development2

Housing Trust Group Breaks Ground on $22M Affordable Seniors Housing Community in Central Florida

by Alex Tostado August 13, 2020

EUSTIS, FLA. — Housing Trust Group (HTG) has broken ground on Valencia Grove II, a 110-unit affordable seniors housing community in Eustis, approximately 30 miles northwest of Orlando. Development costs for Phase II were estimated at $22 million. The project is scheduled for completion in May 2021. The project is the second phase of Valencia Grove, which has already delivered 144 affordable apartments. Units are reserved for residents over 62 years old who earn 22 percent, 35 percent and 60 percent of the area median income (AMI). Rents range from $286 to $937 per month. HTG has partnered on the project with nonprofit AM Affordable Housing Inc., an organization founded by former Miami Heat player and NBA Hall of Famer Alonzo Mourning. This marks HTG’s third collaboration with AM Affordable Housing. Fifth Third Bank provided an $11.2 million construction loan, and Truist Bank provided a $7.2 million Freddie Mac loan. Additionally, Raymond James is providing $7.2 million of 4 percent Low-Income Housing Tax Credit (LIHTC) equity. Florida Housing Finance Corp. is providing a $5.8 million State Apartment Incentive Loan (SAIL), a $600,000 Extremely Low-Income (ELI) loan and a $742,000 National Housing Trust Fund (NHTF) loan. The project and design team …

August 13, 2020

Development Retail Texas

Trademark, MetroNational Begin Redevelopment of Houston’s 1.7 MSF Memorial City Mall

by Taylor Williams August 12, 2020

HOUSTON — Fort Worth-based Trademark Property Co. and owner-operator MetroNational have begun the redevelopment of the 1.7 million-square-foot Memorial City Mall in Houston into a mixed-use destination. The project began on Tuesday with the demolition of the building formerly occupied by Sears, which was the mall’s original anchor tenant beginning in 1966. Gensler and Stantec are leading the project’s design efforts. Specific uses for the completed redevelopment have not yet been disclosed.

August 12, 2020

Development Industrial Midwest Minnesota

Opus Breaks Ground on 131,000 SF Industrial Build-to-Suit for Cherne Industries in Minnesota

by Kristin Harlow August 12, 2020

SHAKOPEE, MINN. — The Opus Group has broken ground on a 131,000-square-foot industrial build-to-suit for Cherne Industries in Shakopee, a southwestern suburb of the Twin Cities. Cherne, which produces pneumatic plugs, mechanical plugs, gauges and testing equipment, will use the building as its new headquarters and manufacturing facility. The project will feature a clear height of 32 feet, eight dock doors, three drive-in doors and 177 car parking stalls. The company’s 115-person workforce will have access to amenities such as a fitness center, locker room and prayer room. Opus is the developer, design-builder, interior designer, architect and engineer. Cabot Properties will own the building. Colliers International represented Opus, while AREA Commercial Real Estate Advisors represented Cherne. CBRE facilitated financing for the project. Completion is slated for early 2021.

August 12, 2020

Development Industrial South Carolina Southeast

Crescent Communities Delivers 104,000 SF Industrial Facility in Upstate South Carolina

by Alex Tostado August 11, 2020

FORT MILL, S.C. — Crescent Communities has delivered Stateline Logistics Center, a 104,000-square-foot industrial facility in Fort Mill. The property offers 30 dock doors, two drive-ins, a 130-foot truck court and parking for trailers and cars. The asset is located within Lakemont Business Park, which is situated along Interstate 77 and 14 miles south of Charlotte Douglas International Airport. Merriman Schmitt Architects designed the building, Intercon Building Corp. was the general contractor and Cushman & Wakefield is handling leasing.

