DETROIT — As part of its Development at Cadillac Square, Bedrock plans to restore and re-introduce the National Theatre as a music and performance venue. Plans call for the preservation and relocation of the Theatre’s historic façade. The venue originally opened in 1911, but has fallen into disrepair since its closure in 1975. Bedrock is working to restore the National Theatre in consultation with tvg Hospitality, a venue operator based in both the U.S. and U.K. In partnership with locally based promoters, tvg will operate the venue. Development at Cadillac Square is a 1.5 million-square-foot mixed-use project adjacent to Campus Martius Park and Cadillac Square. Construction of Phase I is slated to begin following the 2024 NFL Draft.
SAVOY, ILL. — Evans Senior Investments (ESI) has arranged the sale of Champaign Urbana Nursing & Rehab in Savoy, located about midway between Chicago and St. Louis. A regional owner-operator sold the asset to Mozart Healthcare, which plans to install Accolade Healthcare as the operator. The sales price was undisclosed. Initially built in 1975, the facility is licensed for 213 skilled nursing beds, and at the time of marketing was 49 percent occupied. The current operator restored the occupancy rate to 67 percent by the time of closing.
ZANESVILLE, OHIO — The Downtown Exchange, a revitalization project designed to foster small business growth and economic development, has opened in downtown Zanesville, about 55 miles east of Columbus. The Downtown Exchange business owners, in partnership with JobsOhio, Ohio Southeast Economic Development, the Zanesville-Muskingum County Port Authority and the Zanesville-Muskingum County Chamber of Commerce, hosted a ribbon-cutting ceremony Monday, Aug. 14. Over $1.1 million was invested to redevelop the historic building into a mixed-use marketplace and coworking space. A first-floor food hall features a variety of local eating, drinking and social gathering space, along with a bar and patio at the rear of the building. The second and third floors are coworking spaces featuring small and large conference rooms along with collaborative areas and open desk coworking. Formerly known as The Black-Elliot Block, The Downtown Exchange is a historic commercial building consisting of three contiguous structures on Main Street. The building dates back to 1876. The project was supported by a JobsOhio Vibrant Community grant of over $400,000.
FOND DU LAC, WIS. — Marcus & Millichap has brokered the $1.2 million sale of a 2,070-square-foot gas station occupied by Exxon in Fond du Lac, a city in eastern Wisconsin along Lake Winnebago. The net-leased property is located at 362 N. Peters Ave. Austin Weisenbeck, Sean Sharko, Nicholas Kanich and Timothy Nichols of Marcus & Millichap represented the seller, a limited liability company. Weisenbeck, Sharko and Nichols secured and represented the buyer, a private investor.
COLUMBUS, OHIO — Columbus-based Woda Cooper Cos. Inc. has received Low-Income Housing Tax Credit (LIHTC) financing for the development of five new affordable housing communities in North Carolina, Michigan, Iowa, Virginia and Illinois. The North Carolina Housing Finance Agency allocated $1.2 million for Pender Crossing, a 48-unit community to be built in Wilson, N.C. Plans call for three walkup buildings with amenities such as a fitness center, computer room, playground and covered pavilion. Raleigh-based TightLines Designs is the architect. In Marquette, Mich., Woda Cooper will partner with the Keweenaw Bay Indian Community to develop Black Rock Crossing, a 50-unit general occupancy multifamily development. The Michigan State Housing Development Authority allocated $1.4 million in tax credits for the project. Grand Rapids-based PCI Design Group is the architect. Construction is expected to begin in April. The Iowa Finance Authority awarded $1.1 million in LIHTC financing for Alley Landing, a 40-unit project in Des Moines. The community will include eight Permanent Supportive Housing homes for veteran households experiencing homelessness. Hooker DeJong is the architect. Virginia Housing allocated $1.4 million in tax credits for Bains Pointe, a 50-unit development in Portsmouth, Va., named after Eliza Bains who was instrumental in helping slaves gain freedom …
CINCINNATI — Blueprint Healthcare Real Estate Advisors has arranged the sale of St. Theresa Care Center in Cincinnati for an undisclosed price. A public REIT elected to execute the strategic sale of the facility following an operator transition earlier this year. St. Theresa Care Center is licensed for 92 assisted living beds and 99 skilled nursing beds. Designated as a National Historic Landmark, the property was originally built as an acute care hospital in the mid-1920s and was later expanded in the late 1950s. The building was ultimately converted to its current use, also featuring units available for independent living residents. However, the independent living and assisted living floors were most recently underutilized. The buyer was an owner-operator with a growing presence in the area. The facility has been renamed The Mariemont Care Center. Michael Segal, Connor Doherty, Ben Firestone and Ryan Kelly of Blueprint brokered the sale.
