DETROIT — Detroit’s historic Corktown neighborhood is set to receive three new mixed-income housing developments: Bagley Townhomes & Flats, West of 10th Apartments and Trumbull Apartments. Together, the three projects will bring 188 new residential units, including more than 150 affordable homes supported through the city by a portion of Detroit’s $35 million federal Choice Neighborhoods Implementation (CNI) grant. Fifth Third Bank (formerly Comerica Bank) and Citizens Bank are also providing funding for the developments, which are part of the ongoing redevelopment of the former Clement Kern Gardens site. American Community Developers Inc. is leading development of all three projects, which collectively represent nearly $84 million in total investment. Located just west of downtown Detroit, Corktown has long served as a gateway community for generations of immigrants and working-class families. Originally settled by Irish immigrants in the mid-1800s, the neighborhood became known for its close-knit residential blocks and historic row houses. In recent years, Corktown has experienced significant redevelopment activity, driven by public and private investment surrounding Michigan Central, Roosevelt Park and the broader southwest Detroit corridor. The City of Detroit was awarded a $35 million CNI grant in May 2021 by the U.S. Department of Housing and Urban Development. …
SAUGET, ILL. — The St. Louis Regional Freightway has added 160 acres to its pipeline of rail-accessible real estate sites. Located in Sauget, just east of St. Louis, the addition consists of four contiguous parcels and brings the aggregate inventory of rail-served sites in the region to more than 4,600 acres. The properties are located within or adjacent to Sauget Business Park. Upper Cahokia Road is the largest of the four parcels with 103 acres of land just northeast of Sauget Business Park. Parcels 7 and 8 within Sauget Business Park are located just off Sauget Business Boulevard, next to existing facilities for Amazon, Stellar Manufacturing and Sensient, and total 44.7 acres. The final parcel, 1635-1643 Sauget Business Park, totals 12.6 acres along Sauget Business Boulevard. All four sites can be rail-served via the adjacent CPKC railroad and are located within an enterprise zone and tax-increment financing district.
JOLIET, ILL. — Marcus & Millichap has brokered the sale of Rock Run Residences, a 128-unit multifamily property in Joliet. Built in 2002 and fully renovated between 2021 and 2024, the property consists of seven buildings totaling 81,960 rentable square feet. Amenities include a clubhouse, fitness center, community kitchen, pool, sundeck, picnic area and sand volleyball court. The community features convenient access to I-80 and I-55 as well as Rock Run Crossings, a retail and entertainment destination. Ryan Engle and Andrean Angelov of Marcus & Millichap represented the buyer and seller, both of which were private investors.
— By George Crawford of Kidder Mathews — In the city where heart-wrenching Hollywood movies originate, we bear witness to the harrowing coming-of-age story for one of the largest office submarkets in one of the largest metropolitan economies on earth, Downtown Los Angeles (DTLA). “I’m going to make him an offer he can’t refuse.” The Godfather, spoken by Don Vito Corleone It was almost too good to be true. In 2016, DTLA was the star of a commercial real estate love story. Landlords and tenants were captivated by a compelling script about creative tenants fleeing the expensive Westside into the welcoming arms of DTLA and sexy adaptive reuse offices. A steady flow of capital inspired 50 percent of DTLA’s submarket to trade in a 24-month period. Downtown was poised to rival the traditional metropolis, while retaining its gritty charm. Like any Hollywood romance, the chemistry was undeniable and the ending seemed predictable: sustained rent growth and long-term tenant demand. Then came the plot twist. “Where are we going so very quickly?” The New Adventures of Winnie the Pooh, spoken by Piglet The pandemic accelerated what technology had been threatening for years. Workplace flexibility and changing corporate …
