Property Type

Henry Ford Health System, Acadia Healthcare Plan to Build Detroit-Area Behavioral Health Facility

by Kristin Harlow December 10, 2020

WEST BLOOMFIELD TOWNSHIP, MICH. — Henry Ford Health System and Acadia Healthcare Co. Inc. have formed a joint venture to build a behavioral health facility in West Bloomfield Township, about 30 miles northwest of Detroit. This week, the West Bloomfield Township Board approved the rezoning request for the parcel of land on which Henry Ford and Franklin, Tenn.-based Acadia intend to build the new hospital. Henry Ford already owns the land, which is adjacent to its Henry Ford West Bloomfield Hospital campus. The next step is to seek a Certificate of Need from the Michigan Department of Health and Human Services. Construction will begin once all regulatory approvals are met. Slated to open in late 2022, the hospital will be able to accommodate 192 beds with the potential to expand to meet future demand for inpatient services in the area. Comprehensive inpatient treatment will be provided for adults, seniors and adolescents who struggle with acute symptoms of mental health disorders such as anxiety, depression, bipolar disorder and posttraumatic stress disorder. The hospital will also serve as an academic site for the training of inpatient psychiatry residents, medical students, nurses and other healthcare professionals. As part of the agreement, Henry Ford …

December 10, 2020

Acquisitions Indiana Michigan Midwest Retail

Marcus & Millichap’s IPA Arranges $22M Sale of Two Kroger-Anchored Shopping Centers in Indiana, Michigan

by Kristin Harlow December 10, 2020

FORT WAYNE, IND. AND FARMINGTON HILLS, MICH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two Kroger-anchored shopping centers for a combined $22 million. The first property is West State Plaza, a 96,334-square-foot center in Fort Wayne. The second is Mid-Eleven Center, a 74,525-square-foot property in the Detroit suburb of Farmington Hills. West State Plaza, also home to Dollar Tree, a freestanding Pizza Hut and a freestanding Chase Bank, was 91.7 percent occupied at the time of sale. It was built in 1987. Mid Eleven Center, built in 1980, was 97 percent leased at the time of sale. Erin Patton, Scott Wiles and Craig Fuller of IPA represented the seller, a San Francisco-based private equity fund. An institutional buyer purchased the portfolio.

December 10, 2020

Development Midwest Office Ohio

Coworking Company COhatch to Open Third Cincinnati-Area Location

by Kristin Harlow December 10, 2020

MILFORD, OHIO — Coworking company COhatch has unveiled plans to open its third Cincinnati-area location in Milford, about 15 miles northeast of Cincinnati. The coworking space will be located at the site of the former Sycamore Distillery. Originally built in 1834, the downtown historical landmark is being renovated and restored. COhatch says its new space will help meet growing demand from local residents for community, collaboration and private office space. The 8,800-square-foot building is slated to open in summer 2021. This COhatch location will feature 23 private offices, three meeting rooms, a community space and a second-story deck with outdoor seating. The meeting and event spaces will be available to the community as well as COhatch members. COhatch intends to build 10 locations in Southwest Ohio. The company currently has 14 facilities open or under development in the Midwest.

December 10, 2020

Acquisitions Industrial Massachusetts Northeast

Markward Group Brokers Sale of 83,320 SF Industrial Property in Easton, Massachusetts

by Taylor Williams December 10, 2020

EASTON, MASS. — Markward Group has brokered the sale of an 83,320-square-foot industrial property in Easton, located on the southern outskirts of Boston. The property was built on 6.6 acres in 1990 and was leased to CADCo Distribution, which services the outdoor power equipment industry, at the time of sale. Matt Macdonald of Markward Group represented the seller, Asbeshaus Trust, which sold the asset to Congdon Investments for an undisclosed price.

December 10, 2020

Acquisitions Illinois Midwest Multifamily

Redwood Capital Group Acquires 320-Unit Apartment Community in Aurora, Illinois

by Kristin Harlow December 10, 2020

AURORA, ILL. — Redwood Capital Group has acquired Hunter’s Glen, a 320-unit apartment community in Aurora. Redwood plans to renovate the majority of the units and implement extensive upgrades to most of the common areas as well as add a package room. Built in 1991, Hunter’s Glen consists of 16 buildings with a clubhouse, dog park, pool and fitness center. Units average 886 square feet. The acquisition was made in joint venture with an affiliate of Chicago-based Heitman. The seller and sales price were undisclosed.

