WAYNE, MICH. — Dominion Real Estate Advisors has brokered the sale of an 11,050-square-foot industrial building in Wayne for an undisclosed price. The property is situated at 39115 Maple Road. BTS Logistics Inc., a Michigan-based trucking company, purchased the building. Andrew Boncore and Ralph Steinbrink of Dominion represented the seller, BKG Dominion Maple LLC.
Digital connectivity and rising costs are rapidly transforming industries across the country, and healthcare is certainly no exception. Digital health solutions and the material realities of the economy, along with a changing regulatory landscape, are reshaping the way providers deliver care. For example, the increased uses of telehealth, artificial intelligence (AI) and more community-based facilities (such as urgent care centers) are changing the spaces providers need. This activity is in turn altering the real estate, construction and project management strategies for healthcare providers. Healthcare real estate professionals, from in-house capital project leaders to general contractors and project managers, should be aware of two trends particularly driving this sea of change in healthcare real estate: evolving technology and an industry-wide transition to value-based care. These trends are fueling the creation of larger, centralized healthcare systems with more expansive networks of agile, strategic facilities. Specifically, the industry is moving away from inpatient hospital settings and toward ambulatory care and community-based facilities as part of a larger healthcare system. In turn, built-environment professionals are being commissioned for more agile, specialized and technologically enabled capital projects over more geographically dispersed areas. With this activity comes change to how real estate professionals deliver projects for …
LEE’S SUMMIT, MO. — Drake Development will break ground Friday, May 17, on Streets of West Pryor, a 70-acre, $180 million mixed-use project in Lee’s Summit. Streets of West Pryor will be situated at the intersection of Interstate 470 and NW Pryor Road, 18 miles southeast of downtown Kansas City. McKeever’s Market, the first location in the region for the grocery store, will occupy 63,000 square feet and anchor the development. At full build-out, Streets of West Pryor will feature more than 220 apartment units, a 165-room hotel and more than 160 senior living units. Indianapolis-based Pearl Cos. is developing the apartment building, which will include amenities such as underground structured parking, a swimming pool, fitness center, multiple courtyards, and first floor access to restaurants, retail and walking trails to nearby Lowenstein Park. “When people think of a mixed-use development, sometimes the end product falls short. It’s commonplace to have opportunities for live and play, but the ‘play’ doesn’t extend beyond shopping or dining,” says Matt Pennington, Drake Development’s president. “We wanted to extend the ‘play’ to outdoor recreation, and this was achieved through ample green space and walking trails connecting to neighboring Lowenstein Park. It was critical we tailored …
Despite the heartache from losing the bid for Amazon’s second headquarters, New Jersey is undoubtedly in a more competitive position than it was before the selection process began. The exercise of responding to Amazon’s request for proposals showcased many of New Jersey’s strengths, such as its talented labor pool, access to higher education and vast transportation infrastructure. As we now know, these assets weren’t enough to secure the Amazon campus, leaving state officials and business leaders motivated to work on those areas identified as falling short. But that doesn’t take away from what the state offers both corporate occupiers and institutional investors. To start, building owners are increasingly investing significant capital to improve and expand New Jersey’s aging supply of office properties. This is music to a tenant’s ears and, as a result, the office market continued its streak of growing occupancy with 302,577 square feet of positive absorption in the fourth quarter, according to Transwestern. Where many of the new leases were signed, landlords committed to substantial capital improvement programs. For the past several years, the best lease-up success stories have come from owners that upgraded their properties to current standards and added amenities preferred by today’s dynamic workforce. …
