KEARNEY, MO. — Gardner Development has broken ground on Centerville Cottages Senior Living Community, a 48-unit independent living community in the Kansas City suburb of Kearney. The developer received low-income housing tax credits to help build the community. Demand for seniors housing is high in Kearney, where every community currently has a waiting list, according to Gardner. Centerville Cottages is a partnership between the City of Kearney, Missouri Housing Development Commission, Alden Torch Financial Century Real Estate Services, Baron Design and Associates LLC, Double Diamond LLC and Gardner Capital Inc. Gardner expects to complete the project in late 2016.
DETROIT — Cadillac Tower in Detroit is undergoing more than $3.5 million in extensive renovations. Huntington Construction Co. is managing the interior and exterior renovations to the 350,000-square-foot office building. The 40-story asset is located a 65 Cadillac Square on Campus Martius Park. Construction began in May 2015 and is expected to be complete in January 2016. Exterior renovations include new granite, an LED-lit canopy along Cadillac Square and first-floor façade renovations. Interior renovations include an updated entryway, new lobby directories, new tile flooring and wall finishes, new lighting and HVAC system for the lobby, plus a two-story feature wall. Tenants include Detroit Public Lighting Authority, Travelers Aid Society, Rex Worldwide, Midwest Careers Institute and the Mannik & Smith Group, an engineering and environmental consulting firm. Future plans for the building include a potential second-floor restaurant and renovation of the upper floors, common areas and restrooms. Neumann/Smith Architecture is serving as project architect. New York-based Moon Beam Capital and Capital Alliance Investments own the property, and Southfield, Mich.-based Farbman Group serves as the property manager.
AKRON, OHIO — The Cooper Commercial Investment Group has arranged the $2.3 million sale of Chapel Hill Crossing, a 116,843-square-foot retail center in Akron. Tenants at Chapel Hill Crossing, located about 40 miles south of Cleveland, include Gold’s Gym and Roses Discount Store. Bob Havasi and Dan Cooper of Copper Commercial represented the seller in the transaction, a large institutional group based in Tennessee. The undisclosed private investment buyer is based in Texas.
DURHAM, N.C. — Lincoln Harris has arranged two retail leases that will kick off new construction at Phase II of Patterson Place, a mixed-use property located at 5324 McFarland Drive in Durham. Kaler Walker and John Mikels of Lincoln Harris’ Raleigh office represented the landlord, BP Phase2 LLC, in both transactions. The deals included Blaze Pizza signing a 2,650-square-foot lease and Phenix Salon Suites signing a 3,842-square-foot lease. Additionally, Laboratory Corp. of America has signed a 1,545-square-foot lease at an existing medical office building in the development. Existing tenants include Moe’s Southwest Grill, Applebee’s, AT&T, Five Guys Burgers and Fries and Duke Medicine.
Louisville’s industrial market continues to impress as it has successfully navigated recessionary times to the now current brisk market with solid activity. Even within those leaner times of 2009 and 2010, Louisville grew its occupied footprint by approximately 1.6 million square feet with perhaps a recipe that includes its beneficial geographic location and infrastructure, diverse manufacturing and logistics economy buffeted by UPS Worldport and Supply Chain Logistics, and aggressive state incentives provided by Kentucky and adjacent neighbor Indiana. The I-65 corridor is currently, and has been, white hot over the last 15 years. Louisville, like many similarly sized cities with populations over 1 million, has developed to its outer edges and industrial development is now spilling into smaller adjacent communities such as Shepherdsvillle, Ky., and Jeffersonville, Ind., both of which no longer resemble their former industrial selves. National and international developers like Prologis, USAA, Dermody, Exeter, DCT, Pinchal and Welsh, along with local developers such as Main Street Realty, Capstone, America Place and Crossdock, have found these communities and the I-65 corridor not only ripe with opportunity, but flush with tenants. On the Louisville side of the Ohio River, current speculative construction along the corridor includes more than 1.4 million …
IRVING, TEXAS — Marcus & Millichap has arranged the sale of Villa France, a 134-unit apartment property located in Irving. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office represented the seller, a limited liability company. Fluellen and Hoover also procured the buyer, a partnership. Villa France is located at 1831 W. Pioneer Drive. Built in 1970, the asset is situated on 5.2 acres. The unit mix of Villa France includes 24 one-bedroom/one-bath, 22 one-bedroom/one-and-one-half-bath, 20 two-bedroom/one-bath, 63 two-bedroom/two-bath and five three-bedroom/one-bath units.
MCLEAN, VA. — Capital One served as a co-lender and the administrative and collateral agent for a $5.1 billion, adjustable-rate Freddie Mac warehousing facility. The borrower, Berkadia Commercial Mortgage, will use the loan to bridge the timing gap between the origination of 107 individual loans needed to fund Lone Star Funds’ acquisition of Home Properties Inc., a multifamily REIT, and the sale of these loans to Freddie Mac. Home Properties’ 107 communities are located in Illinois and on the East Coast from Maine to Virginia, and total 38,965 units. TD Bank and Wells Fargo participated alongside Capital One in the facility.
FREMONT, CALIF. — The 100th EVgo Freedom Station in California is now open and is the nation’s largest publicly available, multi-standard fast charging site. Located in the strongest electric vehicle (EV) adoption area of the country, the Lucky Fremont location features four 50kW DC Fast Chargers equipped with CHAdeMO and DC Fast Combo; the station is also pre-wired for as many as four more chargers, which can be added in just days as demand requires. DC Fast Charging allows most EVs to get a nearly full charge in less than 30 minutes. EVgo has now completed 103 charging locations in California and has another 28 in the construction and permitting process. Nationwide, EVgo operates 500 Freedom Stations with more DC Fast Chargers than all other public providers combined.
ORANGE, CALIF. — Xchange Solutions has purchased a 25,900-square-foot office building in Orange for $3.3 million. The building is located at 2230 W Chapman Ave. It is situated on 1.1 acres. Chris Migliori of DAUM’s Orange County office represented both the buyer and seller, Wells Fargo Bank, N.A. in this transaction.
SAN FRANCISCO — University of California, San Francisco, and University of California, Hastings College of the Law, have signed a letter of intent to build and rehabilitate approximately 1,200 student housing units near the Hastings campus. Under the deal, detailed by the San Francisco Chronicle, the schools would build a new housing complex at 198 McAllister St., the current site of Snodgrass Hall, which would be demolished. Preliminary plans call for the new building to wrap around the corner onto a 1950s-era annex to Snodgrass Hall. This could yield nearly 1,000 units of housing for students. The schools are also considering a renovation of a 252-unit building on McAllister Street known as McAllister Tower. UCSF recently purchased parcels on Minnesota Street in the Dogpatch neighborhood to potentially build approximately 1,000 additional units.