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CivicDevelopmentMichiganMidwest

Construction Team Begins Final Steps to Connect Gordie Howe International Bridge Deck Over Detroit River

by Kristin Harlow

WINDSOR, ONTARIO AND DETROIT — The construction team for the Gordie Howe International Bridge project has begun the final steps to connect the bridge deck over the Detroit River, connecting the United States to Canada via Detroit and Windsor, Ontario. The remaining portion is 85 feet, the same width as an official NHL rink. The project team anticipates that the two sides will connect at the end of June. Crews must install one more segment on the U.S. side that measures 49 feet before work starts on the final segment, known as the mid-span closure. Once connected, the bridge deck spanning the distance between the two towers will measure 0.53 miles, making it the longest main span of any cable-stayed bridge in North America and the 10th longest in the world. It will also be the longest composite steel and concrete bridge deck for any cable-stayed bridge in the world. Even though it will appear the bridge is completed, there is still work remaining before the bridge opens in fall 2025. Crews will stress stay cables and install electrical, fire suppression and drainage systems, barriers, signage, lighting, deck paving and pavement markings, and complete the multi-use path. Windsor-Detroit Bridge Authority …

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Affordable HousingDevelopmentIndianaMidwestMultifamilySeniors Housing

Evergreen Real Estate Group Completes $30M Assisted Living Community in Valparaiso, Indiana

by Kristin Harlow

VALPARAISO, IND. — Evergreen Real Estate Group has completed Green Oaks of Valparaiso, a $30 million assisted living community for low-income seniors in Valparaiso, a city in northwest Indiana. The three-story project includes 120 units and is located at 2550 W. Morthland Drive. All residences are reserved for seniors age 62 and older, with incomes at or below 60 percent of the area median income. A financial assistance program is available for qualified applicants. Evergreen Construction Co., a division of Evergreen Real Estate Group, served as the general contractor on the development, which received 90 pre-leases prior to opening. Managed by Gardant Management Solutions, Green Oaks of Valparaiso is licensed and regulated as a residential care facility by the Indiana Department of Health and approved as an assisted living Medicaid-waiver provider by the Indiana Family and Social Services Administration.    The community is staffed 24 hours by certified nursing assistants who monitor and assess resident health and assist with bathing, grooming, dressing, medication management and other daily needs. Additional offerings include transportation, laundry, weekly housekeeping and onsite beauty/barber services. The onsite dining room provides residents with three meals per day plus snacks. Units include a kitchenette, individually controlled heating and …

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AcquisitionsHealthcareMidwestWisconsin

Newmark Brokers $28M Sale of Medical Office Portfolio in Metro Milwaukee

by Kristin Harlow

MILWAUKEE — Newmark has brokered the sale of a medical office portfolio in metro Milwaukee for $28 million. The portfolio comprises two outpatient properties that have each been built in the last 10 years and are fully leased to Children’s Wisconsin. John Malloy of Newmark represented the undisclosed seller. Ben Appel, John Nero, Michael Greeley, Jay Miele and Ron Ott of Newmark’s healthcare capital markets practice provided support on the transaction. The buyer was a joint venture between Montecito Medical and AEW Capital Management. 

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DevelopmentLeasing ActivityMidwestOhioRetail

Lucky’s Market Opens 21,000 SF Grocery Store at Thurber Village Redevelopment Project in Columbus

by Kristin Harlow

COLUMBUS, OHIO — Lucky’s Market has opened a new 21,000-square-foot grocery store at Thurber Village in Columbus. The store opening marks the completion of the commercial component of the Thurber Village redevelopment project, which began construction in October 2022. The initial stages of the project involved the demolition of existing buildings and the construction of a new CVS store. The new Lucky’s Market will feature an extensive range of fresh produce, specialty foods and wellness products as well as a variety of grab-and-go options. CASTO is the project developer.

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Leasing ActivityMichiganMidwestRetail

Orangetheory Fitness Signs 2,800 SF Retail Lease at Brookdale Square in South Lyon, Michigan

by Kristin Harlow

SOUTH LYON, MICH. — Orangetheory Fitness has signed a 2,800-square-foot retail lease at Brookdale Square in South Lyon, about 40 miles northwest of Detroit. The shopping center is located near the intersection of 9 Mile Road and Pontiac Trail. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Beztak Properties. There are still a few vacancies left at the center.

