In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project ? and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.
AIA: Outlook Improves For Commercial Construction
A sharp spike in demand for industrial facilities so far this year, along with ongoing demand for hotels and retail projects, has prompted the American Institute of Architects (AIA) to raise its outlook for construction spending growth in 2012.
The AIA now projects a 4.4% rise in spending this year for all nonresidential construction projects, up from a 2.1% projected increase in the trade group?s January Consensus Construction Forecast. The semi-annual forecast, a survey of the nation?s leading construction forecasters, also projects a 6.2% increase in spending in 2013.
Growth in commercial construction, including industrial facilities and warehouses, hotels, retail and office buildings are expected to rise 5.7% this year and move into double-digit gains next year at 10.2%, according to the AIA.
However, institutional construction such as health care facilities, education, amusement and recreation, and public safety facilities is expected to rise just 0.7% this year and 3% in 2013.
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Developers Announce Warehouse Project in Houston
The first of three buildings that will comprise Rampart Corporate Center, a 40-acre master-planned industrial park at West Little York Road and Holliston Road, is scheduled for delivery in October.
Weeks Robinson Properties, an Atlanta-based real estate investment and development company, and Houston-based Avera Companies, announced the venture for the three buildings totaling 562,000 square feet in Houston?s Northwest Industrial submarket.
Restoration Hardware has preleased 70,500 square feet of the 131,000-square-foot rear-load building under construction. The second building will be a 300,000-square-foot cross-dock facility and the third will be a 132,000-square-foot front-load facility. Site work and infrastructure for these two buildings are underway.
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Sale Clears Way For Redevelopment of Northwest Plaza
An entity of Raven Development has closed on the acquisition of the 1.83 million-square-foot Northwest Plaza in St. Ann, MO, allowing an extensive redevelopment of the 122-acre site to move forward.
Built as an open-air shopping mall in 1966 before being enclosed in the 1980, the property at St. Charles Rock Road and Lindbergh Boulevard was once the largest shopping center in the world. However, the mall had declined in recent years as its anchors departed, and Northwest Plaza was shuttered in 2011, according to NAI DESCO, which negotiated the sale.
Northwest Plaza, LLC, an entity of Raven Development LLC, purchased the development from St. Ann Shopping Center, LLC, owned by Wells Fargo Bank, which acquired the property in foreclosure.
A reported $106 million redevelopment plan includes space for several big box and junior anchor users as well as multiple out parcels, according to NAI DESCO, which will continue to market the property.
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Huntington Beach Mixed-Use Site Sold for $10.25M
Elan Huntington Beach, LLC, has acquired more than 2.7 acres in Huntington Beach, CA, from Los Angeles-based Main Beach, LLC, for development of a multifamily mixed-use project.
Albert Shilton and Blake Rogers of Charles Dunn Co. represented the buyer and seller in the $10.25 million sale of the land at 18502-18510 Beach Blvd., at the southeast corner of Beach and Ellis.
The property, located within the Town Center Neighborhood corridor, has a retail strip center and gas station on a ground lease on the lot.
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EdR Announces Co-Investment In Penn State Housing
Memphis, TN-based college housing developer EdR announced a $3 million mezzanine investment and a purchase option agreement with Landmark Properties for a 587-bed student housing development to be built 1.2 miles from the Pennsylvania State University (Penn State) campus.
The Retreat at State College gives Landmark more than 4,000 beds now under construction and is Landmark?s second delivery planned for 2013 with EdR. Landmark, in a joint venture with Harrison Street Real Estate Capital, will be providing all the equity for the project.
?This option agreement is consistent with our strategy to acquire high-quality assets close to top-tier universities with growing enrollments,? said Randy Churchey, president and chief executive officer of EdR.
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Duke Breaks Ground on Yusen Logistics Warehouse
Duke Realty Corp?s Chicago office has started construction of a 229,841-square-foot distribution facility for Yusen Logistics (Americas) Inc. in Elk Grove Village, IL, west of O?Hare International Airport.
The precast concrete facility on a 10-acre site on Busse Road is scheduled for delivery in April 2013. Yusen?s new facility will feature a 30-foot clear height and include 28,000 square feet of office space.
John Suerth with CBRE represented Yusen Logistics, while David Bercu with Colliers represented Duke Realty in the transaction.
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Walgreens to Expand, Renovate Corporate Offices
Leading nation drug store chain Walgreens will invest $75 million over the next three years to expand and renovate more than two dozen corporate offices spread throughout the Chicago metropolitan area, Gov. Pat Quinn and Walgreens announced.
The chain?s corporate workforce is housed in 27 different office buildings in Deerfield, Northbrook, Buffalo Grove, Lincolnshire, Bannockburn, Mt. Prospect, Northlake and Chicago. The investment will be used to retrofit disparate offices and make it easier for workers to travel between buildings.
Walgreens, which currently employs 5,000 workers at its Deerfield, IL, headquarters and surrounding offices, would also create 500 jobs as a result of the Invest Illinois Initiative. Under the terms of the agreement, Walgreens will also be eligible for tax credits tied to retaining 1,500 existing jobs. The Illinois Department of Commerce and Economic Opportunity (DCEO) will administer the tax credits.
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