Deals of the Year :: Development
$104M, 680,000-SF Retail Complex
Expected to Generate 2,000 Jobs
This July, Plymouth Meeting, PA-based Tristate Ventures LP
and Cedar Shopping Centers will debut Upland Square, a
680,000-square-foot power center in Pottstown, PA. Target,
Giant Foods, Best Buy, Staples, LA Fitness, TJX, Petco, Bed,
Bath & Beyond and other national retailers are scheduled
to anchor the $104-million center, which broke ground last
March. Developers note that despite the unsettled economic
climate, construction on the center is progressing smoothly.
Based on projections from the retailers committed to the
project, developers estimate that aggregate sales from the
center should exceed $225 million within one year after
opening. Situated on 106 acres, the development will
include about $6 million in infrastructure improvements
along Route 100 to widen the roadway to ease congestion.
The shopping center will also add roughly 2,000 permanent
and temporary jobs to the area. A&W Construction is the
lead construction manager for the development and Nave
Newell is heading up the engineering. Fameco Real Estate
will be the exclusive leasing agent for the center as well as
the property manager.
Finds New Market
Northern Builders started
work last July on the new
headquarters for Central
Grocers Inc. Located within
the developer’s Cherry Hill
business park in Joliet, IL,
the build-to-suit project
includes about 45,000
square feet of office space,
340,000 square feet of freezer cooler space and 550,000
square feet of ambient warehouse space. According to the
developers, one could lay the entire Sears Tower down inside
the building and still have 200 square feet remaining. Grubb
& Ellis Co.’s Matt Mulvihill, Jack Cozzie and Randy Koch
helped the tenant buy the land and finished product in a
$75-million transaction. Elizabeth Forstneger from Grubb’s
Strategic Consulting Group helped Central Grocers secure
$3.8 million in corporate tax credits and an $87,500 job-training grant. The grocery wholesaler created 125 new job
opportunities and retained 350 workers.
A former rail yard in Chicago began its $150-million transformation in October, when Holsten Real Estate
Development started work on Wilson Yard. The mixed-use project, designed by Fitzgerald Associates
Architects, features 203,055 sf of retail, 45,638 square feet of commercial space and 178 multifamily units. Completion
is slated for 2010.
With a target completion of December 2011, Parkview Regional Medical Center in Fort Wayne, IN got under
way in September. The $536-million development, designed by HKS Inc., will add 900,000 square feet to
an existing 300,000-square-foot hospital complex. Weingand Construction and Pepper Construction are the lead
Pannattoni Development Co. broke ground in May on Aviator Business Park, a 2.6-million-square-foot
warehouse, distribution and light industrial park in Hazelwood, MO. Built on the site of a former Ford Motor
assembly plant, the $300-million development has the potential to create 2,500 jobs.
The largest clinical development scheduled by the Department of Veteran’s Administration began rising in Ft.
Worth last November thanks to Duke Realty Corp. Situated on 24 acres, the $62.2-million, 213,209-square-foot
outpatient facility is slated for debut on Veteran’s Day 2010.
Groundbreaking on Fifield Realty Corp.’s Allure Waikiki in Honolulu, HI took place in January 2008.
The $265.3-million mixed-use, urban infill project features 291 condominium units and 6,500 square feet
of commercial space. The development includes infrastructure upgrades, a public park and preservation of ancient
Hawaiian grounds. The project, developed by FRC Waikiki LLC, is scheduled for completion in the first quarter of