Tuesday, July 15, 2025
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Shopoff_Desert-Hot-Springs-Calif
AcquisitionsCaliforniaDevelopmentIndustrialTop StoriesWestern

Shopoff Realty Acquires 55 Acres in Southern California’s Inland Empire East, Plans 1.1 MSF Industrial Development 

by Hayden Spiess

DESERT HOT SPRINGS, CALIF. — Shopoff Realty Investments has acquired a 55-acre property in Desert Hot Springs, a city in the Inland Empire East region of Southern California, with plans to develop an industrial project at the site.  Upon completion, the development will comprise 1.1 million square feet of distribution and warehouse space. The property, which is situated with proximity to the site of an Amazon warehouse and with direct access to I-10, will feature 167 docks, 498 trailer stalls and a clear height of 42 feet.  “This Desert Hot Springs project represents a rare opportunity to acquire a property that is already entitled and ready for development, in an area with significant demand from e-commerce companies for logistics and warehouse space,” says William Shopoff, president and CEO of the firm. “With neighbors such as Amazon and FedEx, this location has the potential to provide a great investment for many years to come and will offer third-party logistics companies significant drayage savings compared to projects in Arizona and Las Vegas.” Construction on the project is scheduled to begin in the third quarter of this year, with an anticipated timeline of 12 months.  Ian DeVries and Christ DeVries of Colliers, along …

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DevelopmentMixed-UseMultifamilyTexasTop Stories

Texas Rangers, Cordish Top Out 300-Unit One Rangers Way Apartments in Arlington, Texas

by John Nelson

ARLINGTON, TEXAS — Major League Baseball team the Texas Rangers and The Cordish Cos. have topped out One Rangers Way, a 300-unit apartment development in the Dallas suburb of Arlington. The community is the multifamily component of Cordish’s Arlington Entertainment District and is situated steps away from Globe Life Field, the home ballpark of the Rangers. One Rangers Way will offer a mix of studio, one- and two-bedroom apartments with rental rates starting at the $1,500s, as well as penthouses with rates starting in the $4,000s. Each apartment will feature high-end interior finishes and appliances, including in-unit washers and dryers, high ceilings and floor-to-ceiling windows. Each of the community’s 52 floor plans are named after Rangers players or significant events, including the team’s 2023 World Series title. “One Rangers Way will bring an upscale residential component to the Arlington Entertainment District, which has become one of the fastest-growing sports and entertainment destinations in the country,” says Ray Davis, managing partner and majority owner of the Rangers. “This project also reflects the tradition of the Rangers as many of the franchise’s legendary players are being incorporated into the branding of the building.” The property will feature 43,000 square feet of amenities, including an …

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Wieland-East-Alton-Illinois
DevelopmentIllinoisIndustrialMidwestTop Stories

Wieland Begins $500M Renovation, Expansion of Manufacturing Facility in East Alton, Illinois

by Taylor Williams

EAST ALTON, ILL. — Wieland, a supplier of copper and copper alloy solutions, has begun renovating and expanding its manufacturing facility in East Alton, located outside of St. Louis near the Illinois-Missouri border. The project is valued at $500 million. The initial phase of the modernization will increase the capacity and quality of copper production at the facility, which was originally constructed in 1916. The development team will revamp building foundations to support new equipment, and the site will be modified to support the use of an overhead crane for equipment setting. Wieland will also undertake upgrades to other facilities, including the furnace, re-cooling system, distribution switchgear, superstructure and controls/commissioning. Following completion of the project, the building structure will feature metal siding and roofing over heavy structural steel. “With copper having an integral role in the energy transition, this endeavor better positions Wieland as a provider of sustainable solutions for our customers’ ever-changing needs,” says Greg Keown, president of Wieland’s rolled products North America division. The project team includes general contractors Graycor Construction Co. and Helmkamp Construction Co., as well as design firms Vestal Corp. and Salas O’Brien. Completion is slated for mid-2028. — Taylor Williams

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35 E Wacker Drive, Chicago
AcquisitionsIllinoisMidwestOfficeTop Stories