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Affordable HousingConnecticutDevelopmentMultifamilyNortheast

Beacon Communities Breaks Ground on 76-Unit Affordable Housing Project in New Haven, Connecticut

by Taylor Williams

NEW HAVEN, CONN. — Nonprofit owner-operator Beacon Communities has broken ground on a 76-unit affordable housing project in New Haven. The project will convert a parking lot on State Street and vacant upper-floor spaces on Chapel Street into a complex with studio, one- and two-bedroom apartments and ground-floor commercial spaces. The majority (60) of the units will be affordable to households earning between 30 and 60 percent of the area median income. The other 16 units will serve households that are currently or at risk of experiencing homelessness. Beacon Communities is financing construction of the project through a mix of federal and state tax credits, as well as local incentives and subsidies.

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AcquisitionsMultifamilyNew YorkNortheast

Ariel Property Advisors Arranges $7.7M Sale of Multifamily Development Site in Queens

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $7.7 million sale of a multifamily development site in the Far Rockaway area of Queens. The site at 60-14 Beach Channel Drive can support 74,000 square feet of buildable space and is subject to a 421a tax incentive for adding affordable housing. Jason Gold and Gabriel Elyaszadeh of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.

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IndustrialLeasing ActivityNew YorkNortheast

CAMCO Commercial Negotiates 21,450 SF Industrial Lease on Long Island

by Taylor Williams

HOLBROOK, N.Y. — Locally based brokerage firm CAMCO Commercial Real Estate has negotiated a 21,450-square-foot industrial lease on Long Island. The tenant, janitorial supplies provider I. Janvey & Sons Inc., is taking space at the 300,000-square-foot Sherwood Corporate Center in Holbrook. CAMCO represented the undisclosed landlord in the lease negotiations. Premier Commercial Real Estate represented the tenant.

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AcquisitionsArizonaHospitalityTop StoriesWestern

Henderson Park Acquires Arizona Biltmore Luxury Resort in Phoenix for $705M

by Kristin Harlow

PHOENIX — Henderson Park, an international private equity real estate firm, has acquired the Arizona Biltmore resort in Phoenix. Blackstone Real Estate sold the asset for $705 million. The 705-room luxury hotel recently underwent a substantial renovation. Originally opened in 1929, the property is situated on 39 acres and is located about 10 miles from the Phoenix Sky Harbor International Airport. Amenities include more than 200,000 square feet of meeting space, seven swimming pools, multiple food-and-beverage outlets and a 28,000-square-foot spa. Pyramid Global Hospitality, a hotel management company with which Henderson Park previously acquired the La Quinta Resort in Palm Springs in 2021, will serve as the hotel manager for the Arizona Biltmore. Morgan Stanley, along with Deutsche Bank and JPMorgan, provided a $460 million commercial mortgage to finance the acquisition. The resort purchase was completed through funds managed by Henderson Park, including a commitment from Cincinnati-based Western & Southern Financial Group Inc. and its real estate arm, Eagle Realty. “This transaction presents a rare and compelling opportunity to acquire a historic but newly refurbished hotel in one of the country’s premier hospitality markets, and to both immediately capitalize on accelerated performance and to further enhance the resort’s offering into …

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DevelopmentDistrict of ColumbiaOfficeSoutheast

Rockefeller Group, Stonebridge Underway on $375M Office Building in D.C.

by John Nelson

WASHINGTON, D.C. — A joint venture between Rockefeller Group and Stonebridge is underway on the development of 600 Fifth Street Northwest, a $375 million office building project in Washington, D.C. Upon completion, the building, which is situated at the site of the former Washington Metropolitan Transit Authority (Metro) headquarters, will total 400,000 square feet. The property will feature 15-foot ceilings, open-air terraces on every other floor, an energy-efficient glass curtain wall and a ground-level public park. Law firm Crowell & Moring will occupy 199,000 square feet as an anchor tenant of the building, which was 50 percent preleased at the time of topping out, May 20. Stonebridge and Rockefeller signed a 99-year ground lease with Metro in June 2023, breaking ground the same month. A timeline for completion was not disclosed. Clark Construction is serving as the general contractor on the project, which was designed by Pickard Chilton. Kendall Heaton Associates is the architect of record, and Scott Frankel, Carroll Cavanagh, Dimitri Hajimihalis, Emily Eppolito and D.J. Callahan of CBRE manage leasing at the property.

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