December 10, 2020

Acquisitions New Jersey Northeast Office

Birch Group Acquires 73,000 SF Office Building in Mount Olive, New Jersey

by Taylor Williams December 10, 2020

MOUNT OLIVE, N.J. — New York-based investment firm The Birch Group has acquired a 73,000-square-foot office building located at 500 International Drive in Mount Olive, located east of Newark. The sale included a 7,115-square-foot adjacent commercial building. The Rockefeller Group developed the three-story building, which was fully leased to 16 tenants at the time of sale, in 1987. Jose Cruz, Kevin O’Hearn, Fred Hyatt, Stephen Simonelli, Michael Oliver and Nicholas Stefans of JLL represented the undisclosed seller in the transaction.

December 10, 2020

Acquisitions Multifamily Washington Western

MG Properties Acquires LIV Bel-Red Apartments in Bellevue for $191M

by Amy Works December 10, 2020

BELLEVUE, WASH. — San Diego-based MG Properties Group has purchased LIV Bel-Red Apartment Homes in Bellevue. Kennedy Wilson Fund V, a commingled fund managed by Kennedy Wilson, sold the asset for $191 million. The buyer has rebranded the multifamily property as Vue 22 Apartments. Completed in 2015 and situated in the Bel-Red submarket, Vue 22 features 451 residences. The property is located to the east of Seattle, between downtown Bellevue and downtown Redmond, Wash. David Young, Corey Marx, Chris Ross and Jordan Louie of JLL Capital Markets represented the seller. Charles Halladay, Rick Salinas and Jake Wisness of JLL Capital Markets arranged financing for the buyer. MG Properties Group has purchased seven communities in the past 12 months, totaling more than 2,000 units and $715 million in combined value.

December 10, 2020

Acquisitions California Hospitality NAI Western

Sunstone Hotel Investors Sells Renaissance Los Angeles Airport Hotel for $91.5M

by Amy Works December 10, 2020

LOS ANGELES — Sunstone Hotel Investors has completed the disposition of Renaissance Los Angeles Airport Hotel, located at 9620 Airport Blvd. in Los Angeles. An undisclosed buyer acquired the asset for $91.5 million, or approximately $182,300 per room. Located less than one mile from Los Angeles International Airport, the hotel features 502 guest rooms, a rooftop pool, fitness center, Studio 12 restaurant and 18,000 square feet of newly renovated event space.

December 10, 2020

Development Industrial Nevada Western

Panattoni Development Completes Amazon Last-Mile Facility in Reno, Nevada

by Amy Works December 10, 2020

RENO, NEV. — Panattoni Development, serving as developer, has completed northern Nevada’s first Amazon last-mile facility, located at the intersection of Virginia Street and Stead Boulevard in Reno. Constructed in five months, the 145,602-square-foot building will enable Amazon to be fully operational for the holiday season. A last-mile facility serves as the final distribution hub prior to delivery to end-users, enabling shipments to be delivered as quickly as possible. The project team included Alston Construction, Architects Orange and Odyssey Engineering Inc.

December 10, 2020

California Development Industrial Western

Rockefeller Group Breaks Ground on 135,623 SF Airway Industrial Park in Otay Mesa, California

by Amy Works December 10, 2020

OTAY MESA, CALIF. — Rockefeller Group has started construction of Airway Industrial Park, a distribution center located on a 7.8-acre site in Otay Mesa. When complete, the project will be Rockefeller’s first development in the South San Diego industrial market. Slated for completion in June 2021, Airway Industrial Park will offer 135,623 square feet of distribution space and 137 auto parking spaces. The project team includes Ware Malcomb as architect and Dempsey Construction has general contractor. Rich Kwasny and Bob Mooney of Colliers International are marketing the property, which will be available for lease or sale.

December 10, 2020

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