development2

CBRE Arranges $15.5M in Development Financing for 124-Room Home2Suites in Southern California

by Amy Works June 21, 2019

GARDEN GROVE, CALIF. — CBRE has arranged $15.5 million in financing for Garden Grove Hotel LLC, a private buyer, for the development of a Home2Suites hotel in Garden Grove. Bruce Francis, Dana Summers, Doug Birrell, Bob Ybarra, Shaun Moothart and David Stinebaugh of CBRE facilitated the loan. The financing features an 18-month floating-rate period during construction that will convert into a fixed-rate loan for 36 months with two one-year extension options. The lending amount represents 73.5 percent of total project costs. Located at 13650 Harbor Blvd., the 124-unit hotel is currently under construction, with completion slated for late 2020.

June 21, 2019

Development Hawaii Loans Multifamily Walker & Dunlop Western

Walker & Dunlop Arranges $40.6M in Financing for Keahumoa Place Apartments in Hawaii

by Amy Works June 20, 2019

EWA BEACH, HAWAII — Walker & Dunlop has structured $40.6 million in financing across four loans for Keahumoa Place Apartments, a multifamily housing community under development in Ewa Beach on Oahu. The Michaels Organization, the borrower, is developing the master-planned community. Located 20 miles west of Honolulu, the garden-style project will be built on previously vacant, state-owned land and provide much-needed affordable housing options. Once completed in 2021, Keahumoa Place Apartments will consist of 320 one-, two- and three-bedroom units in 37 two-story buildings across 20 acres of land. Community amenities will include a garden space, picnic area, pet park and community center with multi-purpose room and computer lab. The property will also feature solar panels with efficient energy storing and sharing technology to reduce the project’s carbon footprint, as well as lower utility costs for residents. Kyle Peterson and Michael Liefer of Walker & Dunlop structured the financing through Freddie Mac’s Tax-Exempt Loan and Unfunded Forward Commitment programs, allowing the borrower to lock in interest rates through the entire term of each 16-year loan. The Walker & Dunlop team worked closely with the borrower, the Hawaii Housing Finance & Development Corp. and Hawaii’s Attorney General to complete the multi-phased …

June 20, 2019

Development Northeast Pennsylvania Retail

Rivers Casino Pittsburgh to Develop $60M Hotel Starting This Summer

by Taylor Williams June 20, 2019

PITTSBURGH — Rivers Casino Pittsburgh has unveiled plans to develop The Landing Hotel, a 219-room property that will be attached to the casino. Designed by architecture firm VOA, the project is valued at roughly $60 million and will be privately funded. Construction is expected to begin this summer and last 18 months, giving the project an anticipated completion date of early 2021. Rivers Casino Pittsburgh is located along the Ohio River and features 2,708 slots, 128 table games, 55 hybrid gaming seats and a designated sports book area for live sports betting. VOA is the project architect, and Massaro Construction Group is the general contractor. The project is expected to create 128 permanent new jobs

June 20, 2019

Acquisitions Industrial Texas

NIT Industrial Buys Land Near Port Houston for 204,175 SF Industrial Project

by Taylor Williams June 20, 2019

HOUSTON — NIT Industrial LLC has purchased 12.8 acres within Cedar Port Industrial Park near Port Houston for the development of a 204,175-square-foot speculative industrial project. The project will encompass four buildings measuring between 50,250 and 51,925 square feet that will feature 32-foot clear heights, dock- and grade-level loading doors and ESFR sprinkler systems. Construction is slated to begin in October. Jason Tangen of Colliers International represented the buyer in the transaction. Joel Michael of NAI Partners represented the seller, TGS Cedar Port Partners LP. Colliers will also handle leasing of the new facility.

June 20, 2019

Development Illinois Industrial Midwest

Principle Begins Construction of 126,611 SF Flex Building for Pharma Logistics in Libertyville, Illinois

by Kristin Harlow June 18, 2019

LIBERTYVILLE, ILL. — Principle Construction Corp. has broken ground on a new 126,611-square-foot warehouse and office building for Pharma Logistics Ltd. in Libertyville. The property will be situated at 1801 N. Butterfield Road. The build-to-suit will include eight docks, one drive-in door, 188 car parking spaces and a clear height of 30 feet. The warehouse portion will be 108,985 square feet, while the office portion will be 17,626 square feet. The pharmaceutical company is expanding from its current locations in Mundelein and Libertyville. Harris Architects provided design services for the project. A timeline for completion was not disclosed.

