CHICAGO — Logistics Property Co. LLC has acquired 3711 S. Ashland Ave., a 6.4-acre infill site in Chicago. The company plans to build a 137,000-square-foot industrial building on the site, which is located one mile from I-55 and two miles from I-94. Construction is expected to begin this summer with completion slated for the first quarter of 2020. Tim McCahill and Terry Grapenthin of Lee & Associates are marketing the property for lease.
LOS ANGELES — Dignity Health California Hospital Medical Center has broken ground on a $215 million campus expansion and modernization project in downtown Los Angeles. The centerpiece of the project is a 150,000-square-foot patient care tower that will add space, privacy and advanced medical technology, as well as increasing capacity and accessibility for emergency, trauma and maternity services. The first floor of the new tower will house larger, private and state-of-the-art emergency and trauma bays resulting in a 51 percent increase in the number of patient care areas. Additionally, the new tower will feature an enhanced neonatal intensive care unit with private rooms and labor and delivery suites, including midwifery services, antepartum and postpartum services. The expansion will also include a new pediatrics unit on the sixth floor of the existing Tibbitts Tower, an emergency mental health observation center adjacent to the new emergency department and a new multi-level parking structure with meeting and retail space on the ground floor. Completion is slated for 2020, with occupancy in 2021. The campus expansion is being funded through a loan of $165 million from Dignity Health and a capital campaign seeking local philanthropic investment of $50 million.
LAREDO, TEXAS — California-based Majestic Realty Co. has broken ground on a 423,280-square-foot speculative industrial project within Port Grande Logistics Port in the south Texas city of Laredo. The development follows a 200,000-square-foot lease with Source Logistics, a third-party logistics firm, which brought the property’s first building to full occupancy. The new building will feature 32-foot clear heights, 120 dock-high doors, 242 trailer parking spaces and 208 automobile parking spaces. Completion is scheduled for the fourth quarter. Majestic acquired the 2,000-acre Port Grande Logistics Port from a subsidiary of Mercedes-Benz in 2015.
OCEANSIDE, CALIF. — HFF has arranged $155 million in construction financing for the ground-up development of two oceanfront hotels in Oceanside. The developer/borrower is S.D. Malkin Properties. Situated on a 2.7-acre, two-block site along Mission Avenue and North Pacific Street, the two hotels will offer immediate access to the beach and a total of 387 rooms, 85 percent of which will have water views. Destination Resorts will operate one of the hotels, while Joie de Vivre will operate the other. Hyatt owns both brands. The property operated by Destination Resort will feature 226 rooms, a signature restaurant, indoor/outdoor lounge, pool with ocean views, luxury spa and more than 20,000 square feet of meeting and event space. The hotel operated by Joie de Vivre will feature 161 guest rooms, a rooftop pool and bar, a world-class restaurant, public garden and 3,000 square feet of retail space, as well as the historic 1887 Graves House, which will be renovated and open to the public. Timothy Wright, Scott Hall, Olga Walsh and Aaron Lapping of HFF placed the construction financing with Bank OZK and an East Coast-based institutional investor for the borrower.
BOULDER, COLO. — KeyBank has arranged $50.4 million in total combined financing for a tax-exempt bond transaction to support Koelbel & Co.’s construction of Diagonal Crossing. Located in Boulder, Diagonal Crossing will feature 105 garden-style apartments for families earning at or below 60 percent of area median income. KeyBank’s Community Development Lending & Investment (CDLI) team provided a $24.7 million construction loan and $10.4 million in Low-Income Housing Tax Credit equity. Additionally, KeyBank Real Estate Capital arranged a $15.3 million permanent loan through a forward commitment for Fannie Mae to issue a mortgage-backed security. Diagonal Crossing will be developed on two parcesl: Lot 3 and Lot 6. Lot 3 will feature 85 affordable housing units in two three-story buildings and one two-story building, while Lot 6 will feature 20 affordable housing units across four buildings. Sarah Geis and Beth Palmer Wirtz of KeyBank’s CDLI team collaborated with Jeff Rodman of KeyBank’s Commercial Mortgage Group on the financing for the project.
