WARREN, MICH. — Bernard Financial Group (BFG) has secured a $3.5 million loan for the refinancing of Parkview Tower Apartments in Warren, a northern suburb of Detroit. The apartment building features 157 units. Joshua Bernard of BFG arranged the loan through Ameritas Life Insurance Corp. on behalf of the borrower, Parkview Tower Apartments LP.
SEATTLE — Nordstrom Inc. (NYSE: JWN) has signed a definitive agreement with the Nordstrom family and Mexican omnichannel retailer El Puerto de Liverpool SAB de CV (Liverpool) in a deal that will take the fashion department store giant private. The all-cash transaction is valued at $6.25 billion. Erik, Pete and Jamie Nordstrom, along with other members of the Nordstrom family, and Liverpool plan to acquire all the outstanding common shares of Nordstrom that they do not already beneficially own. The deal would give the Nordstrom family a majority ownership stake (50.1 percent) in the Seattle-based retailer, with Liverpool owning 49.9 percent of the company. “For over a century, Nordstrom has operated with a foundational principle of helping customers feel good and look their best,” said Erik Nordstrom, CEO of Nordstrom, in a prepared statement. “Today marks an exciting new chapter for the business. On behalf of my family, we look forward to working with our teams to ensure Nordstrom thrives long into the future.” Under the terms of the agreement, Nordstrom common shareholders will receive $24.25 in cash for each share of Nordstrom common stock they hold, which represents a premium of approximately 42 percent to the unaffected closing common …
ATLANTA — JLL’s Capital Markets group has secured a $357.8 million acquisition loan for a national industrial portfolio on behalf of the borrower, Atlanta-based industrial real developer MDH Partners. Chris Drew, Michael Cosby, Ryan Ade, Brian Gaswirth, Jimmy Calvo and Nicole Barba of JLL arranged the balance sheet loan through Wells Fargo Bank and Capital One. Nathan Balmes and Michael Loffredo internally led the debt execution for MDH. The 5.5 million-square-foot portfolio, dubbed “MDH F3 Arctic Portfolio,” is located within the metropolitan areas of Houston, Austin, Chicago, Greenville, S.C., and Middletown, Pa. The portfolio comprises eight developments consisting of 12 individual buildings ranging in size from 140,300 to 1 million square feet, with an average clear height of 34 feet. The portfolio was fully leased at the time of financing to tenants across several industries, including automotive, e-commerce, food-and-beverage and home goods.
BOSSIER CITY, LA. — The Cordish Companies has set the opening date for its $270 million Live! Casino & Hotel Louisiana — Thursday, Feb. 13, pending approval from the Louisiana Gaming Control Board. The Baltimore-based company launched bookings at the Bossier City hotel last Friday, almost exactly a full year after breaking ground. Additionally, tickets are now on sale for a slate of shows/concerts at the development’s Event Center at Live! Situated along the Red River near Shreveport, La., the Live! Casino & Hotel Louisiana will feature more than 47,000 square feet of gaming space; a sportsbook for live betting on sporting events; an upscale 550-room hotel with a resort-style pool and fitness center; 25,000-square-foot events center; structured and surface parking; a 31-site RV park; and 30,000 square feet of dining and entertainment venues, including Cordish brands Sports & Social, PBR Cowboy Bar and Luk Fu, as well as Ridotto Grand Café and The Prime Rib steakhouse.
CHARLESTON, S.C. — Woodfield Development has delivered Goddard Point Hope, a 227-unit apartment community located at 1000 Point Hope Parkway in Charleston. The multifamily property is situated within the master-planned Point Hope development and represents Woodfield’s 24th completed project in South Carolina. Goddard Point Hope offers a mix of studio, one-, two- and three-bedroom units ranging in size from 688 to 1,396 square feet. Monthly rental rates range from $1,598 to $2,903, according to Apartments.com. Amenities include a saltwater pool with a poolside lounge and pavilion, fitness center and yoga studio, business center with coworking spaces, club and game rooms, vegetable market, community kitchen and grilling stations and a pet park and pet spa, as well as 17,000 square feet of retail space. The design-build team included Housing Studio, SeamonWhiteside, SHAH Architecture & Interiors, S Wilkins Interior Design and CF Evans.
MANDEVILLE, LA. — PJ’s Coffee plans to open 12 new locations in the metropolitan Atlanta area over the next seven years. The Peach State currently has a PJ’s Coffee location in Greensboro and construction will soon begin for its next one in Rome. The Mandeville, La.-based coffeeshop chain has more than 185 locations operating systemwide and more than 100 in the development pipeline. “Our expansion into Atlanta represents a game-changing opportunity to share PJ’s unique flavors with a vibrant community that values Southern hospitality and exceptional coffee,” says Lory Schwartz, franchise development manager of PJ’s Coffee. “The city’s dynamic economy, strong coffee culture and affinity for innovation make it the perfect place for our next chapter of growth.”
MIAMI — NAI Miami | Fort Lauderdale has brokered the $2.3 million sale of a two-story, 9,192-square-foot office building located at 9703 S. Dixie Highway in the Miami village of Pincecrest. Jeremy Larkin, Joseph Gallaher and Valentina Tawil of NAI Miami | Fort Lauderdale represented the seller, an entity doing business as 9703 Dixie LLC, in the transaction. Robert Eckstein, also with NAI Miami | Fort Lauderdale, represented the undisclosed buyer, which plans to invest in capital improvements to bring the office building to market-ready conditions. According to LoopNet Inc., the property is known as The Pile Building and was originally completed in 1959.
SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Place at Castle Hills, a 680-unit apartment community located about eight miles north of downtown San Antonio. Built on 23 acres in 1984, the property features one- and two-bedroom units with an average size of 687 square feet. Amenities include three pools, a business center and a resident clubhouse. Drew Garza, Will Balthrope and Ben Kalter of IPA represented the seller, MC Cos., in the transaction and procured the buyer, Philadelphia-based Harvest Equities. The new ownership has rebranded the property as Seraphina Castle Hills.
OREGON CITY, ORE. — Virtu Investments has completed the disposition of Barclay Village, a multifamily property located at 775 Cascade St. in Oregon City, to an undisclosed buyer for $29.2 million. Built in 1987, Barclay Village has been undergoing extensive renovations since 2017. Barclay Village features 146 one- and two-bedroom units with modern amenities and conveniences. Community amenities include a pool, spa, fitness center, basketball court, tennis court, clubhouse and covered parking. Josh McDonald and Joe Nydahl of CBRE represented the seller in the deal.
HOUSTON — Locally based developer PAGEWOOD has broken ground on Mosielee Commerce Park, a 429,698-square-foot speculative industrial project in northwest Houston. Located at 12020 State Highway 24, the 32-acre development will consist of a 274,766 square-foot, cross-dock building and a 154,932-square-foot, front-load building. Powers Brown Architecture is designing Mosielee Commerce Park, which is slated for an mid- to late-2025 completion. CBRE arranged construction financing for the project, and JLL has been retained as the leasing agent.