SAN DIEGO — A joint venture between Sunroad Enterprises and Majestic Realty Co. has broken ground on Majestic Sunroad Center, an industrial park located in San Diego’s Otay Mesa neighborhood. Majestic Sunroad Center will comprise three buildings offering a total of 227,000 square feet of Class A industrial space with first-rate amenities and design features. The buildings will feature 30-foot clear heights, cross-dock loading, LED lighting, ESFR fire protection and secured truck courts. Situated on a 16-acre parcel at the southwest corner of Otay Mesa and Otay Mesa Center roads, the project is slated for completion in 2019.
WEST CHICAGO, ILL. — The DuPage Airport Authority (DAA) has secured three new tenants for its 800-acre DuPage Business Center in West Chicago. Suncast Corp., a custom wood structures and resin products manufacturer, signed a long-term agreement with developer Pritzker Realty Group to lease a 782,000-square-foot facility. The $4.9 million development will enable Suncast to consolidate its Batavia and Montgomery locations into a new warehouse spanning 40 acres. Norix Group Inc., a manufacturer of contract furniture designed for continuous-use environments, signed a $2.7 million agreement to build a new 200,000-square-foot headquarters on 22 acres. Soltys Design Build LLC is serving as the general contractor. Lastly, Greco and Sons Inc., an Italian foods distribution company, signed a $6.2 million agreement to build a new food processing and warehouse center. The DuPage Business Center is one of three entities owned and operated by the DAA. NAI Hiffman is marketing the property for lease. The property is on track for 70 percent occupancy in 2019.
INDIAN LAND, S.C. — Chattanooga-based Hutton has completed Promenade at Carolina Reserve, a regional shopping center located at the corner of U.S. 521 and Jim Wilson Road in Indian Land, a suburb of Charlotte in South Carolina. The $60 million property spans 258,000 square feet of retail space. Promenade at Carolina Reserve’s tenant roster includes Burlington, Hobby Lobby, Ross Dress for Less, T.J. Maxx, HomeGoods, UltaBeauty, Five Below, Rack Room Shoes, Dollar Tree, Kirkland’s, Hibbett Sports, Petco, Express Oil Change, Starbucks Coffee, Panera Bread, Chili’s Bar & Grill, Verizon Wireless, Jimmy John’s Gourmet Sandwiches, Le Peep, Habit Burger Grill and Heartland Dental. Additionally, an Aldi grocery store is scheduled to open in 2020, and the center has additional outparcels available for ground lease or built-to-suit. The development team, which is led by Hutton’s Brad Combs and includes general contractor Berry Hutton Construction, is hosting a public grand opening ceremony and ribbon-cutting event on Tuesday, Oct. 16.
CARSON, CALIF. — Affirmed Housing has opened Bella Vita, a 65-unit affordable seniors housing community in Carson, located approximately 15 miles south of downtown Los Angeles. The $25 million project also features 15,150 square feet of amenities, 62 parking spaces and 3,000 square feet of commercial space on its 1.2-acre plot. Units are reserved for seniors earning between 30 percent and 60 percent of the area median income. Design and development partners include the City of Carson, Withee Malcolm Architects, HA Builder Group, Nexus for Affordable Housing, Fuscoe Engineering and IVY Landscape Architects. Financial partners include Raymond James, US Bank and California Community Reinvestment Corp. Solari Enterprises manages the property and EngAge provides on-site services for the residents. Affirmed Housing is a San Diego-based affordable housing developer.
LAKEWOOD, COLO. — The Ridge Senior Living has completed vertical construction of The Ridge at Pinehurst, an 18-acre independent living, assisted living and memory care community in the first-ring Denver suburb of Lakewood. Development costs are estimated at $150 million for the project. When completed, the community will offer 222 independent living units, 96 assisted living units and 42 memory care units. Construction is scheduled for completion in fall 2019. The community will offer residents views of the Rocky Mountains, Marston Lake and downtown Denver, as well as a number of amenities including an on-site health and wellness center. The Ridge partnered with Denver-based companies Shaw Construction and Lantz-Boggio Architects to execute the project. The Ridge Senior Living is a developer with two existing communities in the Salt Lake City area. The new development will be its first expansion outside Utah.
