RICHARDSON, TEXAS — Mycon General Contractors has been awarded the preconstruction and general contracting rights to build a $6.3 million addition to Woodcreek Church, a 27.1-acre property located at 3400 E. Renner Road in the north Dallas suburb of Richardson. The expansion will comprise 28,654 square feet and will be used for educational purposes. Completion is scheduled for fall 2017.
TIOGA, TEXAS — Younger Partners has arranged the sale of a 200-acre parcel on McKnight Road near U.S. Highway 377 in Tioga, a city about 50 miles south of the Oklahoma border. The site lies across the street from where ground has been broken for the new Tioga High School. Ben McCutchin of Younger Partners represented the seller, Grass Roots Investments of Granbury, and the buyer, a private investor, in the sale-leaseback transaction.
CHARLOTTE, N.C. — Development-Management Inc. (DMI) plans to develop a new two-story, 120,000-square-foot self storage facility at 536 W. Tremont Ave. in Charlotte’s South End. Situated on 3.5 acres between South Tryon Street and Toomey Avenue, the property will feature 98,000 square feet of rentable storage space, a wine cellar and exterior units that will be accessible by car. DMI purchased the site in a bankruptcy sale for $1.5 million. The developer expects to deliver the new property..
DETROIT — The QLine, Detroit’s new streetcar system, will celebrate its grand opening on Friday, May 12 with a special event at the Penske Technical Center. The celebration will begin with a morning press conference featuring elected officials and dignitaries, and will be followed by an inaugural first ride down Woodward Avenue. The QLine will open to the public on Friday evening. Construction on the line began in July 2014. The QLine made its first test run on Woodward Avenue in December..
GRAND RAPIDS, MICH. — Wolverine Building Group has partnered with Covenant House Michigan-Grand Rapids to build a homeless, runaway and at-risk youth home in downtown Grand Rapids. The 15,470-square-foot building will be located at 50 Antoine St. Southwest. The new youth home will be constructed adjacent to Covenant House Academy, a high school for at-risk students. The three-story building will include a multi-purpose room and office space on the first floor. The second and third floors..
DETROIT — The Detroit Pistons and Henry Ford Health System have unveiled plans to build a training, rehabilitation and sports medicine complex in the New Center area of Detroit. The Henry Ford-Detroit Pistons Performance Center will house a new training facility and corporate headquarters for the NBA franchise; include a comprehensive sports medicine, treatment and rehabilitation facility managed by the health system; and incorporate public spaces available for community relations activation,..
DETROIT — The Detroit Lions have unveiled plans for the Ford Family to invest approximately $100 million into Ford Field for new video boards and several other renovations to be completed in time for the 2017 season. Upgrades will be made to the sound system, The Corner Lounge, stadium suites and premium club areas. In each end zone, the Daktronics main video displays will be more than twice the size of the current displays and measure 39.5 feet high by 152 feet wide. Four additional..
NEW YORK AND TOKYO — SoftBank Group Corp., a Tokyo-based tech conglomerate, has entered into a definitive merger agreement under which the company will acquire equity firm Fortress Investment Group LLC (NYSE: FIG) for approximately $3.3 billion in cash. Founded in 1998, Fortress has 1,100 employees and $70.1 billion in assets under management as of Sept. 30, 2016. Private equity funds and permanent capital vehicles, including commercial real estate, comprise about 65 percent of the..
As commercial property owners renew their insurance programs in 2017, they’ll be pleasantly surprised to see their property premiums continue to decrease. Those owners can thank favorable meteorological and financial conditions for their good fortune. Florida hasn’t been hit by a major hurricane in more than a decade. Hurricane Matthew skirted much of Florida’s coast, ultimately wreaking damage and disruption in Jacksonville, but overall, had a relatively small impact on the state and..
ATLANTA — Avison Young has acquired Rich Real Estate Services Inc., an Atlanta-based real estate brokerage firm. Established in 2001, Rich Real Estate Services specializes in third-party, landlord representation advisory services and provides brokerage and consulting services covering commercial and residential properties throughout the U.S. The company has represented more than 12 million square feet of commercial space over the past 15 years. Rich Real Estate Services now operates as Avison..