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DevelopmentMultifamilySeniors HousingTexas

Sparrow Partners Opens 150-Unit Active Adult Community in Metro Houston

by Taylor Williams

KATY, TEXAS — Austin-based developer Sparrow Partners has opened Soléa Cinco Ranch, a 150-unit active adult community for renters 55 and older in the western Houston suburb of Katy. Located at 25500 Westheimer Parkway, the property features one- and two-bedroom apartments, and its amenities include a dog park, fitness center, game lounge, media room, coffee bar and a library. Tenant activities at Soléa Cinco Ranch include happy hours, wine tastings, cooking classes and book clubs. A grand opening event will be held on Thursday, Sept. 26.

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ArizonaDevelopmentMultifamilyWestern

Cushman & Wakefield Brokers $6.4M Sale of Multifamily Development Site in Phoenix

by Amy Works

PHOENIX — Cushman & Wakefield has arranged the sale of a 1.52-acre land site within Roosevelt Row Arts District in Phoenix. An entity formed by Phoenix-based Alliance Residential acquired the site from Edgehill Investments for $6.4 million. The buyer plans to develop Broadstone Portland on the land, which is located at the northeast corner of Third and Portland streets. The planned 161-unit multifamily asset will feature studio, one- and two-bedroom units ranging from 620 square feet to 1,600 square feet. Additionally, the five-story property will feature street-level stop entrances on the top of two levels of podium parking and an elevated amenity deck with a resort-style swimming pool and fitness facility. Construction is slated to started in fourth-quarter 2019. ORB Architects is designing the project.

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DevelopmentIllinoisMidwestOffice

Franklin Partners Opens Redeveloped Office Building in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Franklin Partners has opened The Shuman, a redeveloped 350,000-square-foot office building in Naperville. The property, located at 263 Shuman Blvd., formerly served as the headquarters for OfficeMax. Designed by Wright Heerema Architects, the multi-tenant property now includes a five-story atrium with a custom light installation. A staircase that doubles as seating space leads to the amenity floor, which includes private meeting rooms, a lounge, game room, golf simulator and fitness center. Fiona’s Fare is a dining area while Manan is an in-house coffee bar. Francis Prock and David Florent of Colliers International are marketing the property for lease. Thus far, approximately 35,000 square feet of space has been leased. Franklin Partners acquired the property in April 2018 in a joint venture with Bixby Bridge Capital.

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DevelopmentIllinoisMidwestMultifamilySeniors Housing

Senior Lifestyle Corp. Breaks Ground on 200-Unit Community Near Chicago

by Kristin Harlow

OAK BROOK, ILL. — Senior Lifestyle Corp., along with real estate investment firm Kaufman Jacobs, has broken ground on The Sheridan at Oak Brook, approximately 17 miles west of downtown Chicago. The five-story community will feature 127 independent living apartments, 59 assisted living apartments and 14 memory care residences. The 215,000-square-foot property will sit on 4.5 acres of land near shopping malls and dining options. The Sheridan at Oak Brook is the fourth joint venture development between Kaufman Jacobs and Senior Lifestyle, an owner, operator and developer. The community is scheduled for completion in early 2021.

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DevelopmentHealthcareNorth CarolinaSoutheast

Flagship Healthcare Delivers 20,995 SF Ambulatory Surgery Center in Granite Falls, North Carolina

by Alex Tostado

GRANITE FALLS, N.C. — Flagship Healthcare Properties has delivered a 20,995-square-foot ambulatory surgery center within RiverCrest Medical Park in Granite Falls. Atlantic Union Bank provided construction financing for the project, which began in July 2018. The center was built for Prime Surgical Suites, an affiliate of Caldwell UNC Healthcare. Flagship Healthcare Trust Inc., Flagship’s private REIT, owns the building. Flagship will also provide property and asset management services for the facility.

