LAPEER, MICH. — The Jonna Group of Colliers International Detroit has arranged the sale of a 9,002-square-foot retail building occupied by Dollar General in Lapeer, about 20 miles east of Flint. The sales price was not disclosed. The property is located at 15 S. Elba Road. Dollar General has 12 years remaining on its triple-net lease. Simon Jonna of Colliers represented the seller, an undisclosed family, and the buyer, a California-based private investment fund.
LENOX TOWNSHIP, MICH. — Healthcare real estate developer NexCore Group and Beaumont Health have opened a new outpatient campus in Macomb County’s Lenox Township, about 40 miles northeast of Detroit. Southfield-based Beaumont is the state’s largest health system. The building rises three stories and spans 109,630 square feet. The facility includes a digital directory, patient education center, lab, pharmacy, café and collaboration areas. NexCore entered into a long-term ground lease with Beaumont, which acquired the land. Dallas-based HKS Architects was the project architect and Sterling Heights, Mich.-based Roncelli served as general contractor.
CINCINNATI — Fairfield Homes Inc., in partnership with Kingsley + Co. and the Avondale Development Corp., has begun development of Blair Lofts, a $15.5 million affordable housing project in Cincinnati’s Avondale neighborhood. The four-story, 64-unit development will serve residents who earn 30 to 60 percent of the area median income. Located on the corner of Blair Avenue and Reading Road, the project will include a community room, community kitchen, fitness center, onsite storage and onsite parking. Completion is slated for summer 2022. The project received financing through the allocation of federal low-income housing tax credits by the Ohio Housing Finance Agency, with Ohio Capital Corp. for Housing serving as the equity syndicator. Fifth Third Bank is the construction lender. The development also received financial support from the City of Cincinnati, the Port of Greater Cincinnati Development Authority and Cincinnati Children’s Hospital Medical Center. Berardi + Partners is the project architect and Gorsuch Construction is the general contractor. Fairfield Homes will serve as property manager.
WESTFIELD, IND. — Holladay Properties and Holladay Construction Group have broken ground on a $10 million agritourism facility for West Fork Whiskey Co. in Westfield, about 30 miles north of Indianapolis. The 35,000-square-foot project is located on the northeast corner of 191st Street and Horton Road across from Grand Park Sports Campus. Plans call for a 5,000-square-foot event space, retail store, 4,000-square-foot restaurant with a cocktail lounge, speakeasy and additional production and aging space. The facility will offer interactive tours, tastings and other educational components. Completion is slated for 2022. Established in 2015, West Fork Whiskey distills and produces craft whiskeys using Indiana ingredients. The company currently operates a tasting room and distillery in Indianapolis.
NORTHBROOK, ILL. — The Boulder Group has brokered the $8.9 million sale of a single-tenant, net-leased industrial property in Northbrook, a northern suburb of Chicago. The 117,000-square-foot building is situated within the 1.8 million-square-foot Sky Harbor Industrial Park. Located at 3411 Woodhead Drive, the facility is fully leased to Atlas Fibre and recently underwent $2.1 million in improvements. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a local real estate owner. Buyer information was undisclosed.
HUBER HEIGHTS, OHIO — Marcus & Millichap has arranged the $8.5 million sale of North Heights Plaza in Huber Heights, just north of Dayton. The 113,732-square-foot shopping center was fully occupied at the time of sale. Anchor tenants include Hobby Lobby and Bed Bath & Beyond. CJ Jackson, Erin Patton, Scott Wiles and Craig Fuller marketed the property on behalf of the seller, a private out-of-state investor. The team procured the buyer, ExchangeRight, in collaboration with JRW Realty.
As more aspects of our lives become digital, the need for data centers is increasing exponentially. COVID fast-tracked the upsurge in data center demand, as businesses worldwide transferred communications and operations to digital platforms — but the need for data centers is permanent. “With an increase in devices needing to connect to each other and the Internet of Things (IOT), the amount of data needed to do this will always be growing, furthering the demand for additional space within data centers,” says Megan Baird, Professional Engineer (PE), a senior project manager at Bohler, a land development consulting and technical design firm. Getting the right space with the right zoning, utilities and market timeline can be a daunting task that requires extensive planning. Baird says three major factors determine whether a site is a prime data center opportunity: utilities, zoning and space. Plus, Baird explains how to get a property to market once the planning is done. [box style=”4″] What’s Available to Help Developers Tax incentives vary by state and locality and can depend on the number of jobs created, equipment used or amount of money invested. Overlay districts are a regulatory tool where jurisdictions specify additional restrictions/allowances in addition to …
CHICAGO AND DENVER — NexCore Group, a national healthcare real estate developer and owner, has teamed up with global investment management firm Nuveen Real Estate to acquire a portfolio of 27 medical office and two life sciences buildings spanning nearly 1.2 million square feet. IRA Capital, a private equity firm based in Southern California, sold the portfolio in two transactions totaling $620.4 million. The portfolio spans 13 states: Arizona, California, Florida, Illinois, Michigan, North Carolina, New Jersey, New York, Ohio, Oklahoma, Pennsylvania, Texas and Wisconsin. The medical office properties comprise ambulatory surgery centers, micro-hospitals, freestanding emergency departments and single- and multi-tenant clinics. The properties were 99 percent leased at the time of sale to 38 tenants, the vast majority of which are well-established healthcare systems. The medical office buildings sold for about $463 million, according to NexCore, which will manage the facilities moving forward. Allianz Real Estate provided $234 million in acquisition financing on behalf of NexCore and Nuveen for the medical office portfolio. The financing is structured on a seven-year term with both a fixed-rate tranche totaling $163.8 million and a floating-rate tranche totaling $70.2 million. Chicago-based Nuveen is using equity for the medical office assets via its newly launched U.S. Cities …
CANADA — Starting today, Monday, Aug. 9, Canada plans to begin allowing entry to American citizens and permanent residents that have been fully vaccinated at least 14 days prior to entering Canada for non-essential travel. This preliminary step enables the government of Canada to fully operationalize the adjusted border measures ahead of Sept. 7, when the government intends to open Canada’s borders to any fully vaccinated travelers. All travelers will use the ArriveCAN app or web portal to submit their travel information. Accepted vaccines include Pfizer, Moderna, AstraZeneca and Janssen. All travelers will still require a pre-entry COVID-19 molecular test result. Starting Aug. 9, fully vaccinated travelers will not need a post-arrival test unless they have been randomly selected to complete a day one COVID-19 test. This strategy enables the government to continue monitoring variants of concern in Canada and vaccine effectiveness, according to a news release.
CHICAGO — Faropoint has acquire a 757,017-square-foot industrial portfolio throughout Chicagoland for an undisclosed price. The seven-building portfolio was fully leased to 10 tenants at the time of acquisition. The tenant base includes a diverse mix of industries such as technology, manufacturing, robotics and energy. The properties are located in Elk Grove Village, Glendale Heights, Carol Stream, Hanover Park, Bolingbrook and Elgin. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers International represented the undisclosed seller.