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3434-W-Greenway-Rd-Phoenix-AZ
AcquisitionsArizonaRetailWestern

Kidder Mathews Arranges $10.5M Sale of Rancho Encanto Retail Center in Phoenix

by Amy Works

PHOENIX — Kidder Mathews has arranged the sale of Rancho Encanto, a grocery-anchored retail center in Phoenix. Dayanim Real Estate Corp. sold the asset to Junam Enterprises for $10.5 million. Located at 3434 W. Greenway Road, Rancho Encanto offers 70,439 square feet of retail space, with Smart & Final and Aaron’s as anchor tenants. Darren Tappen, Nathan Thinnes, Pete Beauchamp and Patrick Gardner of Kidder Mathews represented the seller and buyer in the deal. Following the sale, Junam Enterprises selected Kidder Mathews to manage the property.

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DevelopmentMidwestMultifamilyStudent HousingWisconsin

Joint Venture Breaks Ground on 717-Bed Student Housing Development Near University of Wisconsin-Madison

by Kristin Harlow

MADISON, WIS. — A joint venture between Mortenson Development, Northwestern Mutual Real Estate and PeakMade Real Estate has broken ground on Theory Madison, a 717-bed student housing development located near the University of Wisconsin-Madison campus. The 12-story tower will offer 213 units in a variety of configurations. Shared amenities will include rooftop decks, a 24-hour fitness center, study rooms, a podcast room, pet spa and clubroom. The community is being developed through a public-private partnership with the city of Madison and will offer affordably priced units in collaboration with the University of Wisconsin’s department of financial aid. The property is targeting LEED Silver certification and is expected for completion in fall 2026. 

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IllinoisLeasing ActivityMidwestOffice

Fortune Brands Consolidates US Offices into Deerfield, Illinois Headquarters

by Kristin Harlow

DEERFIELD, ILL. — Fortune Brands Innovations Inc. is consolidating its U.S. regional offices into one campus headquarters in the northern Chicago suburb of Deerfield. Fortune Brands will occupy two buildings on its campus in Deerfield. The company was incented to expand its headquarters in Illinois with annual tax credits to be provided through the State of Illinois Economic Development for a Growing Economy program. By the end of 2027, Fortune Brands will have capacity for over 1,000 professional associates in its new headquarters. This includes associates who relocate from one of the company’s current offices as well as roles newly hired in the Chicago area. The company’s digital-focused office in San Francisco, along with its U.S. manufacturing facilities, U.S. distribution centers, sales offices and international sites, will continue operations as usual.

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DevelopmentHospitalityMichiganMidwest

Azul Hospitality Opens 154-Room AC Hotel Detroit

by Kristin Harlow

DETROIT — Azul Hospitality has opened the AC Hotel Detroit, a 154-room hotel in the Brush Park neighborhood of Detroit. The 10-story property marks the first AC Hotel in southeast Michigan. Developed by the Roxbury Group in partnership with Peachtree Group, the hotel features a glass-enclosed lobby bar named The Conservatory, a rooftop venue and the restoration of the historic Bonstelle Playhouse. The Bonstelle, which is separately managed but connected to the hotel, will be used for live performances as well as civic, corporate and private events. Additionally, Azul has converted the Cadillac House, an historic property in Lexington, Mich., into the Tapestry Collection by Hilton. The 23-room hotel underwent an extensive renovation and expansion. The property also features the Hidden Cavern event venue and the Cadillac House Tavern & Bar.

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AcquisitionsIndianaMidwestMultifamily

Standard, Arrow Street Sell 244-Unit Luxury Apartment Complex in Downtown Indianapolis

by Kristin Harlow

INDIANAPOLIS — Standard Real Estate Investments LP and Arrow Street Development have sold Wesley Place, a 244-unit luxury apartment complex in downtown Indianapolis. The complex marks the only luxury residential building in the Medical District and was built in 2023 as part of Standard’s strategic investment program with Belay Investment Group LLC. Situated on 2 acres, the community is within walking distance of Indiana University Health Campus, a $4.3 billion expansion and redevelopment project that broke ground in 2022. Wesley Place was 91 percent leased at the time of sale. Amenities include a game room, resident lounge, pet spa, fitness center, bike storage and an interior courtyard with a pool deck. Wesley Place also includes 3,000 square feet of street-level retail space and parking for 327 vehicles. Amanda Friant, Ken Martin, Mark Stern, Zach Kaufman and Sam Grohe of JLL represented the sellers. The buyer and sales price were undisclosed.

