SOUTHFIELD, MICH. — Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, has acquired a 108,634-square-foot office building in Southfield for an undisclosed price. The property is located at 26600 Telegraph Road. First Mercury Insurance Co., a member of national property and casualty insurer Crum & Forster, was the seller. Anne Galbraith Kohn of CBRE represented the seller, while Jordan Friedman of Friedman Real Estate represented the buyer.
OAK BROOK, ILL. — Northmarq has arranged a $19.2 million FHA loan for the refinancing of Mayslake Center II in the Chicago suburb of Oak Brook. The seniors housing property features 249 independent living units and is located within the larger Mayslake Village. Amenities include a wellness center, dining room, chapel and social services. Sue Blumberg of Northmarq arranged the fixed-rate loan, which is fully amortized over 40 years. The borrower was a nonprofit entity.
CHICAGO — VTS, a leasing, marketing and asset management platform for the commercial real estate industry, has signed a 35,914-square-foot office lease at 320 N. Sangamon in Chicago’s Fulton Market district. Tishman Speyer owns the 13-story building, which was completed last year. Robert Sevim, Jim Wenk, Cullen Hurley and Allison Buck of Savills represented VTS. Since its acquisition of Chicago-based Rise Buildings in March 2021, VTS has been growing its employee count and customer base within the Chicago area and outgrew its previous space at 312 N. May. In addition to its corporate headquarters in New York, VTS maintains offices in San Francisco, Los Angeles, Austin, London and Toronto.
SPRINGDALE, OHIO — MarketSpace Capital and Park Harbor Capital, two private real estate investment and development firms based in Texas, have officially closed on their purchase of Tri-County Mall, an enclosed, 1.3 million-square-foot regional shopping center in the Cincinnati suburb of Springdale. The co-developers plan to transform the mostly vacant mall into a $1 billion redevelopment project housing residences, offices, restaurants, shops, a school, entertainment venues and green space. The redevelopment received unanimous approval from the Springdale City Council about 10 weeks ago. MarketSpace and Park Harbor are set to begin construction later this year on Phase I, which will include 450 apartments, 40,000 square feet of retail space and restaurants and 110,000 square feet of recreational space, including a 38,000-square-foot fitness center. Several health and wellness amenities will also feature in the initial phase, including walking and cycling trails and a park. Several local companies are involved in this project, including THP as the structural engineer and The Kleingers Group as the civil and traffic engineer. BHDP, whose founders designed the original mall in the late 1950s, will serve as the prime architect, with Human Nature serving as the landscape architect. BSB Group International will lead branding and marketing …
KANSAS CITY, MO. — Alchemy Ventures, in partnership with Rockcrest Holdings, has acquired more than 1,000 multifamily units in Kansas City’s urban core for $125 million. The acquisition includes Pickwick Apartments as well as four individual sites at 200 Walnut St., 318 W. 7th St., 200 W. 5th St. and 930 Broadway Blvd. that will be branded as Unity Lofts in the Rivermarket and downtown neighborhoods. Alchemy plans to renovate the properties with technology-driven features and new finishes. Seller information was not provided. Formed in 2014, Alchemy invests in properties within Kansas City and New York City.
CLEVELAND — The Kroger Co. (NYSE: KR) has unveiled plans to open a new customer fulfillment center in the Cleveland area for grocery delivery services. Technology company Ocado Group will operate the facility, which will span 270,000 square feet. The facility will utilize robotics for automated production, but it also expected to create up to 400 new jobs in the area. Completion of the project is slated for 24 months after construction begins. The warehouse, which will service Northeast Ohio and Pennsylvania, marks the second customer fulfillment center in the state of Ohio for Kroger and Ocado. A specific location for the project was not released.
KENOSHA, WIS. — Physician Real Estate Capital Advisors (PRECAP) has brokered the sale of the Advocate Aurora Health Medical Building in Kenosha for $6.2 million. Aurora Medical Group Inc. (AMG) and MH Imaging fully occupy the 19,678-square-foot medical office building. Scott Niedergang of PRECAP and Nathan Glaisner of Verde Investments LLC represented both parties in the sale. The seller was a physician partnership that developed the facility for its private practice prior to its acquisition by AMG. A commercial real estate company focused on net lease retail, logistics and medical facilities was the buyer.
CICERO, ILL. — Cawley Chicago has arranged the sale of a 130,000-square-foot manufacturing facility in Cicero for an undisclosed price. The property sits on more than three acres at 4620 W. 19th St. Frank Melchert and Matt Garland of Cawley Chicago represented the seller, a private individual who had operated a business at the property for 31 years. Local business and metal fabricator Accurate Perforating Co. was the buyer.
FORT WAYNE, IND. — Caliber Collision and Starbucks have signed leases to open at Southtown Centre in Fort Wayne. Caliber Collision will open a store at 7851 Southtown Crossing, marking its second location in Fort Wayne. Starbucks will lease a 2,225-square-foot building set to be constructed later this year at 7800 S. Anthony Blvd. Barry Sturges, Neal Bowman and Phil Hagee of Sturges Property Group represented Caliber Collision. Sturges worked with the Fort Wayne Redevelopment Commission and the developer, The Elia Group, on the Starbucks deal.
TOLEDO, OHIO — Welltower Inc. (NYSE: WELL), a Toledo-based healthcare REIT, has agreed to acquire 33 seniors housing communities totaling 2,787 units in Michigan, Ohio and Tennessee. The purchase price is $548 million. The communities will be acquired as three separate portfolios from undisclosed sellers. The communities were available for purchase because the lease-up process was heavily damaged by the onset of the COVID-19 pandemic. With occupancy at only 63 percent, Welltower expects the communities will greatly improve their performance in 2023 and beyond. Welltower will install Michigan-based senior living operator StoryPoint to manage the communities under a RIDEA agreement. The acquisition is expected to be funded through the issuance of partnership units, assumed debt and cash on-hand. Simultaneously with the acquisition announcement, Welltower unveiled a development partnership with a joint venture between Related Cos. and Atria Senior Living to develop two seniors housing communities in Silicon Valley. One will be located in Santa Clara and the other in Cupertino. Welltower suggests these developments are just the first projects of many for the partnership. The Santa Clara development will consist of 191 units next to a fully entitled, 9.2 million-square-foot urban development that Related began building in 2015. The larger project, …
