier auto dealership in Columbus for 55 years. The building’s ground floor will include a bakery, two dine-in restaurants and a mix of retail market stalls with office space, pop-up space for events and workshops occupying the first floor. An adjacent, circa-1959 Brutalist Bank building will be repurposed and transformed into the 201 Building. Cotton Cos. will remodel the building to have a ground-floor restaurant, basement bar and second floor retail or art gallery space, as well as an outdoor common area. Additionally, a newly constructed building, …
EMERYVILLE, CALIF. — CIM Group has closed an $89 million construction loan for AMCAL’s development of Bayview, a seven-story multifamily property in Emeryville. Situated on 2.3 acres, Bayview will feature 186 units with studio, one-, two-, three-bedroom and townhome-style floor plans and 257 parking spaces. Community amenities will include a fitness center, co-working spaces, a clubhouse and an indoor/outdoor roof deck. Construction is slated to begin this month. Bryan Gortikov of Gortikov Capital arranged the financing.
PORTLAND, TEXAS — Houston-based McLeod Sears is underway on the redevelopment of an 83,000-square-foot former Kmart store in the Gulf Coast city of Portland. Construction will soon begin on pad sites for two tenants — Chick-fil-A and Autozone — that have committed to the new center, which is located near the Port of Corpus Christi. Z Construction is the general contractor for the project.
MISSION VIEJO, CALIF. — Denver-based Confluent Senior Living, Scottsdale, Ariz.-based Concord Development Partners and Denver-based MorningStar Senior Living have broken ground on MorningStar of Mission Viejo, a 132-unit seniors housing community. The property will be situated at the former Avery Plaza business center at the intersection of Marguerite and Avery parkways in Mission Viejo. Slated to open in early 2023, the community will feature independent living, assisted living and memory care units. The property will offer studio, one- and two-bedroom suites, as well as 126 below-grade parking spaces. Community amenities will feature 13,809 square feet of outdoor space, including a pool, dog park, community garden and outdoor dining area; a spa and wellness center; and 24-hour staffing including full-time licensed nurses. The project team includes KTGY Architecture + Planning, Snyder Langston as general contractor and David Evans & Associates as civil engineer.
DURHAM, N.C. — Trinity Capital Advisors has acquired 20 acres at 923 Ellis Road in Durham to develop a 274,370-square-foot, Class A industrial building known as the 147 Exchange. The site is located near the Durham Freeway and Highway 147 in Raleigh-Durham’s Research Triangle Park (RTP) industrial submarket. The 147 Exchange building will feature 32-foot clear heights, 52-foot column spacing, 56 dock doors and two ground-level drive-in doors. Parking is expected to accommodate 274 cars with an additional 50 trailer parking spots. Trinity Capital has hired CBRE’s industrial team of Ann-Stewart Patterson, Bryan Everett and Austin Nagy to handle leasing of the building. Trinity Capital expects to open the property in the first quarter of 2022. DMA Architecture is in charge of architectural services, and Seamon Whiteside is the lead for civil engineering services. The industrial project is Trinity Capital’s second RTP property in the works. Development has commenced for the firm’s Alexander Commerce Park, a three-building industrial park totaling 441,000 square feet. Trinity Capital’s other projects in the Carolinas include 850,000 square feet in Charleston’s Palmetto Commerce Park and plans for 600,000 square feet in the Charlotte region at Delta Industrial Park. The firm is also currently developing the …
BOSTON — A partnership between Lendlease and Ivanhoe Cambridge has acquired land at 60 Guest St. within Boston Landing, a mixed-use destination in the Allston/Brighton area, for the development of a 320,000-square-foot life sciences building. The parcel sold for $67 million. The project will be situated on 1.1 acres, rise nine stories and offer traditional office space in addition to lab and research/development space. SGA Architects is designing the building, construction of which is targeted to begin in June 2022. Coleman Benedict and Kerry Hawkins of JLL represented the seller of the land, NB Development Group, and procured the partnership as the buyer.
STONECREST, GA. — Hallmark Venture Group Inc. has acquired The Mall at Stonecrest, a 1.2 million-square-foot regional mall in metro Atlanta. The seller and sales price were not disclosed, but The Atlanta Journal-Constitution reports that the mall was last appraised at $84 million. Hallmark Venture is planning to transform the 29-acre mall site into a mixed-use destination that will include apartments, a sports and entertainment complex, cosmetic superstore, aquarium, medical offices, transportation facilities and restaurants. No construction timeline for the redevelopment was disclosed. Situated in southeast DeKalb County, Stonecrest features more than 100 national and regional retail chains that include Macy’s, Dillard’s, J.C. Penney, H&M, Forever 21, Victoria’s Secret and Round One. The mall’s occupancy rate was more than 90 percent at the time of sale, according to Hallmark Venture. The Boca Raton, Fla.-based buyer is retaining Urban Retail Properties LLC to manage and lease Stonecrest. The Chicago-based firm has managed the mall since 2012 and will oversee the development of the mall’s next phase.