OAK ISLAND, N.C. — Halpern Enterprises has delivered Oak Island Market Place, a 35,800-square-foot, Publix-anchored property in Oak Island. Publix occupies 28,800 square feet. The remaining restaurant and retail space is available for lease. The property is situated at 5001 E. Oak Island Drive, 36 miles south of downtown Wilmington. This is the ninth shopping center Halpern has developed or redeveloped with a Publix anchor and the fourth in North Carolina.
LA JOLLA, CALIF. — Belmont Village Senior Living and Greystar have broken ground on Belmont Village Senior Living of La Jolla. The development is Belmont Village’s 32nd community and its third in San Diego County. The project is Belmont’s first in partnership with another developer. “A mutual colleague brought us together — Greystar had sourced a terrific location with an entitlement history that made it a perfect opportunity for licensed seniors housing,” says Patricia Will, Belmont Village founder and CEO. “We saw the potential of the site, and of bringing our mutual expertise together to create something really unique in independent and assisted living.” Belmont Village and Greystar jointly purchased the land in March and closed on a construction loan in April. The partners have collaborated to develop the project since late 2017. Belmont Village La Jolla will be a 17-story high-rise with 180 units of independent living, assisted living and memory care. The architect on the 209,000 square foot building is Joseph Wong Design Associates and project contractor is Suffolk Construction, both based in San Diego. The development is Belmont Village’s seventh project with equity partner Harrison Street Real Estate Capital.
GLENDALE, ARIZ. — Hines, along with funds managed by Oaktree Capital Management, has selected Graycor Construction’s Southwest Division as general contractor for Phase I of Glendale 303 (G303), a Class A industrial development along the Loop 303 corridor in Glendale. The industrial park will be constructed in two phases, with two buildings each totaling 569,520 square feet. To accommodate needs of a major tenant, G303 will offer the flexibility to convert into a single, 1.2 million-square-foot building. Graycor will manage grading for the full project site and build G303’s first 569,520-square-foot building. Construction is slated to begin in July, with completion scheduled for first-quarter 2021. Ware Malcomb is serving as architect for G303. Bill Honsaker and John Lydon of JLL are serving as leasing brokers for the project.
DURHAM, N.C. — Grail Inc. will invest $100 million at a new laboratory facility in Durham’s Research Triangle Park, a project that is expected to create about 400 new jobs. Menlo Park, Calif.-based Grail will be able to detect more than 50 types of cancer from a single blood sample at the facility. The average salary at the cancer center will be in line with Durham’s average household income of $71,756 per year, according to North Carolina Gov. Roy Cooper. Over the course of 12 years, the project is estimated to grow the state’s economy by $1.2 billion. The North Carolina Economic Investment Committee approved a Job Development Investment grant, which authorizes the potential reimbursement of $5.2 million to Grail if the company meets specific job creation measures and investment targets. This will mark Grail’s first production lab outside of California. Jay Phillips, Wayne Kumagai, Ben Stern and Doug Brock of Newmark Knight Frank (NKF) represented Grail in the land transaction. Alan Reeves, Joe Gioino, Ramya Sannananjegowda and Bob Hess, also of NKF, advised the buyer on the site selection. A timeline for construction was not disclosed.
WEST POINT, GA. — CIG Capital has provided a $125 million construction loan for The Villages at West Point, a planned 624-unit affordable housing community in West Point. The Villages will sit on 70 acres within one mile from West Point Lake and Campground. CIG Capital provided the loan to the development team, which includes Utah-based American Development Corp., which specializes in developing multifamily charter schools. The Villages will offer onsite parking facilities for residents’ boats, recreational vehicles and camp trailers. The developers plan to hold a ribbon-cutting ceremony in late August. West Point is situated near the Georgia-Alabama border along Interstate 85.
BUFORD, GA. — Olympic Steel Inc. has opened a 120,000-square-foot metal processing facility in Buford. Olympic Steel will use the facility as its flat rolled fabrication hub. From the Buford facility, the metal will be moved to a property in Winder, Ga., where it will undergo first-stage metal processing and distribution. The Buford property is located at 3525 Gravel Springs Road, two miles from Interstate 85 and 37 miles northeast of downtown Atlanta. Olympic Steel plans to host an opening event and offer tours of the new facility later this year.
BOSTON — Beacon Communities Development is planning a 55-unit expansion of The Anne M. Lynch Homes at Old Colony, a 51,000-square-foot affordable housing community in South Boston. Located at 25 James O’Neil St., the 245-unit community is part of a larger 400-unit property called The Homes at Old Colony. The new units will be reserved for low-income seniors. The Architectural Team designed the project. Beacon Communities expects to begin construction this summer and to complete the project in 2022.
ORLANDO, FLA. — DIX Developments LLC will construct University Econ Executive Center, a planned $9 million office campus in Orlando. The property will offer 1,520-square-foot office condos, a 4,640-square-foot medical office building and a 20,000-square-foot spec office building. John Kurtz of Stirling International Real Estate is handling the leasing efforts on behalf of the developer and will target users seeking headquarters space. DIX Developments has nearly completed two of the office condos and is making preparations to break ground on the spec office building. A timeline for completion was not disclosed. The property is located at the corner of Econlockhatchee Trail and University Boulevard, four miles west of the University of Central Florida and 11 miles northeast of downtown Orlando.
BIRMINGHAM, ALA. — Novare Group and Batson-Cook Development Co. (BCDC) will develop a 286-unit multifamily community in Birmingham. The joint venture acquired the 48-acre plot. The existing AT&T operations center is located on the land and will remain there for the immediate future. Phase I will include studio to three-bedroom floor plans. Communal amenities will include a clubroom, coworking space, fitness center, yoga room, pool, grilling area, fire pit, bocce ball court, dog wash area and a dog park. Additionally, residents will have access to covered parking from AT&T’s current seven-story parking garage. Construction is expected to begin in June with completion of Phase I slated for 2022. Flournoy Construction, a subsidiary of Kajima USA and a sister company to BCDC, is the general contractor. Nelson is the architect, Schoel Engineering is the civil engineer and Compass Bank and Cadence Bank provided debt financing for the multifamily community. The new plot is adjacent to 63 acres that Novare acquired last summer. Novare Group will develop a trail system throughout the entire 111-acre site as a recreational amenity and develop single-family homes as well as additional rental residences in the future.
RIALTO, CALIF. — Reno, Nev.-based Dermody Properties has completed the construction of LogistiCenter at Rialto I, Building 4, located at 1642 W. Miro Way in Rialto. Situated on 19 acres within the Inland Empire West Industrial Market, the asset is now available for lease. The 411,330-square-foot distribution facility features 36-foot clear heights, 2,363 square feet of office space, 244 auto parking stalls, 75 trailer stalls, LED warehouse fixtures and an ESFR fire protection system. The property is located within Renaissance Rialto Business Park with immediate access to interstates 210, 15 and 215. Dan de la Paz, David Consani and Jim Koenig of CBRE are the leasing agents for the facility.
