Property Type

Henry Ford Health System to Build 120,000 SF Medical Center at Former Kmart Site in Plymouth Township, Michigan

by Kristin Harlow July 11, 2019

PLYMOUTH TOWNSHIP, MICH. — Henry Ford Health System has unveiled plans to revitalize the site of a former Kmart property in Plymouth Township with a new outpatient medical center. The multi-story, 120,000-square-foot center will offer specialty care services, as well as an emergency department and ambulatory surgery center. Kmart closed its doors at the site in November 2017. Henry Ford is expected to close on the purchase of the property in mid-August. Construction is slated to begin shortly thereafter and be completed in 2021. Gensler and Hobbs + Black Associates Inc. are the project architects. With the new facility, Henry Ford’s footprint in western Wayne County will expand to three outpatient facilities.

July 11, 2019

Acquisitions Illinois Midwest Office

NKF Arranges Sale of Three-Property Office Portfolio in Chicago’s Fulton Market

by Kristin Harlow July 11, 2019

CHICAGO — Newmark Knight Frank (NKF) has arranged the sale of a three-property office portfolio in Chicago’s Fulton Market District. Totaling 77,155 square feet, the portfolio comprises 939 W. Fulton St., 936 W. Fulton St. and 312 N. Carpenter St. Major tenants include Vital Proteins and iCrossing. Andy Gallas and Gino Tabbi of NKF represented the seller, a joint venture between Madison Capital and ASB Real Estate Investments. NKF also represented the joint venture when it originally purchased the portfolio in 2015. At that time, the buildings were utilized as meatpacking facilities.

July 11, 2019

Acquisitions Iowa Midwest Retail

Loja Real Estate Acquires Shopping Center in Des Moines for $52M

by Kristin Harlow July 11, 2019

DES MOINES, IOWA — Loja Real Estate has acquired Water Tower Place in Des Moines for $52 million. The community shopping center is anchored by Whole Foods Market and Best Buy. Other tenants include buybuy Baby, Famous Footwear, Marshalls and Ulta. Located at 4100 University Ave., the asset spans nearly 400,000 square feet. Pegasus Investments represented the undisclosed seller in the transaction.

July 11, 2019

Acquisitions Illinois Industrial Midwest

Avison Young Negotiates Sale of 117,472 SF Industrial Building in Suburban Chicago

by Kristin Harlow July 11, 2019

BATAVIA, ILL. — Avison Young has negotiated the sale of a 117,472-square-foot industrial building in Batavia for an undisclosed price. The property is located at 1020 Olympic Drive in Chicago’s Fox Valley submarket. The Class B building was constructed in 1977 and expanded in 1983. The property, situated on a seven-acre site, features clear heights ranging from 24 to 28 feet as well as three rail doors that enable connection to the nearby Burlington Northern Santa Fe rail spur. Tom Curtis and John Moysey of Avison Young represented the seller, a national manufacturing company, which used the facility as a single-tenant building for many years. The building was vacant at the time of sale. Midwest Industrial Funds purchased the asset and has retained Avison Young to market the repositioned property, which will undergo major renovations, including a new roof, installation of modern HVAC systems and an office renovation.

July 11, 2019

Acquisitions Midwest Mississippi Missouri Retail Southeast Top Stories

Twin River Worldwide Agrees to Acquire Two Casinos from Eldorado Resorts for $230M

by Alex Tostado July 11, 2019

LINCOLN, R.I. — Twin River Worldwide Holdings Inc. (NYSE: TRWH) has entered into an agreement to acquire Isle of Capri Casino Kansas City in Missouri and Lady Luck Casino Vicksburg in Mississippi for $230 million. Eldorado Resorts Inc. (Nasdaq: ERI) is the seller. Isle of Capri is located near downtown Kansas City, overlooking the Missouri River. The property offers 40,000 square feet of casino space, 939 gaming machines, 13 table games and two dining venues. Lady Luck Casino Vicksburg is situated along the Mississippi River. The property features 25,000 square feet of casino space, 603 slot machines, eight electronic table games, three dining venues and an 89-room hotel. “Isle Kansas City and Lady Luck Vicksburg expand our geographic footprint with assets in attractive markets,” says George Papanier, president and CEO of Lincoln, R.I.-based TRWH. “We believe these assets are a great fit for our portfolio and see the opportunity to increase the net cash flow from these properties by our redevelopment and operating plans.” Eldorado Resorts expects to use the proceeds from the sale for general corporate purposes, including its proposed $17.3 billion acquisition of Caesars Entertainment Corp. Papanier says TRWH will redevelop Isle of Capri, though he did not …

