Property Type

Walker & Dunlop Arranges $58.8M Construction Financing for Multifamily Development in Gainesville, Florida

by John Nelson June 30, 2023

GAINESVILLE, FLA. — Walker & Dunlop Inc. has arranged a $58.8 million loan for the construction of Celebration Pointe Apartments, a 239-unit multifamily community to be located within the Celebration Pointe mixed-use development in Gainesville. Jeremy Pino, Livingston Hessam, Carl Passmore and Kyle Miller of Walker & Dunlop originated the non-recourse financing through an undisclosed life insurance company on behalf of the borrower and developer, Viking Cos. Combined with a mezzanine loan from an unnamed debt and equity fund, the developer’s total debt capitalization on the project represents and 85 percent loan-to-cost ratio. A construction timeline for the project was not disclosed.

June 30, 2023

Arkansas Development Industrial Southeast

Compass Cold Delivers 142,160 SF Cold Storage Facility in Mulberry, Arkansas

by John Nelson June 30, 2023

MULBERRY, ARK. — Compass Cold Storage has announced the completion and opening of the 142,160-square-foot first phase of its new cold storage facility located in Mulberry. Featuring 18,500 pallet positions, the cold storage facility can maintain temperatures ranging from negative 20 to 40 degrees Fahrenheit. Completion of the second phase of the project, which will include additional freezer and dock space and bring the project cost to roughly $50 million, is scheduled for later this summer. A third phase is in the planning stage. Doug Bowen and Darren Winstead are the owners and operators of Compass Cold. Melbourne, Fla.-based Ti Cold is the developer on the project.

June 30, 2023

Development Hospitality Maryland Mixed-Use Southeast

David S. Brown to Develop 120-Room Hotel at Metro Centre at Owings Mills in Metro Baltimore

by John Nelson June 30, 2023

OWINGS MILLS, MD. — David S. Brown Enterprises will develop a new, 120-room extended-stay hotel at the Metro Centre at Owings Mills, a transit-oriented development roughly 20 miles outside Baltimore. The Element by Westin hotel will join a high-end, Marriott-branded hotel at the development, which will also feature more than 1,700 apartments; 560,000 square feet of office space; 150,000 square feet of retail space and 5,700 parking spaces upon completion. Crescent Hotels & Resorts will manage the Element by Westin hotel.

June 30, 2023

Development Leasing Activity Mixed-Use Office Southeast Tennessee

The Malin to Open 12,000 SF Coworking Location at Paseo South Gulch in Nashville

by John Nelson June 30, 2023

NASHVILLE, TENN. — Work-focused members organization The Malin will open a 12,000-square-foot club in Paseo South Gulch in Nashville, marking the second location for the brand in the city. Located within the project’s Voorhees Building, The Malin South Gulch will feature 58 dedicated desks, seven private offices, four meeting rooms, three lounges and a library. Kingston Lafferty Design is providing interior design services for the project, which is scheduled for completion this fall. SomeraRoad is the developer and owner of Paseo South Gulch.

June 30, 2023

Acquisitions Retail Texas

Prudent Development Sells Retail Building Near San Antonio for $6.3M

by Taylor Williams June 30, 2023

NEW BRAUNFELS, TEXAS — Prudent Development has sold a 4,821-square-foot retail building in New Braunfels, a northeastern suburb of San Antonio, for $6.3 million. At the time of sale, the single-tenant building was leased on a triple-net basis to 7-Eleven. The store also features a Laredo Taco restaurant. Matthew Scow of Secure Net Lease represented the seller in the transaction. Mitch Stokes of Avison Young represented the buyer, a California-based investor that purchased the asset via a 1031 exchange.

June 30, 2023

Development Indiana Midwest Office

M&J Wilkow, DRA Advisors to Renovate The Link at Fishers District Office Campus in Indiana

by Kristin Harlow June 30, 2023

FISHERS, IND. — The Link at Fishers District, a 457,000-square-foot office campus in the Indianapolis suburb of Fishers, is undergoing a renovation. JLL is the leasing agent for the property, which is owned by M&J Wilkow and a fund managed by DRA Advisors. Cunningham Restaurant Group (CRG), an Indiana-based restaurant hospitality group known for local favorites such as Livery, Provision and Bru Burger, will open a café at the property. Tenants at The Link will also enjoy new amenities such as conference rooms, a game room, outdoor walking path, courtyard, tenant lounges, a fitness center and 102-seat auditorium with updated seating. Surrounding The Link will soon be the Indy Fuel’s new hockey arena, a 254-unit luxury townhome community and a newly planned development with 250 luxury apartment units and 150 hotel rooms. Abby Zito, John Robinson and Kevin Gilihan of JLL negotiated the lease transaction with CRG. The renovation project is set for completion in late 2023 or early 2024.

June 30, 2023

Hospitality Loans Michigan Midwest

Bernard Financial Group Arranges $31M Construction Loan for Hotel in Detroit

by Kristin Harlow June 30, 2023

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.

June 30, 2023

Affordable Housing Development Michigan Midwest Multifamily

Woda Cooper Opens 49-Unit Woodward Way Apartments in Meridian Township, Michigan

by Kristin Harlow June 30, 2023

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 …

June 30, 2023

Illinois Leasing Activity Midwest Office

Primient Signs 23,725 SF Lease at Woodfield Preserve Office Center in Schaumburg, Illinois

by Kristin Harlow June 30, 2023

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.

June 30, 2023

Kansas Leasing Activity Midwest Retail

Flying Cow Gelato, Made in KC to Open at Edison District in Overland Park, Kansas

by Kristin Harlow June 30, 2023

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.

June 30, 2023

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