DETROIT — Matthews Capital Markets (MCM), a financing division of Matthews Real Estate Investment Services, has arranged an $8.7 million loan for the refinancing of New Cadillac Square Apartments in Detroit. Located at 111 Cadillac Square, the apartment building rises 21 stories with 221 units. Jack Quigley of MCM arranged the loan through a credit union. The floating-rate loan features a free rate lock ability at the borrower’s discretion.
FORT MYERS, FLA. — JBM Institutional Multifamily Advisors has brokered the $57 million sale of Brantley Pines, a 296-unit apartment community situated on 29.1 acres in Fort Myers. The Inland Real Estate Group of Cos. sold the Southwest Florida property to Boca Raton, Fla.-based Interface Properties for $192,568 per unit. Interface plans on continuing a renovation program for the unit interiors at Brantley Pines while also adding a lakeside walking path and enhancing the clubhouse, pool area and landscaping. The previous owner recently added pickleball courts to Brantley Pines, which was delivered in two phases in 1988 and 1997.
ST. CHARLES, ILL. — Quantum Real Estate Advisors Inc. has brokered the $8.5 million sale of a 47,000-square-foot retail center in St. Charles, about 40 miles west of Chicago. At the time of sale, the property was 97 percent leased to Syrup, Consume Cannabis, CD One Price, La Huerta Market and other local and national tenants. Brett Berlin of Quantum represented the seller, an Illinois-based developer. The buyer was a private group of investors based in Illinois and New Jersey.
RUSTBURG, VA. — Campbell County Economic Development plans to develop a 100,000-square-foot industrial facility in Rustburg, a city in central Virginia. The $11 million project will be situated on 7.5 acres within Seneca Commerce Park along U.S. Route 29 and Wards Road. The facility represents the largest undertaking for the department in a decade. The design and oversight of the construction project is currently being procured by Campbell County Economic Development, with site development scheduled to be advertised for bidding in the fall. The selected architect and engineering firms will work with the county to design the building and provide ongoing construction management throughout the project. The Tobacco Regional Revitalization Commission has awarded grant funding for the site, which has also been recommended for funding by the Southeast Crescent Regional Commission. The projected timeline has the tenant-ready building delivering in spring 2026.
LAFAYETTE, LA. — GBT Realty Corp. has executed leases with new retailers at River Marketplace, a 168,000-square-foot shopping center in Lafayette. J. Crew Factory, Sephora and lululemon have signed leases to occupy a freestanding, 16,700-square-foot building within the shopping center that once housed Books-A-Million, which shuttered earlier this year. All three retailers are expected to open in early 2025. A final 3,450-square-foot space remains available for lease in the building. Situated on a 43-acre site, River Marketplace is anchored by a Super Target. The property is currently 99 percent leased to tenants including Ross Dress for Less, Total Wine & More, Rack Room Shoes, Cato, 2nd & Charles, Toasted Yolk Café, Buckle, Crumbl Cookies and Games Workshop.
AURORA, COLO. — Philip Morris International Inc. (PMI) has unveiled plans to invest $600 million over the next two years through one of its U.S. affiliates to open a manufacturing facility in Aurora, just east of Denver. PMI says the facility will produce Swedish Match ZYN nicotine pouches to help meet the growing global demand for smoke-free products. PMI plans to break ground on the development later this year and to begin preliminary operations by the end of 2025. Regular production is slated to begin in 2026. Swedish Match North America is also currently working to increase ZYN oral nicotine pouch production at its facility in Owensboro, Ky. PMI acquired Swedish Match in late 2022. Nicotine pouches are a flavored product marketed as an alternative to smoking or dipping tobacco. Long popular in Europe, they recently skyrocketed in popularity in the United States, fueled by social media influencers, according to ABC News. The project is expected to create 500 direct jobs with ongoing annual economic impact of $550 million and an additional 1,000 indirect jobs for the state of Colorado, according to PMI. The construction is expected to create nearly 5,000 temporary jobs. Career opportunities at the new facility will …
Metro Detroit’s retail market is characterized by strong tenant demand and investors’ eagerness to acquire and backfill vacant properties. In the downtown area, the revitalization efforts and adaptive reuse developments that started well before the pandemic continue. In fact, this year marked Detroit’s 100th commercial demolition, accelerated by $95 million in American Rescue Plan Act funding. Over the past five years, the City of Detroit has invested $1 billion in preserving or developing more than 4,600 affordable housing units. The hard work is paying off. Between July 2022 and July 2023, Detroit experienced population growth for the first time since 1957, according to the U.S. Census Bureau. A major highlight this year was the reopening of the long-abandoned train station, Michigan Central Station. Ford Motor Co. redeveloped the property in the city’s Corktown neighborhood into a 30-acre technology and cultural hub. Until Aug. 31, the first floor will be open for “Summer at The Station,” where visitors can take self-guided tours and enjoy food and beverages outside. This fall, the first commercial spaces will begin opening to the public. Meanwhile, developer Bedrock topped off construction of its Hudson’s project, the redevelopment of the former J.L. Hudson’s department store site. General …
STAFFORD, TEXAS — Hunt Capital Partners has arranged $13.2 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the construction of Oak Lofts Crossing for Seniors, a 60-unit affordable property that will be located in the southwestern Houston suburb of Stafford. Oaklake Community Housing Development Corp. (OCHDC) is the borrower. Comprising a four-story, mid-rise building, the development will offer a mix of one- and two-bedroom homes for those who earn up to 30, 50 and 60 percent of the area median income (AMI). Amegy Bank also provided $10.5 million in construction financing for the project, and Legacy Bank & Trust provided $2.6 million in permanent financing.
DALLAS — Developer IAC Properties has completed Wintergreen Distribution Center, a 553,030-square-foot industrial project in South Dallas. Wintergreen Distribution Center is a multi-tenant speculative building that sits on a 34-acre site and features 40-foot clear heights, 1,550 square feet of office space, four drive-in doors and parking for 151 trailers and 328 automobiles. Krusinski Construction Co. served as the general contractor for the project.
WEBSTER, TEXAS — Dallas-based brokerage firm STRIVE has negotiated the sale of Village Real Shopping Center, a 94,249-square-foot retail property located southeast of Houston in Webster. The center was 95 percent leased at the time of sale to tenants such as Office Depot, Family Dollar and Eduardo’s Mexican Kitchen. Jake Dutson of STRIVE represented the seller and procured the out-of-state buyer, both of which requested anonymity, in the transaction.