Saturday, February 7, 2026
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DevelopmentIllinoisMidwestOffice

Franklin Partners Unveils Redevelopment Plans for Office Building in Downtown Chicago

by Kristin Harlow

CHICAGO — Franklin Partners has unveiled the redevelopment plans for One Mag Mile, an office property located at 980 N. Michigan Ave. This includes significant lobby renovations and the recent opening of international juice chain Joe & the Juice. The upgraded lobby will have a hospitality influence with new finishes and modern lighting. Wright Heerema Architects is working with Franklin Partners on the design. One Mag Mile offers 400,000 square feet of office and retail space. Tenants Berkshire Hathaway Home Services, Singerman Real Estate and The Realreal recently expanded their office leases within the property. Phil Golding and Todd Siegel of CBRE brokered the lease transaction with Joe & the Juice.

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DevelopmentMichiganMidwestOffice

Coyote Logistics to Open New Detroit Tech Hub in Corktown Neighborhood

by Kristin Harlow

DETROIT — Coyote Logistics, a UPS company and global third-party logistics provider, is creating a new tech hub in Detroit’s Corktown neighborhood. The facility is expected to open in the third quarter of this year. Coyote will be the anchor tenant in The Assembly, a Bedrock-owned building. The five-story property was formerly a warehouse. Coyote is expected to employ 500 people, with 350 of those being new positions. Coyote will occupy the entire second and third floors for a total of 58,000 square feet. The Assembly will span approximately 160,000 square feet. Bedrock is the real estate arm of billionaire businessman Dan Gilbert, founder and chairman of Quicken Loans.

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DevelopmentIndustrialMidwestOhio

Hillwood, Continental to Develop 840,000 SF Speculative Distribution Center Near Columbus

by Kristin Harlow

WEST JEFFERSON, OHIO — Hillwood, a Perot company, and Continental Real Estate Cos. have unveiled plans to develop an approximately 840,000-square-foot speculative distribution center in West Jefferson. Slated for delivery in early 2020, the property will be expandable up to 1.2 million square feet. The project will offer convenient access to I-70 and will be situated 20 miles west of the central business district. Building features include a clear height of 36 feet, cross-dock configuration, 130 trailer parking spaces and 200 car parking spaces.

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Leasing ActivityMichiganMidwestRetail

Tin Roof to Join Retail Lineup at The District Detroit

by Kristin Harlow

DETROIT — Tin Roof has unveiled plans to open at The District Detroit. The music joint and restaurant will occupy the space formerly home to Cheli’s Chili Bar and will be situated near Comerica Park, Ford Field and the historic Fox Theatre. The original Tin Roof opened in 2002 near Nashville’s famed Music Row. Popular menu items include Dixie biscuits, voodoo shrimp grinder and candy pig mac & cheese. Other recently announced tenants at The District Detroit include Sahara Restaurant & Grill, The M Den, Frita Batidos, the Detroit Medical Center Sports Medicine Institute, Warner Norcross + Judd LLP and Google. Scott Young and Ashley Ketko of CBRE represent the landlord, Olympia Development, in lease transactions for retail properties at The District Detroit.

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Carter-Cold-Storage-Fort-Worth
IndustrialMarket ReportsTexasTexas Market Reports

Quality of Labor, Land Availability Buoy Fort Worth Industrial Market

by Taylor Williams

The DFW industrial market has enjoyed unprecedented growth over this seven-year development cycle.  The market has added approximately 118 million square feet of industrial inventory over that period and absorbed 143 million square feet. Population growth in the Dallas-Fort Worth (DFW) metroplex, the state of Texas and the south-central U.S. region, as well as growth in e-commerce, are the primary tailwinds propelling this extraordinary growth. Ever since Hillwood broke ground on AllianceTexas in the late 1980s, putting north Fort Worth on the radar of industrial users, the expansion in the Fort Worth industrial market has been an ever-increasing part of the overall DFW industrial market’s growth.  However, the Fort Worth industrial market’s growth is really accelerating now based on the lack of available developable industrial sites in Dallas and the Mid-Cities. Further, when users and developers compare Fort Worth and southeast Dallas, the two areas with available industrial spaces and developable industrial land, Fort Worth’s advantages with regard to infrastructure, amenities, and most importantly, labor, stand out. As the area reaches peak employment, and with labor cost being the highest percentage of a user’s overall operational cost, the workforce factor has become the most important site selection criterion for users …

