BIRMINGHAM, MICH. — REDICO is leading the redevelopment of the Fred Lavery Porsche dealership in Birmingham, following the completed demolition of the dealership’s former facility at 34350 Woodward Ave. Construction is underway on a new, three-story dealership that is slated to open in 2027. During construction, the Porsche sales and service operations have been temporarily relocated to Fred Lavery’s other dealership, Audi Birmingham at 34602 Woodward Ave. The redevelopment project expands the showroom, service operations and onsite parking. The project also includes the demolition of adjacent structures along Haynes Street, enabling a reconfigured layout. The project team includes Sachse Construction as general contractor and Albert Kahn Associates and LZG as architects. The new development will embody the “Destination Porsche” global design philosophy.
CHICAGO — Interra Realty has brokered the $5.1 million sale of 2156 and 2158 W. 21st St., two multifamily buildings totaling 24 units in Chicago’s Pilsen neighborhood. Jeremy Morton of Interra represented the confidential buyer and seller. The properties, which were fully occupied at the time of sale, were built in 1893 and renovated in 2023.
CLYDE, OHIO — Laurel Real Estate Co., a boutique commercial real estate brokerage and member of Hotel Brokers International, has arranged the sale of the Red Roof Inn hotel in Clyde, a city in northern Ohio. The seller engaged Laurel to manage the disposition as part of a broader portfolio restructuring. A local owner-operator was the buyer. Dan Uhl of Peachtree Group arranged acquisition financing.
GRAND RAPIDS, MICH. — YoChef’s Catering Co. has leased 3,022 square feet at the Chateau Village retail center in Grand Rapids. The space, previously occupied by Pac Brazil Restaurant, will soon become the new home of YoChef’s Kitchen, an expansion of YoChef’s Catering that will introduce a café concept serving breakfast, lunch and dinner. Rod Alderink of NAI Wisinski of West Michigan represented the undisclosed landlord. Founded by Chef Joseff VanHorn, YoChef’s Catering has been serving the West Michigan community since 2009.
KATY, TEXAS — NewQuest, a local commercial real estate development and services firm, has broken ground on the multi-tenant retail component of Texas Heritage Marketplace, a $400 million mixed-use development in Katy, a western suburb of Houston. The project represents the largest cluster of retail space in the history of Waller County, according to NewQuest. “As it stands, Waller and surrounding rural counties have been unserved by major retailers,” says Austin Alvis, president and chief development officer for NewQuest. “Texas Heritage Marketplace will fill in that gap.” Situated in the center of Texas Heritage Marketplace, the retail space that is now under construction is leased to tenants including Academy Sports + Outdoors (51,068 square feet), Burlington (22,147 square feet), Spec’s Fine Wines & Spirits (16,806 square feet) and Ulta Beauty (10,000 square feet). NewQuest plans to deliver the junior retail anchors in first-quarter 2027. The groundbreaking also includes Heritage Grove, a green space component that will span five acres at the center of the development. The park-like common space will be surrounded by the junior retailers and an additional 35,000 square feet of retail space planned for restaurants and service retailers, as well as a 40,000-square-foot EoS Fitness location. NewQuest plans …
By Taylor Williams Nobody likes a vacant building, but symbolically, they do have some usefulness. A handful of empty structures here and there can be illustrative of a market that’s actually balanced and healthy, one in which tenants have some options and flexibility. In addition, vacant buildings can serve as warnings to future developers of what not to do and when not to do it. Attaching this allegorical significance to the New Jersey industrial market might seem odd, given that this sector has been and should continue to be one of the strongest segments in the country, in terms of both the geography and the asset class. The residential density, highly developed infrastructure and proximity to major ports and transit hubs will likely never lose their appeal to industrial investors and developers. But even the strongest markets can overheat from time to time, and it typically takes a couple years for the high to completely wear off such that indicators of market normalcy can become readily visible. That’s what appears to be taking shape throughout the Garden State’s industrial market. And without naming names or picking on specific projects, sources say that there are undoubtedly some buildings in New Jersey …
MCALLEN, TEXAS — CTO Realty Growth, a Florida-based REIT, has acquired Palms Crossing, a 399,075-square-foot retail power center in the Rio Grande Valley city of McAllen. Palms Crossing is an open-air center that was 98 percent leased at the time of sale to tenants such as Hobby Lobby, Restaurant Depot, Best Buy, Burlington, Barnes & Noble and Guitar Center. Barry Brown, Chris Gerard, Claudia Steeb and Erin Lazarus of JLL represented the seller, WPG (formerly known as Washington Prime Group), in the transaction.
HUNTSVILLE, ALA. — Forman Capital has provided a $20.5 million bridge loan for Hotel Indigo, a newly built, 112-room boutique hotel located within Huntsville’s MidCity District. Ben Jacobson, Scott Mehlman, Ty Regnier and Cameron Fleury of Forman Capital secured the loan on behalf of the borrower and developer, ViaNova Development. The loan paid off the construction financing for the five-story hotel. The pet-friendly property, which is expected to open over the next few weeks, will feature meeting space, an onsite restaurant and a fitness center.
RINGGOLD, GA. — McCarthy Building Cos. has delivered CommonSpirit – Memorial Hospital, a 134,000-square-foot hospital located in Ringgold, a city in Catoosa County along the Georgia-Tennessee border. The $90 million project marks the first new hospital to be delivered to the community in seven decades. The 64-bed inpatient hospital replaces the 70-year-old Hutcheson Medical Center and connects to the existing physician office building, serving as an anchor for its medical campus. The hospital features an emergency department that includes critical care services, imaging services, operating rooms, a GI department, pharmacy, modernized kitchen and server, laboratory and a sterile processing department, as well as a chapel provided by the Sisters of Charity of Nazareth. The facility also houses eight ICU rooms and 56 medical and surgery rooms, including five isolation rooms. The site also houses Rees Skillern Cancer Institute and MaryEllen Locher Breast Cancer Center, where additional renovations were also completed to enhance patient access and operational efficiency across the campus. The Cancer Center includes a new waiting room, patient registration area, storage, stretcher alcove and a new southern entrance, while the physician office building features new administrative offices, an office for the director of nursing and a dedicated command center. Hoefer Welker …
ANNAPOLIS, MD. — Atlas Hill RE and Centennial have signed five new tenants at Annapolis Mall, a 1.6 million-square-foot super-regional shopping center located in Annapolis, approximately 30 miles east of Washington, D.C. Aéropostale is scheduled to open in June and POP MART plans to open this fall. Abercrombie & Fitch will open its doors in November, while beauty and lifestyle retailer Miss A will debut one of its first 100 stores in the country this year. Existing tenant lululemon is nearly doubling its size, relocating to a new 5,575-square-foot space in 2027. Atlas Hill RE owns and leases Annapolis Mall alongside managing partner Centennial. Annapolis Mall features more than 200 retailers and restaurants such as Macy’s, Apple, Crate & Barrel, H&M, Michael Kors, Tumi, Urban Outfitters, Free People, Foot Locker, Zara, Maggiano’s and The Cheesecake Factory, as well as a 12-screen AMC Theatres location. Centennial and Atlas Hill RE acquired Annapolis Mall in 2024.