Joint Venture Acquires 40-Story Historic Jewelers Building in Chicago

by Jeff Shaw

CHICAGO — A joint venture between The Prime Group Inc. and CRG, the development and investment management arm of Clayco, has acquired the 40-story historic Jewelers Building in Chicago. Located at 35 E. Wacker Drive, the Jewelers Building comprises 556,200 square feet of rentable office space. The building is currently 70 percent occupied. Designed by Giaver & Dinkelber, the Jewelers Building was originally built in 1926. At the time of its completion, it was the tallest building west of New York City. The building is recognized by the National Register of Historic Places. Chicago-based architecture firm Goettsch Partners recently renovated the lobby, main entry and storefronts at the property. The price was not disclosed. According to CoStar, the price was expected to be more than $70 per square foot, which would equate to approximately $39 million. However, those numbers were based on Prime’s original offer in November before CRG was brought in as a partner. The previous owner had defaulted on over $50 million in debt on the building, according to multiple sources, leading to the sale. Although Prime Group’s initial plans for the property in November called for a potential hotel conversion, that concept has apparently been sidelined. As an existing tenant …

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The-Switchyard
ArizonaDevelopmentMixed-UseMultifamilyOfficeRestaurantRetailTop StoriesWestern

Creation to Break Ground on $120M The Switchyard Mixed-Use Development in Suburban Phoenix

by Katie Sloan

QUEEN CREEK, ARIZ. — Development firm Creation is set to break ground on The Switchyard, a $120 million mixed-use development located at the northeast corner of Ellsworth and Ocotillo roads in the Phoenix suburb of Queen Creek.  Plans for the 10-acre project include the development of 54,000 square feet of restaurant, retail, residential and office space. The retail portion of the development will include a 3,800-square-foot Postino wine café and an 11,900-square-food restaurant called The Porch, which will include an expansive outdoor patio.  Creation plans to break ground on the multi-phase project later this year. Phase I is scheduled for completion in early 2026. The development team includes Dallas-based architect GFF Design and general contractor LGE Design Build.  Creation is a real estate development firm with dual headquarters in Phoenix and Dallas. The company has a $4.5 billion pipeline of ground-up development currently underway across six states.  — Katie Sloan

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DevelopmentNorth CarolinaRetailSoutheastTop Stories

Carolina Panthers Propose $1.3B in Renovations to Bank of America Stadium

by Kristin Harlow

CHARLOTTE, N.C. — The NFL’s Carolina Panthers have unveiled plans for a renovation of its Bank of America Stadium in Charlotte totaling $1.3 billion.   Highlights of the renovation include a park-like setting and exterior video boards for watch parties at the stadium’s entrance. Once inside, fans would experience a new sound system, scoreboard and video boards. Plans call for social areas with skyline views, improved concessions with regional offerings and an expanded team store. Additional improvements include new seats installed throughout the bowl; improved accessibility throughout the facility; stadium safety and security enhancements; a reimagined South Lawn Pavilion area; upgraded restrooms; enhancements to the stadium exterior; and modernization of the building systems. The renovation would be an ongoing partnership between the City of Charlotte and Tepper Sports & Entertainment (TSE), which owns and operates the Carolina Panthers, Bank of America Stadium and Major League Soccer’s Charlotte Football Club. Details of the proposed partnership include a fixed investment of $650 million from the City of Charlotte and a total investment of $688 million by TSE, including $117 million that was invested prior to June 2024. The city’s investment does not require any new or increased taxes, according to a release …

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DevelopmentMichiganMidwestOfficeTop Stories

Ford to Reopen Michigan Central Station in Detroit After Six-Year Renovation Totaling $950M

by John Nelson

DETROIT — Following a six-year renovation by Ford Motor Co. (NYSE: F), Michigan Central Station is scheduled to officially open on Thursday, June 6. Ford embarked on the preservation project after acquiring the abandoned train station in 2018 to serve as the centerpiece of Michigan Central, a 30-acre technology and cultural hub in Detroit’s Corktown neighborhood. According to multiple media outlets, the rehabilitation of Michigan Central Station totaled $950 million and included the restoration of the 18-story train station, which is now dubbed The Station. The rehabilitation also included an adjacent 270,000-square-foot former book depository building and other supporting facilities. CNBC reports the project’s funding includes $300 million in state, local and historic rehabilitation tax incentives. Christman-Brinker, a joint venture between Detroit-based firms The Christman Co. and L.S. Brinker, A Brinker Co., led the restoration work of The Station along with Ford. Key collaborators in Michigan Central include Ford, Google, the State of Michigan, the City of Detroit and Newlab, which operates the former book depository building. The Station will provide 640,000 square feet of cultural, technology, community and convening spaces designed for use by established companies such as Ford, as well as universities, growing startups, youth initiatives and students. …

