Thursday, June 26, 2025
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AcquisitionsHospitalityMichiganMidwest

Bedrock Acquires 108-Room Roberts Riverwalk Hotel in Detroit’s East Riverfront Neighborhood

by Kristin Harlow

DETROIT — Bedrock has acquired the Roberts Riverwalk Hotel located at 1000 River Place in Detroit’s East Riverfront neighborhood. The purchase price was undisclosed. The seller was Michael Roberts, a St. Louis-based business mogul, according to Crain’s Detroit Business. The 108-room hotel features 5,500 square feet of banquet and event space as well as 126 parking spaces. Bedrock says this acquisition aligns with its mission to further position the riverfront as an ideal site for sustainable urban development. In the East Riverfront area, Bedrock has previously purchased the former UAW-GM Center for Human Resources and a portfolio of properties previously owned by the Stroh family. Bedrock plans to make additional updates regarding the riverfront in 2023. Bedrock, the real estate arm of Rocket Mortgage founder Dan Gilbert, maintains a portfolio of more than 19 million square feet of office, retail and residential space.

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AcquisitionsIndianaIndustrialMidwest

IPA Brokers Sale of 801,218 SF Industrial Facility in Elkhart, Indiana

by Kristin Harlow

ELKHART, IND. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of an 801,218-square-foot industrial facility in Elkhart for an undisclosed price. Completed in October, the build-to-suit is home to a recreational vehicle tenant. The property, which includes a showroom and office as well as warehouse and distribution space, features a clear height of 30 feet, 56 dock-high doors, a 194-foot truck court and seven drive-in overhead doors. Peter Bauman and Tivon Moffitt of IPA represented the seller and procured the buyer, neither of which were disclosed.

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Affordable HousingDevelopmentMichiganMidwestMultifamily

Woda Cooper Breaks Ground on $14.7M Affordable Housing Community in Traverse City, Michigan

by Kristin Harlow

TRAVERSE CITY, MICH. — Woda Cooper Cos. Inc. has broken ground on Annika Place, a $14.7 million affordable housing community in Traverse City. The 53-unit development will be reserved for residents who earn 30 to 80 percent of the area median income. Rental rates are projected to range from $360 to $1,125 per month depending on the income restriction and size of the unit. The Traverse City Housing Commission is providing rental assistance vouchers for eight units. The four-story building will feature amenities such as a community room, computer center, fitness center and rooftop terrace. In honor of the many who serve in the U.S. Coast Guard and the Coast Guard Air Station in Traverse City, Annika Place will honor the memory of Coast Guardsman Douglas Munro by featuring a special lighted flagpole and his namesake for the property’s community room. Munro lost his life at the Guadalcanal in 1942 as a result of heroic measures with his boat that saved the lives of 500 marines. He is the only Coast Guard member to receive the Medal of Honor. Funding for Annika Place comes from Low-Income Housing Tax Credits allocated by the Michigan State Housing Development Authority. Affordable housing finance …

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AcquisitionsIndianaMidwestOffice

Government Investment Partners Buys Two Indianapolis Office Properties for $8.2M

by Kristin Harlow

INDIANAPOLIS — Government Investment Partners (GIP) has purchased two adjacent office properties in Indianapolis for $8.2 million. The buildings are located at 4150 and 4160 N. Keystone Ave. just east of Fall Creek Parkway near the Indiana State Fairgrounds. MS Land Holdings LLC sold the 60,000-square-foot building at 4160 N. Keystone, which is fully leased to the State of Indiana on behalf of the Indiana Department of Child Services. LNR Partners sold the other building, which totals 95,157 square feet and is roughly 40 percent leased. It is also home to Department of Child Services offices as well as the Indianapolis Metropolitan Police Department. GIP, which specializes in commercial properties leased to federal, state and local government agencies, now maintains a portfolio of more than 30 buildings in 18 states.

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Citizen-Bayonne
DevelopmentMultifamilyNew JerseyNortheast

Accurate Begins Leasing 252-Unit Citizen Bayonne Apartments in Northern New Jersey

by Taylor Williams

BAYONNE, N.J. — Accurate has begun leasing Citizen Bayonne, a 252-unit waterfront apartment community in Northern New Jersey. Designed by Devereaux & Associates, the property offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, tile backsplashes and full-size washers and dryers. Amenities include a fitness center, resident lounge, coworking space and a landscaped courtyard with fire pits, grills and a gaming area. Rents start at $2,230 per month for a studio apartment.

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IllinoisLeasing ActivityMidwestRestaurantRetail

Halsted Street Deli & Bagel to Open 1,500 SF Location at Park Plaza in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Halsted Street Deli & Bagel is opening a 1,500-square-foot location at Park Plaza, an office building in the Chicago suburb of Naperville. Accesso owns the building. Slated to open in January, the restaurant will be accessible to tenants of the property as well as the general public. Halsted Street Deli is known for its soups, salads, sandwiches and bagels. The Naperville location will be open from 7:30 a.m. to 2 p.m. each day.

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LoansMultifamilyNew JerseyNortheast

JLL Provides $47.5M Agency Loan for Refinancing of Multifamily Property in Ocean County, New Jersey

by Taylor Williams

OCEAN COUNTY, N.J. — JLL has provided a $47.5 million Fannie Mae loan for the refinancing of an undisclosed multifamily property in Ocean County, located in the southern coastal part of the Garden State. Thomas Didio, Thomas Didio Jr., Gerard Quinn and Michael Mataras of JLL originated the loan, which carried a fixed interest rate and a 10-year term, on behalf of the undisclosed borrower. JLL will also act as the servicer of the interest-only loan.

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AcquisitionsIndustrialMassachusettsNortheast

Burgess Properties Negotiates $24.4M Sale of Industrial Property in Malden, Massachusetts

by Taylor Williams

MALDEN, MASS. — Locally based brokerage firm Burgess Properties has negotiated the $24.4 million sale of a 64,300-square-foot industrial property located north of Boston in Malden. The facility sits on 3.4 acres and is fully leased to Sunsetter Products, a provider of awnings. Boston-based Quaker Lane Capital purchased the asset from an undisclosed seller. Steve Nohrden of Burgess Properties brokered the deal.

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AcquisitionsNew JerseyNortheastOffice

Cushman & Wakefield Brokers $17.8M Sale of Office Building in Rochelle Park, New Jersey

by Taylor Williams

ROCHELLE PARK, N.J. — Cushman & Wakefield has brokered the $17.8 million sale of Park 17, a 105,000-square-foot office building in the Northern New Jersey community of Rochelle Park. The five-story building is home to tenants such as the Bergen County Board of Social Services and St. Joseph’s University Medical Center. Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Seth Zuidema of Cushman & Wakefield represented the seller, GHP Office Realty LLC, in the transaction. The buyer was not disclosed.

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LoansNew JerseyNortheastRetail

Cronheim Mortgage Arranges $11.5M Permanent Loan for Northern New Jersey Shopping Center

by Taylor Williams

BELLEVILLE, N.J. — New Jersey-based intermediary Cronheim Mortgage has arranged an $11.5 million permanent loan for a 70,450-square-foot shopping center in the Northern New Jersey community of Belleville. Grocer ShopRite anchors the center. Allison Villamagna and Andrew Stewart placed the 12-year loan through Farm Bureau Life Insurance Co. on behalf of the undisclosed borrower.

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