WICHITA, KAN. — The International Pizza Hut Franchisee Holders Association (IPHFHA) is relocating its headquarters to The Offices at Cranbrook in Wichita. The move is expected to occur in May. IPHFHA has been a part of Wichita and Pizza Hut’s history since 1968, supporting over 5,300 restaurants across the franchise system. The new headquarters will support future workforce expansion and the association’s Pizza Hut Foundation, which launched in 2022 to support scholarship, mentorship and literacy initiatives. Wichita-based developer Occidental Management owns The Offices at Cranbrook. Chad Stafford represented the landlord on an internal basis, while Whitney Vliet Ward and Ben Suellentrop of J.P. Weigand & Sons Inc. represented the tenant. IPHFHA operates as a trade association and is comprised of private owners of Pizza Hut franchises.
SOUTH BEND, IND. — DWG Capital Partners has acquired a 65,256-square-foot industrial facility located at 301 E. Sample St. in South Bend. The sales price was undisclosed. The single-story property is situated on four acres and features a clear height of 24 feet, a drive-in door and two dock doors. Structured as a sale-leaseback, the transaction was completed with private equity firm JAL Equity, which simultaneously acquired the longtime tenant, Mossberg & Co. The tenant is a provider of technology-based print and marketing solutions. Bryan Huber and Michael Soleimani of SAB Capital represented the seller.
GREENVILLE, S.C. — EnerSys, an industrial technology company, has announced plans to develop a new manufacturing facility in Greenville. EnerSys expects to break ground on the $500 million project next year. Upon completion, the facility will total 500,000 square feet on 140 acres within the August Grove Business Park. Operations are slated to begin at the property in late 2027. Reading, Pa.-based EnerSys manufactures batteries, chargers and power systems for use in the telecommunications, broadband, data center, industrial utilities, warehouse, logistics, aerospace, defense and transportation industries. The new operations will focus on producing lithium-ion cells, with a projected annual production capacity of four gigawatt hours (GWh). This will mark the second facility in the state for the company, which operates in 14 other locations throughout North America. EnerSys says the new facility will create 500 jobs, presumably including both the permanent employees and temporary construction workers. — Hayden Spiess
By Adam Ferguson, Bernard Financial Group If 2022 was a lesson in how rapidly things can change in commercial real estate, 2023 was an exercise in adaptation for both borrowers and lenders alike. Detroit is no stranger to change or adaptation. From becoming the Motor City and growing into the country’s fourth-largest city during the first half of the 20th century to a renaissance in the 2010s after several decades of bumps and bruises, Detroit continues to add to its storied history. With billions of dollars of investment within the city limits and growing suburban sectors, Detroit’s multifamily market is making significant advancements by adding fresh developments to a market where 38 percent of multifamily inventory is over 50 years old. While certainly not the only catalyst, low interest rates help to spur development. Lower cost of capital is especially impactful in markets like Detroit where building costs are high and rents are low compared with other major markets. Southeast Michigan averaged over 3,800 units of multifamily housing building permits issued per year over the past decade. Compare that to an average of 988 from the decade prior and one can discern the growth in demand for multifamily housing financing …
In a way, the dynamics of public-private partnerships (P3s) are the same as they’ve always been. “The reasons why universities elect to go the P3 route haven’t changed much,” says Michael Baird, managing director of municipal finance for RBC Capital Markets. “For many, the decision is made based on speed to market. This happens when other alternatives can take years — resulting in an opportunity cost of not being able to provide housing to students that need housing now, in addition to increased development expenses as construction costs continue to increase year over year.” These costs — both the ones saved and the ones incurred by the university — have become increasingly important in today’s economic climate. The cost of construction materials has increased by an average of 19 percent since 2020, notes facility and construction insights provider Gordian. Meanwhile, the annual student housing rent at purpose-built communities rose by an average of 8.8 percent between November 2022 and May 2023, according to RealPage. Construction costs make it easy to see why it’s more difficult to get projects to pencil right now…and increasing demand shows why it’s more important than ever to get them off the ground. Jay Pearlman, senior vice president …
