development2

Cronheim Mortgage Secures $92.5M Loan for 807,000 SF Power Center in New York

by Amy Works April 29, 2016

MIDDLETOWN, N.Y. — Cronheim Mortgage has secured $92.5 million in financing for Orange Plaza, a power center located at the corner of Route 211 and Dunning Road in Middletown. The borrower is National Realty and Development Corp. The 10-year loan features a 30-year amortization and was funded by American General Life Insurance Co., The United States Life Insurance Co., National Union Fire Insurance Co. of Pittsburgh and American Home Assurance Co. After acquiring the property in 2001, the borrower began a four-year repositioning program at the 807,000-square-foot center that included the demolition of approximately 600,000 square feet of enclosed mall space and the creation of a stacked layout and outparcels. Current tenants include Walmart, Kohl’s, Burlington Coat Factory and The Home Depot. Andrew Stewart and Dev Morris of Cronheim arranged the financing for the borrower.

April 29, 2016

Healthcare New Jersey Northeast

The Rockefeller Group to Develop 130,000 SF Cancer Center in New Jersey

by Amy Works April 29, 2016

FLORHAM PARK, N.J. — The Rockefeller Group plans to develop a 130,000-square-foot, state-of-the-art cancer center treatment facility at The Green at Florham Park, a 268-acre, master-planned development in Florham Park. The facility is being developed in partnership with Summit Medical Group and Houston-based University of Texas MD Ander Cancer Center, which recently signed a long-term lease at the property. The Rockefeller Group expects to break ground this summer on the facility. Summit Medical Group, which occupies a 100,000-square-foot medical office building at The Green at Florham Park, is New Jersey’s largest multi-specialty physician group with more than 600 practitioners in 67-plus locations throughout central and northern New Jersey.

April 29, 2016

Colorado Multifamily Seniors Housing Western

Northstar Commercial Partners Breaks Ground on 74-Unit Assisted Living Community in Denver

by Nellie Day April 28, 2016

DENVER — Northstar Commercial Partners, a Denver-based developer, has broken ground on a 74-unit assisted living and memory care community in Denver. Being built on a recently acquired 1.6-acre vacant parcel, the community will be part of Denver’s Stapleton neighborhood on the former site of Stapleton International Airport. The Stapleton neighborhood already has 19,000 residents, 50 parks and 38 miles of trails. When completed, the 63,283-square-foot seniors housing community will offer 58 assisted living units and 16 memory care units. Northstar expects to finish construction in spring 2017. Balfour Senior Living will operate the community.

April 28, 2016

Multifamily Texas

MBP Capital to Renovate Apartment Complex in Metro Dallas

by Haisten Willis April 28, 2016

RICHARDSON, TEXAS — MBP Capital Inc. has purchased Frances Way Villas in Richardson. The Class B multifamily property includes 200 units with an average size of 968 square feet. The majority of units include two or three bedrooms. The property will be rebranded as “The Beverly” and will undergo a $2.5 to $2.7 million renovation, averaging about $12,000 per unit. Renovations will include new signage, a fully remodeled office, security gates, fitness center, sand volleyball pit, splash pad, dog park, patio and balcony cedar fencing. The interiors will also be renovated with the addition of washer and dryer connections, new paint, black appliances, wood-style flooring, new cabinetry and brushed nickel fixtures. The MBP team includes Mike Phillips, Ryan Heddleston, Cathy Finn and Mark Christ. A new DART rail line is located less than two miles away from Frances Way Villas. The property is also near the new CityLine mixed-use development, which when complete will house 12,800 employees.

April 28, 2016

Michigan Midwest Mixed-Use Retail

Beaumont Health to Demolish Shopping Center in Royal Oak, Michigan for Future Development

by Christina Cannon April 28, 2016

ROYAL OAK, MICH. — Beaumont Health is set to demolish the Northwood Shopping Center and nearly two dozen row houses in Royal Oak to make way for a new development. Plans call for the demolition of the buildings, situated on the southwest corner of 13 Mile Road and Woodward Avenue, to begin July 1. Beaumont hasn’t disclosed any official plans for the area but says the new development will likely be mixed-use. Demolition costs are $2.6 million, excluding environmental cleanup costs. The 213,000-square-foot shopping center was built in 1954 and is 59 percent occupied by 12 tenants. The remaining tenants are on month-to-month leases. Beaumont has owned the property since 1982.

