Tuesday, May 19, 2026
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DevelopmentSeniors HousingSoutheastVirginia

Watercrest, Partners Underway on 142-Unit Seniors Housing Community in Fredericksburg, Virginia

by John Nelson

FREDERICKSBURG, VA. — Watercrest Senior Living Group and partners Harbert Seniors Housing Fund II and Centric Development are underway on the development of Watercrest Fredericksburg Assisted Living and Memory Care in Fredericksburg, approximately 50 miles outside Washington, D.C. Upon completion, the property will feature 106 assisted living units and 36 memory care residences. Amenities at the community will include a promenade, fireplace lounge, dining options, a theater, library, spa, billiards and courtyards. Centric Development is constructing the project, which is scheduled for completion in spring 2025. Carter Bank & Trust is financing the development.

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AcquisitionsIllinoisMidwestOffice

Coldwell Banker Commercial Negotiates $17.5M Sale of Country Financial Campus to Illinois State University

by Kristin Harlow

BLOOMINGTON, ILL. — Coldwell Banker Commercial Devonshire Realty has negotiated the sale of Country Financial/Country Co.’s main campus in Bloomington to Illinois State University (ISU) for $17.5 million. The property includes roughly 400,000 square feet of office space in three buildings on 28.3 acres. The transaction will occur in two phases as Country vacates one of the buildings over the next two years. ISU plans to renovate the buildings for its new engineering campus slated for fall 2025 enrollment. AJ Thoma III of Coldwell Banker Commercial represented the seller, and Bob Revoir of Cushman & Wakefield was a co-broker in the deal. Mike Talkington of AXIS 360 Commercial Real Estate Specialists represented ISU.

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Affordable HousingDevelopmentMidwestMultifamilyOhioSeniors Housing

Woda Cooper Completes 42-Unit Affordable Seniors Housing Community in Carrollton, Ohio

by Kristin Harlow

CARROLLTON, OHIO — Woda Cooper Cos. Inc. has completed Hemming Crossing, a 42-unit affordable seniors housing community in Carrollton, about 55 miles south of Akron. The three-story development is reserved for residents age 55 and older with incomes between 30 and 70 percent of the area median income. Hemming Crossing represents a $12.5 million investment in the community. Rents range from $315 to $830 per month, depending on income restriction and size of unit. Amenities include a community room with kitchenette, fitness center, grandchild playroom and outdoor playground. The project was made possible with funding supported by Low-Income Housing Tax Credits (LIHTCs) allocated by the Ohio Housing Finance Agency, which also provided an equity bridge loan. Marble Cliff Capital invested in the LIHTCs allocated to Hemming Crossing. Consumer National Bank provided a construction loan and first mortgage, and was a secondary investor in the tax credits. Appalachian Growth Capital provided a second soft mortgage. The project team included PCI Design Group, civil engineer Chadan Engineering and sustainability consultant Sol Design + Consulting. Woda Construction Inc. was the general contractor, and Woda Cooper’s management division, Woda Management & Real Estate, oversees leasing and property management.

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AcquisitionsIllinoisMidwestRetail

Quantum Brokers $5.7M Sale of Retail Center in Burbank, Illinois

by Kristin Harlow

BURBANK, ILL. — Quantum Real Estate Advisors Inc. has brokered the $5.7 million sale of a 17,683-square-foot retail center in Burbank, a southern suburb of Chicago. The fully leased property is home to tenants such as Meat Moot, Pizza Hut, Tropical Smoothie Café, OSF Healthcare and Dental Town. Dan Waszak, Zack Hilgendorf and Nick Hilgendorf of Quantum represented the seller, GW Properties. The buyer was a private investor based in Kansas.

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AcquisitionsFloridaMultifamilySoutheast

Berkadia Arranges Sale of 197-Unit Stellar at Emerald Hills Apartments in Dania Beach, Florida

by John Nelson

DANIA BEACH, FLA. — Berkadia has arranged the sale of Stellar at Emerald Hills, a 197-unit apartment community located at 5840 Lakeshore Drive in Dania Beach, a suburb in South Florida’s Broward County. JSB Capital Group purchased the property from locally based Stellar Communities for an undisclosed price. Roberto Pesant, Jaret Turkell, Yoav Yuhjtman and Omar Morales of Berkadia represented the seller in the transaction. Built on 7.2 acres in 2022, Stellar at Emerald Hills features a mix of one-, two- and three-bedroom apartments with eco-smart home features. Amenities include a clubhouse, fitness center with a yoga and spin studio, business center, pet play area, pet washing station, sundeck and pool and bike storage.

