Property Type

J-Bees Opens SIZE Retail Concept in Dearborn, Michigan

by Christina Cannon August 19, 2016

DEARBORN, MICH. — Mid-America Real Estate-Michigan Inc. has arranged a 1,388-square-foot retail lease for J-Bees in Dearborn, approximately 10 miles west of Detroit. J-Bees will open a new high-end specialty apparel concept called SIZE at Fairlane Town Center, a 125-store shopping center located at 18900 Michigan Ave. SIZE, which will open by the end of the year, carries designers such as Balmain, Rock Revival, UGG Australia, Salvatore Ferragamo, Adidas, Ralph Lauren, Cole Haan and Kanye West’s fashion line Yeezy. This store will be J-Bees’ first SIZE location in Michigan. Brad Rosenberg and Aleyciuss Al-Ali of Mid-America represented the tenant in the transaction.

August 19, 2016

Industrial Michigan Midwest

Friedman Brokers Sale of 8,084 SF Industrial Property in Metro Detroit

by Christina Cannon August 19, 2016

FARMINGTON HILLS, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of an 8,084-square-foot industrial building in Farmington Hills, approximately 25 miles northwest of Detroit, for an undisclosed price. Sebastian & Sam Land Development Company LLC sold the property, located at 32945 Folsom Road, to Excalibur Managements and Investments LLC. The facility was previously occupied by a tow truck manufacturing company and was used as a truck repair shop for a waste management company before that. The new buyers will use the facility to store construction equipment and materials. Robert Frank of Friedman Integrated Real Estate Solutions represented the seller in the transaction.

August 19, 2016

Arizona Retail Western

ORION Arranges $1.4M Sale of Spanish Village Retail Center in Arizona

by Nellie Day August 19, 2016

CAREFREE, ARIZ. — ORION Investment Real Estate has arranged the $1.4 million sale of Spanish Village, a 22,819-square-foot retail center located in Carefree. The property was 26 percent occupied at the time of sale. Braxton Glass of ORION represented the buyer, Raskin Partners, in the transaction. Danny Gardiner of Phoenix Commercial Advisors represented the seller, Spanish Village Holdings LLC.

August 19, 2016

Hospitality Mixed-Use Multifamily Office Retail Texas

Hillwood, Howard Hughes Launch 130-Acre Mixed-Use Development Within AllianceTexas

by Haisten Willis August 18, 2016

WESTLAKE, TEXAS — Hillwood and The Howard Hughes Corp. (NYSE: HHC) have launched a 130-acre mixed-use development at Circle T Ranch, a 2,500-acre master planned community in Westlake that is part of the larger 18,000-acre AllianceTexas development. The project, which is situated at the junction of State Highways 114 and 170, will include more than 2 million square feet of office, retail and entertainment space and will be anchored by the 500,000-square-foot corporate campus for Charles Schwab Corp. The planned mixed-use development will include 1.2 million square feet of combined Class A mid-rise office space with retail and entertainment uses, as well as a 200-room hotel and residential options. The project will also include land for parks, open space and creeks. Nature trails and a fitness center in the retail district will offer individuals additional health and fitness options.

August 18, 2016

Healthcare Office Texas

KDC, Rubicon to Build Medical Office Development in Irving

by Haisten Willis August 18, 2016

IRVING, TEXAS — KDC and Rubicon Representation will develop a 155,000-square-foot, Class A medical office project in two phases at Gateway Drive and State Highway 161 in Irving’s Las Colinas district. Phase I will break ground this fall and will consist of 95,000 square feet anchored by Healthcare Associates. Phase II will break ground shortly thereafter and will consist of 60,000 square feet. The second phase will house an ambulatory surgery center and medical office. The anchor tenant space is currently available. The development is located near DFW International Airport and is within walking distance of the DART Beltline Station. Rubicon Representation assembled the real estate transaction.