HOUSTON — Clay Development & Construction Inc. will build Sheldon Distribution Center I, a 214,300-square-foot industrial property in Houston. The property, which is being developed on a speculative basis, will be situated on an 11.2-acre site that allows for expansion of up to 385,000 square feet. Building features will include 32-foot clear heights, 44 dock-high doors, a 135-foot truck court, 104 employee parking spots and the option of 29 trailer parking spots. The groundbreaking is scheduled for Dec. 1 and completion is slated for the second quarter of 2019. Frost Bank provided construction financing for the project. NAI Partners will lease the property.
ATLANTA — Capital One has provided a $14.9 million HUD 221(d)(4) rehabilitation and permanent financing loan for Bethel Towers Apartments, an affordable multifamily property located in Atlanta’s Sweet Auburn neighborhood. Capital One’s Carolyn Whatley originated the loan, which features a fixed interest rate and a 40-year term. The Benoit Group, the borrower, is partnering with the Big Bethel AME Church to renovate the community in accordance with Georgia Department of Community Affairs’ architectural and rehabilitation standards. Big Bethel AME Church built the community in 1972 and will share ownership of the newly rehabilitated development. The 16-story building features 180 units in a mix of one- and two-bedroom floorplans. The property is covered by a project-based rental assistance contract through the Section 8 program. Additionally, the property features 165 surface and garage parking spaces, a playground and access to a laundry facility and community meeting space in adjacent commercial and church buildings. The renovation program includes the replacement of electrical wiring, plumbing risers and flooring, kitchen and bath upgrades and the addition of accessible units, a fitness room, business center and picnic pavilion with a grilling area. The rehabilitation plan also calls for environmentally sustainable improvements including high-efficiency common area lighting, …
COAL TOWNSHIP, PA. — Lancaster Pollard has provided a $16.8 million HUD-insured loan for the refinancing of Mountain View, a 271-bed skilled nursing facility located in Central Pennsylvania’s Coal Township. The facility also includes eight independent living units. The borrower, Complete Healthcare Resources, acquired the property in 2009 and has made many improvements, including the addition of a memory care wing and improving common areas and therapy spaces. The refinancing via the HUD Section 232/223(f) program reduces overall debt service and puts in place a permanent debt structure with a fixed interest rate. In addition, the refinancing improves overall cash flow and provides funds for future improvements. Tony Ruberg led the transaction for Lancaster Pollard.
WASHINGTON, D.C. — Aria Development Group has purchased a land parcel located at the corner of Florida Avenue and North Capitol Street N.E. in Washington, D.C., for an undisclosed price. The buyer is planning to develop a mixed-use building, including residential space, on the 25,000-square-foot site. The purchase represents the culmination of three years of assemblage activity to connect tree-lined P Street N.E. with Florida Avenue and North Capitol Street. Additional details of the transaction were not released. This acquisition represents Aria’s eighth multifamily or mixed-use investment in Washington, D.C.
MARYVILLE, TENN. — Hutton has opened the redeveloped Maryille Commons, a 69,540-square-foot shopping center in Maryville, about 18 miles south of Knoxville. The Chattanooga-based developer originally acquired the former Kroger-anchored shopping center last year, and began construction on the redevelopment in November. As part of the project, Hutton redeveloped the previously freestanding Kroger and constructed an additional 11,130-square-foot expansion. Maryville Commons is now home to tenants such as HomeGoods, Ulta Beauty, Five Below, Kirkland’s, Rack Room Shoes and Chicken Salad Chick. In addition, the center is located adjacent to Target, which remodeled its store in July.