development2

Hines Begins Construction on Industrial Buildings in Irving

by Haisten Willis July 22, 2015

IRVING, TEXAS — Hines, in conjunction with AEW Capital Management, has begun construction on Phase II of Parc 114 Business Park in Irving. Phase II will include two new buildings totaling 191,262 square feet with a projected completion date in early 2016. Stream Realty Partners will provide leasing, marketing and property management services for the project. Parc 114 is a 52-acre master-planned business park located at 6501 N. Beltline Road. Phase I includes six industrial buildings totaling 404,777 square feet that are 100 percent leased. Tenants include Chrysler Group LLC, Nautilus Hyosung America, Nissan and Walgreens. Phase II of Parc 114 will feature a distinctive architectural design that will complement the existing buildings in the park. The rear-load, dock-high buildings will accommodate tenants ranging from 16,000 square feet to 135,253 square feet and will feature generous parking and truck courts. Centrally located in the Dallas-Fort Worth area, Parc 114 is directly adjacent to the DFW International Airport, just south of State Highway 114. Bob Hagewood and Jeremy Kelly of Stream’s industrial division in Dallas will lease and market Parc 114 on behalf of the landlord, Hines. Stream’s Priscilla McKinney will oversee property management of the property.

July 22, 2015

Picone Construction Begins Renovation of Early Childhood Center in Buffalo

by Amy Works July 21, 2015

BUFFALO, N.Y. — Picone Construction has started renovation work on the Stanley M. Makowski Early Childhood Center, located at 1095 Jefferson Ave. in Buffalo. The renovation project includes select demolition, concrete and asphalt paving, doors, frames and hardware, acoustical ceiling panels, tile flooring, athletic flooring and tile carpeting. Additional renovations include painting, electrical, plumbing, gymnasium equipment, climbing wall system, playground equipment, and an artificial turf playground surfacing system. Construction is slated for completion by the end of September. Kideney Architects is providing architectural services for the project.

July 21, 2015

Massachusetts Northeast Office

Hobbs Brook Management Completes Office Renovation in Suburban Boston

by Amy Works July 20, 2015

WALTHAM, MASS. — Hobbs Brook Management LLC has completed the renovation and sustainable upgrade to an office building located at 610 Lincoln St. North in Waltham. Intended for single- or multi-tenant occupancy, the property features flexible floor plans, on-site dining, multiple amenities and access to the Forefront Conference Center. Designed by Margulies Perruzzi Architects, the renovated building includes 86,169 square feet of highly efficient office space on three floors, ample parking and front-desk security. The lobby features a two-story glass vestibule. Some 6,000 square feet of additional office space was created by lowering the building grade and moving mechanical equipment to the roof. Slated to achieve LEED Silver certification, the property, which is located within Hobbs Brooks Office Park, features a new HVAC system, windows, electrical systems and fireproofing. The project team includes Columbia Construction Company, Studio 2112, AHA Consulting Engineers, Souza True & Partners, H.W. Moore Associates and Entegra.

July 20, 2015

Multifamily New Jersey Northeast Pennsylvania Student Housing

RISE Begins Construction on Three On-Campus Student Housing Projects

by Amy Works July 20, 2015

JERSEY CITY, N.J., MILLERSVILLE, PA., AND CULLOWHEE, N.C. —Formerly known as Ambling University Development Group, RISE: A Real Estate Company has started construction on three student housing projects in New Jersey, Pennsylvania and North Carolina. The company broke ground on a 425-bed residence hall at New Jersey City University in Jersey City; a 599-bed student housing community at Millersville University in Millersville; and a 421-bed mixed-use residence hall at Western Carolina University (WCU) in Cullowhee. The on-campus residence hall in Jersey City will feature music practice rooms, lounges, a fitness center, private courtyard, automated convenience store, game room and technology-enhanced classrooms. The Millersville property is the third phase of a multi-phase project to replace all on-campus housing with modern, suite-style units. The mixed-use project at WCU consists of three buildings, with 421 beds and 11,945 square feet of retail, connected by two towers in core location of campus.

