Saturday, July 25, 2026
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MichiganMidwestRestaurantRetail

Detroit Casinos to Reopen at 15 Percent Capacity Starting August 5

by Kristin Harlow

MICHIGAN — With a new executive order, Michigan Gov. Gretchen Whitmer has enabled Detroit casinos to reopen on Wednesday, Aug. 5 at 15 percent capacity. Casinos must also conduct a daily entry screening protocol for customers and employees. Patrons must wear a face covering except while eating and drinking. The governor has also limited statewide indoor gatherings to 10 people, citing a “resurgence in cases connected to social gatherings across the state.” Bars across the state are closed for indoor service beginning Friday, July 31. There were 89,026 confirmed coronavirus cases and 6,426 deaths in the state of Michigan as of Wednesday, July 29.

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AcquisitionsAffordable HousingIndianaMidwestMultifamily

Colliers Brokers $8.5M Sale of Affordable Housing Property in Shelbyville, Indiana

by Kristin Harlow

SHELBYVILLE, IND. — Colliers International has brokered the sale of Shelby’s Crest in Shelbyville for $8.5 million. The 120-unit affordable housing property is situated about 30 miles southeast of Indianapolis. The Section 42 low-income housing community was fully occupied at the time of sale. Monthly rents start at $817. Kevin Morris, Christopher Rivera and Amy Burmeister of Colliers’ Affordable Housing Services Group represented the seller, Dominium Group Inc. The team also procured the buyer, Harmony Housing Advisors Inc.

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IllinoisLoansMidwestMultifamily

American Street Capital Arranges $6.6M Refinancing for Multifamily Property in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — American Street Capital (ASC) has arranged a $6.6 million cash-out refinancing loan for a 60-unit multifamily building in Naperville. Built in 1986, the three-story property features two-bedroom units averaging 1,082 square feet. The property includes 127 car parking spaces and laundry facilities. The building was fully occupied at the time of the loan closing. Igor Zhizhin of ASC arranged the 10-year, fixed-rate loan with a CMBS lender. The loan features a 30-year amortization schedule.

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IllinoisLeasing ActivityMidwestOffice

Wildlife Conservation Nonprofit Renews 8,373 SF Office Lease in Chicago

by Kristin Harlow

CHICAGO — Openlands, a wildlife conservation nonprofit organization, has renewed its 8,373-square-foot office lease at 25 East Washington in Chicago. Openlands occupies space on the 16th floor and has resided in the building for over 20 years. Jonathan Seeley and Merrick Wells of Bradford Allen represented the tenant in the lease transaction. Aspire Properties is the landlord for the 22-story office building. Founded in 1963 as a program of the Welfare Council of Metropolitan Chicago, Openlands is one of the oldest metropolitan conservation organizations in the nation. It has helped to protect more than 55,000 acres of land for public parks, forest preserves, wildlife refuges, urban farms and community gardens in northeastern Illinois.

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Leasing ActivityMidwestMissouriRestaurantRetail

Napoli III to Join Tenant Lineup at Streets of St. Charles in Suburban St. Louis

by Kristin Harlow

ST. CHARLES, MO. — Napoli III will join the tenant lineup at Streets of St. Charles, a 27-acre mixed-use development owned by Cullinan Properties in suburban St. Louis. Napoli III is the third restaurant from the Pietoso family and an extension of the family’s original Café Napoli. The new restaurant will occupy 4,500 square feet and feature a private room as well as outdoor dining. The menu will offer fresh seafood and pasta as well as favorites such as the veal chop and penne a la vodka. Buildout of the space for Napoli III is set to begin in August. An opening date has not yet been released.

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theAPEX@galleria-Henderson-NV
DevelopmentMixed-UseMultifamilyNevadaRetailWestern

TRU Development, MultiGreen Properties to Build 336-Unit Apartment Community Near Las Vegas

by Amy Works

HENDERSON, NEV. — TRU Development, in partnership with capital partner and real estate operating company MultiGreen Properties, has acquired a 19-acre land parcel at the southeast corner of Galleria Drive and Boulder Highway in Henderson. Terms of the acquisition were not released. The partnership plans to develop theAPEX @galleria, a 336-unit apartment community with 3.8 acres of retail development available for sale, ground lease or build to suit. Apartments will be available for lease in March 2021. The Henderson development is the first of many planned theAPEX-branded communities throughout Nevada. In the next 12 months, TRU is slated to break ground on a total of 670 units under theAPEX brand in southern Nevada, 358 units under the KAKTUSlife brand and more than 600 units under theAPEX brand in northern Nevada.

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AcquisitionsCaliforniaHealthcareLoansOfficeWestern

CIT Provides $25M in Acquisition Financing for MLK Community Hospital Medical Office Building in Los Angeles

by Amy Works

LOS ANGELES — CIT Group and its Healthcare Finance unit has funded a $25 million loan supporting Seavest Healthcare Properties’ acquisition of the MLK Community Hospital Medical Office Building in South Los Angeles. Established in 2015, MLK Community Hospital is part of a public-private partnership with Los Angeles County created to meet the needs of the South Los Angeles community, including the uninsured and underinsured. The private, nonprofit hospital provides healthcare services for residents of the Watts, Compton and Willowbrook neighborhoods of Los Angeles.

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1501-Hughes-Way-Long-Beach-CA
AcquisitionsCaliforniaOfficeWestern

Atlantic Pearl Investments Sells 78,404 SF Multi-Tenant Office Building in Southern California

by Amy Works

LONG BEACH, CALIF. — Atlantic Pearl Investments has completed the disposition of a multi-tenant office property located at 1501 Hughes Way in Long Beach. A private 1031-exchange investor purchased the asset for $16 million. Recently renovated, the 78,404-square-foot building is 96 percent occupied by six tenants, including Daylight Transport, Stars Behavioral Health, DB Schenk and CraneMorley. Sean Fulp, Ryan Plummer, Mark Schuessler and Ryan Tetrault of Newmark Knight Frank represented the seller in the transaction.

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8380-Pardee-Dr-Oakland-CA
AcquisitionsCaliforniaIndustrialLoansWestern

CBRE Arranges $15M in Financing for Westcore’s Purchase of Industrial Facility in Bay Area

by Amy Works

OAKLAND, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team in San Diego has arranged a $15 million loan for the acquisition of a warehousing and cold storage facility in Oakland. Mark McGovern and Morgon Fraser of CBRE’s San Diego office arranged the five-year loan on behalf of the borrower, San Diego-based industrial real estate investment firm Westcore. Constructed in 2012, the 155,000-square-foot building is located at 8380 Pardee Drive. The property features 8,000 square feet of cold storage space, 30-foot clear heights and an ESFR fire suppression system. Horizon Beverage Co., a beer and malt liquor distribution company, fully occupies the building.

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AcquisitionsColoradoNAIOfficeWestern

NAI Brokers $5.4M Acquisition of Office Building in Westminster, Colorado

by Amy Works

WESTMINSTER, COLO. — NAI Shames Makovksy has arranged the sale of an office property located at 1400 W. 122nd Ave. in Westminster. Artemis Holdings Limited acquired the property from Pavilion Court for $5.4 million. The buyer plans to utilize the 31,272-square-foot building to relocate Advanced Space from Boulder to Westminster as a ‘tenant in tow’ to fill more than 15,000 square feet of vacancy. Todd Silverman and Paul Cattin of NAI Shames Makovsky represented the buyer in the deal.

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