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Spring Creek Centre
ArkansasRetailSoutheastTop Stories

Cohen & Steers Acquires 403,000 SF Shopping Center Complex in Fayetteville, Arkansas 

by Hayden Spiess

FAYETTEVILLE, ARK. — An affiliate of Cohen & Steers has acquired a two-property, open-air shopping center complex located in Fayetteville, a city in the northwest portion of Arkansas near the Oklahoma and Missouri borders.  Totaling 403,000 square feet, the complex comprises the retail centers Spring Creek Centre and Steele Crossing. Tenants at the properties include T.J. Maxx, Ulta Beauty, Best Buy, Old Navy, PetSmart and Kohl’s. The centers also feature corporately owned Walmart, Home Depot and Target stores. At the time of sale, the centers were 95 percent occupied.  DLC Management partnered with Cohen & Steers on the acquisition. The seller and price were not disclosed. “Fayetteville is benefiting from national migration trends as people move to more affordable and economically attractive residential areas across the country,” says James S. Corl, head of the private real estate group at Cohen & Steers. “We believe the shopping centers are well positioned in a dominant location to benefit from these tailwinds, and we are excited to partner with DLC.”  Prior to the acquisition, DLC served as the manager of both Spring Creek Centre and Steel Crossing for more than a decade. Headquartered in metro New York City, the company’s portfolio features more …

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AcquisitionsHawaiiHospitalityTop StoriesWestern

Blackstone Real Estate Agrees to Sell Turtle Bay Resort in Kahuku, Hawaii for $725M

by Jeff Shaw

KAHUKU, HAWAII — Blackstone Real Estate has agreed to sell Turtle Bay Resort, a 450-room hotel in Kahuku on Hawaii’s Oahu island, to Host Hotels & Resorts Inc. for $725 million. The deal included the hotel property, as well as a 49-acre parcel that is entitled for further development. Turtle Bay Resort is situated on 1,300 acres along the north shore of Oahu. The resort offers bungalows, suites, guest rooms and three- or four-bedroom villas. Rooms feature private bathrooms, complimentary Wi-Fi, air conditioning, coffee makers and refrigerators. Blackstone originally acquired Turtle Bay Resort in 2018 for $332 million and subsequently renovated the property. Capital improvements to the hotel included updates to the guestrooms, bungalows, lobby, pools, meeting space, spa, building systems, exterior, arrival experience and club lounge. The restaurants and retail space on the property also received renovations. Blackstone expects to complete the sale in the third quarter of this year. Simpson Thacher & Bartlett LLP is serving as Blackstone’s legal counsel. Eastdil Secured, Jones Lang LaSalle and Sumitomo Mitsui Banking Corp. are acting as Blackstone’s financial advisors. In a separate deal completed earlier this year, Blackstone sold 65 acres of land at Turtle Bay to Areté Collective. The land …

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DevelopmentHospitalityIndustrialMixed-UseMultifamilyNew JerseyNortheastRetailTop Stories

Clarion, MRP Industrial Break Ground on Final Phase of Burlington Center Mall Redevelopment in New Jersey

by John Nelson

BURLINGTON TOWNSHIP, N.J. — A partnership between industrial development firms Clarion Partners and MRP Industrial has started construction on the final phase of The Crossings, a redevelopment of the former Burlington Center mall located in the Philadelphia suburb of Burlington Township. The last phase comprises 500 multifamily units, including affordable housing options, that are set to open in late 2025. The new apartments will cap a six-year effort by Clarion Partners and MRP to transform the 800,000-square-foot enclosed regional mall into a mixed-use destination. In addition to the planned multifamily component, The Crossings will feature more than 2.5 million square feet of warehouse and distribution space, approximately 135,000 square feet of retail space and a 153-room hotel at full build-out. Clarion Partners and MRP expect The Crossings to support 1,400 new jobs at full capacity, including 900 in the warehouse sector and 500 in retail and hospitality. Moonbeam Capital Investments, the Las Vegas-based owner of the former Burlington Center mall, assisted in the redevelopment efforts. “The Crossings was made possible by the cooperation of Burlington Township and County elected officials, who recognized the opportunity to transform a blighted shopping mall into an integrated, vibrant and economically viable mixed-use development that …

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