MIAMI — A joint venture between Aria Development Group and Merrimac Ventures has purchased the last available parcel within the 27-acre Miami Worldcenter campus, a $4 billion mixed-use development by Miami Worldcenter Associates. The site, located one block from Brightline Miami Central at 33-55 N.W. 6th St., is known as The Miami Link. Jack Lowell, Cecillia Estevez and Mika Mattingly of Colliers represented the buyer in the transaction. The seller, International Longshoreman Association, sold the 24,000-square-foot site for $17.5 million. The labor union has owned the site for more than 45 years and previously operated a 5,130-square-foot building on the parcel. The buyer also recently acquired an adjacent site at 600 N.E. 1st Ave. to bring the total assemblage to 34,000 square feet. Aria and Merrimac are currently planning to develop 600 Miami Worldcenter, a condominium project comprising more than 600 for-sale residences. OneWorld Properties is leading sales for the project on behalf of the developers.
CALIMESA, CALIF. — Birtcher Development has received full entitlement for Birtcher Oak Valley Commerce Center in Calimesa. Construction is currently underway, with completion slated for third-quarter 2024. Totaling 2.25 million square feet, Birtcher Oak Valley Commerce Center will feature four Class A logistics facilities: Building A, a 705,783-square-foot cross-dock facility with 5,600 square feet of office space and 118 dock-high doors. Completion is scheduled for second-quarter 2024. Building B, a 46,172-square-foot side-loaded property with 5,168 square feet of office space and 69 dock-high doors. Completion is slated for second-quarter 2024. Building C, a 457,257-square-foot cross-dock facility with 5,114 square feet of office space and 78 dock-high doors. Completion is expected in early third-quarter 2024. Building D, a 619,358-square-foot cross-dock building with 5,162 square feet of office space and 109 dock-high doors. Completion is scheduled for third-quarter 2024. All four facilities will feature 40-foot clear heights, flat floors, 10-inch slabs, a minimum of 185-foot truck courts and an ESFR sprinkler system. A nine-acre trailer lot will be constructed adjacent to Buildings A and B, providing 250 trailer stalls. Mike McCrary, Peter McWilliams, Patrick Wood and Scott Coyle of JLL are handling leasing for the project.
PENSACOLA, FLA. — Development firm Daniel has delivered Porte at Pathstone, a 336-unit apartment community in Pensacola. The $60 million property is situated within the Pathstone development across Nine Mile Road from Navy Federal Credit Union’s office campus. The design-build team includes general contractor Doster Construction and design firm Nelson Architects. Community amenities include a resort-style swimming pool, outdoor grilling area and game lawn, fitness center, yoga lawn, coworking space with private conference rooms, coffee bar, pet spa and a dog park. Rental rates range from $1,649 to $2,599, according to the property website.
FRANKFORT, KY. — RJ Thieneman plans to develop a new $10 million healthcare clinic within Limestone Centre at Franklin Square, a shopping center in Frankfort shadow-anchored by Kroger, Staples, JCPenney and Franklin Square Cinema. Louisville-based Norton Healthcare will operate the 30,000-square-foot facility with three separate medical practices: Norton Community Medical Associates adult primary care, Norton Immediate Care Center and Norton Children’s Medical Group pediatric primary care. The three practices will have staggered opening dates in late 2023. The design-build team, including architect Stengel Hill Architecture Inc. and general contractor The Hagerman Group, plans to break ground in January.
SALT LAKE CITY — Pacific Industrial has completed the construction of Pacific Summit Logistics Center, an industrial facility at 885 N. John Cannon Drive in Salt Lake City. The development and investment firm has already sold the asset on a forward basis to Principal Global Investors, a global real estate investments platform based in Des Moines, Iowa, for an undisclosed price. Situated on 48 acres, the 824,320-square-foot facility features 40-foot clear heights, nearly 200 trailer parking stalls, a private perimeter vehicle access road and a modern entry. At the time of sale, the building was 50 percent preleased to Quality Distribution, a third-party logistics provider headquartered in Utah. Jeff Chiate, Rick Ellison, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group together with Tom Freeman and Travis Healey of Cushman & Wakefield’s Salt Lake City office represented the seller. Freeman and Healey were retained by Principal Global Investors to handle leasing of the project. According to Cushman & Wakefield, the transaction is one of the largest ever single-building industrial property sales in Salt Lake City.
NEW YORK CITY — The New York City Council has approved Innovation QNS, a $2 billion mixed-use project that will be located in the Astoria neighborhood of Queens, according to reports from multiple news outlets such as Crain’s New York Business and Patch. A partnership between BedRock Real Estate Partners, Kaufman Astoria Studios and Silverstein Properties is developing Innovation QNS, which will span five city blocks and will be an expansion of the Kaufman Arts District. The various reports differ on the exact size of the multifamily component, but the project page on the website of Silverstein Properties states that plans call for approximately 2,700 units, about 700 of which will be affordable. In addition, Innovation QNS will feature 200,000 square feet of retail, restaurant and entertainment space, as well as 250,000 square feet of office space, a grammar school that can support 600 students, health and wellness facilities and two acres of programmable outdoor space.
HACKENSACK, N.J. — Locally based developer Garden Communities has begun leasing The Jefferson, a 377-unit apartment community located outside of New York City in Hackensack. Designed by Minno & Wasko Architects & Planners, The Jefferson features one- and two- bedroom units ranging in size from 735 to 1,598 square feet, with most residences offering private balconies/patios. Communal amenities include a pool, fitness center, business center, private bowling alley, a billiards and entertainment room, golf simulator, children’s playroom, outdoor grilling and dining areas and a dog park. Rents start at $2,240 per month for a one-bedroom apartment.
FRANKENMUTH, MICH. — The Bavarian Inn Lodge in Frankenmuth, a city in central Michigan known for its Bavarian-style architecture, is set to undergo an $80 million expansion. The project will significantly enhance the lodge’s water park amenities and family entertainment offerings. A groundbreaking ceremony is scheduled for Tuesday, Dec. 13. Once the project is completed, the Bavarian Inn Lodge will be home to Michigan’s largest indoor water park and family entertainment center at more than 140,000 square feet. Completion is slated for spring 2024, but some portions are scheduled to open in late 2023. R.C. Hendrick & Son Inc., which built all previous six phases of the lodge, is the general contractor. The property will remain open throughout the expansion project.
HUMBLE, TEXAS — Locally based development and investment firm Kajani Capital Group has acquired 10.8 acres in the northern Houston suburb of Humble for the development of a 300-unit multifamily project. The community will feature one-, two- and three-bedroom units with an average size of 875 square feet, as well as a clubhouse, fitness center, package lockers and a dog park. Chris Bergmann Jr. of JLL represented Kajani Capital in the off-market land deal. Joan Collum of Collum Commercial represented the seller, Austin-based Stratus Properties. Construction is set to begin in May and to be complete in fall 2024.
PHOENIX — DAUM Commercial has arranged the purchase of a 7.95-acre land parcel in Phoenix. Prologis acquired the infill site at 24500-24501 N. 20th Drive from Wadsworth Development for $8.6 million in an off-market transaction. Prologis plans to develop two industrial facilities on the site: a 77,000-square-foot building and a 49,000-square-foot building. Bob Lundstedt, Skip Corley Jr. and Chase Heinemann of DAUM brokered the transaction. Lundstedt, Corley Jr., Heinemann and Parker Houston of DAUM will handle leasing for the property.