Friday, June 27, 2025
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DevelopmentMidwestMissouriMixed-Use

Cordish to Redevelop Millennium Hotel Site Adjacent to St. Louis Gateway Arch

by Kristin Harlow

ST. LOUIS — St. Louis-based nonprofit Gateway Arch Park Foundation has selected The Cordish Companies to redevelop the Millennium Hotel property, located at 200 S. 4th St. adjacent to the St. Louis Gateway Arch. The downtown site has stood vacant since 2014. In November 2024, the foundation issued a request for development proposals, just months after it announced that it was under contract to purchase the Millennium Hotel site. The request for proposals (RFP) allowed for either adaptive reuse of the structures on the property or demolition of the existing buildings. The three qualified responses to the RFP all called for demolition. Cordish’s nearly $670 million preliminary plan integrates 1.3 million square feet of residential, office, commercial, cultural and public spaces. Key proposed elements include upscale residential, Class A office space, public spaces, an amphitheater, food hall, event space, a potential home for Gateway Arch National Park’s archives, enhanced streetscapes, pedestrian-friendly spaces, landscaping and art installations. The redevelopment plan is scheduled for review during the Land Clearance for Redevelopment Authority board meeting on Tuesday, Feb. 25.

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IllinoisLoansLumentMidwestMultifamily

Lument Provides $110.8M for Refinancing of Chicago Multifamily Portfolio

by Kristin Harlow

CHICAGO — Lument has provided $110.8 million in Fannie Mae loans for the refinancing of a six-property multifamily portfolio in Chicago. The loans refinance existing bank debt for the borrower, BJB Properties, a Chicago-based owner-operator that owns and manages over 70 communities. Evan Hom of Lument led the transaction. All loans feature fixed interest rates, 10-year terms and 35-year amortization schedules. The properties total 769 units and are located in the Near North Side, the Loop, Rogers Park and Lincoln Park. Approximately half of the units are affordable to renters earning up to 80 percent of the area median income. All of the communities average nearly 100 percent occupancy.

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AcquisitionsMidwestMultifamilyOhio

Reynolds Asset Management Acquires 432-Unit Multifamily Property in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — Reynolds Asset Management, in partnership with the Slabotsky Family Office, has purchased The Commons at Water’s Edge in Columbus with plans to invest over $10 million to overhaul the property. The 432-unit multifamily community features a mix of one- and two-bedroom units. Renovations are expected to begin immediately and continue through 2026. George Skaff, Carter Stephens and Julie Mickley of Newmark brokered the sale, while Henry Stimler and Ricky Warner of Newmark procured the debt.

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DevelopmentIllinoisMidwestMultifamily

McShane Construction Completes 124-Unit Apartment Community in Crystal Lake, Illinois

by Kristin Harlow

CRYSTAL LAKE, ILL. — McShane Construction Co. has completed Redwood Crystal Lake, a 124-unit, single-story apartment property in the Chicago suburb of Crystal Lake. Redwood Living Inc. is the developer. Designed by Mann Parsons Gray Architects, the community integrates 25 townhome-style buildings with four to six units each. Each of the two-bedroom units feature an attached two-car garage and patio. Amenities include designated green spaces, pet waste stations and designated guest parking.

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DevelopmentIndustrialMidwestOhio

Meridian Design Build to Construct Two Spec Industrial Buildings in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — Hillwood has selected Meridian Design Build to construct two Class A speculative industrial buildings at its Central Columbus Commerce 71 development in Columbus. The buildings will total 624,004 square feet and will be located on a 48-acre redevelopment site at the southwest corner of Windsor and Joyce avenues. Construction is underway at the project site. The team includes Red Architecture and civil engineer Kimley-Horn and Associates Inc. Joel Yakovac and Michael Linder of Colliers are marketing the development for lease.

