ALMA, MICH. — Cohen Financial, a division of SunTrust Bank, has arranged a $4.1 million HUD-insured loan for the refinancing of Arbor Grove Assisted Living in Alma, which is located in Central Michigan. The assisted living community includes 41 units. Cathy Bronkema of Cohen arranged the fixed-rate loan, which is fully amortized over 35 years. The borrower was a Grand Rapids, Mich.-based senior living owner and operator.
TUCSON, ARIZ. — HSL Properties has purchased two multifamily properties in Tucson from California-based MG Properties for $37.4 million. The company acquired Casas Lindas Apartment Homes, located at 699 W. Magee Road, for $17.6 million. The property features one- and two-bedroom floor plans with in-unit washers and dryers, wood-burning fireplaces and patios or balconies. On-site amenities include a basketball court, pool, fitness center, clubhouse and covered parking. HSL Properties also purchased Springhill Apartment Homes, located at 8030 E. Lakeside Parkway, for $19.8 million. The community features one- and two-bedroom units with full-size washers and dryers, oversized closets, ceiling fans and balconies. Community amenities include a fitness facility, covered parking, pool and barbecue grills.
WOODRIDGE, ILL. — Meridian Design Build has broken ground on a 124,575-square-foot speculative industrial facility in Woodridge, a southwest suburb of Chicago. The property is located at 2379 Davey Road near I-55 and I-355. Molto Properties is the developer. The building will feature a clear height of 32 feet, 18 loadable docks, four drive-in doors and 143 car parking spaces. Completion is slated for this October. Jim Estus of Colliers International is marketing the space for lease. Harris Architects is the project architect and Kimley-Horn is the civil engineer.
AURORA, OHIO — The Cooper Commercial Investment Group has brokered the $2.9 million sale of an 8,460-square-foot retail property in Aurora, a suburb of Cleveland. Tenants include Kay Jewelers, Mattress Warehouse and Samurai Japanese Steak House. The outparcel is part of Marketplace at Four Corners, a nearly 1 million-square-foot regional shopping center. Dan Cooper of Cooper Group represented the seller, a Florida-based private investment group. An East Coast-based private investment group purchased the asset.
BEND, ORE. — Compass Commercial has brokered the sale of an office building located on 0.4 acres at 40 NW Greenwood Ave. in Bend. Howard Friedman, Jay Lyons and Grant Schultz of Compass Commercial Real Estate Services represented the undisclosed buyer and undisclosed seller in deal. The transaction was valued at $1.6 million.
HOFFMAN ESTATES, ILL. — SVN | Chicago Commercial has arranged the sale of a 20,500-square-foot medical office building known as Governor’s Plaza in Hoffman Estates for $2.4 million. The property is located at 2260 W. Higgins Road. The asset was 60 percent occupied at the time of sale. Olivia Czyzynski and Jennifer Hopkins of SVN represented the out-of-state seller. Zishan Alvi of Sky High Real Estate represented the undisclosed buyer.
The Midland-Odessa retail market continues to get stronger due to the rise in oil prices over the last year. West Texas intermediate crude oil prices have risen from around $46 per barrel in June 2017 to more than $72 per barrel as of June 27, 2018. According to a recent survey from the Dallas branch of the Federal Reserve, new technology is allowing energy companies to break even at $25 per barrel. In addition, the Midland Development Corp. (MDC) notes that the combined Midland-Odessa unemployment rate is down to 2.8 percent, which is the lowest on record. The rise in prices, combined with this scaling of the oil-driven economy, is contributing to local consumers having more disposable income. In turn, spending at restaurants, hotels and retail stores in the Midland-Odessa area is up across the board. Housing Connects The Dots Due to the rise in oil prices and strong economic growth, demand for more housing developments in the Midland-Odessa market is strong and getting stronger. And wherever there’s a boom in housing, a new wave of retail development is likely to follow. According to the MDC, roughly 500 single-family building permits had been issued as of March, the highest first-quarter …
CORAL GABLES, FLA. — NP International (NPI) has selected Balfour Beatty to construct the 1.3 million-square-foot Gables Station mixed-use development in Coral Gables, a suburb of Miami. Comprised of three towers, the development will feature retail space, residential units, a hotel and a 1,000-car parking garage. The transit-oriented development is situated within a commercial corridor on U.S. Highway 1 and is adjacent to the Miami Metrorail, providing easy access to the Miami International Airport. The project will be directly connected to the Underline Park, a 10-mile park and urban trail. The development’s two apartment buildings will include a combined 450 units. Facing the Underline Park on the ground level, one of the residential buildings will feature 19,000 square feet of retail space, while the second will include 18,000 square feet of retail space. Gables Station’s third building will be home to a limited-service hotel, which will house 68,000 square feet of retail space for lifestyle and wellness tenants. Early this year, NPI received a $158.4 million construction loan for the project and negotiated a lease for Life Time Fitness at the development, according to the South Florida Business Journal. The project, designed to achieve LEED Silver certification, is slated for completion …
HOUSTON — A partnership between Houston-based Hines and Canadian development/investment firm Ivanhoe Cambridge will develop a 47-story office tower in downtown Houston. Designed by Pelli Clarke Pelli, the 1 million-square-foot property will be located on the 800 block of Texas Avenue. The building will feature multiple food and beverage offerings, a full-service conference facility, public gardens and a fitness center. JLL arranged construction financing for the project, which will also include an 11-story parking garage, through New York Life Real Estate Investors. Law firm Vinson & Elkins has signed a 16-year, 212,000-square-foot lease to become the property’s anchor tenant along with Hines, which will relocate its global headquarters to the new building and occupy 155,000 square feet.
KYLE, TEXAS — Los Angeles-based Majestic Realty Co. has acquired 46 acres for the development of a 500,000-square-foot industrial project in Kyle, located along the Interstate 35 corridor between Austin and San Antonio. Branded Majestic Plum Creek Business Park, the property will deliver Class A, tilt-wall buildings that can accommodate all manner of industrial uses. Majestic will invest approximately $39.7 million in the project, which is being developed on a speculative basis. Construction is scheduled to begin during the fourth quarter. Tate Hinkelman and Marshall Davidson of Avison Young represented the seller, Plum Creek Development Partners, in the land deal. Joe Birdwell of American Southwest represented Majestic.
