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Bedrock Plans 1.5 MSF Cadillac Square Mixed-Use Development in Downtown Detroit

by Jeff Shaw

DETROIT — Locally based real estate firm Bedrock has unveiled plans for Development at Cadillac Square, a 1.5 million-square-foot mixed-use campus in downtown Detroit. The site is located near Ford Field, home of the NFL’s Detroit Lions, as well as Campus Martius Park and Cadillac Square. The development will feature residential, retail, office and entertainment space, as well as parking. Bedrock is owned by billionaire and Rocket Cos. founder Dan Gilbert, who with his companies has invested $5.6 billion in the purchase and rehabilitation of buildings in downtown Detroit, according to Forbes. Gilbert himself boasts a net worth of $18 billion and owns Rocket Mortgage Fieldhouse — home of the NBA’s Cleveland Cavaliers (also owned by Gilbert) — in Cleveland, Ohio, where his real estate arm is planning the Cuyahoga Riverfront, another in the trend of developing mixed-use projects around sports stadiums. Upon completion, the Development at Cadillac Square property will include 230,000 square feet of residential space, comprised of 250 to 280 units. The project is subject to an Affordable Housing Agreement with the City of Detroit. Retail space will total 90,000 square feet in the form of a market hall, grocery store, restaurants and other shops. Plans for …

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Leasing ActivityRetailTexas

Wolfies Swim School to Open 16,800 SF Venue in Houston

by Taylor Williams

HOUSTON — Wolfies Swim School will open a 16,800-square-foot venue in Houston’s Spring Branch neighborhood this summer. The space at 9336 Westview Drive will house two pools that will be designed to support swimmers of varying ages and experience levels. According to LoopNet Inc., the property was built in 1970, renovated in 2005 and was most recently occupied by 24 Hour Fitness. Harry Holmes and Charlie Neuhaus of Partners represented the tenant in the lease negotiations. The landlord was self-represented.

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AcquisitionsNortheastPennsylvaniaRetail

JLL Brokers Sale of 134,980 SF Shopping Center in Warrington, Pennsylvania

by Taylor Williams

WARRINGTON, PA. — JLL has brokered the sale of Creekview Center, a 134,980-square-foot shopping center in Warrington, a northern suburb of Philadelphia. The grocery-anchored property is also home to tenants such as Chipotle Mexican Grill, Bank of America and Petco. Christopher Munley, Jim Galbally and Colin Behr of JLL represented the seller, locally based investment and development firm Goodman Properties, in the transaction. The buyer was not disclosed.

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LoansNet LeaseNew JerseyNortheastRetail

Axiom Capital Arranges $2.1M Loan for Refinancing of Retail Asset in Teaneck, New Jersey

by Taylor Williams

TEANECK, N.J. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $2.1 million loan for the refinancing of an 11,500-square-foot retail asset in the Northern New Jersey community of Teaneck. The freestanding building sits on a three-quarter acre site and was fully leased to a single, undisclosed tenant at the time of sale. The direct lender and borrower were also not disclosed. The nonrecourse loan carried a four-year term and a fixed interest rate.

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LoansNew YorkNortheastRetail

Berkshire Bank Provides $36.1M in Financing for Shopping Center in Poughkeepsie, New York

by Taylor Williams

POUGHKEEPSIE, N.Y. — Berkshire Bank has provided $36.1 million in financing for The Shoppes at South Hills, a 512,218-square-foot shopping center located north of New York City in Poughkeepsie. Tenants at the property include grocer ShopRite, At Home, Ashley Furniture, Hobby Lobby and Christmas Tree Shops. The borrower, a partnership between Acadia Realty Trust and DLC Management, will use the proceeds to refinance and reposition the center. The nonrecourse loan carried a five-year term and a fixed interest rate. Mike Tepedino and Stephen Van Leer of JLL arranged the financing.

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Leasing ActivityMassachusettsNortheastRestaurantRetail

Teresa’s Ristorante to Open 12,500 SF Eatery in Woburn, Massachusetts

by Taylor Williams

WOBURN, MASS. — Teresa’s Ristorante will open a 12,500-square-foot Italian eatery in Woburn, a northern suburb of Boston. The space, which features private dining rooms and a patio, is currently being renovated, and the restaurant expects to open this spring. John Halsey and Steve Cusano of Cummings Properties represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.

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AcquisitionsIllinoisMidwestRestaurantRetail

Marcus & Millichap Arranges $2M Sale of Starbucks-Occupied Building in Batavia, Illinois

by Kristin Harlow

BATAVIA, ILL. — Marcus & Millichap has arranged the sale of a 2,225-square-foot retail building occupied by Starbucks in Batavia for $2 million. Constructed in 2022, the net-leased, build-to-suit property is located at the intersection of Randall Road and McKee Street. The building features a drive-thru and outdoor seating. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a Chicagoland limited liability company. The duo also secured and represented the buyer, a Wisconsin-based private investor.

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AcquisitionsIllinoisLee & AssociatesMidwestRestaurantRetail

Lee & Associates Negotiates Sale of 12,500 SF Former Restaurant Property in Schaumburg, Illinois

by Kristin Harlow

SCHAUMBURG, ILL. — Lee & Associates has negotiated the sale of a 12,500-square-foot property formerly occupied by Frankly Yours restaurant in Schaumburg for an undisclosed price. Rick Scardino and Michael Petrik of Lee & Associates represented the buyer, the Village of Schaumburg. Attorney Steven Dobrofsky represented the seller, Chicago Title Land Trust Co.

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AcquisitionsMidwestOhioRestaurantRetail

Cooper Group Brokers $1.9M Sale of Ground Leased Taco Bell Property in Kent, Ohio

by Kristin Harlow

KENT, OHIO — The Cooper Commercial Investment Group has brokered the $1.9 million sale of a single-tenant, ground-leased property occupied by Taco Bell in Kent. Constructed in 2019, the net-leased building serves as an outparcel to Maplecrest, a shopping center anchored by Meijer and Menard’s. Dan Cooper of Cooper Group represented the seller, a private investment group based in Northeast Ohio. The undisclosed buyer purchased the asset at 99 percent of the list price, which represented a cap rate of 4.52 percent and $897 per square foot.

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Leasing ActivityMichiganMidwestRetail

Torch Tobacco Signs 1,250 SF Retail Lease in Wixom, Michigan

by Kristin Harlow

WIXOM, MICH. — Torch Tobacco has signed a 1,250-square-foot retail lease at Wixom Charms Plaza in Wixom, a northwest suburb of Detroit. CVS anchors the shopping center, which still has spaces available for lease. Michael Murphy and Bill McLeod of Gerdom Realty & Investment represented the undisclosed landlord. Jonathan Semma of 365 Realty represented the tenant.

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