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DevelopmentHealthcareMichiganMidwest

HED Designs $9M Heart Center at Beaumont Hospital in Royal Oak, Michigan

by Kristin Harlow

ROYAL OAK, MICH. — HED has completed the design of the new Max and Debra Ernst Heart Center at Beaumont Hospital in Royal Oak, a northern suburb of Detroit. The firm led the architecture, engineering and interior design for the 14,000-square-foot, $9 million hospital addition. The project consolidates cardiac care, particularly for patients with heart failure, into a convenient and comprehensive facility. The addition is home to 12 patient care rooms, an echocardiogram room, vascular room, stress testing room and two treatment rooms. It is designed to treat 100 patient visitors per day.

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michigan-medicine-ann-arbor
DevelopmentHealthcareMichiganMidwestTop Stories

Michigan Medicine to Develop $920M Hospital in Ann Arbor

by Alex Patton

ANN ARBOR, MICH. — Michigan Medicine, a health and hospital system affiliated with the University of Michigan, has announced plans to develop a new adult hospital and surgical care facility near the university in Ann Arbor. Construction of the $920 million project will begin in October, with completion slated for fall 2024. The 690,000-square-foot facility will offer state-of-the-art neurological and neurosurgical care, as well as acute cardiovascular services. Michigan Medicine cites a high demand for acute care and more private rooms as primary reasons for the construction, as well as its current facilities frequently operating at capacity. “We are proud to be at the forefront of innovation with a new hospital that will support the extraordinary work of our faculty, nurses and other providers and our research community,” says Marschall Runge, executive vice president of medical affairs for University of Michigan, dean of the medical school and CEO of Michigan Medicine. “It’s an investment in Michigan Medicine’s mission of advancing health to serve Michigan and the world.” Across 12 floors, the new hospital will house 264 private rooms, 20 operating rooms and three interventional radiology suites. Other occupants of the new space will include anesthesiology, pharmacy, speech language pathology and …

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AcquisitionsDevelopmentGeorgiaMixed-UseSoutheast

Ackerman, MDH Partners Acquire Mixed-Use Project in Atlanta’s West End for $40.3M

by Alex Tostado

ATLANTA — Ackerman & Co. and MDH Partners have acquired the four-building, 433,204-square-foot Lee + White project in Atlanta’s West End for $40.3 million. The seller, Stream Realty Partners, recently redeveloped the buildings, which were initially constructed as industrial facilities in the 1950s and 1960s. The Lee + White buildings are currently home to breweries, restaurants, retailers and food manufacturers. The buyers plan to add a 20,000-square-foot food hall, 30,000 square feet of additional retail and 170,000 square feet of creative loft offices. A masterplan for the redevelopment is under way and construction is expected to begin in six to 12 months. Leo Wiener and Kelly Wilson of Ackerman will lead the restaurant and retail leasing efforts at the property. Porter Henritze and Sonia Winfield of Cushman & Wakefield will represent ownership in office leasing. The property features more than a half-mile of frontage along the Atlanta BeltLine with direct access to the westside trail. Lee + White is located three miles southwest of downtown Atlanta. Miles Theodore, Mack Freudenstein, Mark Zebouni and Drew Nations of Eastdil Secured represented the seller in the transaction. The buyer was represented internally.

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Acoya-Mesa-AZ
ArizonaDevelopmentMultifamilySeniors HousingWestern

Cadence Living, Ryan Cos. Complete 170-Unit Seniors Housing Community in Arizona

by Amy Works

MESA, ARIZ. — Cadence Living and Ryan Cos. US have completed the development of Acoya Mesa, a seniors housing community located at 6502 E. Brown Road in Mesa. Situated on seven acres, the 183,000-square-foot property features 170 apartments in a mix of studio, one- and two-bedroom layouts with full kitchens, washers/dryers, walk-in showers and 24-hour emergency lines. Community amenities include all-day restaurant-style dining, an arts and crafts talent room, raised garden beds, movie theater, salon, game room, special event hall, fitness room and residential programming. Ryan Cos., co-owner and co-developer, served as general contractor and architect for the project, which was the first joint venture between the two companies. Ryan A+E Inc. designed the community and StudioSIX5 designed the interior spaces.

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