FORT PIERCE, FLA. — Atlanta-based Stonemont Financial Group has broken ground on South Florida Logistics Center 95, a two-building, 1.3-million-square-foot speculative industrial development in Fort Pierce. Construction is slated to be complete by the fourth quarter. South Florida Logistics Center 95 is a Class A development that will include one cross-dock facility totaling 1.1 million square feet with a 40-foot clear heights, along with a rear-load facility totaling 202,400 square feet with 32-foot clear heights. Located at the intersection of South Kings Highway and Orange Avenue, the project is situated adjacent to Interstate 95. The site and buildings are being developed for possible future e-commerce and third-party logistics tenants. JLL is overseeing leasing for the project, which will have spaces ranging from 50,000 to 1.1 million square feet available for lease. The project marks Stonemont’s first venture in the South Florida region, with the firm already active in Jacksonville, Orlando, Lakeland and Tampa. The firm currently has nearly 4 million square feet of new industrial space under construction across Florida.
CHARLOTTE, N.C. — Rosemont, Ill.-based McShane Construction Co. has plans to build a 397-unit apartment community in Charlotte’s University submarket. Dynamik Design is the project’s architect, and Flournoy Development Group is the developer. The project is slated for completion by January 2024. The project’s name was not disclosed. The multifamily development will include five apartment buildings and 10 townhome-style buildings. Unit features will include vinyl plank flooring, quartz countertops and black fixtures and hardware. Additionally, 10 of the units will include a downstairs workspace for tenants to use as an office or small storefront. Community amenities will include a clubroom, fitness center, yoga studio, coworking lounge, hobby room, bike storage, kitchen, heated pool, courtyard, green space and a market. Located on 24.6 acres at 930 W. Mallard Creek Church Road, the project is situated within two miles from the University of North Carolina at Charlotte and 5.8 miles from Charlotte Motor Speedway.
AURORA, COLO. — Hilco Real Estate has arranged the acquisition of approximately 134 acres of vacant development land located at the southeast corner of East 64th Avenue and Piccadilly Road in Aurora. Hilltop at DIA purchased the property, which is just south of Denver International Airport, for $18.1 million. The asset was acquired through a bankruptcy sale. Hilltop at DIA plans to develop a master-planned community, dubbed Avelon, on the site. The community would include hospitality, residential and commercial space, as well as single-family residences and greenspace.
JERSEY CITY, N.J. — Cleveland-based developer The NRP Group has opened The Sawyer, a 131-unit apartment complex in Jersey City. Units come in studio, one- and two-bedroom formats. Amenities include a fitness center, rooftop terrace, a children’s playroom, outdoor grilling and dining areas and a pet spa. NRP Group developed the project in partnership with Hoboken Brownstone Co. Monthly rents start at approximately $2,150 for a studio unit.
MCCOOK, ILL. — Bridge Industrial has acquired 87 acres in McCook that was previously home to Caterpillar manufacturer Progress Rail. Bridge plans to build two industrial buildings totaling nearly 1.2 million square feet on the site. Progress Rail downsized its footprint and will continue to operate on the remainder of the area not sold to Bridge. Demolition of existing structures is scheduled to begin this month. Completion of the project is slated for mid-2023. The larger building, totaling 999,126 square feet, will feature 201 exterior docks, four drive-in doors, 211 trailer positions, 508 car parking spaces and a clear height of 40 feet. The smaller facility, totaling 189,953 square feet, will feature 43 docks, two drive-in doors, 48 trailer positions, 222 car parking spaces and a clear height of 36 feet.
DUNCAN, S.C. — Rockefeller Group has plans to develop Duncan Logistics Center, three industrial warehouses totaling 827,000 square feet in Duncan, about 19.4 miles north of Greenville. The firm purchased 98 acres for the industrial park, which is the company’s first project in the Greenville-Spartanburg metro area. The seller and sales price for the land were not disclosed. Duncan Logistics Center will feature Building One, a 431,000-square-foot cross-dock building, and Building Two, a 142,000-square-foot rear-load building. Construction on the first two buildings will be completed in the fourth quarter. Additionally, a build-to-suit pad will be available to accommodate a 254,000-square-foot rear-load building. Duncan Logistics Center is located off Highway 290 between Greenville and Spartanburg along Interstate 85. Building One will feature 36-foot clear heights, 54- by 50-foot column spacing and up to 233 parking spaces and 144 trailer spaces. Building Two will feature 32-foot clear heights, 52- by 50-foot column spacing and up to 140 parking spaces and 44 trailer spaces. Campbell Lewis and Nick Hollstegge of CBRE are the exclusive leasing agents for Duncan Logistics Center. Harper General Contractors, in conjunction with MCA Architects, is providing design-build services. SeamonWhiteside is the project’s civil engineer.
BLOOMINGTON, IND. — The Annex Group has closed on funding and started construction of The Annex of Bloomington, a $23 million workforce housing community in Bloomington. The 102-unit, two-building property will be situated within an area called the University Village Downtown Character Overlay District. Completion is slated for spring 2023. The project team includes general contractor Gilliatte General Contractors Inc., architect KTGY and engineer Smith Design Group Inc. Star Financial Bank provided $18.1 million in funding. Bloomington has a high population of renters, and the student population of Indiana University puts a strain on the market, according to Kyle Bach, CEO of Annex. Bach says this new project is in response to the need for housing in the area. A percentage of the units are restricted for residents earning below 120 percent of the area median income.
DALLAS — Los Angeles-based Banyan Residential, in partnership with Bridge Investment Group, has broken ground on Banyan Flats, a 289-unit multifamily project that will be located at 2022 N. Beckley Ave., just west of downtown Dallas. Floor plans will feature micro, studio, one-, two- and three-bedroom units ranging in size from 415 to 1,425 square feet. Amenities will include a pool, fitness center, clubhouse, dog wash and a rooftop deck. JHP Architecture is designing the project. J.P. Morgan provided construction financing for the project, which is slated for a 2023 completion.
HEMET, CALIF. — Progressive Real Estate Partners has negotiated the sale of a 3.3-acre commercial land parcel in Hemet. Sater Hemer LLC acquired the property from an undisclosed seller for $1.7 million. The buyer plans to develop a gas station, car wash and drive-thru restaurant on the site, which is located at the northeast corner of Florida and Soboba avenues. Neither a timeline nor specific plans have been released yet. Chris Lindholm of Progressive Real Estate Partners represented both parties in the transaction.
HEMPSTEAD, N.Y. — Charlotte, N.C.-based Grubb Properties, in partnership with First Street Capital, will develop a 173-unit multifamily project within a Qualified Opportunity Zone in the Long Island community of Hempstead. Grubb Properties will operate the community, which will include 2,500 square feet of commercial space, under its Link brand. About 10 percent (17) of the units will be designated as affordable housing. Construction is scheduled to begin in the third quarter, and initial occupancy is slated for the third quarter of 2024. Grubb Properties is also underway on Link-branded projects in Manhattan’s Financial District and in the Long Island City area of Queens.