July 20, 2015

Industrial Texas

CyrusOne Expands Data Center in Metro Dallas

by Haisten Willis July 20, 2015

CARROLLTON, TEXAS — Global colocation solutions provider CyrusOne has expanded its Carrollton data center with the recent completion of a new data hall, adding nearly 60,000 square feet and 4.5 megawatts of power capacity. The company’s Carrollton data center is the largest facility of its kind in the state, featuring a 670,000-square-foot campus. The Carrollton data center also houses the infrastructure and 911 dispatch center for Carrollton, Coppell, Farmers Branch and Addison, Texas. The communities have consolidated 911 dispatch services to form the North Texas Emergency Communications Center (NTECC).

July 20, 2015

Industrial Office Retail Texas

NAIOP Names Majestic Realty 2015 Developer of the Year

by Haisten Willis July 17, 2015

DALLAS — NAIOP has selected Majestic Realty Co. as its 2015 Developer of the Year. Headquartered in Southern California, with regional offices throughout the United States, Majestic is the largest privately held industrial developer in the country. Majestic completed nine new buildings in the past year, adding more than 6 million square feet and increasing its ownership portfolio to 78 million square feet. Majestic also recently completed a 2,000-acre land acquisition in Laredo, Texas. Majestic’s services include land acquisition, entitlement, design/construction, finance, leasing and property management.

July 17, 2015

Loans Multifamily New York Northeast

Capital One Closes $180M Loan for Office-to-Multifamily Conversion in Manhattan

by Amy Works July 17, 2015

NEW YORK CITY — Capital One has completed the syndication of a $180 million senior loan for an office-to-multifamily conversion in Lower Manhattan. The borrowers, VANBARTON GROUP and Metro Loft Management, plan to convert the 508,000-square-foot tower at 180 Water St. into multifamily apartments. The redeveloped property will feature 360,000 square feet of residential space and 10,000 square feet of street-level retail space. Additionally, the redevelopment plans include increasing the property’s height to 29 stories. Redevelopment is slated to begin in July, with all residential units scheduled for delivery by the beginning of 2017. Capital One provided the $180 million first mortgage, while Brookfield Asset Management supplied $60 million in mezzanine financing. Participating lenders in the syndication include the CIT Group and Santander Bank, a joint lead arranger.

July 17, 2015

Office Texas

NAI Hiffman, NAI Partners Form Joint Venture to Serve Houston, Austin and San Antonio

by Haisten Willis July 16, 2015

HOUSTON, AUSTIN AND SAN ANTONIO — NAI Hiffman and NAI Partners will be working together to bring a combined operations platform to the Houston, Austin and San Antonio markets. Operating as NAI Partners Investor Services, the joint venture combines the brokerage and management platforms of both firms to bring service to more institutional clients. Houston-based NAI Partners provides clients brokerage experience in the Central Texas market; Chicago-based NAI Hiffman operates a property management platform.

July 16, 2015

Industrial Office Texas

California Clothing Manufacturer Relocating to Austin

by Haisten Willis July 16, 2015

AUSTIN, TEXAS — Fashion Forms, a producer of specialty bras and accessories in the U.S., Canada and Europe, is relocating to northwest Austin from Ventura, Calif., in August. Founded by Ann Deal in 1993, Fashion Forms produces products that aim to help women wear any look with comfort, confidence and style. The company holds 14 patents and 18 trademarks for designs and Fashion Forms products are sold in more than 9,000 stores worldwide. The firm will move into a mix of office and warehouse space totaling 90,000 square feet at McNeil 1, located at 12317 Technology Blvd. Mark Emerick, John Barksdale and Darryl Dadon of CBRE’s Austin office represented the landlord, PS Business Parks. Fashion Forms represented itself in lease negotiations. McNeil 1 is now 79 percent leased.

July 16, 2015

District of Columbia Office Southeast

Skanska USA to Build, Develop $116M Office Building in D.C.

by John Nelson July 16, 2015

WASHINGTON, D.C. — Skanska USA plans to break ground on a new 11-story, Class A office building in Washington, D.C.’s Capitol Riverfront submarket. Skanska will build and develop the 236,806-square-foot property, as well as invest $116 million into the project. The property will include ground-floor retail space and four levels of below-grade parking. Construction manager Skanska USA Building is aiming for LEED Gold certification for the project. Construction will begin later this summer and is scheduled to be completed in the fourth quarter of 2017.

July 16, 2015

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