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In The Pipeline: CoStar Development & Construction News for July 14 - 20

News and Notes on Trends, New Projects and Construction In the Commercial Real Estate Development Pipeline Around the U.S.
July 16, 2013

Amazon Adds Another 613,000 SF of Office In Seattle's South Lake Union

Vulcan Real Estate confirmed that will occupy two more buildings totaling 613,000 square feet to be developed by Vulcan in South Lake Union.

The new space brings Amazon's occupancy of owned and leased space in downtown Seattle to well over 6 million square feet. The company's workforce is growing explosively, reported at over 91,000 in the first quarter.

The latest expansion of the campus, called Phases VII and VIII, will be 12 stories each. Construction of the buildings on 9th Street at Harrison and Republican streets will begin early next year.

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.

Vulcan developed the first five phases of the headquarters campus totaling 11 buildings, selling them to Amazon in December 2012 for more than $1.15 billion. The headquarters has 1.8 million square feet, with Amazon occupying all but 100,000 square feet of retail space leased to various restaurants, banks branches, coffee shops, a medical clinic and Bartell pharmacy.

Phase VI at 500 Ninth Ave. N. and 515 Westlake is under construction by Vulcan for Amazon, with a total of 392,000 square feet, including 14,700 square feet of retail.

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Sares-Regis Plans Logistics Center in Moreno Valley

Irvine, CA-based Sares-Regis Group (SRG) announced plans to develop up to 1.6 million square feet of distribution space on 72 acres in Moreno Valley, CA, in the Inland Empire market.

The property is on Grove View Road off Perris Boulevard near the Harley Knox Boulevard exit from Interstate 215. The property is near March Air Reserve Base and other regional distribution centers for brands and retailers that include Whirlpool, Hanesbrands Inc., Home Depot, Lowe's and Ross.

Sares-Regis is developing plans and engineering with the goal of moving ahead with construction in first-quarter 2014, with completions by the end of next year, said Larry Lukanish, senior vice president in SRG's Commercial Investment Division.

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Penn National In Talks For $200M Slots Parlor

Penn National Gaming, Inc. (Nasdaq: PENN) and the Town of Tewksbury, MA, are in discussions regarding development of a slots-only casino.

The $200 million project would be located on 30 acres at 300 Ames Pond Drive near Interstate 495 and State Route 133. Penn National is pitching a Hollywood casino brand facility with multiple dining options and other amenities.

The economic benefits to Tewksbury from a project of this size and scale would be substantial, said Scott Wilson, chairman of the Tewksbury Board of Selectmen.

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Skanska to Build Office Tower in Newark

Sweden-based Skanska has signed a contract with Prudential Financial Inc. valued at $117 million build an office tower in Newark, NJ.

The 20-story building, with a total area of about 732,000 square feet, will have an adjoining parking garage and retail space on the ground level. The project aims to achieve LEED Gold certification.

Construction has begun on a site bordered by Halsey, West Park and Broad streets, and is expected to be completed in March 2015.

Behringer, Wood Team Up for 392-Unit Apt. Project

Behringer Harvard and Wood Partners have begun construction of a multifamily project on a 2.4-acre infill site in Cambridge, MA.

Completion is slated for first-quarter 2015. Behringer Harvard Multifamily REIT I, Inc. provided equity capital for development of the 392-unit project tentatively called 22 Water Street. Affiliates of Atlanta-based Wood Partners are developing and building the project.

The 15-story is near the proposed site of Massachusetts Bay Transportation Authority's relocated Lechmere Station. The site is also near NorthPoint, a 45-acre, master-planned neighborhood in development. That project is expected to provide 5.2 million square feet of mixed-use space.

Behringer Harvard Multifamily REIT I, Inc. is invested in 51 multifamily communities in 14 states comprising 14,048 apartments.

Follow Randyl Drummer on Twitter for CRE news updates.

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