development2

Gatehouse Capital to Develop $72M Hotel in Odessa

by Haisten Willis September 7, 2016

ODESSA, TEXAS — Dallas-based Gatehouse Capital has finalized agreements with the city of Odessa and Eofficial Enterprises to develop a seven-story, 219-room Marriott hotel with a 67,500-square-foot conference center, 323-space parking garage and 27,000-square-foot plaza. Gatehouse Capital also plans to refurbish the historic Ector Theater, originally built in 1951. The Gatehouse team includes general contractor UEB Builders, architect RTKL, hotel operator Aimbridge Hospitality, hotel brand Marriott Hotels and Resorts and structural engineer DCI. Construction is expected to begin in March 2017 and last for 18 months. Founded in 1997, Gatehouse Capital is a national real estate investment and development firm that has launched mixed-use developments such as the W Hollywood Hotel and Residences and W Dallas Victory Hotel and Residences.

September 7, 2016

BGL Real Estate Advisors Completes $81M in Financing for Standard Building Renovations in Cleveland

by Amy Works September 6, 2016

CLEVELAND — BGL Real Estate Advisors has arranged the development financing for Weston Inc. The loans will be used toward the historical conversion of the Standard Building in downtown Cleveland. The $81 million financing consists of senior construction debt, subordinated bridge debt, municipal city and state agency debt, federal and state historic tax credit equity and Weston Inc. GP equity. The Huntington National Bank, Fifth Third Bank, First Commonwealth Bank, Peoples Bank and Cleveland Development Advisors, as well as Ohio Water Development Authority and Ohio Development Services Agency, contributed capital to the transaction. Additionally, Piper Jaffray, Port of Cleveland, RSM US LLP and Stonehenge Capital were involved with the capital lease and historic tax credit equity structuring and syndication. Originally built in the 1920s for Standard Bank, the building will be converted from office space into market-rate apartments and first-floor retail space.

September 6, 2016

Industrial Midwest Wisconsin

First Industrial Realty Leases 601,439 SF Development at First Park 94 in Wisconsin

by Amy Works September 6, 2016

VILLAGE OF SOMERS, WIS. — First Industrial Realty Trust has signed a long-term tenant for its first building at First Park 94, a 601,439-square-foot industrial facility located in Village of Somers. The cross-docked facility features 36-foot clear heights, 185-foot truck courts, ample trailer parking, extensive dock-high loading, skylighting and an ESFR sprinkler system. The name of the tenant was not disclosed. Additionally, First Industrial is breaking ground for the second building at the park. The second building will total approximately 600,000 square feet with expandability. Upon completion, First Park 94 will accommodate 4.6 million square feet of development, including build-to-suits ranging from 150,000 square feet to 2 million square feet. The site is accessible to Interstate 94 from three four-way interchanges and offers frontage along the Canadian Pacific Railway with potential rail access. Whit Heitman, Sam Badger and Brad Weiner of NAI Hiffman, Roger Siegel of Dickman Co. and Tony Haning of JLL assisted with the lease transaction.

September 6, 2016

Hospitality Southeast Tennessee

Hyatt, Southwest Value Partners to Develop Hyatt Regency on Former Lifeway Campus in Nashville

by John Nelson September 6, 2016

NASHVILLE, TENN. — Hyatt Hotels has entered into a franchise agreement with Southwest Value Partners to develop a new Hyatt Regency hotel in Nashville. The hotel will help anchor the 15-acre site in downtown Nashville that formerly housed the Lifeway Christian Resources campus. The site, located at the northwest corner of Broadway and 10th Avenue, sold to Southwest Value Partners in November 2015 for $125 million. Hyatt Regency Nashville will feature 60,000 square feet of meeting space and event facilities, a Hyatt StayFit gym and an outdoor pool. The 540-room hotel is set to open in 2019.

September 6, 2016

Industrial Texas

Arch-Con Breaks Ground on I-20 Commerce Center in Metro Dallas

by Haisten Willis August 31, 2016

LANCASTER, TEXAS — Arch-Con Construction has broken ground on I-20 Commerce Center, a 900,043-square-foot speculative warehouse for Copeland Commercial LLC. Located at 3535 N. Houston School Road in Lancaster, the warehouse is on a 50-acre site near I-35 and I-20. Powers Brown Architecture designed the tilt-wall warehouse, which features a cross-dock configuration, 36-foot clear height and a building depth of 600 feet. The building will feature two stories of glass at the office entries. The project is expected to be complete in May 2017, and JLL’s Kurt Griffin and Nathan Orbin are the leasing agents.

