GRAND RAPIDS, MICH. — Freedom Functional Medicine has leased a medical suite at 1787 Grand Ridge Court NE in Grand Rapids. The 7,247-square-foot suite includes 14 exam rooms, seven private offices, an X-ray room, blood lab, nurses’ station, breakroom and a reception area. Josh Wiser of Keller Williams guided the property search, while Hillary Taatjes Woznick and Doug Taatjes of NAI Wisinski of West Michigan represented the landlord.
WARREN, MICH. — Consumer Cellular has signed a 3,600-square-foot retail lease at The Shoppes at Beaver Creek in Warren, an inner-ring suburb of Detroit. Owen Kelly and Michael Murphy of Gerdom Realty & Investment represented the undisclosed landlord, while Adam Goodman of Mid-America Group represented the tenant. The property is located on Van Dyke Avenue between 13 and 14 Mile roads.
Retail spaces have changed dramatically over the past decade. Enclosed environments, once leading the trend in the industry, have been traded for open-air environments. Many properties that were once solely occupied by retail tenants now have multiple uses, including entertainment, office, multifamily and hotel. In a time when it’s tough to develop, smaller, convenience-oriented projects are dominant, with the redevelopment of regional properties a close second. Finding new life in old real estate is the mantra of today. Retail environments have the future in mind when considering design. E-commerce is integrated into all things retail, and technology has to be considered in new designs. Because physical retail is now viewed as an ever-changing environment by tenants and owners, the flexibility of any new space is incredibly important. What’s being designed today may not be the use in a few years. Also of utmost importance to consumers is placemaking — consumers crave a reason to enter a physical space. They need to feel invited, welcome and intrigued at the same time. REBusinessOnline recently spoke to a number of retail architects and designers to understand what creating a successful retail environment looks like in the mid-2020s. Incorporating E-Commerce While e-commerce hasn’t been a threat to …
TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has announced that the Toledo-based REIT is exiting the outpatient medical property management business following a portfolio sale to Remedy Medical Properties and Kayne Anderson Real Estate. The portfolio comprises approximately 18 million square feet of outpatient medical facilities across 296 properties in 34 states. Welltower says that the transaction will total $7.2 billion and will be completed in tranches through mid-2026, with the first tranche selling for $2 billion. This acquisition establishes the Remedy Medical and Kayne Anderson Real Estate partnership as the nation’s largest owner of outpatient medical buildings, with more than 52.4 million square feet across approximately 1,104 properties in 44 states. “This acquisition reinforces our position as leading institutional investors in the outpatient healthcare sector and underscores our long-standing, successful partnership with Remedy,” says Al Rabil, CEO of Boca Raton, Fla.-based Kayne Anderson. “We remain focused on building upon our history of delivering superior risk-adjusted returns for investors, while advancing the delivery of high-quality healthcare across the country.” Remedy Medical is assuming all operational responsibilities from Welltower, including property management and leasing functions. The portfolio was 94 percent occupied at the time of the acquisition announcement. Welltower will retain a …
ELLIS COUNTY, TEXAS — Locally based developer Huffines Communities has broken ground on Lakesong, a 2,700-acre master-planned community in Ellis County, located south of the metroplex. Plans for the mixed-use development, which encompasses the cities of Grand Prairie and Midlothian, currently call for approximately 5,000 single-family homes, 2,000 multifamily units and a 40-acre commercial district. Onsite amenities will include roughly 780 acres of open space and parks, a trail system and a 100-acre private lake, as well as several fishing ponds, pools, pickleball courts, sports facilities, a fitness center and multiple amenity centers. Construction on the first phase of single-family homes is underway, and the first model homes are expected to be complete late next year.
HOUSTON — Panelmatic Electrical Solutions has signed a 10-year, 728,080-square-foot industrial lease in North Houston. The manufacturer of switchgear systems will occupy the entirety of Westpoint 45, a newly developed, cross-dock facility that sits on a 42-acre site near the intersection of I-45 and Beltway 8. Building features include 40-foot clear heights, speculative office space and 180 trailer parking stalls. Richard Quarles, Mark Nicholas, Joseph Berwick and Eliza Klein of JLL represented the landlord, a partnership between locally based developer Vigavi and Principal Asset Management, in the lease negotiations. Wes Williams of Colliers represented Panelmatic.
SAN ANTONIO — A joint venture between Baltimore-based MCB Real Estate, Austin-based Epic Real Estate Partners and Centerbridge Partners LP has acquired Northwoods Shopping Center, a 439,569-square-foot retail power center in San Antonio. An H-E-B grocery store anchors the property and has operated at the site since its development in 1996. Additional tenants at the center, which was 91 percent leased at the time of sale, include Nordstrom Rack, Marshalls, Homesense, Barnes & Noble, Old Navy and Ulta Beauty. Truist Bank financed the acquisition. The seller and sales price were not disclosed.
SAGINAW, TEXAS — A partnership between Canadian owner-operator Tricon Residential and Texas-based developer HHS Residential has completed a 166-unit build-to-rent residential project in Saginaw, a northern suburb of Fort Worth. Residences feature three and four-bedroom floor plans and have attached two-car garages and fully fenced backyards. Amenities include a dog park and multiple outdoor recreational spaces. Information on starting rents was not announced.
FORT WORTH, TEXAS — Locally based brokerage firm LanCarte Commercial has negotiated a 31,780-square-foot industrial lease in southwest Fort Worth. The building at 14485 U.S. Highway 377 includes 2,415 square feet of office space. Sarah LanCarte and Finn Wilson of LanCarte Commercial represented the undisclosed landlord in the lease negotiations. Jon McDaniel of NAI Robert Lynn represented the tenant, the Tarrant County Emergency Services District.
WATERTOWN, MASS. — National Development has purchased Watertown Mall, located on the western outskirts of Boston, with plans to enhance the property and continue its operation as a retail destination, as confirmed in a statement by the regional owner-operator. According to reports from multiple publications, including Axios and the Boston Business Journal, the sales price was $100 million, and the purchase represents a split from an original plan to repurpose the property to support life sciences usage. Best Buy and Target are the current anchors of Watertown Mall. The seller was not disclosed.
