Property Type

ROCKFORD, MICH. — Footwear company Wolverine Worldwide Inc. has unveiled a major renovation of its global headquarters in Rockford within western Michigan. The centerpiece of the project is a renovation of 40,000 square feet of space to house the company’s two biggest brands, Merrell and Saucony, the latter of which Wolverine recently relocated to Rockford from Boston. Originally constructed in 1963, the space served as a footwear factory for several decades before being transitioned into office space in the 1990s. Now known as The Factory, the space features exposed structures and concrete floors, floor-to-ceiling windows, 224 individual workstations, dedicated product and marketing rooms for each brand, 31 collaboration and meeting rooms, a café and technology for product design, marketing and collaboration. The project is supported by a $1 million Michigan Business Development Program grant in collaboration with the Michigan Economic Development Center and The Right Place Inc. In all, Wolverine’s headquarters totals 300,000 square feet. Amenities include subsidized daycare and an early education center for children, fitness center, four miles of on-campus hiking and nature trails, an onsite, subsidized cafeteria and dog daycare.

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CARMEL, IND. — Skender Construction has broken ground on Ardalan Plaza, a $19 million development that will serve as a gateway to the City of Carmel’s Arts & Design District. Located at 311-331 W. Main St., the property will encompass 8,000 square feet of retail and gallery space on the first floor, five luxury condominiums on the second floor and a private residence with a rooftop terrace spanning the third floor. The project, which was designed to evoke the elegance of an Italian villa, is a collaboration between the Carmel Redevelopment Commission and the Ardalan family. The project team includes Studio M Architecture and Planning and KBSO Consulting Engineers. Completion is slated for 2026.

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GRAND RAPIDS, MICH. — In a sale-leaseback transaction, MAG Capital Partners has acquired a 102,284-square-foot manufacturing facility in Grand Rapids for an undisclosed price. The seller was an end-of-line automotive testing equipment company that was founded in 1953. The 5.3-acre site houses the largest business within a broader private equity-backed automated industrial test and measurement platform. Phil DiGennaro, Adam English and Jonathan Wolfe of STREAM Capital Partners represented the seller.

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MUNDELEIN, ILL. — DarwinPW Realty/CORFAC International has arranged the sale of a 48,005-square-foot industrial building at 933 Tower Road in the northern Chicago suburb of Mundelein. The sales price was undisclosed. Principle Construction built the property in 2004 for the seller, a printing company that is discontinuing its business. The asset features a clear height of 24 feet, two drive-in bays, three exterior dock doors and 72 parking spaces. It houses primarily warehouse space that is suitable for manufacturing or distribution uses along with 4,800 square feet of office space. George Cibula and Dan Prendergast of DarwinPW represented the buyer, Portokali Investments LLC. Collin Tyrrell and Dan Brown of Brown Commercial Group represented the seller.

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TOLEDO, OHIO — Marcus & Millichap has brokered the $2.2 million sale of a 2,325-square-foot restaurant property net leased to Chipotle in Toledo. Built in 2025, the building at 3360 Glendale Ave. features a “Chipotlane” drive-thru. Scott Woodard and Derrick Dougherty of Marcus & Millichap procured the buyer, a private net-lease owner based in New York. The undisclosed seller developed the site, which is located adjacent to Southland shopping center and the University of Toledo Medical Center.

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MEDIA, PA. — CBRE has arranged a $28.5 million construction loan for Mi-Place at Media, a 132-unit multifamily project that will be located about 25 miles southwest of Philadelphia. The project will consist of three four-story buildings and 245 parking spaces. Amenities will include a lounge, fitness center, dog park and outdoor grilling and dining stations. Matthew Klauer and Cassandra Russell of CBRE arranged the loan through SteepRock Capital on behalf of the sponsor, Fernmoor Homes. A tentative completion date was not disclosed.

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BRIDGEWATER, N.J. — Atlanta-based brokerage firm Hunter Hotel Advisors has negotiated the sale of the 133-room Hampton Inn & Suites Bridgewater, located in Central New Jersey’s Raritan Valley. The hotel was built in 2017 and offers amenities such as a fitness center, indoor pool and a lobby bar. An entity doing business as FSG Bridgewater Hotel LLC sold the property to New Jersey-based owner-operator Innzen Hospitality for an undisclosed price. Spencer Davidson of Hunter Hotel Advisors brokered the deal.

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UNION, N.J. — NAI DiLeo-Bram has brokered the $6 million sale of a 24,000-square-foot industrial building in the Northern New Jersey community of Union. According to LoopNet Inc., the single-tenant building at 860 Springfield Road was constructed in 1961 and features a clear height of 16 feet and four dock-high loading doors. Richard Goski and Catherine Goski-Vasquez of NAI DiLeo-Bram brokered the deal. The buyer and seller were not disclosed.

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MIAMI — Los Angeles-based investment firm CIM Group and its development partners have officially opened Miami Worldcenter, a $6 billion mixed-use development in downtown Miami. CIM Group partnered on the project with Miami Worldcenter Associates, a development entity founded by Art Falcone and Nitin Motwani. The development spans 27 acres across 10 city blocks in the city’s Park West neighborhood and has generated nearly 9,000 jobs over the course of its construction and operation. The site formerly housed blighted properties and surface parking lots. The Miami Worldcenter master plan includes approximately $100 million in completed infrastructure; 100,000 square feet of new public space; 300,000 square feet of retail, restaurant and entertainment space; and 16 high-rise towers for residential and hospitality uses, many of which are completed or underway. The development will bring approximately 11,000 residences and more than 1,000 hotel rooms to downtown Miami. “Miami Worldcenter is a game-changing development that has revitalized a dormant and distressed area of downtown Miami and repositioned it as a vital contributor to the community and the local economy,” says Shaul Kuba, co-founder and principal of CIM Group. “We joined partners Art Falcone and Nitin Motwani as the master developers in 2011 and have proudly …

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ATLANTA — Interest rates. Tariffs. Natural disasters. These three factors alone frighten any developer, let alone those who are tasked with delivering our nation’s affordable housing supply. Just to get to the ribbon-cutting ceremony, developers have an uphill climb. They have to obtain the land outright or in a ground lease agreement, navigate the permitting and entitlement processes, overcome any neighborhood pushback, raise equity and borrow the necessary capital and then build these communities on time and on budget. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. “We try to stay in control of what we’re in control of,” said Christopher Byrd, Southeast region development director of LDG Development, an affordable housing developer based in Louisville, Ky. “As long as we are in the right markets with the right growth and the right partners, we are safe and insulated.” Byrd’s comments came while on stage during the development panel at InterFace Affordable Housing Southeast, a networking and information conference held at the Cobb Galleria Centre in Atlanta on Tuesday, May 7. Kelly Williams, vice president of …

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