August 18, 2016

Hospitality Texas

Best Western Plus Norman Opens Adjacent to Norman Regional HealthPlex

by Haisten Willis August 18, 2016

NORMAN, OKLA. — The four-story Best Western Plus Norman has opened at 3100 Medical Park Place. Located adjacent to the Norman Regional HealthPlex, the 116-room hotel includes seven extended-stay suites with kitchenettes. Amenities include a 700-square-foot conference center, fitness center, heated outdoor pool, grilling area and an electric car charging station. Designated as a rider-friendly hotel in Best Western’s national partnership with Harley-Davidson, the hotel also features a bike wash station. Developed and operated by Wichita, Kan.-based Hospitality Management LLC, a Martens Co., the $13 million project employs 25 people. Linsey Kennedy is the hotel’s general manager, and Jodi Helms-Jones is director of sales. This is Hospitality Management’s third Best Western property and its fourth hotel overall. The company operates the Best Western and EconoLodge hotels in Blackwell, Okla., as well as the Best Western Plus in Arkansas City, Kan. Wichita-based Krehbiel Architecture and Conco Construction handled the design and build of the project.

August 18, 2016

Retail Texas

Broe Real Estate Group Sells Dallas Retail Property for $19.5M

by Haisten Willis August 18, 2016

DALLAS — Broe Real Estate Group, an investment manager of commercial real estate assets affiliated with The Broe Group, has completed the $19.5 million sale of a retail property located at 2800 Forest Lane in Dallas. The 163,545-square-foot building is leased to The Home Depot on a triple-net basis under a long-term lease. Broe acquired the building and an adjacent office building in 1998. In 2014, the property was subdivided to sever off the office building and the Home Depot lease was subsequently restructured to extend the lease term.

August 18, 2016

Loans Midwest Multifamily Ohio

KeyBank Arranges $858M in Financing for Owner, Operator of Manufactured Housing Communities

by Christina Cannon August 18, 2016

CLEVELAND — KeyBank Real Estate Capital has arranged $858 million in debt financing for YES! Communities LLC, an owner and operator of manufactured housing communities that is managed by Stockbridge Capital Group LLC. The financing consisted of one Fannie Mae and one Freddie Mac credit facility totaling $733 million and a $125 million syndicated, corporate-level revolving credit facility. Wells Fargo also arranged a credit facility for the company, which announced earlier this week that it sold 71 percent equity interest to two global investors, including GIC, a sovereign wealth fund from Singapore. In connection with the transaction, YES! Communities’ three manufactured home portfolios will be consolidated into a single entity. Chris Black of Cleveland-based KeyBank arranged the agency financing.

August 18, 2016

Michigan Midwest Office

NAI Wisinski of West Michigan Brokers Sale of Two Office Buildings in Grand Rapids

by Christina Cannon August 18, 2016

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of two office buildings in Grand Rapids. The properties, 2504 Ardmore and 2505 Burton, are located near the Brenton Village Mall corridor. Mark Morrow Properties LLC sold the buildings to a local investor, Tony Pearson, who intends to make minor renovations and begin marketing the property for lease this September. Each building totals 5,835 square feet and was built in 1971. Hillary Woznick and Doug Taatjes of NAI Wisinski represented the seller in the transaction.

August 18, 2016

Industrial Midwest Wisconsin

The Dickman Company Negotiates Sale of 272,000 SF Industrial Property South of Milwaukee

by Christina Cannon August 18, 2016

KENOSHA, WIS. — The Dickman Company Inc./CORFAC International has negotiated the sale of a 272,000-square-foot industrial building in Kenosha, approximately 35 miles south of Milwaukee, for an undisclosed price. Phoenix Kenosha LLC purchased the building, which is located at 3122 14th Ave., from Walnut & Vine Properties II LLC. Nick Keys of The Dickman Company represented the buyer in the transaction, and Brad Thompson of Millennium Properties represented the seller.

August 18, 2016

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