AVON, OHIO — Laurel Real Estate Co. has negotiated the sale of the Fairfield Inn & Suites hotel in Avon near Cleveland for an undisclosed price. The 82-room property is located at 39050 Colorado Ave. Amenities include an indoor pool, fitness center and meeting space. Laurel represented the undisclosed seller and was the sole brokerage involved in the transaction, which was considered an off-market deal.
JUSTICE, ILL. — Network Commercial Real Estate has brokered the $4.4 million sale of a 5-acre retail development site located at 8650 W. 79th St. in Justice, a southwest suburb of Chicago. Neil Haleem of Network represented the seller, Emaar Enterprise LLC. Jeremy Forman of Shai Town Realty Group represented the buyer, Quick Trip Corp. The site will be developed into a QT gas station and convenience store.
NEW YORK CITY — QuadReal Property Group has provided a $49.5 million loan for the refinancing of Arris Grand, a 113-unit apartment building in the Clinton Hill area of Brooklyn. The nine-story building was completed in 2024 includes three retail suites totaling 7,127 square feet. Units come in studio, one- and two-bedroom floor plans, and 34 units are reserved as affordable housing. Amenities include a rooftop terrace with grilling and dining stations, fitness center, media and gaming lounges, coworking and study spaces and a pet spa. Alan Blank, Zach Kraft and Gideon Gil from Cushman & Wakefield arranged the fixed-rate loan on behalf of the borrower, Haussmann Development.
SOMERVILLE, MASS. — Gantry, a commercial mortgage banking firm based in San Francisco, has arranged a $30 million loan for the refinancing of a 101,000-square-foot medical office building in Somerville, located just outside of Boston. The building at 40 Holland St. is known as Davis Square Center and was fully leased at the time of the loan closing, with regional provider Atrius Health serving as the anchor. Andy Bratt and Sean Kuang of Gantry arranged the five-year, fixed-rate loan, which carries a 30-year amortization schedule, on behalf of the owner, an undisclosed healthcare REIT. An unnamed insurance company provided the debt.
NEWTOWN AND BENSALEM, PA. — A joint venture between ShopOne Centers REIT, Pantheon and an undisclosed institutional investment firm has acquired two open-air shopping centers totaling 122,365 square feet that are located on the northeastern outskirts of Philadelphia. Goodnoe’s Corner is a 34,660-square-foot shopping center in Newtown that was built in 2008 and fully leased at the time of sale. Village Center is an 87,705-square-foot retail center in nearby Bensalem that was built in 1976 (renovated in 1999) anchored by grocer ACME. Scott Woodard and Derrick Dougherty of Marcus & Millichap represented the undisclosed seller and procured the buyer in the transaction.
NATICK, MASS. — Regional design-build firm Dacon Corp. has completed a 35,000-square-foot life sciences project in Natick, a western suburb of Boston. The facility is the third in the area for ABI-LAB, a user that provides shared laboratory services for researchers in fields such as immunology, oncology, regenerative medicine, diagnostics and precision medicine. The newest facility houses 10 labs that range in size from 900 to 2,500 square feet and brings ABI-LAB’s total Natick footprint to roughly 112,000 square feet.
By Trina Sandschafer, AIA, Project Management Advisors Adaptation and reinvention are core parts of what makes American cities great, and Chicago is a prime example. Whether rebuilding, reimagining space for modern usage or creating new neighborhoods from formerly empty lots, the city has become known for its unique ability to bring new energy and life to formerly underutilized areas. Chicago knows how to reimagine the built environment and is leading the way with several transformative development strategies. Adaptive reuse: A well-tested Chicago tactic Chicago’s long history of adaptive reuse began with the pioneering residential loft developers. In the wake of nationwide manufacturing declines, these enterprising developers saw opportunity in the city’s largely vacant warehouses and manufacturing buildings. The success of these early loft conversions encouraged further reimagining of Chicago’s aging industrial and office stock into condominiums, apartments, offices, entertainment venues and hospitality spaces, which continue to this day. Now, adaptive reuse strategies are helping to increase the supply of housing and restore economic viability to communities dealing with the lingering impact of the pandemic on local businesses. Converting legacy structures to new and better uses is more environmentally sustainable and can be more cost-effective than demolishing older buildings and starting …
By Justin Spafford, construction executive at Caddell Construction In today’s fast-paced e-commerce landscape, consumer expectations for rapid, accurate delivery are reshaping supply chains. To stay competitive, retailers and logistics providers must embrace automation to enhance efficiency and meet growing demand. This transformation is happening amid broader shifts within the commercial real estate industry, including reshoring and increased reliance on automation tech. Rather than investing in costly new construction, many companies are opting to retrofit existing facilities with modern automation. This approach maximizes value and allows businesses to adapt quickly to market shifts without significant downtime. Caddell Construction has played a role in this transformation, having completed over 25 automation projects nationwide. Our current work includes nine automation projects across the United States, with another five in preconstruction and scheduled to start in the second quarter. The numbers highlight the urgency of this shift. U.S. retail e-commerce sales for 2024 are projected to reach $1.37 trillion, representing a more than 10 percent increase from the previous year, according to CapitalOne. Meanwhile, the warehouse automation market, currently valued at $19.2 billion, is expected to grow to $22.8 billion by 2030. The broader industrial automation sector is also expanding rapidly, with projections increasing …
MOORESVILLE, N.C. — Duke University Health System (Duke Health), a Durham, N.C.-based healthcare affiliate of Duke University, has acquired Lake Norman Regional Medical Center, an acute-care hospital in the Charlotte suburb of Mooresville, for $284 million. Formerly owned by subsidiaries of Tennessee-based Community Health Systems Inc., the 123-bed facility will now operate as Duke Health Lake Norman Hospital. “We have a bright future ahead and look forward to bringing the excellence and innovation of Duke Health to enhance the care offered at Duke Health Lake Norman Hospital and clinics,” says Craig Albanese, CEO of Duke Health. Duke Health Lake Norman Hospital offers 24-hour emergency care, labor and delivery services, cardiology, surgical and orthopedic care and an outpatient imaging center. The hospital has been operating since 1926 when it opened as Lowrance Hospital. The property comprises a main 171,000-square-foot hospital building and a separate 6,200-square-foot outpatient facility. Over the next several months, the hospital’s electronic medical records will be integrated into Duke Health’s system for patients to receive full access to the provider’s specialty care. Employees and providers at the hospital were also offered jobs with Duke Health to “enable a seamless transition for patients to have continued access to the providers, …
AUSTIN, TEXAS — A partnership between Dallas-based Lincoln Property Co. and San Antonio-based Kairoi Residential has completed Sixth & Guadalupe, a 66-story mixed-use tower in downtown Austin. Begun in 2018 and designed by Gensler, Sixth & Guadalupe features 349 apartments and 589,000 square feet of office space, a 33,900-square-foot rooftop park and ground-floor retail space for a total footprint of roughly 2.3 million square feet. Residences come in studio, one-, two- and three-bedroom floor plans, with rents starting at approximately $2,400 per month. Residential amenities include multiple pools, a fitness center, clubroom, conference facilities, media room, golf simulator, indoor theater, dog run and a rooftop lounge. Office users also have access to private terraces on each floor.