OVERLAND PARK, KAN. — Occidental Management has expanded Aspiria NOW, its coworking facility on the Aspiria campus in Overland Park. The expansion extended the coworking space to the third floor of its existing building with an additional 30,000 square feet that includes 11 new private offices, 60 dedicated workstations and increased collaboration areas. The firm has also hired Kathy Todtenhausen to serve as community manager, supporting General Manager Robert Curland in a variety of functions. Aspiria NOW first opened in August 2022 and is now home to more than 28 member companies. Aspiria NOW memberships are available in a variety of flexible plans, including daily, month-to-month and long-term packages. The more than 80,000-square-foot space can accommodate corporations that need temporary spaces for special projects or hybrid workspace options.
INDIANAPOLIS — The Life Properties, the property management and construction management affiliate of Olive Tree Holdings, is nearing completion of a $2.7 million capital improvement program at The Life at Arden Landing, a 131-unit apartment complex in Indianapolis. Completion is slated for the fourth quarter. Interior upgrades are being made to 105 of the community’s residences as well as window replacements, new exterior paint, repairs to the exterior façade, sidewalk and parking lot upgrades, improvements to the children’s playground, replacement of the gutter system, security camera system enhancements and landscaping improvements. There are also several sustainable upgrades such as low-flow plumbing retrofits and the installation of LED lighting. The property was originally built in 1999.
NORTH LIBERTY, IND. — Marcus & Millichap has brokered the $2.1 million sale of The Vues at North Liberty, a 20-unit apartment building in North Liberty, a city in Northwest Indiana. Jack Stanton, Quentin Benedetto and Kyle Stengle of Marcus & Millichap represented the seller, a national real estate investment and development firm. The property sold to a 1031 exchange buyer that recently sold an industrial building with the intent of transitioning into the multifamily sector. The sale marked the highest price per unit for a multifamily closing within a 50-mile radius of the subject property, according to Marcus & Millichap.
CHICAGO — Sterling Bay has begun pre-leasing efforts for The Dylan, a 282-unit luxury apartment tower in Chicago’s Fulton Market. Developed in partnership with Ascentris and designed by bKL, The Dylan features a variety of floor plans ranging from 526 to 1,669 square feet. Sterling Bay Design Studio and Chicago-based firm Harken Interiors selected the in-unit finishes. Residents have access to more than 15,000 square feet of outdoor amenity space, including a rooftop pool and fifth-floor deck featuring fire pits, grill stations, outdoor fitness options and a dog play area. First move-ins are expected in October. Monthly rents start at $2,120. The Dylan also offers 28 units of income-based housing. Residents of The Dylan will also enjoy access to SBX, Sterling Bay’s proprietary tenant experience portal offering community programming. The Dylan will host private events such as local boutique pop-ups, exclusive chef tastings and arts and culture classes. Managed by Sterling Bay Property Management in partnership with JLL, The Dylan is expected to achieve an environmental certification of Two Green Globes and will follow the RESET Air Standard. Chicago-based Luxury Living is leading pre-leasing efforts.