Thursday, July 17, 2025
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18750-Orange-St-Bloomington-CA
AcquisitionsCaliforniaIndustrialWestern

Kwangwon USA, YS & Son Acquire Industrial Warehouse in Bloomington, California for $30.8M

by Amy Works

BLOOMINGTON, CALIF. — Kwangwon USA Inc. and YS & Son Co. have purchased an industrial property at 18750 Orange St. in Bloomington, located in the Inland Empire. An undisclosed seller sold the asset for $30.8 million. The newly built property features 184,770 square feet of manufacturing and warehouse space in proximity to Interstates 10 and 215. The property was initially slated for leasing at the end of 2019, and the United States Post Office briefly occupied the building before the sale. James Min of Colliers, along with the Colliers Korean Corporate Solutions Desk, facilitated the transaction and represented the buyers in the deal.

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CaliforniaLoansMultifamilyWestern

Ready Capital Closes $24M Refinancing for Multifamily Property in Hollywood

by Amy Works

LOS ANGELES — Ready Capital has closed a $24 million refinancing for a 100-unit apartment community located in the Hollywood submarket of Los Angeles. The undisclosed borrower will use loan proceeds to retire existing debt, construct additional units and renovate existing units at the property. Capital improvements include kitchen, bathroom and living area upgrades. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options and flexible prepayment. The loan includes a facility to provide future funding for capital expenditures and interest shortfalls.

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AcquisitionsCompany NewsNew YorkNortheastRetailTexasTop Stories

Retail REIT Kimco Realty to Acquire Weingarten Realty Investors for $3.9B

by Katie Sloan

JERICHO, N.Y. AND HOUSTON — Kimco Realty Corp. (NYSE: KIM) has announced plans to acquire fellow retail REIT Weingarten Realty Investors (NYSE: WRI) for roughly $3.9 billion. The combined company is expected to have a pro forma equity market capitalization of $12 billion and a pro forma total enterprise value of $20.5 billion. The merger will create a national operating portfolio of 559 open-air, grocery-anchored shopping centers — one of the darlings of commercial real estate during the COVID-19 pandemic — and mixed-use assets comprising 100 million square feet of gross leasable area. In its reasoning for the acquisition, Kimco cited enhanced asset diversification and quality; expanded geographic reach in high-growth, first-ring suburbs of core markets; greater tenant diversity; a more compelling value creation pipeline; operational savings and corporate synergies; earnings accretion and NOI growth opportunities; and an increase in the company’s financial strength and flexibility.  “We believe this transaction is a win-win for shareholders of both companies, who will benefit from the upside potential associated with owning the preeminent open-air, grocery-anchored shopping center and mixed-use real estate REIT in the U.S.,” says Conor Flynn, Kimco’s CEO. “This combination reflects our conviction in the grocery-anchored shopping center category, which has …

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Wellness-Space-Houston
FeaturesHealthcareOffice

Medical Coworking Space Can Bolster Office Occupancy

by Taylor Williams

By Sunny Somaiya, co-founder, WellnessSpace As we navigate what working life and office spaces will look like in a post-pandemic world, one thing is certain — they will not be the same as before. With many companies realizing during the pandemic that their employees can be just as or even more productive working from home, demand for office space may remain low for the foreseeable future. Remote work should thus continue to be a popular option. However, for businesses that require office space but face unprecedented uncertainty about their futures, renting traditional office space may not be the best solution. This is particularly true for private medical and wellness practices, and that is where coworking spaces come in. Coworking spaces have been around for many years and are undergoing a transformation of their own. They provide a great middle-ground choice for businesses that are looking for spaces but want to increase flexibility and avoid signing long-term leases. While traditional coworking spaces appeal to entrepreneurs and business owners, niche coworking spaces have risen in popularity in recent years to meet the demands of specific individuals. Medical and wellness coworking spaces represent a new breed that satisfy an unmet demand for flexible …

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IndustrialMarket ReportsMidwestMidwest Market ReportsMinnesota

Twin Cities Industrial Market Poised for Additional Growth

by Kristin Harlow

By Joe Mahoney, Opus Development Co. Despite a confluence of major events in 2020 that shook our world — the pandemic, social unrest, historically high rates of unemployment — the industrial real estate market in the Twin Cities fared very well. While positive net absorption was limited in the second quarter of 2020, the rate accelerated to 1.1 million square feet during the fourth quarter and ended the year at 3.2 million square feet, according to CBRE Minneapolis-St. Paul. Active users also increased. In the beginning of 2020, there were 6.4 million square feet of users. At the end of the third quarter, that number had increased to 10 million, and by the end of the year, there were close to 12 million square feet of users, almost doubling over the course of the year. We see user demand continuing to trend up and accelerate this year. To support growth plans, users are looking for highly functional manufacturing, warehousing and distribution facilities. Many businesses are increasing efficiency and productivity by consolidating several obsolete buildings into one new highly functional, build-to-suit space. COVID-19 supply chain disruption has prompted some businesses to increase their footprint for storing more inventory and reducing reliance …

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Duke Health
DevelopmentHealthcareNorth CarolinaSoutheast

Duke Health Opens $102.4M Behavioral Healthcare Facility in Durham

by Julia Sanders

DURHAM, N.C. — Duke Health has opened a newly built center at Duke Regional Hospital in Durham that services behavioral therapy patients. The new center plans to combine the behavioral health services that had been offered separately at Duke University and Duke Regional hospitals. The facility, known as Duke Behavioral Health Center North Durham, cost $102.4 million to build. The Duke Behavioral Health Center North Durham project also includes an expansion of the hospital’s emergency department, which has been moving into the new space on a rolling basis as construction is completed. The new behavioral health services at the facility include 42 private inpatient rooms with two courtyards; 18 private treatment spaces in the emergency department with a courtyard; 30 outpatient clinic rooms; and electroconvulsive therapy. The new addition increases capacity from 36 to 49 treatment rooms. Construction started inside in the hospital in March 2018. The public entrance that had recently been near Cancer Services opened yesterday at its permanent location off Crutchfield Street, adjacent to the main hospital building.

