Friday, April 3, 2026
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AcquisitionsDevelopmentIllinoisMidwestRetail

Fortec to Redevelop Former Ambulance Warehouse in Metro Chicago into Early Education Center

by Kristin Harlow

VERNON HILLS, ILL. — Fortec has acquired a 15,040-square-foot former ambulance warehouse at 401 W. Sullivan Drive in the Chicago suburb of Vernon Hills. The $1.7 million acquisition is part of a $5 million investment to transform the property into The Nest School-Vernon Hills, an early education center scheduled to open in spring 2026. Fortec has signed a lease with The Nest Schools, a childhood education operator with more than 50 schools nationwide. Construction is scheduled to begin this month, with planned improvements including a full interior renovation, the addition of an outdoor playground and a modern redesign led by New Look Architecture. The property formerly served as a Superior Ambulance headquarters. Fortec is financing the project with a lender partner and expects to complete construction by mid-2026. Northmarq’s Milo Spector represented Fortec in the deal.

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Leasing ActivityMichiganMidwestRetail

Bargain House Outlet Signs 8,160 SF Retail Lease in Westland, Michigan

by Kristin Harlow

WESTLAND, MICH. — Bargain House Outlet has signed an 8,160-square-foot retail lease at One Michigan Place in Westland, a western suburb of Detroit. The tenant will move into the former Family Dollar space at the Kroger-anchored shopping center. Owen Kelly and Michael Murphy of Gerdom Realty & Investment represented the landlord, Axiom Properties. The deal was completed within the first week of listing the property for lease.

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IndustrialLeasing ActivityNew YorkNortheast

Cushman & Wakefield Negotiates 25,868 SF Industrial Lease Near JFK International Airport

by Taylor Williams

NEW YORK CITY — Cushman & Wakefield has negotiated a 25,868-square-foot industrial lease near JFK International Airport in Queens. The tenant, logistics provider ECMS Express, is taking space at Inwood Logistics Center, a 10-building development. Rico Murtha, Helen Paul, Sonny Singh, Thomas Deluca, David Frattaroli, John Giannuzzi and Joseph Hentze Jr. represented the landlord, a partnership led by Onyx Equities, in the lease negotiations. Rusty Smith, also with Cushman & Wakefield, represented ECMS Express in the deal.

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Leasing ActivityNew YorkNortheastOffice

Swedish Institute Signs 17,610 SF Office Lease Expansion, Extension in Manhattan

by Taylor Williams

NEW YORK CITY — The Swedish Institute Inc. has signed a 17,610-square-foot office lease expansion in Manhattan’s Chelsea district. The organization, which specializes in health and wellness education, now occupies 57,678 square feet at 151 W. 26th St. The Swedish Institute also extended its original lease for 40,068 square feet for another 10 years. Mark Weiss of Cushman & Wakefield represented the tenant in the lease negotiations. Max Koeppel represented the landlord, Koeppel Rosen LLC, on an internal basis.

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Conference CoverageFeaturesGeorgiaSeniors HousingSoutheastSoutheast Feature Archive

InterFace Panelists Expect Imminent Spike in Demand for Seniors Housing

by John Nelson

ATLANTA — The seniors housing sector stands at a “curious” crossroads in terms of the current real estate cycle, according to Chris Guay, CEO of Vitality Living. The Brentwood, Tenn.-based company is a seniors housing owner-operator with communities located across the Southeast and Texas. Guay asserts that on one hand, seniors housing owners and operators are still healing from the supply-and-demand shocks stemming from the COVID-19 pandemic. On the other, the sector is standing on the precipice of the prophesied “silver tsunami,” a phenomenon wherein the baby boomer generation is aging into needing senior living care. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. The oldest baby boomers are now turning 80, and Guay says that even if developers met the output of the highest point of the previous cycle annually, it still wouldn’t be enough to satisfy the wave of demand coming. “The silver tsunami is actually here,” says Guay. “Right now is probably the most interesting time in the industry that I can remember.” Guay’s comments came during the “power panel” at InterFace Seniors …

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Market ReportsOfficeSoutheastSoutheast Market ReportsTennessee

Slow and Steady Wins the Race: The State of the Memphis Office Market in 2025

by John Nelson

In a world where volatility has become the norm in commercial real estate, Memphis stands out as a market defined by consistency. While other cities have experienced dramatic swings in vacancy, absorption and construction activity, the Memphis office market continues to follow a more measured pace.  “Slow and steady wins the race” is more than a phrase — it’s a fitting summary of how Memphis has maintained balance amid national disruption. Stability in supply Over the past couple of decades, the total supply of office product in Memphis has grown at a moderate pace, sitting at nearly 28 million square feet today. This disciplined approach has kept vacancy within manageable levels and prevented the oversupply issues seen elsewhere.  With no new speculative construction of size since 2009, the market has had time to absorb shifts in tenant behavior without being flooded with excess space. Demand aligns with supply Because supply has remained relatively static, demand has shifted in composition rather than volume. Like many cities, Memphis has seen a “flight to quality,” with tenants prioritizing modern, amenitized spaces over outdated properties — even if that means reducing their footprint.  A company that once leased 30,000 square feet in a Class …