July 11, 2019

Market Reports Michigan Midwest Midwest Market Reports Office

Occupancy, Rental Rates Are on the Rise in Detroit’s CBD Office Market

by Kristin Harlow July 11, 2019

Given the pace at which the Detroit commercial office space market is evolving, updates and projections are changing with extraordinary speed. The market can look very different in just a few short months, and it’s worth checking in to see where things stand relative to the beginning of the year. CBD occupancy is high While growth remains the headline story, the focus has changed somewhat from a high level of leasing activity across the metro area to more of adaptation and evolution as landlords, tenants and brokers all adapt to a downtown market that is reaching capacity. The vacancy rate in Detroit proper is the lowest it has ever been, and office space in Midtown and downtown is getting harder and harder to come by. Deals are still being executed across metro Detroit, but with rents continuing to rise and space at a premium, the incentives landscape looks nothing like it has in recent years. Parking rates have increased dramatically with a major shortage in parking in the central business district (CBD). The monthly cost of parking has increased to approximately $250 per space downtown. Creative solutions Incentives continue and have produced new opportunity for creativity, as owners and operators …

July 11, 2019

Acquisitions Multifamily New York Northeast

Harbor Group, Image Capital Acquire Multifamily Asset in Brooklyn for $117M

by Alex Patton July 10, 2019

NEW YORK CITY — A partnership between privately owned investment firm Harbor Group International and Image Capital LLC has acquired The Frederick, a multifamily property in Brooklyn, for $117 million. The Class A property, which was built in 2017, offers 193 units equipped with high-end kitchens and appliances. Amenities include a fitness center and a tenant lounge. The Frederick is located near Prospect Park, as well as several mass transit lines and retail options. Westwood Realty Associates brokered the deal. The seller was Heritage Equity Partners.

July 10, 2019

Acquisitions New Jersey Northeast Office

NKF Negotiates Sale of 18-Story Office Tower in Downtown Newark

by Alex Patton July 10, 2019

NEWARK, N.J. — Newmark Knight Frank (NKF) has negotiated the sale of 550 Broad Street, a 294,242-square-foot office tower in downtown Newark. The sales price was undisclosed. The 18-story, Class A building was built in 1966 and was recently renovated to add a new lobby, fitness center and café. Steven Schultz, Tony Georgiev, Josh Malka and Jeff Kolodkin of NKF brokered the sale in conjunction with live-bid commercial real estate sales platform RealINSIGHT Marketplace. The buyer was local investment firm Fidelco Realty Group, and the seller was undisclosed.

July 10, 2019

Acquisitions Hospitality Massachusetts Northeast

Marcus & Millichap Arranges $5.8M Sale of Comfort Inn Hotel in Massachusetts

by Alex Patton July 10, 2019

PLYMOUTH, MASS. — Marcus & Millichap has arranged the $5.8 million sale of a three-story, 67-room Comfort Inn hotel in Plymouth, located south of Boston. Marcus & Millichap’s Jerry Swon, Daniel Zagoria and Cameron Pierce represented the seller, a family trust that owned the property for several decades, and the undisclosed buyer. The hotel, which is located off Route 3, is franchised under Choice Hotels, which operates more than 6,300 hotels across 35 countries and territories.

July 10, 2019

Development Multifamily New Jersey Northeast

Legacy Builders Completes Renovation of 30-Story Multifamily High-Rise in New Jersey

by Alex Patton July 10, 2019

CLIFFSIDE PARK, N.J. — General contractor Legacy Builders has completed the renovation of Apogee Co-Op, a 30-story multifamily high-rise at 250 Gorge St. on New Jersey’s Gold Coast. The property includes 315 units. As part of the facelift, Legacy overhauled and modernized the aesthetics of the entranceway, lobby and amenities of the property, which was originally built in 1972. Rental prices have appreciated more than 20 percent since renovations began in 2014. New York City-based Steven Kratchman Architect served as the project designer.

July 10, 2019

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