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DevelopmentFloridaMultifamilySoutheast

Balfour Beatty, Related Group Break Ground on Two-Tower Residential Project in West Palm Beach

by Julia Sanders

WEST PALM BEACH, FLA. — Balfour Beatty has broken ground on Icon Marina Village, a two-tower, 24-story residential development in West Palm Beach. Related Group is the developer of the project, which will be located close to the Intracoastal Waterway, Atlantic Ocean, Palm Beach Island and downtown West Palm Beach. Balfour Beatty and Related Group plan to deliver Icon Marina Village in 2023. Designed by Miami-based Arquitectonica, Icon Marina Village will feature two high-rise towers that will accommodate 399 residential units, offering one-, two- and three-bedroom units. The development will include a rooftop with adjoining garage, semi-private beach club with day dock and sand beach, a heated European-edge swimming pool, business lounge, fire pit and outdoor kitchen, a spa with a sauna and more. Each apartment will feature stainless steel appliances, quartz countertops, backsplashes, Italian cabinetry and Wi-Fi. Each waterfront unit comes with floor-to-ceiling windows, high ceilings and balconies. At least two of the penthouse units will also feature their own private rooftop pools. Icon Marina Village represents the first phase of a 19 plus-acre integrated master development in partnership with Rybovich at the site of its Superyacht Marina.

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Broadstone SummerHill
DevelopmentGeorgiaMultifamilySoutheast

Alliance Residential Delivers Broadstone Summerhill Apartments in South Atlanta

by Julia Sanders

ATLANTA — Scottsdale, Ariz.-based Alliance Residential Co. has delivered Broadstone Summerhill, a new multifamily development located in the heart of Atlanta’s Summerhill neighborhood on the city’s south side. This property is Alliance Residential’s latest development in the Atlanta area, with three additional developments under construction and three properties recently opening. Broadstone Summerhill comprises of three residential buildings with 276 studio, one- and two-bedroom apartment units. Each unit has entry mud benches, wet islands, plank-style vinyl wood flooring, designer lighting packages, custom cabinetry, quartz countertops and stainless steel appliances. The community has received the National Green Building Standard (NGBS) Green Certification. Located at 100 Fulton St. SE, just north of the Center Parc Credit Union Stadium (formerly Turner Field), the multifamily community is close to the Atlanta BeltLine, Grant Park, Zoo Atlanta and Mercedes-Benz Stadium. The community is also 9.7 miles from Hartsfield-Jackson Atlanta International Airport. Broadstone Summerhill’s rooftop observatory and lounge includes indoor/outdoor seating areas, a wet bar and arcade games. Also, the property has a pitched-roof clubroom with a demonstration kitchen and private workspaces. Other community amenities include flexible patio area near the indoor/outdoor fireplace, a saltwater pool with two sun shelves and gas grills, fitness center, pet park …

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Publix
DevelopmentGeorgiaLeasing ActivityRetailSoutheast

Publix to Occupy 42,514 SF at Interlock Mixed-Use Project by S.J. Collins in Atlanta’s West Midtown

by Julia Sanders

ATLANTA — Publix will occupy a 42,514-square-foot store for the second phase of The Interlock, a mixed-use development underway at the intersection of Ethel Street and Northside Drive in Atlanta’s West Midtown district. Demolition for the site will begin in May, and vertical construction will start in the fall of 2022. S.J. Collins Enterprises is the landlord. Phase I of The Interlock is a nine-acre, mixed-use property located at 1115 Howell Mill Road N.W. The development includes 200,000 square feet of office space; 105,000 square feet of retail and restaurant space; 349 apartments and 18 townhomes; 70 single-family homes; and the 161-room Bellyard, a Tribute Portfolio Hotel. Phase I leasing opportunities still include approximately 87,000 square feet of office space and 30,000 square feet of retail and restaurant space. Phase II includes an additional 4.5 acres that will include another 40,000 square feet for retail space, 186,000 square feet of office space, student housing serving students of nearby Georgia Tech and the Publix grocery store. The various components of The Interlock are connected to each other via a one-acre public park. Phase II is currently being designed by Dynamik Design. Puttshack is debuting at The Interlock next week and Bellyard, …

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AcquisitionsDevelopmentGeorgiaLoansMultifamilySoutheast

Ready Capital Closes $53.6M Acquisition Financing for Multifamily Property in Atlanta

by Julia Sanders

ATLANTA — Ready Capital has closed a $53.6 million loan for the acquisition, renovation and stabilization of a 294-unit, Class B multifamily property in Atlanta. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and mark rents to market. The borrower and property name were not disclosed. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures. The renovations planned at the property include new granite countertops and kitchen cabinets; updates to bathrooms, lighting and paint; and common area and exterior upgrades including a remodeled clubhouse, pool, fitness center, new property signage and an updated playground.

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