New & Noteworthy
By: Julie D. Stern, managing editor, Development
9 million sq. ft.
Port Logistics Realty has begun construction on phase 1 of Southport Logistics Park, a $500 million, multiphase industrial project that is one of the largest currently under development in the U.S. Located approximately 10 miles south of downtown Dallas, directly across Interstate 45 from Union Pacific’s Dallas Intermodal Terminal, the park is being designed to accommodate some of the world’s largest distribution and fulfillment center users. Phase 1 will feature $22 million worth of infrastructure, including a 2.5-mile interior road system, subsurface utilities and a self-contained water distribution system, as well as five buildings totaling more than 3.8 million square feet. The first two speculative structures are scheduled for completion in the third quarter of 2016.
686,000 sq. ft.
Ridge Development, the industrial development arm of Transwestern Development Corp., is constructing two buildings in RidgePort Logistics Center in Wilmington, Illinois, for the new headquarters of Consolidated Distribution Corp. The food service supply chain logistics company is consolidating five distribution locations into a rail-served, 111,000-square-foot freezer build-to-suit structure and 287,000 square feet of a 575-000-square-foot multitenant ambient distribution facility. The second building, which features a 40-foot clear height ceiling, could be expanded to more than 1 million square feet. Both buildings are slated for delivery in October 2015.
380,000 sq. ft.
GWL Realty Advisors expects to begin construction of Vancouver Centre II in 2017, pending final approvals and a prelease agreement. The 32-story Class A office tower will integrate with the existing Vancouver Centre complex in the heart of downtown Vancouver and will provide direct, enclosed access to two light-rail transit lines. Designed by MCM Partnership to LEED Gold standards, it will feature sustainable office space while maximizing dramatic sea and mountain views.
246,000 sq. ft.
Flagler Global Logistics broke ground in late July on Port Canaveral’s first multimodal inland port facility at the Titusville Logistics Center, adjacent to Space Coast Regional Airport, in Brevard County, Florida. The Canaveral Port Authority, which signed a build-to-suit lease agreement in 2014, will be the project’s first major tenant. The 246,000-square-foot facility is scheduled to be completed in early 2016. At buildout, the rail-served center will feature up to 2.9 million square feet of warehouse and distribution space.
243,000 sq. ft.
Dominion Realty Partners’ Charter Square represents the latest addition to downtown Raleigh, North Carolina’s growing technology hub. The 11-story glass and steel tower is striving to become downtown Raleigh’s first LEED Platinum-certified building. Begun as a 100 percent speculative project in spring 2014, it opened on June 17, 2015, with nine tenants and 56 percent of its 243,000 square feet leased. Located adjacent to the Duke Energy Performing Arts Center and Raleigh Convention Center, the building offers tenants an outdoor plaza, card access control systems and underground parking.
240,000 sq. ft.
Hines has begun construction on the infrastructure at Chandler Viridian and is moving forward with the design of the mixed-use project’s first structure, a six-story Class A office building. Located about 20 miles southeast of Phoenix in Chandler, Arizona, the project will also include a central plaza, a luxury multifamily complex, a hotel and retail space, along with a pedestrian promenade to the nearby Chandler Fashion Center. Phase I infrastructure is expected to be complete by the end of 2015. The office building, which will feature 41,000-square-foot floor plates, is being preleased for delivery in early 2017.
96,000 sq. ft.
The Opus Group began construction on a speculative flex facility in Plymouth, Minnesota, about 15 miles northwest of downtown Minneapolis on July 8. The building, which has been designed for multitenant occupancy, will feature a 24-foot clear height ceiling, early suppression fast response (ESFR) sprinkler systems, five loading docks and parking for 204 cars. It could be adapted to accommodate users desiring a higher percentage of office space, and will feature high-end exterior finishes that will complement other structures in the existing Plymouth Business Center. Opus expects the building to be ready for occupancy by January 2016.
14,490 sq. ft.
Vision Real Estate Partners and Rubenstein Partners have transformed a former power plant at The Crossings at Jefferson Park into a stand-alone community amenity center known as “The Axis” for the Whippany, New Jersey, suburban office property. The project represents the final phase of a multimillion-dollar revitalization and rebranding effort at the three-building, 525,000-square-foot Class A corporate campus, which originally housed a highly sensitive ITT division and later served as a data center for Bear Stearns. The repurposed structure will feature a “town hall” environment with a business lounge, a cafe/coffee bar, outdoor patio seating, an almost 6,000-square-foot fitness center and WiFi throughout, creating a distinctive “work, play” environment for tenants.
Selected For You
Is the cap rate to U.S. Treasury comparison an “apples-to-oranges” assessment?
Looking for an investment partner, an interior designer, a contractor or a great location for your next development project? The NAIOP guide in this issue lists dozens of firms throughout the Southwest.