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Market ReportsNorth CarolinaOfficeSoutheastSoutheast Market Reports

The Faucet Is Back On for Raleigh-Durham’s Office Market

by John Nelson

Raleigh-Durham’s office market entered the year on a positive note as 2024 ended strong. Vacancy was largely flat in the fourth quarter, net absorption neared 300,000 square feet and move-outs were sparse. After years of uncertainty and short-term renewals dominating the landscape, companies are now committing to longer leases. Clarity around business drivers, a growing labor pool and new market entrants are all contributing factors to this decisive turn. Firms are confidently making long-term real estate decisions, bringing lease terms back to the five- to 10-year range. While the vibrancy of the pre-pandemic era has not fully returned, data shows a steady recovery throughout 2024, and 2025 is poised to bring even stronger growth. In 2024, Raleigh-Durham welcomed several notable commitments from companies establishing a foothold in the market, like Jewelers Mutual, JTL and Amgen.  Leasing activity stayed strong through the fourth quarter, supporting the net absorption of nearly 160,000 square feet of office space over the course of the year. Rents have seen some downward corrections overall, but well-located, highly amenitized assets have retained rent stability. Recent recommitments from major companies like Nutanix and Hitachi highlight the area’s enduring appeal. Vacancy closed out December at 17.3 percent but was …

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The Wellness Village in Mead Valley, California
CaliforniaDevelopmentHealthcareTop StoriesWestern

PMB Tops Out $580M Behavioral Health Campus in Mead Valley, California

by Channing Hamilton

MEAD VALLEY, CALIF. — Local developer PMB, in partnership with the Riverside University Health System, has topped out The Wellness Village in Mead Valley, a $580 million behavioral health campus located about 25 miles south of San Bernadino, Calif. Upon completion, the campus will serve as a mental health urgent care and crisis residential program for children under the age of 13. The Wellness Village will provide a range of services, including urgent behavioral health treatment, supportive housing and outpatient care. The facility will also house primary and specialty medical care practices, as well as dental services, substance use disorder treatment and an on-site pharmacy. More specifically, Wellness Village will include: Additionally, the property will offer amenities designed to promote community interaction and holistic recovery, such as green spaces and gardens, sports courts, an activity lawn, public market/café and community meeting space for local events and activities. Construction on The Wellness Village is slated to complete in 2026. Boulder Associates is the project architect, while Snyder Langston is the design-builder. PMB Real Estate Services will serve as the property manager. Financing sources for the development include Morgan Stanley, JLL, Kensington Advisors, P3 Foundation, Advocates for Human Potential Inc. and the …

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IndustrialSelf-StorageTexas

Hines Recapitalizes 9,700-Unit Self-Storage Portfolio in DFW

by Taylor Williams

HOUSTON — Houston-based Hines has recapitalized a portfolio of 14 self-storage facilities totaling approximately 9,700 units via new joint venture equity with the operator, CubeSmart. The properties collectively total more than 1.2 million square feet of net rentable space and are scattered across the Dallas-Fort Worth (DFW) metroplex. Aaron Swerdlin and Andrew Warin led the Newmark team that structured the recapitalization on behalf of Hines. CubeSmart is now the majority owner of the portfolio, though additional details of the transaction were not disclosed.

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515-Post-Oak-Houston
AcquisitionsOfficeTexas

JLL Brokers Sale of 274,583 SF Office Building in Houston

by Taylor Williams

HOUSTON — JLL has brokered the sale of 515 Post Oak, a 274,583-square-foot office building in Houston’s Galleria neighborhood. The building was originally constructed in the 1980s on a 3.2-acre site and offers amenities such as a fitness center, tenant lounge/game room, café and technology equipped conference areas. Jeff Hollinden and Kevin McConn of JLL represented the seller, New York Life Real Estate Investors, in the transaction and procured the buyer, Dallas-based investment firm EY Ventures LLC. The building was 74 percent leased at the time of sale.

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Moran-Hotel-CITYCENTRE-Houston
DevelopmentHospitalityTexas

Midway Completes Renovation of 244-Room Moran Hotel at CITYCENTRE in West Houston

by Taylor Williams

HOUSTON — Midway has completed the renovation of The Moran, a 244-unit hotel located within the local developer’s CITYCENTRE mixed-use destination in West Houston. As part of the renovation, all guestrooms received furnishing, bedding, lighting and technology upgrades. In addition, the development team upgraded the hotel’s meeting and event spaces, as well as the lobby and front entrance areas, and introduced multiple new food-and-beverage concepts.

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