FRISCO, TEXAS — A joint venture between Dallas Cowboys owner Jerry Jones, former Cowboys quarterback Roger Staubach and Dallas developer Robert Shaw has announced plans for a 17-story apartment complex within The Star in Frisco. The property will feature 160 units with an average size of 1,200 square feet per unit. Construction is scheduled to begin in January 2018, with move-ins scheduled for the first quarter of 2019. Columbus Realty will develop the project.
CHARLESTON, S.C. — A joint venture between Spandrel Development Partners, Aspen Heights Partners and Northwestern Mutual plans to break ground on a 221-unit apartment community in downtown Charleston known as 511 Meeting Street. Situated in Charleston’s Upper King district, the project will feature more than 9,000 square feet of amenity space, two levels of structured parking and ground-floor retail space. The joint venture plans to break ground this month with completion expected by the second quarter of 2019. Including this project, Spandrel Development has $165 million in downtown Charleston developments underway, including two student housing projects in a partnership with Armada Hoffler Properties.
SHEPHERDSVILLE, KY. — Browning Investments has broken ground on a 721,050-square-foot spec industrial facility situated within Velocity 65 Trade Center in Shepherdsville, roughly 20 miles south of Louisville and near the UPS Worldport. The industrial park will ultimately accommodate 4 million square feet on 300 acres and feature interchanges with Interstate 65. Browning Investments plans to deliver the spec facility in August. The developer has selected Phil Charmoli of Cushman & Wakefield | Commercial Kentucky to handle the leasing assignment for the park.
HANOVER, N.J. — RD Management and JMF Properties will develop BJ’s Shopping Center, a retail project, in Hanover. BJ’s Wholesale Club will occupy 89,770 square feet of the center, with almost 28,000 square feet available for leasing. The site will share a traffic light with the Mennen Sports Arena, located directly across from the center on Hanover Avenue. Nearby retailers include Walmart, TJ Maxx, Home Goods, ShopRite and Acme/SavOn Drugs.
PARK RIDGE, ILL. — Draper and Kramer Inc. has acquired a three-acre commercial development site in Park Ridge, a suburb of Chicago. The parcel is located at the corner of Greenwood Avenue and Busse Highway. The firm was self-represented in the transaction. Paul Buckingham and Terry Alexa of Newmark Grubb Knight Frank represented the seller, the American Society of Anesthesiologists. Following the acquisition, Draper and Kramer sold a portion of the site to a developer for a luxury seniors housing development. Jason Gustavson of Stone Real Estate is marketing the remaining parcel on behalf of Draper and Kramer.
LIVERMORE, CALIF. — A 108-room Home2 Suites by Hilton has opened in Livermore. The hotel is located at 2625 Constitution Drive. Common-area amenities include an outdoor saline pool, barbecue grills and fire pit with seating. The hotel is situated near wine country, corporate businesses in the Tri-Valley area, Shadow Cliff’s Regional Recreation Area, San Francisco Premium Outlets and Del Valle Regional Park.
WARRENDALE, PA. — Teen apparel retailer Rue21 filed Chapter 11 bankruptcy on Monday, May 15 with plans to reorganize and restructure its assets and debts. In April, the company began to close approximately 400 underperforming stores of the 1,179 stores that it operates. The company stated Monday that it may evaluate further store closures as it continues to manage its real estate lease portfolio. The company expects to emerge from Chapter 11 in fall 2017 with a significantly deleveraged balance sheet. The company has obtained $125 million in debtor-in-possession financing, enabling it to continue day-to-day operations, including payment of employee wages, payment of vendors and honoring customer programs, such as gift cards. Kirkland & Ellis LLP is Rue21’s legal advisor, Rothschild Inc., as its investment banker and financial advisor and Berkeley Research Group as its restructuring advisor.
NEW YORK CITY — Strategic Capital has made a $140 million equity investment for a multifamily development in the Hudson Square neighborhood of Manhattan. Strategic’s investment consists of equity and mezzanine components invested in a joint venture with Cape Advisors and Forum Absolute Capital Partners (FACP). Strategic Capital will co-develop the property with Cape Advisors. Strategic Capital is the investment arm of China Construction America (CCA), which is the American subsidiary of China State Construction and Engineering Company (CSCEC). The site is located at 110 Charlton St. and 537 Greenwich St. When complete, the project will span 280,000 square feet with 170 residential units, ground-floor retail and parking. Plaza Construction, an affiliate of Strategic Capital is the general contractor for the project. Construction will begin in June and sales for the condominiums will begin in spring 2018.
OLIVE BRANCH, MISS. — IDI Gazeley plans to develop two industrial facilities totaling nearly 2 million square feet within Crossroads Distribution Center in Olive Branch, a Mississippi suburb of Memphis. IDI Gazeley has broken ground on Building I for an expected November delivery. The next facility, Building J, is slated to span nearly 1.1 million square feet and is scheduled to start construction in mid-2018. Crossroads is currently home to 11 buildings totaling more than 6 million square feet of logistics space. Building I will feature a Ductilcrete floor slab and paving, 36-foot clear heights, R-19 roof insulation and a white TPO roof. JLL will be the listing agent for Crossroads I. IDI Gazeley has over 27 million square feet developed in the metro Memphis market.
SEATTLE — goop, a modern lifestyle brand founded by Gwyneth Paltrow, is partnering with Nordstrom to bring goop to Pop-In@Nordstrom in select stores across the country and online. goop-In@Nordstrom features a mix of wellness-focused products curated by the goop team, including apparel, accessories, beauty and home. Each shop is designed as an enclosed living space, with furniture and design by 1stDibs and custom Chinoiserie wallcoverings by Fromental. Pop-In@Nordstrom is the retailer’s ongoing series of themed pop-up shops at the retailer’s highest profile stores. Each shop transitions every four to six weeks to a new design. goop-In@Nordstrom is in the following Nordstrom store locations and online from May 12 to June 25: • Downtown Seattle, Seattle • Bellevue Square, Bellevue, Wash. • The Grove, Los Angeles • South Coast Plaza, Costa Mesa, Calif. Nordstrom, Inc. is a fashion specialty retailer based in the United States. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 354 stores in 40 states, including 122 full-line stores in the United States, Canada and Puerto Rico; 221 Nordstrom Rack stores; two Jeffrey boutiques; and two clearance stores.