Property Type

Joint Venture Plans $439M Inpatient Rehabilitation Hospital, Research Facility in Detroit

by Katie Sloan September 7, 2023

DETROIT — The Gilbert Family Foundation, Henry Ford Health and Shirley Ryan AbilityLab have announced plans for the development of a $439 million inpatient rehabilitation hospital and research facility in Detroit. The project will be an expansion of the existing Henry Ford Health and Michigan State University Health Sciences campus. Plans for the project include a 125,000-square-foot inpatient tower, which will be constructed at the corner of West Grand Boulevard and John C. Lodge Freeway. The facility will offer 72 beds, with three floors of the building occupied by rehabilitation care provider Shirley Ryan AbilityLab. The rehabilitation floors will provide inpatient care for those recovering from strokes, traumatic brain injuries, spinal cord injuries and other conditions. The Gilbert Family Foundation has provided $10 million fund to increase access to rehabilitation care for low-income residents in Detroit. The building is scheduled for completion in 2029. The development will also include a new research building on Henry Ford Health’s East Campus. The project will house the Nick Gilbert Neurofibromatosis Research Institute, a facility dedicated to finding a cure for neurofibromatosis. The property is scheduled for completion in 2027. The building will be the first brick-and-mortar development to be solely dedicated to neurofibromatosis …

September 7, 2023

Market Reports Midwest Midwest Market Reports Minnesota Retail

Strong Regional Economy Propels Minneapolis Retail Market

by Kristin Harlow September 7, 2023

By Tricia Pitchford and Amy Senn, Mid-America Real Estate A strong regional economy continues to propel the retail real estate market in Minneapolis heading into the fall. Unemployment remains lower than the national average, though up from last year’s remarkable sub-2 percent. New jobs are being created at a nice clip. At the same time, retail real estate space is tight, with limited new construction. Well-located spaces are being re-tenanted quickly. The same is generally true for B and C locations. Rents are flat to increasing. Higher construction costs continue to hamper tenant expansion. Although the macroeconomy is slowing, consumers are proving resilient, with a large appetite (pun intended) for quick-service restaurants and personal services, in particular. Where’s the most action? Suburban trade areas are seeing most of the activity across the metro area. Maple Grove, Woodbury, Edina and Roseville are among the strongest submarkets. A couple of urban trade areas, namely the North Loop warehouse district and Northeast Minneapolis, stand out for their growing appeal as arts, entertainment and dining districts. (Yes, we have hipsters in the Twin Cities.) Generally infill and redevelopment opportunities are more time-consuming and costly to execute than ground-up development, but that’s not stopping the …

September 7, 2023

Development Multifamily Texas

Howard Hughes Corp. Breaks Ground on 268-Unit Multifamily Project in The Woodlands, Texas

by Taylor Williams September 6, 2023

THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHH) has broken ground on 1 Riva Row, a 268-unit multifamily project that will be located about 30 miles north of Houston in The Woodlands. The development will feature a 13-story tower and four-story residential living building with two-story townhomes on the ground level, as well as traditional studio, one-, two- and three-bedroom floor plans. Amenities will include a pool with cabanas, outdoor grilling and dining areas, a 24/7 fitness center, sports lounge and a rooftop terrace. Residents will also have access to roughly two miles of walking and jogging trails along The Woodlands Waterway. Completion is slated for late 2025.

September 6, 2023

Acquisitions Industrial Texas

Harbor Capital Acquires 198,000 SF Industrial Property in Southwest San Antonio

by Taylor Williams September 6, 2023

SAN ANTONIO — Austin-based investment firm Harbor Capital has acquired a 198,000-square-foot industrial property located at 10120 Fischer Road in southwest San Antonio. The vacant facility can support either manufacturing or distribution uses. Built on roughly 10 acres in 2008, the property features 40-foot clear heights, 24 dock-high doors, one drive-in door, 94 car parking spaces, 130-foot truck court depths and 7,000 square feet of office space. Stan Nowak and Sam Bush of Avison Young represented Harbor Capital in the transaction. Trent Agnew, Josh Villarreal and Greer Shetler of JLL represented the seller, Becknell Industrial.

September 6, 2023

Acquisitions Office Texas

JLL Arranges Sale of 143,410 SF Office Building in Metro Houston

by Taylor Williams September 6, 2023

SUGAR LAND, TEXAS — JLL has arranged the sale of 77 Sugar Creek, a 143,410-square-foot office building located in the southwestern Houston suburb of Sugar Land. The six-story building was renovated in 2018 and was roughly 64 percent leased at the time of sale. Rick Goings, Marty Hogan and Will Sledge of JLL represented the seller, CW Capital, in the transaction. Locally based investment firm InLight Capital purchased the asset for an undisclosed price.

