MUSKEGON, MICH. — RD Management LLC has unveiled plans to redevelop Muskegon Shopping Center located at 3530 Henry St. in western Michigan. The project will include removal of the 134,874-square-foot building formerly occupied by Kmart, renovation of the 32,338 square feet of adjacent retail space and the construction of five residential buildings totaling 126 units. Demolition of the Kmart building will begin in late spring. In addition, Mercy Health has agreed to purchase a 6.2-acre parcel of the shopping center in order to construct a new 40,900-square-foot medical office building that will include urgent care, physical therapy, research laboratories, doctor’s offices and a pharmacy.
COLUMBUS, OHIO — Reich Brothers has acquired a 142,223-square-foot industrial facility in Columbus for an undisclosed price. The property previously served as the main production and warehousing location in the Columbus market for printing company Quad Graphics. The building is located at 4051 Fondorf Drive and is directly adjacent to Walmart’s distribution and logistics hub. The property features clear heights ranging from 21 to 24 feet and can be subdivided to accommodate multiple tenants. Reich Brothers intends to repurpose the facility for light manufacturing and distribution. Site work has commenced and is expected to be completed in the coming months.
FERGUS FALLS, MINN. — Marcus & Millichap has brokered the $7 million sale of Red River Village in Fergus Falls in western Minnesota. Built in 2011, the apartment property includes 66 units that are designated for residents age 55 and older. Floor plans range from one to three bedrooms. Chris Collins and Evan Miller of Marcus & Millichap brokered the transaction.
CHICAGO — Animal hospital operator GoodVets has opened two new full-service facilities in Chicagoland. GoodVets Southland is a 3,000-square-foot facility located at 18355 S. Halsted St. in Glenwood. GoodVets West Loop is a 4,500-square-foot facility located at 901 W. Jackson Blvd. in the West Loop neighborhood. The company had previously opened a location in the Streeterville neighborhood.
BROOKFIELD, WIS. — Korndoerfer Homes Inc. has renewed its 6,414-square-foot office lease in Brookfield. The home building company occupies space at 175 N. Corporate Drive. Dan Wroblewski, Matt Fahey, Joe Moritz, Ben Anderson and Brandon Ciebell of Colliers International brokered the lease transaction.
MOUNTAIN VIEW, CALIF. — Renault & Handley Mid-Peninsula Joint Venture has received a $103 million senior loan for the development of 600 Clyde Avenue, a 189,974-square-foot office building fully preleased to Google in Mountain View. PCCP LLC provided the loan for the five-story building, which will be situated on 5.2 acres. The property is slated for delivery in July 2020. When completed, the project will feature a 9,600-square-foot sky deck with outdoor seating and working stations, a fitness center, employee showers and bike storage. Additionally, an adjacent four-story parking garage will accommodate circulation of full-size employee shuttle buses, which are commonly used by large tech employers in the Bay Area. The property is near the intersection of U.S. Highway 101 and State Route 237, about three miles from downtown Mountain View and the Mountain View Caltrain station. Mountain View-based Google currently operates in 24 office buildings in 13 states and Washington, D.C. In February, the company announced it will invest $13 billion in 2019 to expand its data centers and office footprint to 24 states. Renault & Handley Mid-Peninsula Joint Venture originally acquired the site located at 580 and 620 Clyde Ave. in 1968. The firm developed the land into …
Omaha’s apartment market continues to be fundamentally strong and attractive to national and regional investors. According to Reis, Omaha’s asking rental rates have increased in every quarter over the past eight years, and vacancy remains low at 5.6 percent as of the end of 2018. Historically Omaha has had low vacancy. The 4.6 percent average vacancy rate over the past decade and 4.4 percent over the past five years is in line with the five-year national average of 4.5 percent. Looking forward, Reis expects the vacancy rate in 2019 to remain steady at 5.6 percent, and Colliers International expects the vacancy rate to dip slightly during 2019. Remaining affordable Not surprisingly, the relatively tight market, coupled with new construction, has continued to drive rents higher with asking rental rates growing at a strong 5.1 percent during 2019, according to Reis. Colliers, as well as local developers we surveyed, expect that rents will continue to grow in 2019, but at a more modest level, which we expect will be very close to Omaha’s average annual increase of 2.7 percent over the past 10 years. Importantly, Omaha also continues to have a relatively low cost of living for apartment dwellers with an …
WESLEY CHAPEL, FLA. — Hutton, a real estate development and investment firm based in Chattanooga, has opened Cypress Creek Town Shopping Center, a 190,000-square-foot shopping center located in Wesley Chapel, 20 miles north of downtown Tampa. Earth Fare anchors the center, which is the latest phase of Cypress Creek Town Center. Other tenants in the new shopping center include Burlington, Hobby Lobby, Five Below, Dollar Tree and HomeGoods. Remaining tenants are scheduled to open in late spring. Chattanooga, Tenn.-based Hutton has completed three previous developments at Cypress Creek Town Center, including a 26,000-square-foot, multi-tenant development leased to retailers such as Mellow Mushroom and Men’s Wearhouse; an adjacent 8,000-square-foot Chuy’s; and a 16,000-square-foot multi-tenant building that includes Blaze Pizza, Chipotle Mexican Grill, Verizon Wireless and Sleep Number.
GAINESVILLE, FLA. — Celebration Pointe developers have signed a lease to bring in The Keys, a fresh seafood restaurant and entertainment venue. The Keys is locally owned by Tony Espetia, a real estate professional with Coldwell Banker M. M. Parrish Realtors and former owner of Rum Runners and Fat Tuesday in Gainesville; Brad Heron, the current owner of Rockeys Dueling Piano Bar; and Diego Ibanez, who has more than 25 years of restaurant experience and is the co-owner of Emiliano’s Café, a longtime family-owned restaurant that started as a bakery in the early 1980s. The Keys will serve freshly caught seafood and feature dueling pianos. The Keys, which has a double meaning playing off both the Florida Keys and piano keys, is expected to open this summer. Celebration Pointe is a 160-acre mixed-use development that will span more than 1 million square feet and will include office and retail space, residential units and a mix of experiential and entertainment venues.
DORAVILLE, GA — Wilson Investment Properties and Liquid Capital Real Estate have acquired Forest Cove, a 646-unit apartment complex in Doraville. The joint venture plans to upgrade unit interiors, repaint the building exteriors and enhance existing amenities, which include a dog park, fitness center, swimming pool, playground, soccer field and an outdoor fire pit. The property offers one-, two- and three-bedroom floor plans and is situated at 3497 Meadowglenn Village Lane, four miles from the Doraville MARTA Station. The seller and sales price were not disclosed.