HSA Commercial CEO Bob Smietana highlights the rapid pace of development and leasing activity across all property types in the firm’s recently published YouTube video.
“2016 was actually one of the best years that we’ve had since the recession,” the leader of the Chicago-headquartered developer. “We have about $200 million dollars in projects under development right now–retail projects, industrial projects, and healthcare projects–so, we are really looking forward to 2017 as even a better year than 2016.”
With regard to industrial development, HSA Commercial currently has six active projects in six states totaling approximately $150 million, including a 650,000-sq. ft. speculative industrial building in suburban Nashville, TN, which is the firm’s largest distribution center project since 2008. HSA is also constructing a 150,000-sq. ft. warehouse building at the Gateway Industrial Park in Plainfield, IN – the fifth and final building in the 40-acre business park that the company began working on over 10 years ago.
In terms of retail development, Smietana says, “Everything is all about The Mayfair Collection.” HSA Commercial adaptively reused obsolete warehouse buildings to create the 400,000-sq. ft. shopping center in Wauwatosa, WI, that is now anchored by Nordstrom Rack, Saks Off 5TH, Dick’s Sporting Goods and more. Last year, Whole Foods Market and HomeGoods opened in the project’s second phase.
In the video, Smietana discusses the addition of new restaurant offerings and a 140-room Hilton Homewood Suites in 2017: “We will be starting our 1,000-unit apartment project (at The Mayfair Collection) partnering with Fiduciary Real Estate Development adding to the mixed-use quality of this project, which will be retail, hotel, restaurant, and residential.”
Meanwhile, HSA PrimeCare, the healthcare division of HSA Commercial Real Estate, has started construction on a 109,000-square-foot multi-speciality medical center in Oak Creek, WI, in partnership with Froedtert & The Medical College of Wisconsin.
“The project will have a state-of-the-art ambulatory care center, cancer center, and diagnostics and really provide top-notch healthcare to the southeastern Wisconsin healthcare market, and we’re looking forward to opening it up at the end of 2017,” Smietana says.
With the formation of the firm’s $200 million joint equity fund with USAA, Smietana says HSA PrimeCare is looking forward to deploying that capital in exciting development and investment projects in 2017.