SOUTHFIELD, MICH. — The Southfield City Council has approved a $65.1 million redevelopment project that will transform the former Blue Cross Blue Shield campus on West 11 Mile Road into a mixed-use community featuring 305 workforce housing apartments, neighborhood retail and opportunities for future commercial development. The project, led by DV Properties LLC, an affiliate of Brady Sullivan, will breathe new life into two former office towers that have remained underutilized for years. All apartments will be marketed to households earning up to 120 percent of the area median income. Construction timelines and additional project updates will be shared as redevelopment activities move forward, according to the city.
GENEVA, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of an 88,000-square-foot shopping center in Geneva. Located at 1310 Commons Drive, the property consists of four multi-tenant and two single-tenant buildings. Dan Waszak and Brett Berlin of Quantum brokered the transaction. The buyer was a global real estate investment manager, and the seller was an investment fund based on the East Coast.
SAN ANTONIO — Toyota Motor North America (TMNA) has unveiled plans to invest $3.6 billion to expand the Toyota Texas manufacturing campus in San Antonio with a second vehicle assembly line to support production of the Tacoma truck. The expansion will create 2,000 new jobs and add 2.5 million square feet to Toyota Texas, doubling its size by 2030. TMNA will transition Tacoma production from Toyota Motor Manufacturing Baja California, located in Mexico, to the expanded Toyota Texas plant over an approximate four-year period. Toyota Texas currently includes a vehicle assembly line and new rear axle plant that is nearing startup. “The 2,000 acres of South Texas ranchland our plant stands on today was purposefully selected for its ability to scale with vehicle demand, and today marks the first step toward realizing that potential,” says Frank Voss, TMNA group vice president of truck manufacturing and president of Toyota Texas. This expansion brings Toyota’s total investment in San Antonio to $8.3 billion since breaking ground in 2003. Toyota’s local workforce will climb to approximately 6,000 team members, supported by 23 onsite suppliers and their employees. For nearly 20 years, Toyota Texas has rolled out trucks and SUVs, assembling more than 197,000 …
AUSTIN, TEXAS — The NRP Group, a Cleveland-based multifamily owner-operator, has broken ground on Sanara, a 348-unit affordable housing project in South Austin. Developed in partnership with the Housing Authority of Travis County, Sanara will consist of 13 three-story residential buildings across a 56-acre site. Units will come in one-, two- and three-bedroom floor plans and will be restricted to renters earning 60 percent or less of the area median income. Amenities will include a fitness center, business center with coworking space, clubhouse with a lounge and community kitchen, outdoor pool with lounge seating, a children’s activity center and an onsite playground. Residents will also have access to services such as afterschool care, financial literacy courses, ESL (English as a second language) classes and first-time homebuyer programs. MetLife Investment Management is the tax credit investor on the project. PIMCO provided construction and permanent financing that Berkadia arranged. The first units at Sanara are expected to be available for occupancy next spring.
GARLAND, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Alta Firewheel, a 250-unit apartment complex located northeast of Dallas in Garland. Built in 2024, Alta Firewheel offers studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, lounge, game room, coffee bar and outdoor grilling and dining stations. Joey Tumminello, Drew Kile, Taylor Hill, Michael Ware and William Hubbard of IPA represented the seller, Atlanta-based Wood Partners, in the transaction and procured the buyer, Pardue Cos.
GRAND PRAIRIE, TEXAS — Avison Young has negotiated a 10-year, 61,861-square-foot industrial lease in Grand Prairie, located roughly midway between Dallas and Fort Worth. The tenant is Flow Control Group, and the space is located within Building 2 of the industrial property at 3550 N. Highway 161. Mike Kennedy and Chet Hall of Avison Young represented the tenant in the lease negotiations. Kacy Jones, Steve Koldyke and Brian Gilchrist of CBRE represented the landlord, Molto Properties.
IRVING, TEXAS — Pye-Barker Fire & Safety LLC has signed a 13,776-square-foot industrial lease in Irving. The provider of alarm and monitoring systems is taking space within Skyway Corporate Center, a flex building located at 3109 Skyway Circle N. Brian Pafford of Bradford Commercial Real Estate Services represented the landlord in the lease negotiations. John Paul Floyd of CBRE represented the tenant.
NEW YORK CITY — Newmark has arranged the $515 million refinancing of 31 West 52nd Street, a 785,000-square-foot office building in Midtown Manhattan. A consortium of lenders that was led by Wells Fargo and included Bank of America, Barclays, Citi, Goldman Sachs and JP Morgan provided the debt, which consists of a $415 million senior mortgage loan, a $40 million B-note and a $60 million mezzanine loan. Jordan Roeschlaub, Adam Spies, Adam Doneger, Nick Scribani, Tim Polglase, Dan Axelson and Jack Fenton of Newmark arranged the fixed-rate debt package on behalf of the borrower, local investment firm Rithm Capital. Cushman & Wakefield’s Gideon Gil, Zach Kraft and Cecelia Galligan also advised on the transaction.
NEW YORK CITY — A partnership led by L+M Development Partners is underway on construction of a 320-unit affordable housing project in the Rockaway area of Queens. The project will be known as Building D within the 116-acre Arverne East waterfront development and will house 230 rental units and 90 for-sale units, as well as indoor and outdoor amenity spaces. Information on rent restrictions was not disclosed. Other project partners include Urbane Development, The Bluestone Organization, Mega Group Development, Triangle Equities Development Co., New York State Homes and Community Renewal, the New York City Department of Housing Preservation and Development and the New York City Housing Development Corp.
NASHVILLE, TENN. — CBRE has arranged the sale of The Moore Building, a 16-story office building located at 827 19th Ave. S in Nashville. Shorenstein Investment Advisors purchased the 245,826-square-foot building from Atlanta-based Portman Holdings. Patrick Gildea, Matt Smith, Roscoe High, JT Martin and Morgan Hillenmeyer of CBRE represented the seller in the transaction. JP Cordeiro, Cliff Joyner and Mike Ryan of CBRE’s Debt & Structured Finance team arranged acquisition financing for the buyer. The sales price and loan amount were not disclosed. Built in 2023, The Moore Building is situated in Nashville’s Midtown district and features 9,000 square feet of ground-level retail space, an 11,000-square-foot amenity deck, a sky lobby and lounge, fitness center, conference facilities and above- and below-grade parking totaling nearly 600 spaces. The property is named after Scotty Moore, the longtime guitarist to Elvis Presley who had once operated a recording studio at the site. According to Nashville Business Journal, TikTok is an anchor tenant at the LEED-certified office building.