Milwaukee, a city known for beer, motorcycles and baseball, is currently in a position of shifting from what was once perceived as the normal retail marketplace into the new age of retail. This type of retail is ever-changing and has a deeper focus on experiential activities and artisanal food. These two words, “experiential” and “artisanal,” are frequently being used to describe where the retail landscape is heading. Online competitors, as well as changing consumer preferences, are driving out the traditional department store models and forcing retailers to adapt to this way of life or suffer struggling sales and inevitable store closures. Adaptive reuse The story of traditional retail being dead due to online retailers’ entrances into different market segments continues to invade publications throughout the country. While there may be some truth to that for certain retailers such as Toys ‘R’ Us, Babies ‘R’ Us, Shopko, Bon-Ton and Payless ShoeSource, an argument can be made that it was also their inability to adapt in the marketplace that led to their demise. These store closures affected numerous markets throughout the country and Milwaukee was no different in seeing several of these retailers close multiple locations across the metro area, leaving landlords …
ATLANTA — John Portman & Associates has unveiled plans for 712 West Peachtree, a 578,851-square-foot office tower in Midtown Atlanta. The tower will stand 20 stories high and include one story below ground. The total rentable office space will span 309,465 square feet from the eighth to 20th floor. The building will also include 8,761 square feet of retail space, 516 parking spaces and an outdoor terrace on the eighth floor. Developed by Portman Holdings LLC, an affiliate of the Atlanta-based architectural firm, 712 West Peachtree will be located near NCR’s headquarters, Anthem Technology Center and Norfolk Southern’s headquarters. The project is also near Coda at Tech Square, a 770,000-square-foot mixed-use development on the edge of Georgia Tech’s campus that Portman Holdings is also developing. A timeline for 712 West Peachtree’s construction was not disclosed.
RIVERDALE PARK, MD. — Cushman & Wakefield has arranged a $57 million construction loan for the development of The Residences at Riverdale Park Station in Riverdale Park. The Residences will stand five stories, offer 229 residential units, 8,000 square feet of amenity space, 10,000 square feet of retail space and 750 parking spaces. The Residences will be situated at 4650 Van Buren St. within Riverdale Park Station, a 36-acre master-planned community that will contain 119 townhouses, 850 apartment units, 160,000 square feet of retail space, 20,000 square feet of office space and a 120-key hotel at full buildout. Calvin Cafritz Enterprises is developing The Residences, which is slated for completion in the second quarter of 2020.
WHITE MARSH, MD. — A joint venture between Atapco Properties Inc. and Chesapeake Real Estate Group (CREG) has broken ground on two industrial buildings within Nottingham Ridge Logistics Center in White Marsh. The two buildings will total 750,000 square feet and are expected to be delivered in early 2020. The first building, situated at 5300 Nottingham Drive, will total 585,000 square feet and feature 36-foot clear ceiling heights. The adjacent 5301 Nottingham Drive will be a 165,000-square-foot building with 32-foot clear ceiling heights. Both buildings will be equipped with drive-in and dock door loading capabilities. Atapco will lead development and construction activities, and CREG will lead marketing and leasing efforts. Nottingham Ridge Logistics Center is situated near Interstate 95 and about 10 miles from downtown Baltimore.
ORLANDO, FLA. — WeWork has signed a three-floor lease within downtown Orlando’s SunTrust Center. This is the first Orlando location for the New York-based coworking giant, which will occupy more than 70,000 square feet and accommodate more than 1,000 members who will have access to the onsite fitness center and conference center. The landlord, Piedmont Office Realty Trust, recently unveiled plans for upgrades at SunTrust Center, which is located at 200 Orange Ave. Renovations will include upgrading the lobby and adding a rooftop terrace and food hall. Terms of WeWork’s lease were not disclosed.
FULTON, MISS. — Marcus & Millichap has arranged the sale of a Walmart-anchored shopping center situated at 100 Interchange Drive in Fulton in two separate transactions. In the first deal, Bright-Fulton LP sold a 109,400-square-foot Walmart Supercenter to Bluejay Capital LLC, a private real estate investor based in New York, for $6.2 million. The property is triple-net leased to Walmart, which recently signed a new 10-year lease extension. On the same property, Bright-Fulton sold a 30,000-square-foot retail strip center that was 69 percent occupied at the time of the sale to tenants including Cato, Rent-A-Center, Shoe Show and AT&T. SJ Trust and DJ Trust, private local investors, bought the center for $1.3 million. Don McMinn and Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller in both transactions. The seller divided the property during the sale into two separate parcels to “achieve 50 basis points better than market pricing for the entire shopping center,” says Taylor.
