BILLERICA, MASS. — Boston-based Berkeley Investments will develop Billerica Crossing, a 200,000-square-foot life sciences facility that will be located north of the state capital. Brian Morrissey, Michael Restivo, Martha Nay, Lenny Pierce and David Coffman of JLL represented Boston-based Cabot Corp. in its sale of the 18-acre tract to Berkeley Investments. Cabot owns and operates a research and development facility on the adjacent parcel. A construction timeline was not disclosed.
INVER GROVE HEIGHTS, MINN. — A joint venture between PCCP and United Properties has broken ground on InverPoint 2, a 96,000-square-foot speculative industrial building in the Twin Cities suburb of Inver Grove Heights. The property will be situated at 8450 Courthouse Blvd. within the InverPoint Business Park. Completion is slated for late 2022. InverPoint 2 will feature a clear height of 28 feet, 12 dock doors, four drive-in doors, 108 surface parking stalls and five entrances. The facility will be able to accommodate tenants ranging in size from 16,000 to 96,000 square feet. InverPoint Business Park will include five buildings spanning 475,000 square feet upon full buildout.
CAMBRIDGE, MASS. — A partnership between Boston-based developer Anchor Line Partners and international asset management firm Northwood Investors has topped out 60 First Street, a 215,000-square-foot life sciences project located across the Charles River from Boston in Cambridge. The five-story property, which is a redevelopment of the former Sears building, includes ground-floor retail space and has been fully preleased. Biotech startup Prime Medicine has committed to 148,000 square feet across three floors, and RNA editing company Korro Bio has leased 50,000 square feet across two floors. Full completion of the project is slated for early 2023.
GARDENA, CALIF. — Cityview has broken ground on South Bay X, a multifamily project in Gardena that will feature 265 workforce housing units. Residences will be available in a mix of studio, one- and two-bedroom floor plans ranging in size from 510 to 1,197 square feet. Located at 12850 Crenshaw Blvd., the transit-oriented property offers access to Interstate 105, the LA Metro Green Line and Los Angeles International Airport. South Bay X is slated for completion in early 2025. The project is expected to create upwards of 1,000 jobs during its development.
CHATTANOOGA, TENN. — Los Angeles-based Haven Realty Capital, in a joint venture with funds managed by New York City-based Yieldstreet, has closed on the first phase of a $28.6 million acquisition of Hartman Hill, a 71-home build-to-rent (BTR) residential community in Chattanooga. The Haven-led joint venture will close on the remaining homes in phases over the next seven months. Hartman Hill is being developed on a 26-acre site at 5005 Dayton Blvd. in the Red Bank neighborhood, approximately eight miles north of downtown Chattanooga. At full buildout, the property will offer three- and four-bedroom homes ranging in size from 1,538 to 2,515 square feet. Each of the two-story homes will offer custom cabinetry with soft-close drawers, quartz countertops, tile backsplashes, stainless steel appliances, private backyards and direct access garages. Common area amenities will include a sports court, bark park and a pet washing station. The new ownership will maintain the landscaping for all homes and common areas.
BOSTON — The Wentworth Institute of Technology, a private university founded in Boston in 1904, will open a 640,000-square-foot life sciences facility at 500 Huntington Ave. in the city’s Longwood Medical District. Wentworth has selected a joint venture between The Fallon Co., Owens Cos. and Waldwin Development Co. to develop the property. The project is expected to create about 1,900 construction jobs and 1,500 full-time jobs upon completion. A construction timeline for the development, which will include retail and restaurant space, has not yet been finalized.
AUSTIN, TEXAS — General contractor McCarthy Building Cos. has topped out the new 365,000-square-foot Texas Children’s Hospital in Austin, construction of which began last summer. The 52-bed facility will provide a range of services for women and children, including neonatal intensive care, pediatric intensive care, postpartum care, diagnostic imaging, acute care and urgent care. The hospital will also have an adjacent, 170,000-square-foot outpatient building that will house specialty care providers and a 1,200-space parking garage. Full completion is slated for 2024.
WEST CHICAGO, ILL. — Stonemont Financial Group and developer Stotan Industrial are building a 258,720-square-foot speculative industrial project in West Chicago. Completion of the Class A development is slated for February 2023. Named DuPage Crossings, the facility will feature a clear height of 36 feet, 32 exterior docks, 45 trailer stalls and 219 parking spaces. The 17-acre project will be situated within the Fox Valley submarket and offer immediate access to I-88.
ANTIOCH, TENN. — Legacy South, with the assistance of its capital advisor Patterson Real Estate Advisory Group, closed on equity and debt construction financing for The Rowan, an 80-unit rental townhome community in the south Nashville suburb of Antioch. Patterson arranged an undisclosed amount of joint venture equity financing with TriGate Capital and debt financing through Hancock Whitney. Upon completion, The Rowan will be spread across 16 different buildings with an average unit size of 1,575 square feet, and each unit will contain three bedrooms and three-and-a-half bathrooms. Situated near I-24, I-40, I-65 and Route 254, the property offers easy access to Nashville’s primary job centers, including Nashville International Airport and downtown Nashville.
JACKSON, GA. — Procter & Gamble (P&G), a consumer goods manufacturer and distributor based in Cincinnati, plans to invest $205 million for a new automated distribution facility in Jackson. The 1 million-square-foot property will be located at 950 Logistics Parkway in Butts County, about 50 miles south of Atlanta near I-75. The global firm partnered with the Georgia Department of Economic Development’s Global Commerce team, Development Authority of Butts County, Metro Atlanta Chamber, Georgia Ports Authority and Georgia Power on the project, which is expected to bring 350 new jobs to the trade area. The developer and a construction timeline were not disclosed. P&G’s brands include Crest, Pampers, Tide, Bounty, Charmin, Always, Gillette, Old Spice, Pantene, Head & Shoulders, Cascade, Dawn, Febreeze, Mr. Clean and Swiffer, among others. In addition to the new Jackson facility, P&G operates a manufacturing facility in Albany, Ga., and a distribution center in metro Atlanta.