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IowaLeasing ActivityMidwestOffice

Kraus-Anderson Opens New Regional Office in Des Moines

by Kristin Harlow

DES MOINES, IOWA — General contractor and construction manager Kraus-Anderson (KA) has opened a new regional office in Des Moines. The move complements the company’s expansion, which includes new regional offices that opened this year in Fargo, N.D., and Phoenix. KA’s experience in Iowa dates to 1981, featuring 184 projects totaling more than $343 million. Bryan Michael will serve as director of operations in KA’s Iowa office. He is a construction and development professional with over 20 years of experience in the Iowa market, most recently serving as co-owner of Des Moines-based PDC Partners. KA’s Des Moines office will be located at 100 Court Ave. Built in 1901, the property is listed on the National Register of Historic Places by the U.S. Department of the Interior. The building has been renovated several times since 2008.

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AcquisitionsIndustrialSouth CarolinaSoutheast

JLL Brokers Sale of 158,340 SF Distribution Facility in Summerville, South Carolina

by John Nelson

SUMMERVILLE, S.C. — JLL has brokered the sale of Jedburg Logistics Park – Building 2, a 158,340-square-foot distribution facility located at 237 Jedburg Road in Summerville, a suburb of Charleston. Clarion Partners purchased the newly constructed facility from a partnership between Trinity Capital Advisors and Hartford Investment Management Co. The sales price was not disclosed. The property was fully leased at the time of sale to an unnamed global e-commerce company and features 32-foot clear heights, ESFR sprinklers and parking for automobiles and trailers.

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AcquisitionsAlabamaRetailSoutheast

Halpern Enterprises Acquires 60,767 SF Shopping Center in Madison, Alabama

by John Nelson

MADISON, ALA. — Atlanta-based Halpern Enterprises Inc. has acquired Heritage Square, a 67,767-square-foot shopping center located at 7696 Highway 72 NW in Madison, a suburb of Huntsville. Franklin Street represented the seller, Fairway Investments, in the transaction. The sales price was not disclosed. Built in 2008, Heritage Square was fully leased at the time of sale to tenants including a 28,000-square-foot T.J. Maxx anchor store.

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DevelopmentMichiganMidwestMixed-UseOfficeTop Stories

Bedrock, GM Unveil Redevelopment Proposal for Renaissance Center in Downtown Detroit

by Kristin Harlow

DETROIT — Developer Bedrock and General Motors Co. (NYSE: GM) have unveiled a conceptual plan to redevelop the Renaissance Center (RenCen) and 27 acres along the Detroit riverfront. According to the companies, the plan preserves the essence of Detroit’s skyline, right-sizes the RenCen’s footprint and connects the site to the heart of downtown. A surrounding entertainment district would feature restaurants, hospitality, residential and market space and complement Detroit’s Riverwalk, which draws more than 3.5 million annual visitors to the city. The project has an estimated price tag of $1.6 billion, according to Crain’s Detroit Business. First opened in 1976, RenCen is widely considered Michigan’s most iconic and recognizable property and serves as the headquarters of GM. The automaker purchased the asset in 1996 and has invested more than $1 billion in improvements to date. Earlier this year, GM unveiled its plans to leave RenCen for Hudson’s Detroit, the redevelopment of the former J.L. Hudson’s department store currently underway by Bedrock. GM plans to take occupancy in 2025. GM and Bedrock established a partnership earlier this year to study redevelopment opportunities for the RenCen site along with the City of Detroit and Wayne County. A team of urban planners, architects and …

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AcquisitionsOfficeTexas

Newmark Brokers Sale of Three Metro Dallas Office Buildings Totaling 304,099 SF

by Taylor Williams

CARROLLTON, TEXAS — Newmark has brokered the sale of three office buildings totaling 304,099 square feet in the northern Dallas metro of Carrollton. The buildings are numbered 8, 9 and 10 within International Business Park, a 300-acre mixed-use development that includes retail and multifamily components. Chris Murphy, Robert Hill and Gary Carr of Newmark represented the seller, locally based developer Billingsley Co., in the transaction. The buyer was undisclosed. The campuswide occupancy rate at International Business Park was 79 percent at the time of sale.

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