ST. LOUIS — The renamed McKnight Place Assisted Living & Memory Care in St. Louis has undergone a $32 million renovation. The project’s first phase included a three-story, 102,000-square-foot expansion featuring 90 apartment units. The second phase included a 74,000-square-foot renovated space with 18 additional assisted living suites and 27 separate memory care suites. Amenities include a main-floor dining room, café bistro, fitness center, chapel, billiard room, beauty salon, art room and greenhouse. The property is located on the 15-acre care campus at The Gatesworth, which now totals more than 1 million square feet of space for seniors. GateCo Development was the general contractor for the project. Greystone provided financing.
HOUSTON —A subsidiary of Chilean real estate firm Red Megacentro will develop Megacenter Willowbrook, a project that will convert a former Walmart Supercenter building in the Willowbrook area of northwest Houston into a 235,627-square-foot mixed-use property. Preliminary plans call for industrial, self-storage, retail and office space. Phase I will deliver a 113,940-square-foot gym, 47,319 square feet of flex space and a 6,810-square-foot auto center. The final project completion date is slated for November 2019. Michael Johnson and Stuart Hepler of HFF arranged floating-rate financing for the project through Icon Bank.
LOUISVILLE, KY. — Aptitude Development is set to break ground on The Marshall Louisville, a 591-bed student housing community located near the University of Louisville. The 10-story property will offer fully furnished units with shared amenities including a 2,500-square-foot, outdoor terrace on the top floor; a gym; study lounges; and game rooms with views of Churchill Downs, the home of the Kentucky Derby. Aptitude Development is working with Prescient to virtually plan, design and construct the building. BSB Design has also been tapped to assist with design, and Whittenberg Construction will build the project. Aptitude Development expects to wrap up construction on the community in fall 2020.
WAYNE, N.J. — Axiom Capital Corp. has arranged a $20.5 million construction loan for the development of a 418,000-square-foot industrial facility in Wayne. The lender was a life insurance company. Once complete, the property will include 40-foot clear heights and 42 truck dock positions as well as 40,000 square feet of office space. The borrower was a private investor.
WALLER, TEXAS — Wolff Cos. has unveiled plans for a 251-acre mixed-use project along U.S. Highway 290 in Waller, a northwestern suburb of Houston. Wolff will develop the infrastructure around the site and has developed a preliminary land plan. The Houston-based company calculates that this plan has the capacity for 1.3 million square feet of industrial space, 800,000 square feet of office space and 172,000 square feet of retail space. The project is part of a larger development that will bring more than 1,000 single-family homes to the site. A timeline for construction of the commercial components has not yet been established.
CORAL SPRINGS, FLA. — Exeter Property Group will break ground on four new industrial buildings along the Sawgrass Expressway in South Florida’s Coral Springs. The Pennsylvania-based development company is finishing work on 4030 N.W. 126th St., a 215,486-square-foot, cross-dock facility that is fully preleased to a private flooring company. Exeter has started construction on the second building at the park, which will complete build-out of Coral Springs Commerce Center Phase I. The 215,486-square-foot building is located at 4050 N.W. 126th St. and is scheduled to deliver in January 2019. Less than a mile away, Exeter will break ground on the second phase of Coral Springs Commerce Center. The 40-acre site on Coral Ridge Drive will include three speculative buildings. Exeter acquired the site in 2017 from Swiss manufacturer Hoerbiger. The sale included an existing 193,211-square-foot building that Exeter plans to remodel with a new roof and modern tilt-wall front. Exeter will break ground on Phase II of the project this summer.
OAKLAND, CALIF. — Orange County-based Platinum Storage Group is developing Storage Direct Oakland, a self-storage facility in Oakland. With construction is slated to begin immediately, the four-story, 155,000-square-foot property will feature 1,087 self-storage units. Completion is scheduled for July 2019. Platinum’s portfolio comprises 2.5 million square feet of space with a value of approximately $250 million.
CHELSEA, FALL RIVER, BROCKTON, MASS. — Capital One has provided $47.2 million to refinance a portfolio of skilled nursing facilities in Massachusetts. The three facilities have a combined 512 beds and were purchased as part of a four-facility portfolio in 2016. The properties are Eastpointe Rehabilitation and Skilled Care Center in Chelsea with 195 beds, Southpointe Rehabilitation and Skilled Care Center in Fall River with 152 beds, and Baypointe Rehabilitation and Skilled Care Center in Brockton with 169 beds. Although the borrower was not disclosed, the properties are all listed on the website of The Pointe Group. Joshua Rosen of Capital One originated the transaction. The three HUD loans feature fixed rates and 35-year terms.
KYLE, TEXAS — Los Angeles-based Majestic Realty Co. has acquired 46 acres for the development of a 500,000-square-foot industrial project in Kyle, located along the Interstate 35 corridor between Austin and San Antonio. Branded Majestic Plum Creek Business Park, the property will deliver Class A, tilt-wall buildings that can accommodate all manner of industrial uses. Majestic will invest approximately $39.7 million in the project, which is being developed on a speculative basis. Construction is scheduled to begin during the fourth quarter. Tate Hinkelman and Marshall Davidson of Avison Young represented the seller, Plum Creek Development Partners, in the land deal. Joe Birdwell of American Southwest represented Majestic.
FORSYTH, GA. — Discount retailer Five Below will invest $70 million to build a new distribution center in Monroe County, roughly 60 miles southeast of Atlanta. According to local media reports, the facility will be located within Meridian 75 Logistics Center, a 186-acre master-planned business park in Forsyth. The new building will create 130 new jobs. The initial investment includes $42 million in land and building, and approximately $28 million in machinery and equipment. Additional investment will occur over the next five years. Founded in 2002, Philadelphia-based Five Below sells products that cost $5 or less. The chain operates more than 650 stores across 32 states, and plans to open 125 new stores this year. A construction timeline for the Monroe County facility was not disclosed.