Property Type

DETROIT — Developer Bedrock has topped off construction of its Hudson’s site project in downtown Detroit. Meanwhile, General Motors Co. plans to leave Renaissance Center for the new development in 2025, according to Crain’s Detroit Business. The project marks Detroit’s largest ground-up development in the past 50 years, according to the developer. Upon completion, the property will house more than 1.5 million square feet of retail, office, dining, hospitality, residential and event space. Construction will continue in a phased approach. Bedrock recently announced on its social media platforms that the name of the development is now Hudson’s Detroit. Construction of the project on the former J.L. Hudson’s department store site began in 2017. Setbacks such as unanticipated underground obstructions and design changes have pushed the development well beyond its original schedule, reports Crain’s. Originally proposed to be 734 feet, the tower now rises 680 feet. GM’s current home, the RenCen, is the tallest building in Detroit and has suffered since the pandemic. Bedrock and GM plan to spend the next year analyzing what to do with the 5.5 million-square-foot property, according to Crain’s.

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CLEVELAND — Namdar Realty Group and Mason Asset Management have acquired 200 Public Square, a 1.3 million-square-foot office tower in Cleveland. Originally built for BP America in 1985, the building has undergone recent improvements. The buyers aim to enhance the property’s appearance, amenities, atrium and aging infrastructure. The building currently has 357,767 square feet of available office space being marketed for lease by Colliers. Chase Johnson and Caleb Riebe of Cushman & Wakefield arranged $45.7 million in acquisition financing through a life insurance company.

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NASHVILLE, TENN. — Video game developer Iron Galaxy Studios has signed a 25,000-square-foot office lease at 333 Commerce in Nashville. The company, which has studios in Chicago and Orlando, will be relocating from UBS Tower, where it occupied space on a temporary basis. Kevin Ziomek, Corey Siegrist and Jim Rose of JLL represented the tenant in the lease negotiations. Amenities at the building include an 8,000-square-foot fitness center, outdoor courtyards and recently renovated lobby and common areas.

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WESTCHESTER, N.Y. — New York City-based owner-operator Ashkenazy Acquisition Corp. has welcomed new tenants to Vernon Hills Village in Westchester County, located north of New York City. New tenants at Vernon Hills Village include Nike, Sephora, Lululemon, Pottery Barn, Ever/Body, Sweetgreen, Serafina and Starbucks. The center is now fully leased.

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ST. PETERS, MO. — Midas Construction is underway on Viva Bene, a $37.8 million active adult community in the St. Louis suburb of St. Peters. Developed by Avenue, the 161-unit luxury property is located at 101 Viva Bene Circle. Amenities include a pool, fitness center, wellness hub, coworking spaces, outdoor spaces and pickleball and bocce ball courts. Greystar is the property manager. Completion is slated for this fall.

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BRYAN, OHIO — SVN Wilson Commercial Group has arranged the sale of a Sheperd Storage facility in Bryan, a city in northwest Ohio. The sales price and buyer were undisclosed. The two-building property features 98 indoor units with four outdoor parking spaces. The 12,000-square-foot facility sits on a five-acre site with room for expansion. Ryan Mitchell of SVN Wilson Commercial Group represented the seller, Charles Sheperd.  

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GREENWICH, CONN. — Financial services firm Kensico Capital Management has signed an 11,016-square-foot office lease at 55 Railroad Ave., a 139,000-square-foot building in the southern coastal Connecticut city of Greenwich. According to LoopNet Inc., the property was built in 1975 and renovated in 2006. Jay Hruska of Cushman & Wakefield represented the landlord, an affiliate of Houston-based Hines, in the lease negotiations. Ed Tonnessen of JLL represented the tenant.

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TEANECK, N.J. — Columbia University Irving Medical Center will open a 4,283-square-foot surgical outpatient center in the Northern New Jersey community of Teaneck. The clinic will be located within the 670,000-square-foot, four-building Glenpointe mixed-use campus. Jeff Schotz, Peter Rossi, Dan Reider, Peter Kasparian and David Simson of Newmark represented the landlord, Alfred Sanzari Enterprises, in the lease negotiations. Gerry Lees and Jeffrey Prezant of Cushman & Wakefield represented the tenant.

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SPARKS AND RENO, NEV. — Dornin Investment Group has acquired a 20-building portfolio in Sparks and Reno for approximately $70 million. Totaling 413,172 square feet, the portfolio includes light industrial, retail and medical office properties. The majority of the buildings were constructed between 1977 and 1991, with retail assets built in 2005 to 2006. The portfolio collectively has more than 180 total tenants with a median size of 1,640 square feet. The office buildout of the warehouse units is 21.7 percent. The industrial buildings offer clear heights ranging from 12 feet to 16 feet. Mark Nicoletti, Maxwell Shapiro and Julia Lewitt of Allen Matkins provided legal expertise in the transaction. Bill Bernard and Tami Haworth of Stewart Title provided title and escrow services.

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25100-N-22nd-Lane-Phoenix-AZ

PHOENIX — Texas-based Jackson-Shaw and Arizona-based Holualoa Cos. are developing a dual-branded AC Hotel by Marriott North Phoenix at Norterra and Element by Westin North Phoenix at Norterra in Phoenix. Construction is slated to begin in May 2024 for completion in late 2025. The four-story development will feature a total of 274 guest rooms, with AC Hotel by Marriot North Phoenix offering 179 guest rooms and Element by Westin North Phoenix offering 95 rooms. The property will feature 8,000 square feet of flexible meeting space, two deluxe suites, two group communal rooms, a fitness center, and resort-style courtyard with a saline pool, heated spa and lawn. Situated on three acres, the property will total 160,133 square feet. Simmons Bank is providing construction financing, Layton Construction is serving as general contractor, Cooper Cary is serving as architect and DiLeonardo as interior designer.

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