DENVER — Stonebridge Cos. is developing a dual-branded Hilton property located at 801 15th St. in downtown Denver. The Denver-based company is serving as the owner, developer and operator for the 22-story project, which will feature 382 hotel rooms and suites. Within walking distance of the Colorado Convention Center, the 176-room Tru by Hilton Denver Downtown Convention Center and 206-suite Home2 Suites by Hilton property is slated to open in late 2019. Tru by Hilton will feature in-room entertainment; an open lobby with areas for guests to work, play games, eat and lounge; free Wi-Fi; and a 24/7 Eat & Sip market. The pet-friendly Home2 Suites will feature fully equipped kitchens and modular furniture in guest suites, complimentary internet, communal spaces, Spin2 Cycle, guest laundry, oversized fitness area and Home2 MKT for grab-and-go items. The development will also have a variety of shared amenities, including a fitness center, conference room, restaurant, bar, valet parking and a five-story, 74,500-square-foot parking garage with 153 stalls.
ST. LOUIS — Guardian Pharmacy Services, a long-term care pharmacy company, has opened a new location in St. Louis. The opening enables Guardian Pharmacy of Missouri to expand its footprint to serve assisted living, skilled nursing, memory care and independent living communities across eastern Missouri. The 6,500-square-foot facility will house technology/automation and an education center to provide in-service and nursing instruction courses for pharmacy employees as well as community staff members. With the new St. Louis location and the existing Springfield location, the company has been able to sign 12 new communities serving approximately 1,000 residents.
ALBUQUEQUE, N.M. — Titan Development has completed the multi-million dollar renovation of Journal Center Courtyard Marriott, located at 5151 Journal Center Blvd. NE in Albuquerque. The renovation project was completed in four phrases over the past 12 months. The project included all 150 guest rooms updated with hardwood flooring; new spa-like pool and gym facilities; event space for 200 attendees classroom-style or 150 attendees banquet-style; and conference rooms with state-of-the-art, wall-mounted, big-screen televisions, wireless internet connectivity, new colors, ceiling lighting and wallpaper. Guest rooms offer private, open-air balconies, free Wi-Fi access, flat-screen televisions and pillow-top mattresses. On-site amenities include a landscaped courtyard, indoor pool, an updated gym and 4,000 square feet of indoor/outdoor venue space. Dwellings Interior Design provided design and décor services for the property.
NEW YORK CITY — Cushman & Wakefield has secured a $15 million acquisition loan for a mixed-use development site in the Jamaica neighborhood of Queens. Located at 90-02 168th St., the parcel allows for 738,000 buildable square feet. Preston Flammang and Anthony D’Amelio of Cushman & Wakefield represented the borrower, BRP Cos., in the transaction. Turnbridge Real Estate Credit Strategies provided the interest-only financing.
CHANDLER, ARIZ. — Hines has officially opened the Offices at Chandler Viridian, a six-story, Class A office property located in at the intersection of Loop 101 and Loop 202 in Chandler. The 250,000-square-foot building features a large, open floorplan with 10-foot tall ceilings, a lounge and a large courtyard. In addition to the grand opening, Hines announced two tenants: Stantec will occupy approximately 51,000 square feet on the second and third floors, while Workuity will occupy 19,787 square feet on the first floor. Phoenix-based Whiting Turner served as the general contractor, while Minneapolis-based RSP Architects designed the building. Jerry Roberts and Patrick Boyle of Cushman & Wakefield have been retained to lead the leasing efforts for the office building. Hines developed the office building, which is the capstone of Chandler Viridian, in a joint venture agreement with New York Life Real Estate Investors, on behalf of its institutional client. The 25-acre Chandler Viridian features a hotel, multifamily units, retail offerings, pedestrian promenades, a dog park, jogging trail and a large public plaza with high-speed internet and Wi-Fi.