August 11, 2020

Acquisitions Arizona Development Hospitality Western

WaterWalk Acquires Development Site in Phoenix’s Deer Valley Area for Future Extended-Stay Hotel

by Amy Works August 11, 2020

PHOENIX — WaterWalk, a developer of upscale extended-stay hotels, has purchased 4.5 acres at the southwest corner of 19th Avenue and Pinnacle Peak Road in Phoenix’s Deer Valley neighborhood. Alter Group sold the development site for $2.1 million. Trask Switzenberg and Chuck Wells of Kidder Mathews represented the buyer in the deal. WaterWalk plans to develop an extended-stay hotel on the site, which includes a retail pad. Currently, WaterWalk has seven open hotels in Kansas, Colorado, Texas and North Carolina, with two additional locations opening this fall in North Carolina and Minnesota. The Phoenix property will be the brand’s first Arizona property. WaterWalk plans to have 50 locations open by year-end 2024. WaterWalk is the fifth national brand started by hotelier Jack DeBoer. Other brands include Residence Inn, Summerfield Suites, Candlewood Suites and Value Place/WoodSpring.

August 11, 2020

Development Industrial Kentucky Southeast

Ice Cream Maker Dippin’ Dots Opens $3.2M Industrial Facility in Paducah, Kentucky

by Alex Tostado August 10, 2020

PADUCAH, KY. — Dippin’ Dots, maker of flash-frozen beaded ice cream, has opened a $3.2 million, 6,000-square-foot industrial facility in Paducah. The property houses 45 employees and will support Dippin’ Dots Cryogenics LLC, a division of the company that was launched in 2018 and applies the patented flash-frozen technology to other industries. The building is situated at 3865 Industrial Drive, one mile from Interstate 24.

August 10, 2020

Acquisitions California Development Industrial Western

Trammell Crow, CBRE Global Investors Buy 24-Acre Site in Silicon Valley for Industrial Development

by Amy Works August 7, 2020

MORGAN HILL, CALIF. — Trammell Crow Co. (TCC) and Los Angeles-based CBRE Global Investors have acquired a fully entitled, 24-acre land site within Morgan Hill Ranch Business Park in Morgan Hill. Terms of the transaction were not released. The buyers plan to develop up to 440,000 square feet of light industrial space across five Class A buildings at the site. Dallas-based TCC plans to submit a development application for the new project to the City of Morgan Hill during the third quarter. The intended project is consistent with the existing development agreement for the land.

August 7, 2020

Development Healthcare Texas

MedCore Partners Breaks Ground on 25,200 SF Bedford Medical Plaza Near Fort Worth

by Taylor Williams August 7, 2020

BEDFORD, TEXAS — Healthcare developer MedCore Partners has broken ground on the 25,200-square-foot Bedford Medical Plaza, located at the northwest corner of Hospital Parkway and Parkview Lane near Fort Worth. The building will be situated on 3.1 acres near Texas Health Harris Methodist Hurst-Euless-Bedford Hospital and is 100 percent preleased to multiple local practices. An expected completion date was not released.

August 7, 2020

California Development Office Western

Boston Properties Buys 50 Percent Interest in Beach Cities Media Campus Joint Venture in El Segundo, California

by Amy Works August 6, 2020

EL SEGUNDO, CALIF. — Boston Properties has acquired a 50 percent interest in an existing joint venture that owns Beach Cities Media Campus, a 6.4-acre site on the Rosecrans Corridor in El Segundo. Continental Development, a developer and owner of Class A properties in the El Segundo and South Bay submarkets of Los Angeles, is another partner in the joint venture. The site is fully entitled to support the future development of approximately 275,000 square feet of Class A creative office space. The Media Campus is the western border of Continental Park, a 3 million-square-foot, 86-acre office and mixed-use campus.

August 6, 2020

Development Illinois Midwest Restaurant Retail

Captain D’s Opens First Central Illinois Restaurant in Champaign

by Kristin Harlow August 5, 2020

CHAMPAIGN, ILL. — Captain D’s newest franchise location has opened in Champaign. Located at 1409 N. Prospect Ave., the restaurant marks Captain D’s first restaurant in central Illinois and seventh overall in the state. The Champaign restaurant is currently open for drive-thru and carryout. The dining room will remain closed for the immediate future due to COVID-19. Sunil Modi owns the Champaign restaurant. He previously owned Dunkin’ restaurants in the Champaign area. Captain D’s, known for its fast-casual seafood, says it has experienced a surge in franchise development across the Midwest since 2018. Today, there are more than 530 Captain D’s restaurants in 23 states across the country.

August 5, 2020

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