LANSING, MICH. — Gillespie Group has unveiled plans to redevelop a former Sears Roebuck location at 3131 E. Michigan Ave. in Lansing. The property is being marketed as ROECO, a retail and entertainment destination. Specific redevelopment plans have yet to be finalized. The name ROECO is a nod to Sears Roebuck, which occupied the property for 66 years. Most recently, Sparrow Health System utilized the site for COVID testing. Gillespie Group is working with CBRE to secure retailers, restaurants and entertainment concepts for the redevelopment project. The timeline and final product mix are subject to change.
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FRANKLIN PARK, ILL. — DarwinPW Realty has brokered the sale of a 102,950-square-foot industrial building formerly occupied by Dean Foods in the Chicago suburb of Franklin Park for an undisclosed price. The 10-acre property is located at 3600 River Road. Constructed in 1954, the building features eight exterior docks, eight drive-in doors, outdoor storage, trailer parking and a 10,000-square-foot cooler. Jerry Sullivan of DarwinPW, along with Axiom Advisors, represented the seller, an entity doing business as NDSM Franklin Park LLC. Jeffrey Provenza of DarwinPW and Brian Carroll of JLL represented the private buyer. The site is ripe for redevelopment, according to Provenza.
MIDDLETOWN, OHIO — Marcus & Millichap has arranged the $2.7 million sale of a 78,100-square-foot industrial building in Middletown, about 35 miles north of Cincinnati. The property is home to multiple tenants. Joshua Baker, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, an Ohio-based local investor. The team also procured the buyer, a New York City-based investment group.
CHANDLER, ARIZ. — San Diego-based MG Properties has purchased 2150 Arizona Ave South Apartments I, a multifamily property in Chandler, for $107 million. Rebranded as 2150 Apartments, the community features one-, two- and three-bedroom floor plans. The number of units was not disclosed. Mark Forrester and Dan Cheyne with Berkadia represented the undisclosed seller in the deal. Chuck Christensen and Lowell Takahashi of Berkadia originated acquisition financing through Fannie Mae for the buyer.
VanTrust Real Estate Completes 246,400 SF Industrial Building at Tropical Distribution Center in North Las Vegas
by Amy Works
NORTH LAS VEGAS, NEV. — VanTrust Real Estate has completed construction of a fourth building at the 120-acre, 1.6 million-square-foot Tropical Distribution Center in North Las Vegas. Designed by HPA Architecture, Tropical IV totals 246,400 square feet of Class A industrial space with convenient access to interstates 15 and 215 via Tropical Parkway. The building features 36-foot clear heights with 43 dock-high doors and two grade-level doors, as well as a large truck court, 51 trailer parking spaces and 203 automobile parking spaces. Martin-Harris Construction served as general contractor for the project.
Gantry Arranges $18M Construction Loan for Spec Industrial Development in Pacific, Washington
by Amy Works
PACIFIC, WASH. — Gantry has secured a $18 million construction-to-permanent loan for the speculative development of an industrial property in Pacific. Situated on 12 acres, the property will feature 160,000 square feet of industrial space. Construction began in second-quarter 2022 and completion is slated for early 2023. Mike Wood and Alex Saunders of Gantry arranged the financing for the borrower, Davis Property Investment. A regional bank provided the seven-year loan with a fixed, sub-4.4 percent interest rate. The financing features an initial two-year interest-only payment period before moving to a 30-year amortization for the remaining term. The initial funding is for $15 million to complete construction, with an additional $3 million earn-out upon lease up and stabilization of the project.
Gateway Co. Sells 13,000 SF Retail Building at Towngate Promenade in Moreno Valley, California
by Amy Works
MORENO VALLEY, CALIF. — Gateway Co. has completed the disposition of a retail building at the Towngate Promenade in Moreno Valley. A private party acquired the asset for $2.8 million. The buyer will use the 13,000-square-foot building to accommodate a Kids Empire franchised location. Kids Empire encourages healthy, happy active play for children of all ages and features age-appropriate play structures, climbing walls, slides and rides. Headquartered in Southern California, Kids Empire currently has more than 30 locations in 10 states across the country. Located at 12650 Day St., the Kids Empire indoor playground location is slated to open in 2023. Pablo Velasco and Albert Lopez of Progressive Real Estate Partners represented the seller in the deal.
GARDENA, CALIF. — SBH Real Estate has completed the sale of a triple-net leased retail asset located at 15015 Crenshaw Blvd. in Gardena. KOAM Property Investment purchased the property for $3.5 million. Super Star Car Wash signed a 25-year triple-net ground lease for the property. The location opened for business in early 2022 and the tenant has invested more than $3 million into the location. Jeremy McChesney of Hanley Investment Properties represented the seller, Eric Silverman of SBH Real Estate, while Frank Choi of Win Realty & Properties represented the buyer in the transaction.
By Barry Manuel, CIO, MEB Management Services Did you know that 39 percent of energy-related carbon dioxide emissions are generated through manufactured buildings? We spend the majority of our lives using indoor spaces to gather, work, socialize and live, which means multifamily developers and managers need to consider environmentally friendly options that don’t contribute to the global climate crisis. It’s the right thing to do, and we’re not the only ones who know that. Residents are getting wise to the impact their buildings play in the climate crisis. Creating A Solution With this in mind, we recently created the MEB Sustainability Committee to address environmental issues and adapt sustainability practices for our multifamily properties throughout Arizona and New Mexico. Our goal is to have at least 75 percent of all MEB properties engaged in energy-saving initiatives. MEB is taking a two-pronged approach. We’re using ESG ratings to measure long-term environmental, social and governance risks while educating and sharing sustainable practices with our residents and management teams. Through a collaborative effort, we’re reducing emissions by making changes to both new and existing apartment buildings. Part of our strategy and collaboration involves partnering with one of the most sustainably conscious builders in Arizona …
By Chris Armer, Hoefer Welker People who call the Kansas City metropolitan area home know it’s a desirable place to live. From the robust job market and vibrant arts scene to its rich history and, of course, stellar sports teams, the Kansas City metro area attracts a diverse group of people. Kansas City is evolving and so are its housing needs. In recent years, the demand for multifamily development in Kansas City has grown, driven by a range of factors. Mass retirements and flexible work arrangements are shifting priorities, while the housing shortage and rising interest rates are sending prospective homeowners on the search for attractive alternatives. The multifamily housing trend stands to gain momentum, creating a space for discerning real estate and architecture firms with development expertise to pave the way in an evolving housing market. The great shuffle Much has been said about the Great Resignation, but the COVID-19 pandemic didn’t only affect young and midlife workers who left their jobs to pursue higher-paying and more meaningful employment. It also hastened the Great Retirement, a massive wave of baby boomers leaving the workforce, many of them earlier than planned. Now those homeowners are selling their suburban single-family …