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In The Pipeline: CoStar Development & Construction News for Feb. 3 - 9

News and Notes on Trends, New Projects and Construction In the Commercial Real Estate Development Pipeline Around the U.S.
February 4, 2013
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.

La-Z-Boy, IHM Complete Land Purchase For HQ

La-Z-Boy Inc. has finalized the purchase a block of land from the Monroe, MI-based Sisters, Servants of the Immaculate Heart of Mary (IHM) order which will be used to build a new World Headquarters for the furniture maker.

Mary Jane Herb, IHM president, and Kurt Darrow, La-Z-Boy chairman, president, and CEO, signed the closing documents for the sale of 120 acres of IHM property to La-Z-Boy.

The land purchase completion, combined with the finalization in December of a combination of Michigan state, county and local tax breaks and grants to support the project, paves the way for La-Z-Boy to begin the final design of the building and site.

The company is moving ahead with final design has a goal of breaking ground and beginning construction in the spring with the expectation of moving into the new headquarters in late 2014 or the first half of 2015.

The preliminary plan includes a LEED certified headquarters building nestled into a parcel of land across from an oak savannah.

Opus Completes New HQ for Dwight & Church

The Opus Group has completed construction on a new 250,000-square-foot corporate headquarters for Church & Dwight Co., Inc., near Princeton, N.J.

The headquarters includes two 125,000-square-foot energy-efficient office buildings that are connected. The campus centralizes employees who were previously housed in four separate locations.

"Applying Opus’ design-build approach, we designed and constructed an office complex reflecting Church & Dwight’s primary goal to create a workspace that fosters collaboration while offering employees key amenities like an outdoor dining patio and state-of-the-art conference rooms," said Dave Menke, senior vice president and general manager of Opus Development Company, L.L.C.

Founded in 1846, Church & Dwight Co., Inc. manufactures and markets a wide range of personal care, household and specialty products, under the Arm & Hammer brand name and other trademarks.

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United Illuminating Complete 56-Acre New Haven Campus

United Illuminating (UI) Co. of Connecticut, a New Haven-based regional electric distribution company recently completed the $120 million construction of two new buildings on UI’s campus on Marsh Hill Road in New Haven, CT.

Hartford-based Diversified Project Management (DPM), which provides construction and relocation services, served as the site manager for the development of the electric firm's new 56-acre corporate headquarters campus.

The project consists of 376,419 square feet of LEED Silver-certified office, warehouse and operations space, including a 159,000-square-foot operations center and 131,000 square-foot office complex, as well as a two-story parking structure.

The facility currently houses close to 850 employees and is designed to accommodate expansion to over 1,200.

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Joint Retail Development Planned At Brickell CityCentre

Swire Properties and Bal Harbour Shops announced they have agreed to form an equity partnership to develop the retail portion of Brickell CityCentre in downtown Miami.

The 2.9 million-square-foot Brickell CityCentre will include a high-end 500,000-square-foot shopping center to open along with condominiums, hotel and other elements of the project in the third quarter of 2015.

Under the pact, Miami-based Swire Properties will remain the primary developer of the mixed-use project while Bal Harbour will contribute equity and its brand recognition and luxury retail expertise as co-developer of the retail component.

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Oceana Residential Development Nears Build Out

Muss Development LLC has started construction of the 16th and final building at Oceana Condominium and Club in the Brighton Beach neighborhood of Brooklyn.

More than half of the 59 luxury units at 50 Oceana Drive West have sold, with six of the seven penthouse apartments are already spoken for and all one-bedroom units sold out.

The building will also contain over 15,000 square feet of medical space, over 9,000 square feet of retail, and parking for more than 50 cars. Construction is expected to be completed by the spring of 2014.

Prices at the LEED-designed new tower range from $740,000 to $1.7 million. Project architects for Oceana are SLCE Architects and Moss Gilday Group.

Construction Complete on Rubbermaid's Industrial Expansion

By Justin Sumner

Stirling Capital Investments has completed construction of a 176,800-square-foot facility expansion at Newell Rubbermaid's industrial building located at the Southern California Logistics Centre (SCLC), a 2,500-acre industrial park located in Victorville, CA.

The facility enhancement was completed to accommodate the growing distribution needs of Rubbermaid, a national Fortune 500 corporation and tenant at SCLC since 2007.

The firm recently completed a 10-year lease extension. The newly enhanced facility at 17182 Nevada Ave. was expanded from 407,612 to 584,412 square feet, and is expected to bring an additional 65 jobs to the City of Victorville. Rubbermaid has immediately taken occupancy of the new space.

"This is a win for our city and is indicative of the continued benefits of our long term public/private partnership with Stirling Capital Investments and the economic drivers we have been able to establish," said Victorville Mayor Jim Cox. "Our partnership in the development of SCLA has resulted in key economic benefits for the City and its residents and businesses."

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Altman To Build a 321-Unit Apt Project In Kendall

The Altman Companies, a Boca Raton, FL-based builder, announced they have closed on 24.6 acres in Kendall Square at West Kendall Drive in Miami-Dade County for construction of Altis At Kendall Square, a 321-unit apartment project.

Construction is scheduled to start immediately with the first units to be delivered in the fourth quarter of 2013. Lenders for the development are TD Bank and Behringer Harvard. Bradley Associates and BBX Capital are the equity partners.

The mix of one, two and three-bedroom apartments will include 6,000 square feet of retail and a 5,000-square-foot clubhouse.

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