DETROIT— Immersive entertainment concept Cosm has signed on as the anchor tenant at Development at Cadillac Square, a 1.5 million-square-foot mixed-use project scheduled to break ground in Detroit in 2025. Cosm Detroit will feature an LED dome spanning roughly 90 feet with Shared Reality technology, offering experiential sports and entertainment programming. Content will include a production of Cirque du Soleil’s “O,” as well as immersive art experiences from members of the Cosm Studios Creator Program. The venue, designed by architecture firm Rosetti, will also feature a food-and-beverage element, with gastropub-style dining, craft cocktails and a curated beer selection.
Midwest
ST. CLOUD, MINN. — Colliers has brokered the $10.7 million sale of Quarry Commons Apartments, a 102-unit property in the Minneapolis suburb of St. Cloud. The two-building, garden-style property is located at 1965 Quarry Road and was built in 1996 and 2003. Dan Linnell, Adam Haydon, Mox Gunderson and Devon Dvorak of Colliers represented the seller, Timberland Partners. Washington-based Weidner Investment Services Inc. was the buyer.
AUSTIN, MINN. — Marcus & Millichap has arranged the $4.2 million sale of Mandolin Place, a 72-unit multifamily property in Austin, a city in southern Minnesota. Located at 203 31st St. SW, the property features a mix of one-, two- and three-bedroom units across 64,481 square feet. Built in 1994, the asset is located on 3.5 acres just off I-90. Chris Collins, Evan Miller, Eric Wagner, Zack Olson and Matt Shide of Marcus & Millichap represented the buyer and seller, both of which were Minnesota-based limited liability companies. The buyer plans to make some in-unit and property upgrades.
VERNON HILLS, ILL. — Vic Gulati, a Kiddie Academy franchisee, has purchased a 3.3-acre parcel at 300 N. Fairway Drive in the Chicago suburb of Vernon Hills for an undisclosed price. The property marks Gulati’s third Kiddie Academy location, following those in Arlington Heights and Mount Prospect. Kendall Graff and Grant Gary of Woodmont Co. represented Gulati in the transaction, while Brett Kroner of Cushman & Wakefield represented the seller, JRW 2002 LLC.
STREAMWOOD, ILL. — Entre Commercial Realty has negotiated the lease-up of a 22,400-square-foot logistics facility located at 30 Sangra Court in the Chicago suburb of Streamwood. Mike DeSerto and Cory Kay of Entre represented the undisclosed landlord, while @Properties represented the tenant, a local transportation company that will relocate its headquarters to the property. Built in 2019, the facility was designed specifically for transportation and fleet maintenance uses. The building features 10 docks, two drive-in doors, trench drains, air lines, ample trailer parking and exposure along US Highway 20.
By Mike Homa, R&R Realty Group Five years later and businesses are still adjusting to the new work environment brought on by the COVID pandemic. Omaha’s office space market is seeing a shift in how companies attract employees back into the office. With remote and hybrid work now widely accepted, developers and employers have realized that providing traditional office spaces is no longer enough to entice workers. Instead, they are focusing on creating environments that offer a blend of professional, personal and recreational amenities, transforming office spaces into lifestyle destinations. To make coming to the office more attractive, developers are offering amenities that cater to employees’ holistic needs. In some office parks, facilities such as onsite daycare centers are becoming a reality. These allow working parents the convenience of dropping off their children close to where they work, reducing commute time and providing peace of mind. It’s an amenity that goes beyond the typical office needs, addressing a significant aspect of employees’ personal lives. Green spaces are another amenity we see being increasingly incorporated into the surroundings of new buildings and broader development areas. We see outdoor spaces in office parks like Fountain Ridge Office Park, which offers amphitheater-style seating …
MILWAUKEE — Aquarian Holdings has acquired a majority stake in Milwaukee-based PACE Equity, a provider of funding for commercial property assessed clean energy (C-PACE) projects. As part of its investment, Aquarian will provide up to $1 billion of financing that enables PACE Equity to significantly scale its capacity and expand the reach and size of its debt financing projects. Aquarian’s Strategic Opportunities team led the transaction. DLA Piper served as legal advisor to Aquarian in connection with the transaction, and Gibson, Dunn & Crutcher LLP served as legal advisor to PACE Equity. Guggenheim Securities LLC was the financial advisor to PACE Equity. Aquarian maintains approximately $19.5 billion in assets under management.
ROSEMONT, ILL. — Bradford Allen Hospitality has begun a $25 million renovation of its Hyatt Rosemont Chicago O’Hare hotel to transform it into a Hyatt Centric full-service lifestyle hotel. The property is located at 6350 N. River Road across the street from Rivers Casino in the Chicago suburb of Rosemont. The renovations entail a full gut rehab of the property, which will result in 206 completely remodeled guest rooms, 12,000 square feet of modernized meeting space, an improved fitness center and a ballroom with capacity for up to 500 people. What was once an American eatery will be transformed into Cima, an upscale, beverage-forward restaurant with outdoor seating. Maverick Hotels & Restaurants will continue to oversee operations of the property.
DETROIT — Nonprofit organization Kintsugi Village has purchased the former St. Vincent Middle School property in Detroit’s Corktown neighborhood for $3.4 million. Next Cities Investment Group sold the property, which also included a vacant lot next to the building for a total of 1.6 acres. Constructed in 1962, the school building totals roughly 38,000 square feet. It closed in 2010 and then operated as a coworking space. The facility has been vacant for the last four years. Kintsugi Village is working with Sachse Construction and plans to break ground soon on converting the property into an early childhood education center, artist residency and retreat center. The nonprofit expects to open in fall 2025.
CHESTERFIELD, MO. — Narwhal’s Crafted has opened at The District in Chesterfield, a suburb of St. Louis. The 3,600-square-foot venue marks the third location for Narwhal’s Crafted, which is known for its frozen cocktails, and features a 1,000-square-foot patio equipped with fire pits and a large outdoor screen. The Staenberg Group manages The District. Other tenants include The Factory, The Hub STL, Napoli Bros., 4 Hands Brewery, Hi-Pointe, The Reverie, Lit Cigar Lounge, Game Show Battle Rooms and Main Event.