GRAND RAPIDS, MICH. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 374-unit continuing care retirement community in Grand Rapids for an undisclosed price. Samaritas, a Michigan-based nonprofit owner and operator, selected Blueprint to negotiate the disposition. Since its original construction in 1977, the 40-acre community has grown to include 24 independent living cottages, 148 independent living apartments, 17 assisted living units, a 60-unit memory care community and a 125-bed skilled nursing and long-term care facility. The buyer was Optalis Healthcare, a post-acute rehabilitation and long-term care provider across Michigan and Ohio. StoryPoint Group, another Michigan-based senior living provider, will manage the independent living community on the campus, formerly known as The Terraces.
FORT COLLINS, COLO. — Cushman & Wakefield has arranged the sale of Harmony Commons, a neighborhood retail center located at 3541 and 3581 Harmony Road in Fort Collins. Denver-based Urban Village sold the asset to an undisclosed investor for $14 million. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller, while Joshua Guernsey of Waypoint Real Estate represented the buyer in the deal. Built in 2017, Harmony Commons consists of two multi-tenant, single-story retail buildings totaling 25,701 square feet. At the time of sale, the property was 87 percent occupied by eight tenants.
CHICAGO — Zynga Inc., a global interactive entertainment company known for its social games such as FarmVille and Words With Friends, has signed a 14,000-square-foot office lease at Cumberland Centre in Chicago. The relocation marks an expansion for Zynga, which previously leased 12,448 square feet in a nearby single-story office complex. Cumberland Centre is a three-story office building that has recently undergone significant renovations. The lobby area features modernized lighting, seating areas and pop-culture décor. Amenities under construction include common-area hallway upgrades, a building café and a tenant lounge. These enhancements are slated for completion in 2025. Jason Wurtz and Jack Reardon of NAI Hiffman represented the owner, Integris Ventures. Jim Rose of JLL represented the tenant.
MINNEAPOLIS — Asana Partners has completed The Saxon, a redevelopment project that transformed an existing event center into retail and office space in the North Loop neighborhood of Minneapolis. NELSON Worldwide served as the architect. The development team unified the building’s three sections, each built in different periods, into a cohesive retail and lifestyle destination. The redesign integrates retail spaces on the first and third levels with offices on the second. Solidcore is a retail tenant on the ground floor.
SUMNER, WASH. — Davis Property & Investment (DPI) has completed the disposition of Sumner North 140, an industrial property in Sumner, approximately 30 miles south of Seattle. An undisclosed buyer acquired the asset for $10.5 million, or $173.94 per square foot. Constructed in 2017 through a joint venture between DPI and Highmark Investments, Sumner North 140 is a 60,375-square-foot build-to-suit facility for Penny’s Salsa with extensive freezer, cooler and food processing improvements. The building offers 3,500 square feet of office space, 30-foot clear heights, 1,600 amps of three-phase 480-volt power, 20 dock-high doors, two on-grade doors and a 120-foot truck court.
SCHERERVILLE, IND. — Marcus & Millichap has brokered the $4.5 million sale of a 10,582-square-foot restaurant property occupied by Golden Corral in Schererville, a city in northwest Indiana. Built in 2006, the asset is located at 915 Eagle Ridge Drive next to a Home Depot. Sean Sharko, Austin Weisenbeck and Daniel Chumbley of Marcus & Millichap represented the seller, a Chicago-based real estate investment company, and procured the buyer, an out-of-state real estate partnership. Josh Caruana, broker of record in Indiana, assisted in closing the transaction.
MIDDLETON, WIS. — The Kickback Bar, a bar and arcade with over 30 pinball and arcade games, is opening this Friday at Middleton Market Food Hall in the Wisconsin city of Middleton. Cardinal Capital Management Inc. owns the property. The Kickback offers rotating craft beer and seasonal craft cocktails. Food and additional games will be introduced in the coming weeks. Middleton Market continues to expand with food, retail and entertainment options.
RIVERSIDE AND SAN BERNARDINO, CALIF. — PSRS has arranged a $5 million loan for the refinancing of six non-contiguous retail properties, totaling 38,000 square feet in Riverside and San Bernardino counties. The portfolio loan enabled the undisclosed borrower to cash out and restructure high-interest-rate private financing. Michael Warner of PSRS secured the financing, which features five years of interest-only payments, a 30-year amortization and no prepayment penalties. A credit union is providing the capital.
By Taylor Williams The meteoric rise of industrial real estate over the past decade will forever stand as one of the remarkable growth stories in the annals of commercial real estate, a quasi-rags-to-riches tale of an asset class that has become a preferred use for highly valuable sites and penetrated the portfolios of institutional-grade investors around the country. But after surging to all-time highs in the immediate post-COVID era, industrial rents have moderated in most major markets. Slowing rent growth has coincided almost perfectly with interest rate hikes, all while land and construction costs have continued to do what they always do: go up. For these reasons, industrial developers, who still overwhelmingly build on spec, tend to need a little more help these days than they did in recent years. Or in some cases, these developers may be perfectly well-capitalized to acquire land, secure financing and deliver buildings, but simply aren’t motivated to do so in the current financial environment. Enter incentives — of both the tangible and intangible variety — as the missing link that could mean the difference between a project being shelved or delayed and being executed. Incentives can take many forms, from tax breaks granted by …
GRANDVILLE, MICH. — Memphis-based developer Poag Development Group has acquired RiverTown Crossings, a 1.3 million-square-foot enclosed shopping mall located in Grandville, a suburb southwest of Grand Rapids. The two-story property featured 114 retailers at the time of sale, including Macy’s, Kohl’s, JCPenney, Celebration Cinemas and Dick’s Sporting Goods. The mall first opened in 1999. Although the seller was not disclosed, Brookfield Property Partners assumed ownership of the mall in 2018 as part of its $15 billion acquisition of giant shopping mall operator GGP Inc. The price was not disclosed. According to local news outlets including WGRD 97.9, a buyer — Jonathon Bryant —purchased a vacant former Younker’s space at the mall in 2022 for $2 million. In 2024, trampoline entertainment concept Soar N Bounce signed a 10-year lease to occupy a portion of the 75,000-square-foot space. Poag plans to “revitalize the mall through redevelopment” and will add new uses, as well as reposition “underutilized parking fields.” JLL will work with Poag to manage and lease the property. “This property has so much potential for redevelopment given its great location,” says Josh Poag, CEO of Poag Development Group. “We are energized about the opportunity to deploy our redevelopment expertise to reimagine the property.” …