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AcquisitionsMichiganMidwestRetail

Mid-America Brokers Sale of 151,673 SF Bloomfield Plaza Shopping Center in Suburban Detroit

by Kristin Harlow

BLOOMFIELD HILLS, MICH. — Mid-America Real Estate Corp. has brokered the sale of Bloomfield Plaza, a 151,673-square-foot shopping center in the Detroit suburb of Bloomfield Hills. The sales price was undisclosed. Anchor tenants at the fully leased property include Nino Salvaggio International Marketplace and Trader Joe’s. Additional tenants include Andiamo Italian, CVS, Planet Fitness and Sephora. Located at the southwest corner of Maple and Telegraph Roads, the center has served the community since 1957. Ben Wineman and Daniel Stern of Mid-America represented the seller, the family owners of Bloomfield Plaza’s original developer. Jack Berke of Taylor Real Estate Services represented the buyer, a private investor.

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The Emmet Building in New York City
DevelopmentLoansMixed-UseMultifamilyNew YorkNortheastOfficeRetailTop Stories

NuVerse Advisors Receives $99M Construction Loan for Office-to-Residential Conversion Project in New York City

by Channing Hamilton

NEW YORK CITY — NuVerse Advisors LLC has received a $99 million construction loan to convert The Emmet Building, a 17-story office building at 95 Madison Ave. in New York City, for residential use. The vacant property was originally constructed between 1911 and 1912 as a loft office building with grade-level retail space. The building will be converted into 65 residential condominiums across 108,000 square feet, along with 17,000 square feet of retail space and 3,400 square feet of office space. Internal demolition is currently in progress. However, an expected delivery date was not disclosed. The conversion is sponsored by NuVerse Advisors’ S3 Multi Strategy Global Fund, with Sunlight Development as a strategic partner and general contractor. BHI — the U.S. branch of Tel Aviv, Israel-based Bank Hapoalim BM — is the senior lender in the financing. Under the terms of the loan, BHI will provide $40 million of debt. The company has worked with several financial partners to arrange the remainder of the financing. “BHI was a trusted partner in financing the acquisition of this property this past summer and we’re thrilled to work together again now as we redevelop this property for residential use,” said Dov Schlein, managing …

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Dixie-Farm-Business-Park-Houston
AcquisitionsIndustrialTexas

Partners Capital Buys 196,000 SF Industrial Flex Property in Southeast Houston

by Taylor Williams

HOUSTON — Partners Capital, the investment arm of Partners Real Estate, has purchased Dixie Farm Business Park, a 196,000-square-foot industrial flex property in southeast Houston. The property comprises eight buildings at the northeast corner of I-45 and Dixie Farm Road. Veritex Community Bank provided acquisition financing for the deal. The seller and sales price were not disclosed. Dixie Farm Business Park was 96 percent leased at the time of sale. The new ownership plans to implement a value-add program.

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Plaza-One61-Irving
AcquisitionsOfficeTexas

STRIVE Arranges Sale of 195,172 SF Office Complex in Irving

by Taylor Williams

IRVING, TEXAS — Locally based investment sales brokerage firm STRIVE has arranged the sale of Plaza One61, a 195,172-square-foot office complex in Irving. According to LoopNet Inc., the four-story building was originally constructed in 1999. Parker Tims and Jennifer Pierson of STRIVE represented the seller, an Oklahoma-based investor, in the all-cash transaction and procured the locally based buyer. Both parties requested anonymity. Plaza One61 was 74 percent leased at the time of sale.

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AcquisitionsRetailTexas

Younger Partners Acquires 137,287 SF Shopping Center in McKinney, Texas

by Taylor Williams

MCKINNEY, TEXAS — Dallas-based Younger Partners Investments has acquired 380 Towne Crossing, a 137,287-square-foot shopping center in McKinney. The center, which was 98 percent leased at the time of sale, was built in 2007 at the northwest corner of US Highway 75 and State Highway 380. Tenants include FedEx Office, Buffalo Wild Wings, Leslie’s Pool Supplies, Cook Children’s Pediatrics, Storming Crab, Jimmy John’s and Mattress Firm. Development firm Weber & Co. was the seller.

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