August 31, 2016

Illinois Midwest Multifamily Seniors Housing

Novak Construction Breaks Ground on 25-Unit Senior Living Apartment Complex in Illinois

by Christina Cannon August 31, 2016

RICHMOND, ILL. — Novak Construction has broken ground on a 22,000-square foot affordable senior living apartment complex in Richmond, approximately 70 miles northwest of Chicago. Creekview Apartments, to be located at 5615 Liberty St., will offer four two-bedroom units and 21 one-bedroom units. Amenities at the property will include a walking trail, health and wellness programing, a computer lab, a library, community room, concierge and transportation services and on-site property management. The project is slated for completion by the end of the year.

August 31, 2016

Arizona Industrial Western

MainSpring Capital Group to Develop Spec Industrial Project in Scottsdale

by Nellie Day August 31, 2016

SCOTTSDALE, ARIZ. — MainSpring Capital Group has announced plans to develop Mainspring Flex Phase III at Pima Center. This phase will contain 150,660 square feet of spec light industrial space for warehouse, assembly and distribution uses. Flex Phase III construction will commence during the fourth quarter of this year. Completion is scheduled for mid-year 2017. The speculative development includes two buildings. The existing buildings at Pima Center are 98 percent leased. Pima Center is a 232-acre, mixed-use business park within the Salt River Pima Indian community. The park contains a variety of commercial properties ranging from the Honor Health Rehab Hospital and Rancho Solano Private 6-12 School to multi-story Class A office space, garden office and assembly/distribution/flex facilities. The business park contains more than 1 million square feet of office space and about 430,000 square feet of light industrial/flex facilities.

August 31, 2016

Industrial Loans New York Northeast Office

Rubenstein Partners Secures $197M in Construction Financing for 500,000 SF Mixed-Use Property in Brooklyn

by Amy Works August 30, 2016

NEW YORK CITY — Rubenstein Partners has secured a $197 million first mortgage construction loan for 25 Kent Avenue, a mixed-use property in the Williamsburg section of Brooklyn. Serving as co-lead arrangers and co-bookrunners, Wells Fargo Bank and Natixis Real Estate Capital committed $197 million for the project. The new loan provides for all future construction costs and fully capitalizes the project. Being developed by Rubenstein Partners and Heritage Equity Partners, the eight-story building will feature 500,000 square feet of office and industrial space tailored to the creative and tech sectors.

August 30, 2016

Healthcare Texas

Stream Realty Partners Launches Healthcare Real Estate Division in Dallas

by Haisten Willis August 30, 2016

DALLAS — Stream Realty Partners, a full-service real estate investment, development and services company, has hired John Huff as managing director of its new healthcare real estate division. In this capacity, Huff will be responsible for leading and conceptualizing Stream’s healthcare portfolio initially in the Dallas/Fort Worth market for products including medical office, specialized outpatient facilities, hospitals, teaching and research buildings, seniors housing and build-to-suit opportunities. Stream’s healthcare real estate platform will focus on services including leasing, facility development, investment sales, portfolio analysis and management. Huff previously worked at Duke Realty (formerly Bremner Healthcare), where he leased, developed and acquired more than 2 million square feet of medical properties valued at more than $750 million.

August 30, 2016

Industrial Oregon Western

Specht Development Starts Construction of 732,824 SF Industrial Project in Gresham

by Nellie Day August 29, 2016

GRESHAM, ORE. — Madison-Specht Vista Logistics LLC, a partnership between Specht Development and New York Life Real Estate Investors, has started construction of a 732,824-square-foot spec industrial building in Gresham. The 37.4-acre site is located at SE 223rd and Stark streets. The new facility will be called Vista Logistics Park. The site was purchased from the Port of Portland for $9.2 million. The project should be completed this fall. Don Ossey and David Ellis of the Capacity Commercial Group will lead the facility’s leasing efforts. Perlo Construction is building the project, which Mackenzie architects designed.

August 29, 2016

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