PITTSBURGH — TPG Real Estate has acquired ECHO Realty, a full-service owner and operator of grocery-anchored retail real estate, in a transaction valued at $2 billion. TPG, a global asset management firm based in San Fransisco, partnered with global investment groups PSP Investments, La Caisse and Norges Bank Investment Management for the transaction. “Our more than two decades of building and operating neighborhood, necessity-based shopping destinations demonstrate the enduring demand for grocery-anchored retail close to home,” says Thomas Karet, founder and CEO of ECHO. “With TPG’s investment and business-building expertise, we are confident ECHO is well-positioned to capitalize on demand for necessity-based shopping in key, high-performing markets.” Founded in 2000, ECHO owns and operates approximately 230 retail centers across the Midwest and Southeast U.S. markets, anchored by grocery and convenience stores such as Giant Eagle, Publix, Harris Teeter, Safeway, ACME Markets, Whole Foods Market and Alimentation Couche-Tard (GetGo). Since inception, the Pittsburgh-based company has acquired and developed more than 16 million square feet of neighborhood and regional centers. Notable shopping centers and properties owned by ECHO Realty include: The TPG-led investor group will partner with ECHO’s management team to scale the business across existing and new markets, while advancing acquisition …
NEWPORT, KY. — Newmark has brokered the sale of Newport Pavilion, a 332,309-square-foot shopping center in Newport, a Kentucky city situated across the Ohio River from downtown Cincinnati. Newport Pavilion is co-anchored by Kroger and Target and was fully leased at the time of sale to tenants including Dick’s Sporting Goods, T.J. Maxx, Michael’s, Ulta Beauty, Chipotle Mexican Grill and PetSmart. The property sits on 55 acres and benefits from a long-term PILOT agreement through 2037. Conor Lalor, Kyle Minter, Keely Polczynski, James Sharp V and Brian Schneiderman of Newmark represented the seller, The Ranier Cos., in the transaction. The buyer and sales price were not disclosed.
ADAIRSVILLE, GA. — JLL has arranged a 691,667-square-foot, full-building lease at International Commerce Center, an industrial facility located northwest of Atlanta in Adairsville. The tenant is Pactra USA Inc., a third-party logistics firm and the U.S. subsidiary of South Korean company Pactra. Ben Pridemore and Ryan Hoyt of JLL represented the tenant in the lease negotiations. Matt Wirth and Scott Plomgren of BroadPoint Partners represented the landlord, Houston-based Welcome Group. International Commerce Center features 40-foot clear heights, 124 dock-high doors, four drive-in doors, 190-foot truck courts, 388 auto parking spaces and 254 trailer parking spaces. The property includes proximity to the I-75 corridor and the Appalachian Regional Port.
MEMPHIS, TENN. — Red Oak Capital Holdings has provided a $7.7 million loan for the acquisition and repositioning of Valley Forge Apartments, a 229-unit multifamily community located at 176 Hillview Ave. in Memphis. Valley Forge features 26 garden-style buildings comprising 171 two-bedroom units, 57 three-bedroom apartments and one one-bedroom unit across 15 acres. The property was 95.6 percent occupied at the time of financing. The borrower, I Real Estate and Allstate Property Management, plans to carry out repairs, capital improvements and security upgrades on the property. Red Oak Capital’s Stratos Athanassiades, Thomas Gorski and James Myatt originated the loan on behalf of the borrower. The loan carries an initial 18-month term and a loan-to-stabilized value of 71.9 percent.
FORT WORTH, TEXAS — Nestle USA has signed a 524,252-square-foot industrial lease renewal in North Fort Worth. The U.S. affiliate of the Swiss foodmaker will continue its operations at its namesake distribution facility at 13600 Independence Parkway for an unspecified term. David Eseke with Cushman & Wakefield represented the tenant in the lease negotiations. Matt Carthey of Holt Lunsford Commercial represented the landlord, Clarion Partners.
KERRVILLE, TEXAS — Marcus & Millichap has brokered the sale of a portfolio of three multifamily properties totaling 119 units in Kerrville, about 65 miles west of San Antonio. The properties — Northridge Villas, Park Lane and Summit — were all built between 1974 and 1977 and offer one- and two-bedroom units. Ben Kalter, Drew Garza and Will Balthrope of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.