DETROIT — DT Midstream Inc. (NYSE: DTM), a natural gas pipeline, storage and gathering provider, will open a new corporate headquarters within Bedrock’s Ally Detroit Center downtown. DTM is slated to occupy 26,000 square feet on the 29th floor beginning in November. The office space will accommodate up to 84 employees and will be home to the company’s executive leadership team. The Detroit headquarters will oversee assets in Pennsylvania, West Virginia, Ohio, New York, Louisiana and Texas. DTM completed its spinoff from DTE Energy on July 1.
INDIANAPOLIS — Marcus & Millichap has brokered the sale of the Banta Trails office portfolio in Indianapolis for $5.6 million. The four-building portfolio spans 79,246 square feet. All of the buildings are located on the same street. Forest Bender and Joseph DiSalvo of Marcus & Millichap marketed the portfolio for sale and procured the buyer, a local ownership group. The portfolio had been owned by a single ownership group up until 2016 when Buildings III and IV were sold to an owner-occupant.
CHICAGO — Venture One Real Estate has acquired a 60,033-square-foot industrial building located at 6450 Cortland St. in Chicago for an undisclosed price. The property was vacant at the time of acquisition. Situated on nearly three acres, the building features seven docks, one drive-in door and parking for 63 cars. Venture One plans to undertake office renovations, add energy-efficient lighting, resurface the parking lot and build a new roof. Elise Couston and Jimena Sayavedra of Newmark represented the undisclosed seller and will be retained to market the property for lease. Venture One’s acquisition fund VK Industrial V LP is a partnership between Venture One and Kovitz Investment Group.
ORLAND PARK, ILL. — Adelphia Properties has arranged the sale of a 7,365-square-foot retail building in Orland Park, a suburb of Chicago. The sales price was undisclosed. Situated on one acre at 15845 S. Harlem Ave., the value-add property was 17 percent occupied at the time of sale. It was formerly home to Panera Bread. George Spirrison and Simeon Spirrison of Adelphia represented the seller, a Chicago-based private real estate investor. The buyer was also a local investor.
DALLAS — Houston-based multifamily investment firm Barvin has acquired Novel at Bishop Arts, a 302-unit apartment community in the Bishop Arts neighborhood of Dallas. Crescent Communities developed the property, which also houses 20,000 square feet of retail space, in 2019. Units feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a guitar-shaped pool inspired by Stevie Ray Vaughan, a rooftop sky deck and lounge, an outdoor entertainment space with grilling stations and fire pits, a 24/7 athletic center with a spin studio and a full-service coffee shop in the lobby. Barvin plans to rebrand the community as Vance at Bishop Union.
MCALLEN, TEXAS — NAI Partners has negotiated two industrial leases totaling 130,903 square feet at 5700 S. International Parkway in the Rio Grande Valley city of McAllen. Marmon Foodservice Technologies, a manufacturer of restaurant equipment and supplies, leased 100,783 square feet, and pet products manufacturer Worldwise leased 30,120 square feet. Carlos Marquez of NAI Partners represented the landlord, Killam Development Ltd., in both sets of lease negotiations.
CHARLOTTE, N.C. — KBS has signed two leases at Crossroads Distribution Center, a 496,723-square-foot business park located in Charlotte. The leases exceeded 100,000 square feet and brought the property to full occupancy. The transactions include a long-term, 73,300-square-foot lease with Service Metal, a pipe fitting distributor, and a long-term, 26,933-square-foot lease with Caesarstone US, a quartz countertop manufacturer. Located at 11401 Granite St., Crossroads Distribution Center features Interstate 77 frontage with warehouse, distribution and office/showroom space. Completed in 2007, the property includes four warehouses with clear heights ranging from 24 to 30 feet. Each building features 50-foot concrete aprons, loading docks and truck courts ranging from 110 to 140 feet. The property also has an onsite car wash/detail. Matt Treble and Eric Ridlehoover of Cushman & Wakefield handled the leasing transactions on behalf of KBS. Matt Hargrove and Alek Salfia of CBRE represented Ceaserstone, and William Maxwell at Trinity Partners represented Service Metal.
WASHINGTON, D.C. — CIM Group has acquired The Vale at The Parks, a newly constructed, mixed-use apartment development in Washington, D.C. The project features 301 apartment units, 18,269 square feet of ground floor commercial space and 316 parking stalls. The sales price and seller were not disclosed. Located at 6800 Georgia Ave. NW, The Vale offers a mix of studio, one-, two- and three-bedroom apartments. Community amenities include a fitness center, indoor and outdoor yoga studio, club room, bike parking, courtyard with cabanas and a saltwater pool. Primrose Schools, an accredited early education and childcare center, has leased 16,576 square feet of commercial space at The Vale. The Vale is the first new construction multifamily rental building at The Parks at Walter Reed, a 66-acre mixed-use redevelopment of the former Walter Reed Army Medical Center. At full buildout, the 3.1 million-square-foot development will feature 190,000 square feet of retail space; 325,000 square feet of office, medical and educational uses; 20,000 square feet of creative and cultural uses; and a hotel/conference center. Residential options will include more than 2,200 condominiums, townhomes and apartments. A joint venture of Hines, Urban Atlantic and Triden Development developed The Vale at The Parks and The …
RIDGEVILLE, S.C. — JLL Capital Markets has secured an undisclosed amount of equity and construction financing for the development of Preserve at Ridgeville Apartments, a 240-unit, garden-style multifamily community near Charleston. Located at 1050 Old Gilliard Road in Ridgeville, the Preserve at Ridgeville will be situated 35.2 miles north of Charleston and 28.1 miles from Charleston International Airport. Once completed, the three-story property will feature a pool, health club with virtual classes, a bark park with pet washing area and a putting green. John Gavigan of JLL represented the development team of Piedmont Private Equity and Ecstatic Properties in arranging equity with American South Real Estate Fund, Material Capital Partners and Altriarch Capital, as well as a loan through Churchill Stateside Group LLC. Piedmont Private Equity is an Atlanta-based, privately held real estate operating and investment company.
WEST NEW YORK, N.J. — On Aug. 2, locally based developer National Realty Investment Advisors (NRIA) will break ground on The Grand, the first of two 156-unit multifamily buildings that will be constructed at 508 51st St. in West New York, located across the Hudson River from Manhattan. NRIA will break ground on a later date on The Grand’s sister tower, The Metro, which will be located on 52nd Street. The Grand and The Metro will both rise 14 stories and feature fitness centers and rooftop entertainment areas. Residents will also have access to a business center and a grab-and-go convenience mart. Construction of both buildings is scheduled to be complete by summer 2023. The development will also include a 495-space parking garage in which 60 percent of the spaces will be available for public use.