September 6, 2023

Civic Development Texas

Hensel Phelps Begins Work on 84,500 SF Terminal Expansion Project at Austin Airport

by Taylor Williams September 6, 2023

AUSTIN, TEXAS — General contractor Hensel Phelps has begun work on the West Gate Expansion, a project that will increase the size of a terminal at Austin-Bergstrom International Airport by 84,500 square feet across three levels of apron, concourse and mezzanine space. The expansion will also add amenities such as new food and retail spaces, public art installations, more seating areas, larger restrooms, a third-level patio and private rooms for nursing or pumping. The project team will also construct three new gates. Completion is slated for 2026.

September 6, 2023

Georgia Loans Office Southeast

Morning Calm Originates $59M Refinancing for 8West Office Building in West Midtown Atlanta

by John Nelson September 6, 2023

ATLANTA — Morning Calm Office Finance, a joint venture between Morning Calm Management and an unnamed global investment manager, has originated a $59 million loan for the refinancing of 8West, a new creative office building in Atlanta’s West Midtown district. Completed in 2020, the 193,000-square, nine-story building is located at 889 Howell Mill Road. The borrower, The Atlantic Cos., is using the loan to refinance the maturing construction debt on the property. The property features a fitness facility, rooftop deck and catering kitchen, common collaborative spaces and conference facilities and an outdoor public plaza. Ford Motor Co. is a major tenant at 8West.

September 6, 2023

Development Industrial North Carolina Southeast

Crescent Communities Breaks Ground on 449,000 SF Spec Industrial Facility in Charlotte

by John Nelson September 6, 2023

CHARLOTTE, N.C. — Crescent Communities has broken ground on AXIAL Rapid Commerce, a 449,000-square-foot speculative industrial facility in Charlotte. The infill, Class A building will be located at 500 Rhyne Road, a half-mile from I-485 and 2.5 miles from I-85. AXIAL Rapid Commerce will include 36-foot clear heights and 3,850 square feet of office space, as well as 338 auto parking spaces, 106 trailer parking spaces and two drive-in doors. The design-build team includes development partner Fortius Capital Partners, joint venture equity partner Pacolet Milliken, DMA Architecture, Orsborn Engineering, Evans General Contractors, lender TD Bank and leasing agency Colliers. The development team expects to deliver AXIAL Rapid Commerce in third-quarter 2024.

September 6, 2023

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 34-Unit Multifamily Portfolio in San Angelo, Texas

by Taylor Williams September 6, 2023

SAN ANGELO, TEXAS — Marcus & Millichap has brokered the sale of a portfolio of two multifamily properties — Capri Apartments and Bryant Place — in the West Texas city of San Angelo. According to LoopNet Inc., Capri Place totals 24 units and was built in 1968, while Bryant Place consists of 10 units and was constructed in 1974. William Stover Jr. of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Additional terms of sale were not disclosed.

September 6, 2023

Affordable Housing Development Florida Loans Multifamily Southeast

Pinnacle Obtains $47.8M Financing for Affordable Housing Development in Hollywood, Florida

by John Nelson September 6, 2023

HOLLYWOOD, FLA. — Pinnacle has obtained $47.8 million in financing for the development of the second phase of Pinnacle 441, a 100-unit affordable housing project in Hollywood. The eight-story building will be situated at 6028 Johnson St., a site that previously housed a trailer park and sits adjacent to Phase I of Pinnacle 441. Pinnacle plans to break ground on Phase II this month and wrap up construction in approximately 16 months. The property will feature one-, two- and three-bedroom units, as well as one live-work space with commercial frontage along Johnson Street. Units will be reserved for individuals and families earning up to 60 percent of Broward County’s median income. Amenities for both phases will include a fitness facility, virtual reality gaming room and indoor/covered outdoor lounge. Amenities unique to Phase II will include indoor meeting space and a cyber lounge. Funding sources for Phase II of Pinnacle 41 include tax credit equity financing and construction debt from Bank of America, tax-exempt bonds issued by Broward County Housing Finance Authority, permanent financing from Citibank, $10 million in gap financing from Broward County, $1 million from the City of Hollywood and $6.6 million from Florida Housing Finance Corp.

September 6, 2023

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