April 28, 2016

Multifamily Student Housing Texas

Threshold, Asset Campus Housing Earn Awards from Student Housing Business

by Haisten Willis April 27, 2016

AUSTIN, TEXAS — Austin-based Threshold Agency, along with Asset Campus Housing, Collegiate Development Group and Kayne Anderson, has won the 2016 Best Marketing and Lease-Up Program award from Student Housing Business, a publication covering the student housing industry. The award highlights the company’s work with TODD Student Living, which helped the community become one of the fastest lease-ups in the Columbia, Mo., market. In 2014, Houston-based Asset Campus Housing, along with Collegiate Development Group and Kayne Anderson Real Estate Advisors, hired Threshold to create a brand for their new development. The Threshold team proposed the TODD name after coming across the term “transit-oriented development,” or TOD, in their initial research. The term refers to mixed-use communities within walking distance of a transit station or key points of interest. As a result of the team’s efforts, TODD Student Living leased up in just two months, with a waiting list before many other properties in the market had even reached 50 percent.

April 27, 2016

Industrial Texas

Allergan Begins Construction on $200M Waco Facility Expansion

by Haisten Willis April 26, 2016

WACO, TEXAS — Allergan, a pharmaceutical company, has begun construction on a $200 million expansion of its Waco facility. The expansion will add 322,000 square feet of manufacturing space to the current facility, nearly doubling its current footprint. Once completed, the expansion is expected to add 100 full-time employees, with the potential for the expanded operations adding as many as 250 jobs as the facility reaches full utilization. New positions that will be added include chemists, microbiologists, process engineers and production and maintenance technicians. The expansion will add a new raw material dispensary, an automated bulk formulation suite, 10 new production lines and warehousing space. Upon completion, the Waco facility will be capable of producing more than 40 different product formulations and will increase its production capacity by more than 50 percent. The construction, commissioning and validation of the facility expansion and production processes are expected to be completed by 2020. Allergan’s Waco facility is the company’s flagship manufacturing facility for its leading eye care products, including Restasis, Lumigan, Combigan, Refresh Plus, Refresh Tears and Latisse.

April 26, 2016

Office Texas

Yeager Purchases Land in Metro Dallas for Office Property

by Haisten Willis April 26, 2016

ALLEN, TEXAS — Yeager Office Suites of Allen LLC has purchased a 3.3-acre tract of land in the Dallas suburb of Allen from T&C Investment Venture LP. The property is located on the west side of Watters Road directly across from the newly announced Allen Convention Center at Watters Creek. Yeager Development plans to break ground in July on the two-story, 35,070-square-foot Yeager Office Suites building. Mike Barr of Barr Cos. represented the buyer, and Jane Jan of Jan’s Realty represented the seller. The Yeager Office Suites building will feature 145 office suites, five conference rooms, casual meeting areas, a lobby and reception area and a café. Yeager will develop, construct, manage and lease the project.

April 26, 2016

Multifamily Texas

Clint Duncan Joins CBRE’s Houston Office to Lead Multifamily Brokerage Team

by Haisten Willis April 26, 2016

HOUSTON — Clint Duncan has joined CBRE as senior vice president to lead its multifamily investment property sales team in Houston and the Gulf Coast markets. Duncan has returned to CBRE after a brief stint at Berkadia. He started his real estate career as a sales advisor at Hendricks & Partners’ Houston office. Duncan has consistently been a top producer at both Transwestern and most recently CBRE, where he either originated or was a part of more than $1.7 billion in Class A and B multifamily sales over a two-year period.

April 26, 2016

Healthcare Illinois Midwest

Lenox Hill Construction Breaks Ground on Medical Office Building in Chicago

by Christina Cannon April 25, 2016

CHICAGO — Lenox Hill Construction has broken ground on a six-story medical office building located at 710 N. Dearborn St. in the River North neighborhood of Chicago. The office will serve as an expansion for the Illinois Orthopedic Network and Wiesman Cosmetic Surgery & Wellness Institute. The building will be used primarily for administrative functions, but will also contain clinical space. Ron Kwaske designed the building, which will only be 20 feet wide. Construction of the building is scheduled to be completed by the end of the year.

April 25, 2016

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