DETROIT — Bernard Financial Group (BFG) has arranged a $31 million loan for the construction of a new AC Hotel in Detroit. Dennis Bernard, Dan Duggan, Joshua Bernard and Adam Ferguson of BFG structured the loan on behalf of the borrower, an entity doing business as AC Detroit Holdings LLC. Further details of the transaction were not provided. The AC Hotel chain is under Marriott.
MERIDIAN TOWNSHIP, MICH. — Woda Cooper Cos. Inc. has opened Woodward Way Apartments in Meridian Township, just east of Lansing. The 49-unit affordable housing community is comprised of two buildings and features amenities such as a multipurpose room, laundry facility, playground and picnic area. Units are reserved for those who earn 30 to 80 percent of the area median income. There are five units for residents with physical disabilities and one unit for sight and hearing disabilities. Eight units have rental assistance through project-based vouchers awarded by the Lansing Housing Commission. Monthly rents range from $391 to $1,175, depending on income restriction and size of unit. Financing for the $13.9 million development came from Low-Income Housing Tax Credits allocated by Michigan State Housing Development Authority through its Qualified Allocation Plan, which aims to identify where affordable housing is most needed in the state. Syndicator Marble Cliff Capital provided equity financing by purchasing the tax credits. Cedar Rapids Bank & Trust provided a permanent mortgage, and First National Bank of America provided a construction loan. Hooker DeJong Inc. was the architect, and Woda Construction Inc. served as general contractor. Woda Management & Real Estate is providing onsite management and maintenance as …
SCHAUMBURG, ILL. — Primient, a producer of food and industrial products from plant-based, renewable sources, has signed a 23,725-square-foot lease at Woodfield Preserve Office Center in the Chicago suburb of Schaumburg. Zeller owns the 29-acre office campus, which totals 325,000 square feet across two buildings. Each building features a full set of amenities such as a café, fitness center, conference center, game room, mother’s room, bike storage area and tenant lounges. There is also a new courtyard with shaded pergolas and seating. William Elwood, Rob Graham and Adam Lawler of CBRE represented Zeller, while Paul Diederich of CBRE represented the tenant. JC Anderson is completing the interior build-out for Primient.
OVERLAND PARK, KAN. — Flying Cow Gelato and Made in KC have inked retail leases to open at the Edison District in Overland Park. The tenants will occupy 1,400 and 1,575 square feet, respectively. The transactions mark Flying Cow Gelato’s third location and Made in KC’s 12th location in the area. Made in KC is scheduled to open in July, with Flying Cow Gelato opening in the fall. The Edison District, owned by Overland Park Real Estate, features a mix of office, retail, restaurant and outdoor space. JLL negotiated the leases on behalf of ownership. The retail space at the Edison District is now fully leased. Made in KC sells local goods, gifts and apparel. Flying Cow Gelato makes fresh gelato every day and is the sister store to Annedore’s Fine Chocolates.
CORPUS CHRISTI, TEXAS — Partners Real Estate has brokered the sale of a 66,196-square-foot office building located at 4646 Corona Drive in Corpus Christi. According to commercialcafé.com, the building was constructed on 3.3 acres in 1983. Gustavo Torres of Partners represented the seller, an entity doing business as 1950 Properties LLC, in the transaction. Additional terms of sale were not disclosed.
FORT WORTH, TEXAS — Chubby Gorilla, a provider of liquid packaging services, has signed a 54,915-square-foot industrial lease at Champions Business Park in Fort Worth. Reid Bassinger and Nathan Denton of Lee & Associates represented the landlord, Hopewell Development, in the lease negotiations. Sam Pruitt and Luke Harp of Site Selection Group represented the tenant.
IRVING, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of Irvingate Center, a 29,962-square-foot retail center in Irving. The property was 86 percent leased at the time of sale. Hudson Lambert and Jason Vitorino of STRIVE exclusively represented the Dallas-based seller and procured the buyer, a California-based investor, in the transaction. Additional terms of sale were not disclosed.
HOUSTON — Locally based brokerage firm Finial Group has negotiated a 9,750-square-foot industrial lease renewal at 13014 Brittmoore Park Drive in Houston. According to LoopNet Inc., the single-tenant property was built in 2006. John Buckley and Doc Perrier of Finial Group represented the undisclosed landlord in the lease negotiations. The tenant was automotive parts and services provider Serious HP.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $86.7 million sale of Dunbar Apartments, a 538-unit historic apartment community in Harlem. The 10-building complex was constructed in 1928 and occupies a full city block. Locally based developer Fairstead sold the asset to private investor Isaac Herskovitz. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood, along with Steven Vegh of Westwood Realty Associates, brokered the deal, which traded at a cap rate of 7.67 percent. MF1 Capital provided $83 million in acquisition financing.
NORTH LAS VEGAS, NEV. — A joint venture between Ares Management Corp. and CapRock Partners has sold Tropical Logistics Phase II, an industrial warehouse complex in North Las Vegas. The 442,780-square-foot, Class A facility includes three single-tenant buildings. The buyer was institutional investor Stockbridge Capital Group. At the time of the sale, the property was fully leased to three tenants. Tropical Logistics Phase II is the joint venture’s third completed development. The firms have partnered in the development of Tropical Logistics Phase I, a 1.1-million-square-foot, Class A logistics facility that was completed and sold in the second quarter of 2022, and Spanish Ridge Industrial Park, a recently completed, partially leased, 230,899-square-foot industrial complex in Southwest Las Vegas. Cushman & Wakefield represented the seller, with local representation by JLL. The price was not disclosed.