June 18, 2019

Development Industrial Midwest Ohio

Kroger, Ocado Break Ground on $55M Customer Fulfillment Center in Southwest Ohio

by Kristin Harlow June 17, 2019

MONROE, OHIO — The Kroger Co. and Ocado, a dedicated online grocery retailer, have broken ground on their first customer fulfillment center. Cincinnati-based Kroger is investing $55 million to build the property, which will be situated in the southwest Ohio city of Monroe. The automated warehouse facility will have digital and robotic capabilities and will span 335,000 square feet. The model will be replicated in other locations, as Kroger plans to build 20 such facilities. To date, two additional sites have been selected in the central Florida and Mid-Atlantic regions. The Ohio facility is expected to generate more than 400 new jobs. Ryan Cos. US Inc. is designing and building the property. In May 2018, Kroger and UK-based Ocado announced their partnership in order to provide online ordering, automated fulfillment and home delivery capabilities.

June 17, 2019

Development Illinois Industrial Midwest

CA Ventures Acquires Development Site in Elk Grove Village, Plans Industrial Building

by Kristin Harlow June 14, 2019

ELK GROVE VILLAGE, ILL. — CA Ventures has acquired an 8.3-acre site at 550 Devon Ave. in Elk Grove Village for an undisclosed price. The acquired site includes a 20,000-square-foot retail building that CA Ventures intends to reduce in size and modernize. The developer also plans to build a 142,000-square-foot speculative industrial building on the remainder of the land. Tom Rodeno and Jonathon Kohn of Colliers International represented the seller, Terry Bolger. The team also represented the buyer. This is the first foray into the Chicago industrial real estate market for CA Ventures.

June 14, 2019

California Development Multifamily Student Housing Western

P3 Breaks Ground on 1,100-Bed Hornet Commons Student Housing at California State University, Sacramento

by Amy Works June 13, 2019

SACRAMENTO, CALIF. — A public-private partnership between University Enterprises Inc. — California State University, Sacramento’s (CSUS) commercial services auxiliary — and Greystar has broken ground on Hornet Commons, a 365,000-square-foot residence complex. The 1,100-bed development will feature six four-story buildings. Shared amenities will include a swimming pool, café, fitness center and a community room. Delivery is slated for fall 2021 The development team includes Sundt Construction Inc. and architectural firm Steinberg Hart.

June 13, 2019

Development Industrial Nevada Western

Panattoni Development Begins Work on North 15 Logistics Center in North Las Vegas

by Amy Works June 13, 2019

NORTH LAS VEGAS, NEV. — Panattoni Development, serving as developer, has commenced work on North 15 Logistics Center, building on a 29.9-acre land parcel located at the intersection of Interstate 15 and Speedway Boulevard in North Las Vegas. Slated for completion in first-quarter 2020, the $47 million project will feature two buildings offering a total of 550,024 square feet of industrial space. The facilities will feature up to 36-foot clear heights, ESFR sprinkler systems, R-30 roof batt insulation and concrete truck courts. LIT Industrial Limited Partnership, a Clarion Partners company, owns North 15 Logistics Center. Alston Construction is serving as contractor and HPA Architects is proving architectural services.

June 13, 2019

Development Multifamily Seniors Housing Texas

MedCore, TNRG to Develop 188-Unit Senior Living Community in Norman, Oklahoma

by Taylor Williams June 12, 2019

NORMAN, OKLA. — A partnership between Dallas-based MedCore Partners and The National Realty Group (TNRG) will develop a 188-unit senior living community in Norman, Oklahoma. The project currently calls for 100 independent living units, 64 assisted living residences and 24 memory care residences, with a planned second phase that will add another 75 independent living units. Amenities at the community will include multiple dining venues, a bar/pub and other entertainment areas, a wellness center with salon and spa, multiple activities venues, a fitness center, club rooms, a theater, outdoor pool, dog park, walking paths and dedicated courtyard spaces. Pi Architects is designing the project. Construction of Phase I is scheduled to begin in January 2020 and to be complete in summer 2021.

June 12, 2019

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