LINCOLN, NEB. — The Lied Center for Performing Arts in Lincoln has begun “Building the Future,” a $35 million privately funded addition and renovation to Nebraska’s Performing Arts Center, which is located at the University of Nebraska-Lincoln. The project will include a new entrance along Q Street as well as enhanced lobbies, a new studio theater and numerous other enhancements. Construction site preparations began in early February following the project’s approval by the University of Nebraska Board of Regents. Lied Center performances and programs will continue throughout construction. The project is slated for completion in fall 2027. The Lied Center opened in 1990 and was created with support from the Lied Foundation Trust. The center serves over 200,000 people per year at performance events, conferences and conventions and through its partnership with Lincoln’s Symphony Orchestra as the orchestra in residence. The Lied Center’s current venue spaces are dedicated to season performances, rental events and special programs. The new studio theater, totaling 11,150 square feet, will provide space for K-12 and Husker student performances. With space for performances, workshops, arts education classes and rehearsals, the new studio theater will enable independent activities to take place even when a national touring performance …
APPLETON, WIS. — Terramed Real Estate Solutions has acquired BluePearl Pet Hospital Fox Valley, a veterinary facility in Appleton within Wisconsin’s Fox Valley, for $7.1 million. The 32,232-square-foot emergency, specialty and urgent care property is the only 24-hour veterinary hospital in East Central Wisconsin. The transaction included the renegotiation of a new 10-year lease. The hospital’s team of 20 veterinarians offers orthopedic and soft-tissue surgery, internal medicine, dermatology, oncology, medical imaging and other advanced services. Terramed now holds a national portfolio of nearly 2 million square feet of medical real estate.
DALLAS — Cushman & Wakefield has arranged the sale of a national portfolio of seven industrial buildings totaling 1.6 million square feet. The buildings are located across Texas, California, Utah and Tennessee. An unnamed institutional owner purchased the portfolio. The seller and sales price were also not disclosed. Properties in the recently acquired industrial portfolio include Valwood A (201,354 square feet), Valwood C (134,266 square feet) and Valwood D (127,620 square feet) in Carrollton, Texas (part of the Dallas MSA); Chino Distribution Center (409,930 square feet) in Chino, Calif.; Salt Lake Distribution Center I (190,000 square feet) and Salt Lake Distribution Center II (190,000 square feet) in Salt Lake City; and Elam Farms Distribution Center II (363,500 square feet) in Murfreesboro, Tenn. The buildings were constructed in the mid-2000s and were collectively 97 percent leased at the time of sale to a mix of national and regional tenants. The properties feature ESFR fire sprinkler systems, average clear heights of 30 feet, expansive truck courts, concrete tilt-up construction and ample parking. The national industrial advisory group at Cushman & Wakefield that arranged the sale consisted of Jim Carpenter, Adam Pastor, Robby Rieke, Emily Brandt, Jeff Chiate and Casey Masters. “This transaction vividly …
— By Rob Martensen of Colliers — The Phoenix industrial market has always resembled a rough sea with lots of highs and lows. The market’s industrial real estate community is full of strong, confident captains who have weathered the high seas to reach the destination of a balanced market. The challenges of today are no different than those in any other market: how do we stay resilient, stay active and stay in business? Phoenix has experienced very strong absorption, mostly from the big-box market. User sales and leases have led the way, with Walmart and Dollar Tree among the most active. Then there’s the cherry on top: another big Amazon lease. What’s bigger than all of that? Retail discounter Burlington is closing on 178 acres in Buckeye to build a 2.1-million-square-foot distribution center. The latest quarterly numbers reinforce this momentum: fourth-quarter vacancy dipped below 10 percent to 9.7 percent, while year-to-date absorption totaled a healthy 18,228,088 square feet, representing some of the highest levels in the U.S. Yes, the big-box market is alive and well…but that’s only one side of today’s story. What’s struggling the most in Phoenix is mid-bay, the most common type of product built post-COVID. Some of …
FORT WORTH, TEXAS — Hillwood will develop Alliance Westport 12, a 1.2 million-square-foot speculative industrial building that will be located on the developer’s 27,000-acre AllianceTexas campus in North Fort Worth. The cross-dock building will feature 40-foot clear heights, 70-foot loading bays, 190-foot truck court depths and 278 trailer parking spaces (expandable to 569). GSR Andrade is the project architect, and Westwood Professional Services is the civil engineer. Bank of America is financing construction of the project, which is scheduled to begin before the end of the month and to be complete in 2027.
HOUSTON — HALL Structured Finance (HSF) has provided a $37 million construction loan for Orem Circle Apartments, a 270-unit multifamily project that will be located in South Houston. Orem Circle will consist of six three-story residential buildings. Units will have an average size of 901 square feet, and amenities will include a pool, fitness center, business center and a resident clubhouse. Asher Bittman of Chicago-based Sheridan Capital Partners arranged the loan on behalf of the borrower, Houston-based developer Texas Group. Completion is slated for fall 2027.
DALLAS — April Housing, the affordable housing arm of Blackstone Real Estate, has completed the renovation of West Virginia Park Apartments in South Dallas. The 204-unit affordable housing complex was originally built in 2004 and offers one-, two- and three-bedroom units, as well as a clubhouse, fitness center and a pool. The renovation delivered new fixtures, lighting and appliances to all units’ kitchens and bathrooms, as well as upgraded amenity spaces and modernized building systems. April Housing partnered with the Dallas Housing Finance Corp. and PNC Bank on the project. FTK Construction Services served as the general contractor.
DALLAS — Matthews Hospitality, a division of locally based developer Matthews, is underway on the renovation of a 76-room boutique hotel near downtown Dallas. The CANVAS Hotel Dallas is located within the former Sears Building in The Cedars historic dstrict, just south of downtown. The renovation will involve updating the bedding, furniture and other design aspects of each guestroom and is expected to be complete this winter. The project team includes master architect B2 Design Co. and interior design firm Scout Design Studio.
ISELIN, N.J. — Newmark has arranged a $98 million acquisition loan for The Grande at MetroPark, a 356-unit multifamily property located in the Northern New Jersey community of Iselin. Built in phases between 2019 and 2023, the property offers studio, one- and two-bedroom units, as well as a penthouse suite. Amenities include multiple lounges, game rooms, fitness centers, catering kitchens and coffee bars, as well as a conference center, putting green, pool, dog park and an outdoor theater. Jordan Roeschlaub, Christopher Kramer, Adam Doneger and Ryan Bub of Newmark arranged the loan on behalf of the borrower, a partnership between Brooksville Co. and Torchlight Investors. The direct lender was not disclosed.
NEW YORK CITY — The New York State Office of the Attorney General (NYS AG) has signed a 378,438-square-foot office lease expansion and extension at 28 Liberty Street, a 60-story, 2.1 million-square-foot building in Lower Manhattan. The deal comprises an extension of the existing 342,484 square feet across floors 13 through 21 and 23, as well as a 35,954-square-foot expansion for the entire 22nd floor. Peter Riguardi, John Wheeler, Mitchell Konsker and Michael Berman of JLL represented the undisclosed landlord in the lease negotiations. The tenant was self-represented.