MESA, ARIZ. — Diversified Partners has broken ground on Eastgate Plaza, a 17-acre mixed-use development at the northeast corner of Elliot and Ellsworth roads in Mesa. Confirmed tenants for the project include a drive-thru Starbucks Coffee, d’Lite Health On The Go, Pure Barre, Fix FX, Fresh Monkee, Playa Bowls, Kolache Café, Southern California-based Farmer Boys, Ono Hawaiian BBQ, Vero Chicago Pizza, Swig soda shop, Euphoria Nail Salon, Mecham Orthodontics, MB2 Dental, Andi’s Hair Salon & Barbershop AVEDA, Discount Tire and The UPS Store. Eastgate Plaza will also feature a 91,911-square-foot Cambria Hotel with 107 guest rooms on 2.11 acres. Designed with Cambria’s new prototypical plans, the hotel will include a 500-square-foot rooftop bar and kitchen, a first-floor restaurant and lounge, an outdoor seating and dining area, and an outdoor pool with a sundeck and fireplace. The hotel is slated to open on Sept. 1, 2025. Elliot & Ellsworth Investment Properties owns the site. An entity led by Brown Jr. Canyon Building & Design is the construction management group overseeing the buildout, while RKAA Architects is the architect of the project. EPS Group is serving as civil engineer.
DENVER — Gelt Venture Partners has acquired Allure Apartments, a multifamily community located at 1300 S. Willow St. in Denver. Sares Regis Group sold the asset for $68.2 million. Built in 2002 and renovated in 2023, Allure Apartments features 252 one- and two-bedroom apartments spread across 12 two- and three-story buildings. Community amenities include a 24-hour fitness center, heated pool, private detached garages, parcel package lockers, a business center, coffee bar and resident clubhouse. The recently upgraded units offer washers/dryers, wood-style flooring, granite countertops, stainless steel appliances, updated cabinets, upgraded light fixtures, carpeted bedrooms, patios or balconies, and nine-foot vaulted ceilings. Jordan Robbins of JLL represented both sides of the transaction.
RIVERSIDE, CALIF. — Gantry has arranged a $12.8 million permanent loan to fund the recapitalization of a grocery-anchored retail building within the Citrus Landing retail center in the Inland Empire city of Riverside. Stater Bros, AutoZone and Ross Dress for Less are tenants at the 99,000-square-foot retail center, which is located at 7200 Arlington Ave. Braden Turnbull, George Mitsanas and Austin Ridge of Gantry’s Los Angeles production office secured the financing on behalf of the borrower, a private real estate entity. One of Gantry’s correspondent life company lenders provided the loan, which features a fixed rate, interest-only payments and pre-payment flexibility in years four and five.
AURORA, COLO. — MCA Realty has purchased Commerce Center I, a three-building industrial business park at 15200 E. 33rd Place, 15250 E. 33rd Place and 15201 E. Moncrieff Place in Aurora. Commerce Center I was acquired through the firm’s MCA Realty Industrial Growth Fund. An undisclosed seller sold the asset for $9.2 million. MCA Realty plans to spend approximately $1.2 million on interior and exterior renovations that will include exterior paint, renovations to the parking lot, exterior lighting upgrades, HVAC repair and replacement, upgraded signage and landscaping, new loading doors, a remote monitored security system, and renovations to interior storefronts and warehouse space. Built in 1985, the three-building, 70,301-square-foot industrial business park was fully occupied at the time of sale. T.J. Smith, Nick Rice and Matt Keyerleber of Colliers represented MCA Realty and the seller in the transaction.
PORTLAND, ORE. — Norris & Stevens has arranged the sale of an industrial building located at 4123 NE Columbia Blvd. in Portland. Creitz Marital Trust sold the asset to an undisclosed buyer for $1.2 million. Greg Nesting, Chase Brand and Gabe Schnitzer of Portland-based Norris & Stevens represented the seller in the deal. Constructed in 1920, the 5,128-square-foot property features a 2,460-square-foot shop and a 2,488-square-foot main office area.