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Capital-Design-District_Dallas
AcquisitionsOfficeTexasTop Stories

HFI Capital Management Acquires 126,000 SF Office Building in Dallas Design District

by Hayden Spiess

DALLAS — HFI Capital Management has acquired 1333 Oak Lawn, a roughly 126,000-square-foot office building located in the Dallas Design District. The sales price was not disclosed.  The 10-story building was completed in 2024. A partnership between FCP and Quadrant Investment Properties announced the project in early 2022, and the latter entity was named as part of the new ownership group alongside HFI. As part of the acquisition, the property will be rebranded as “The Capital Design District” and “The Capital” for short.  In addition to five floors of office space, the building features 8,000 square feet of amenity space on the ninth floor. The property also features a tenant lounge dubbed “Capital Spot,” an executive conference room, fitness center, locker rooms and a rooftop pickleball court.  Mexican restaurant concept Maroma will open this fall on the ground floor of the building.  Located along Oak Lawn, the building is positioned directly across from The Seam, a retail redevelopment that is currently underway. Upon completion, which is scheduled for summer 2026, The Seam will feature restaurants and shops. The property is also within walking distance of restaurants and attractions including Carbone, El Carlos Elegante, the Charles, the Virgin Hotel, Hilton Anatole, …

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Royal-Crest-Apartments-Dallas
AcquisitionsAffordable HousingDevelopmentMultifamilyTexas

Fairstead Buys Dallas Affordable Housing Property, Plans $24M Renovation

by Taylor Williams

DALLAS — Fairstead, a New York-based affordable housing owner-operator, has acquired Royal Crest, a 167-unit complex in the Oak Cliff neighborhood of Dallas, with plans to undertake a $24 million renovation. Built in 1969, Royal Crest consists of 12 buildings that house 16 one-bedroom units, 120 two-bedroom residences and 31 three-bedroom apartments. Units are reserved for households earning between 50 and 60 percent of the area median income. Renovations will include an overhaul of common areas, unit interiors, building exteriors and mechanical systems. New amenities will include a clubhouse, dedicated resident services office, laundry facilities and a community room. Capital One provided financing for the renovation, which is expected to be complete next fall. Hooker DeJong Inc. is the architect for the project, and FTK Construction Services is the general contractor. Hudson Housing Capital is the tax credit equity syndicator.

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Clock-Tower-Residences-Houston
DevelopmentLoansMultifamilyTexas

JLL Arranges Construction Loan for 218-Unit Multifamily Project in Houston

by Taylor Williams

HOUSTON — JLL has arranged a construction loan of an undisclosed amount for Clock Tower Residences, a multifamily project that will be located in the Heights area of Houston. Clock Tower Residences will consist of 214 traditional residential units, four live-work units and a food-and-beverage concept on the ground floor. Residential amenities will include multiple lounges, coworking spaces and media rooms, as well as a fitness and wellness center. Colby Mueck, Michael Johnson, Davis Burnett and James Lovell of JLL arranged the four-year loan through Veritex Community Bank on behalf of the borrower, a joint venture between Houston-based Radom Capital and Charlotte-based Asana Partners.

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Alexan-Mill-District
AcquisitionsMultifamilyNorth CarolinaSoutheast

Northmarq Negotiates $82M Sale of Alexan Mill District Apartment Community in Charlotte

by Abby Cox

CHARLOTTE, N.C. — Northmarq has negotiated the $82 million sale of Alexan Mill District, a 290-unit apartment community located at 1001 N. Brevard St. in Charlotte. Allan Lynch, Caylor Mark, Andrea Howard, John Currin, Jeff Glenn and Austin Jackson of Northmarq’s Multifamily Investment Sales team represented the seller, Trammell Crow Residential, in the transaction. The Seminole Tribe of Florida purchased the property through its sovereign wealth real estate investment fund (SemREF). Built in 2024, Alexan Mill offers studio, one- and two-bedroom floorplans. Amenities at the complex include a clubhouse, an indoor/outdoor speakeasy supper club with a catering kitchen, rooftop lounge with views of Uptown Charlotte, saltwater swimming pool with a sun ledge and outdoor fireplace, as well as a TV streaming lounge. The community also features billiards and game tables, a tech lounge, media studio, work-from-home café, outdoor courtyard, 24-hour fitness center, 24-hour access package room and a covered parking deck.

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