LAPEER, MICH. — Bernard Financial Group (BFG) has arranged a $16.9 million loan for the refinancing of a 152-unit multifamily property in Lapeer, about 60 miles north of Detroit. Dan Duggan of BFG arranged the loan on behalf of the borrower, Selective Real Estate LLC. Fannie Mae provided the loan.
PLAINFIELD, ILL. — Quantum Real Estate Advisors Inc. has brokered the $9 million sale of a 55,073-square-foot retail center in Plainfield within metro Chicago. Located at 12337 S. Route 59, the property was 97 percent leased at the time of sale to tenants such as Enterprise, One Main Financials, Chop’d and Khaos Brewcade and Kitchen. Brett Berlin of Quantum brokered the transaction. A private investor based in Illinois purchased the asset from a local family development company based in Chicago’s western suburbs.
ADA, MICH. — Marcus & Millichap has negotiated the sale of Ada Attic Self-Storage, a 342-unit self-storage facility in Ada near Grand Rapids. The sale closed at a 6.62 percent cap rate. Built in 2002, the 52,150-square-foot property comprises climate-controlled and conventional units and was 96 percent occupied at the time of sale. Recent upgrades include new shingles, LED lighting and a modern surveillance system. Eddie Greenhalgh of Marcus & Millichap represented the seller, a family trust/limited liability company, and procured the buyer, Prestige Storage, in association with Steve Chaben, the brokerage firm’s broker of record in Michigan. The transaction marks the first time that the asset has changed hands.
ADDISON, ILL. — Brennan Investment Group has acquired a 97,568-square-foot industrial building in the Chicago suburb of Addison. Located near the I-355 expressway in the Northern DuPage submarket, the property features convenient access to the O’Hare International Airport as well as the Chicago central business district. The transaction marks the fifth acquisition within Brennan’s inaugural Opportunity Fund, which primarily focuses on the user-owned market.
LOUISVILLE, KY. — GE Appliances, a Haier company, has unveiled plans to invest more than $3 billion in its U.S. operations over the next five years. The company plans to expand its air conditioning and water heating portfolio, increase production output across all product lines and further modernize its 11 U.S. manufacturing plants with new automation and capital equipment. The first phase of investments will begin at GE Appliances plants in Kentucky, Alabama, Georgia, Tennessee and South Carolina. Upon completion of the plan, Louisville-based GE Appliances will have invested $6.5 billion across its U.S. manufacturing plants and nationwide distribution network since 2016, which is the year that the company was sold by General Electric (NYSE: GE) to Haier. The new $3 billion announcement marks the second-largest investment in the company’s history. The GE Appliances plant in Camden, S.C., currently produces gas water heaters. With the new investment, electric and hybrid water heater manufacturing will be added, doubling the plant’s output and employment once the project is complete. The first phase will be implemented by early 2026. In December, GE Appliances will add two new models of air conditioners to its air and water product portfolio at its Selmer, Tenn., plant. …
— By Bryan Cunningham of JLL — The retail sector continues to be a bright spot for commercial real estate in San Diego County. Despite financial headwinds that include interest rates, construction costs and increases in operating costs like labor and insurance, the resiliency of the consumer has allowed retailers and restaurants to continue to generate substantial sales volumes. Both national and regional retail and restaurant tenants continue to expand, although more cautiously than in years past. Retail vacancy rates in San Diego continue to hover around 5 percent, with the more desirable coastal communities closer to 3 percent. The lack of new development due to geographical constraints, as well as interest rates and construction costs, is driving expanding tenants to look purely at second-generation retail centers. While the retail tenant pool is somewhat shallow due to bankruptcies by Bed Bath & Beyond, 99 Cents Only, Party City, JoAnn Stores and the like, the lack of new product is keeping well-positioned shopping centers in high demand. Most grocery- and big box-anchored shopping centers are enjoying rents at record levels with very little vacancy. Retail centers continue to be at the forefront of interest from investors as well. While interest rates …
MANSFIELD, TEXAS — Locally based developer House of Tangram has purchased 30 acres in Mansfield, located south of Fort Worth, for a new mixed-use project. The site is situated within the 100-acre, $2.5 billion Staybolt Street District development, and the project will include a 288-unit hotel that will be known as Carbon Mansfield and a 33,000-square-foot convention center. The acreage is adjacent to a 166,000-square-foot, multi-sport stadium that is under construction and will be the permanent home of North Texas SC, the MLS NEXT Pro affiliate of FC Dallas. The convention center has been designed to support sports, medtech and high-performance events. House of Tangram is also planning to open Cache Legitimate and KUBO, a dual-branded hotel concept that will feature robotic bartenders, drone delivery and immersive media walls as the norm. Construction on the 30-acre parcel is scheduled to begin next summer and is expected to last about two years.
HOUSTON — Alliance Industrial Co. will develop TriPort 8, an 881,521-square-foot industrial park in southeast Houston. The project, which Alliance is developing in partnership with Northwestern Mutual, will span five buildings across 62 acres. Buildings will be able to accommodate users with requirements from 30,000 to 250,000 square feet and will feature 32- to 36-foot clear heights. Luke Hoyl with Virtue Real Estate Partners represented Alliance in the acquisition of the site. Stream Realty Partners has been appointed as the leasing agent and has inked several new deals.
ABILENE, TEXAS — Florida-based commercial brokerage firm Franklin Street has arranged the sale of The Windsor Hotel Apartments in the West Texas city of Abilene. The number of units was not disclosed, but the 10-story, 110,000-square-foot building was originally constructed in 1926 as a Hilton hotel. Franklin Street represented the seller, North Management LLC, in the sale of the property to Utah-based Studio 168 Productions. Occupancy at the time of sale was roughly 95 percent.
HOUSTON — A subsidiary of private equity firm Apollo Global Management has purchased Kirkwood Tower, a 286,000-square-foot office building located in the Energy Corridor area of West Houston. The building, which was originally constructed in 1984 and renovated in 2015, offers amenities such as a fitness center, sauna, wellness room and a rooftop jogging track, as well as an onsite bank branch. Stream Realty Partners now leases the building and has inked several new deals.