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CaliforniaHospitalityTop StoriesWestern

Airbnb Agrees to Acquire HotelTonight in Effort to Expand Booking Options

by Kristin Harlow

SAN FRANCISCO — Airbnb has signed an agreement to acquire HotelTonight, a hotel-booking service focused on making last-minute trips for boutique and independent hotels. The deal will expand Airbnb’s ability to offer hotel listings. Terms of the deal were not disclosed, but The Wall Street Journal reports that HotelTonight was last valued at $463 million in March 2017. Airbnb expects the transaction to close in approximately 30 days. San Francisco-based Airbnb, an online lodging company, says the acquisition is part of its mission to create “an end-to-end travel platform that combines where you stay, what you do and how you get there, all in one place.” More than 400,000 companies are using Airbnb to help manage their travel, and same-day bookings are now growing twofold year over year, according to Airbnb. “Welcoming more boutique hotels to our platform will help us deliver on our commitment to make Airbnb for everyone, providing guests the authentic, local experience they have come to expect on every trip,” wrote Airbnb in a press release. In 2018, Airbnb more than doubled the number of rooms available on its platform in properties that hosts categorized as boutique hotels, bed and breakfasts and other hospitality venues like …

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FeaturesMultifamilyStudent Housing

Joe Stepchuk’s GSE Background Helps Greystone Boost Student Housing Lending Volume

by Kristin Harlow

The student housing sector continues to benefit from strong investor and consumer demand. Total annual deliveries nationally have averaged approximately 47,000 beds this cycle, according to data research firm RealPage. Proximity to campus is a major differentiator in student housing, as properties closer to campus historically have greater pre-leasing velocity and higher rents. Industry experts say that despite the current wave of construction, most college students live in dormitories or in rental housing near campus that weren’t designed to house students. That means the sector still has room to grow. During the recent MBA 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo in San Diego, REBusinessOnline sat down with Joe Stepchuk, managing director of student housing lending for New York City-based Greystone, to gain his insight on the state of the market. Stepchuk joined Greystone in 2016 from Fannie Mae, where he served as director for 10 years and oversaw $3 billion in annual multifamily loan production. As a father of five children, including twins, Stepchuk is also a consumer of student housing. One of his children attends the University of Florida in Gainesville, another is at Xavier University in Cincinnati. REBusinessOnline: How did 2018 play out for Greystone …

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AcquisitionsOfficeSoutheastTennessee

Cushman & Wakefield Arranges $71.9M Sale, Acquisition Loan for Office Tower in Downtown Nashville

by Alex Tostado

NASHVILLE, TENN. — Cushman & Wakefield has arranged the $71.9 million sale of Philips Plaza, a 435,535-square-foot, 24-floor office building in downtown Nashville. The building, which was purchased by Wheelock Street Capital, is situated at 414 Union St. and was 97 percent leased to 26 tenants at the time of the sale. Since 2015, the property has undergone $3.5 million in renovations to include a new lobby, HVAC systems, roof, upgraded common areas and an upgraded conference center. The office building shares a plaza with a recently renovated DoubleTree by Hilton hotel. Stewart Calhoun, Samir Idris, Crews Johnston, David Meline and Hailey Paul of Cushman & Wakefield represented the undisclosed sellers in the transaction. Additionally, Michael Ryan, Brian Linnihan and Richard Henry of Cushman & Wakefield arranged acquisition financing on behalf of Wheelock Street Capital.

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AcquisitionsKentuckyMultifamilySoutheast

Passco Acquires Multifamily Community in Lexington for $62.4M

by Alex Tostado

LEXINGTON, KY. — Passco Cos. has acquired The Henry at Fritz Farm, a 306-unit multifamily community in Lexington, for $62.4 million. The apartment complex is situated about five miles south of downtown Lexington within The Summit at Fritz Farm, a mixed-use development offering a 120-room hotel, 44,000 square feet of office space and 285,610 square feet of retail space. Retail tenants at the Bayer Properties-developed development include Whole Foods Market, Shake Shack, Pottery Barn, Arhaus, Babalu and Lululemon. Amenities at The Henry include a saltwater swimming pool, sundeck, 24-hour fitness center, business center, fire pits, clubroom and a pet spa. Mike Kemether and Craig Collins of Cushman & Wakefield represented the seller, the Dobbins Group, in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of the buyer.

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