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Merx-Portland-OR
DevelopmentMultifamilyOregonWestern

Deacon Development Nears Completion of Three Multifamily Communities in Oregon Totaling 352 Units

by Amy Works

PORTLAND AND SALEM, ORE. — Deacon Development is nearing completion on three apartment properties, totaling 352 units, in Portland and Salem — Rivenwood, Merx and Paceline. CloudTen Residential will oversee all lease-up and management activities at the assets. Situated in Portland’s Slabtown submarket, the seven-story Merx will feature 126 studio and one-bedroom apartments ranging from 297 square feet to 453 square feet. Originally the site of Sylvia’s Grocery, which opened in 1884, Merx (short for mercantile) will offer a resident lounge, coffee bar, private outdoor terrace and rooftop deck, as well as ground-floor retail space. Pre-leasing is slated to begin this month with units ready for move-in late April 2024. Located at 1341 N. Killingworth St. in Portland, Paceline will feature 69 studio and one-bedroom apartments, ranging from 350 square feet to 460 square feet. All apartments will include in-unit washers/dryers, custom casework, quartz countertops and expansive windows. Community amenities will include package lockers, bike parking and a rooftop deck. Completion is scheduled for June 2024. The five-story Rivenwood, located at 420 Center St. NE in downtown Salem, will offer 157 studio, one- and two-bedroom apartments ranging from 370 square feet to 849 square feet. Apartments will include stainless steel …

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Fox-Village-Theatre-LA-CA
AcquisitionsCaliforniaRetailWestern

Newmark Brokers Sale of Fox Village Theatre in Los Angeles

by Amy Works

LOS ANGELES — Newmark has arranged the sale of Fox Village Theatre at 945 Broxton Ave. and 10959 Weyburn Ave. in Los Angeles’ Westwood Village. Terms of the transaction were not released. Built in 1929, Fox Village Theatre had its original grand opening in 1931. Designed by Percy Park Lewis, Fox Village Theatre spans a combined building area of 24,099 square feet, including a 17,155-square-foot operating theatre and 6,944 square feet of retail space that includes a 3,088-square-foot Starbucks Coffee. The property also features a 170-foot tower. At the time of sale, the asset was 84 percent occupied. Steven Salas, Bill Bauman and Kyle Miller of Newmark represented the undisclosed sellers in the deal.

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AcquisitionsHospitalityIllinoisMidwest

Marriott to Purchase Sheraton Grand Chicago Hotel in $500M Deal

by Kristin Harlow

CHICAGO — Marriott International will purchase the Sheraton Grand Chicago in the city’s Streeterville neighborhood in a $500 million transaction, according to Marriott’s fourth-quarter 2023 results. Marriott will purchase the hotel for $300 million and spend an additional $200 million for the land. According to Crain’s Chicago Business, Tishman Realty has exercised its option to require Marriott to purchase the hotel, which was granted to Tishman as part of a 2017 settlement. The 1,218-room property is located at 301 E. North Water St.

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Affordable HousingLoansMidwestMultifamilyWisconsin

Associated Bank Provides $14.3M in Construction Financing for Affordable Housing Project in Green Bay

by Kristin Harlow

GREEN BAY, WIS. — Associated Bank has provided $14.3 million in construction financing for Bay City Lofts, an affordable housing project in Green Bay. The financing package included a $6.3 million construction loan and $8 million of Low-Income Housing Tax Credit (LIHTC) equity. The bank also sponsored a $600,000 Affordable Housing Project (AHP) grant from the Federal Home Loan Bank of Chicago. Capital partners included federal LIHTC syndicator CREA, permanent lender IFF and the City of Green Bay. Located at 2510 University Ave., Bay City Lofts will feature 48 units, of which 40 will be designated as affordable for families earning 30 to 60 percent of the area median income. Gorman & Co. LLC and Lutheran Social Services of Wisconsin and Upper Michigan are the developers. The four-story building will feature one-, two- and three-bedroom floor plans. Construction is underway, with completion slated for late 2024. Lutheran Social Services will provide supportive services for residents. Gorman is serving as the co-developer, general contractor and property manager. Bryan Schreiter of Associated Bank’s commercial real estate division managed the loan closing. Stefanie Bachrach of Associated Community Development LLC, the bank’s community development corporation, managed the equity investment closing.

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AcquisitionsHealthcareMichiganMidwest

Marcus & Millichap Arranges $9.8M Sale of Medical Office Building in Midland, Michigan

by Kristin Harlow

MIDLAND, MICH. — Marcus & Millichap has arranged the $9.8 million sale of the Great Lakes Bay Surgery & Endoscopy Center in central Michigan’s Midland. The multi-tenant medical office building totals 23,420 square feet. Seth Haron, Ashish Vakhariya and Darin Gross of Marcus & Millichap represented the undisclosed buyer and seller. The deal closed in 30 days with an all-cash buyer.

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AcquisitionsHealthcareMidwestOhio

Cooper Group Brokers $3M Sale of Health Center in Hudson, Ohio

by Kristin Harlow

HUDSON, OHIO — The Cooper Commercial Investment Group has brokered the $3 million sale of University Hospital’s Hudson Health Center in Hudson, a northern suburb of Akron. The medical office building totals 16,352 square feet and is situated on 2.3 acres. There are just under five years remaining on the lease, which features annual rental increases. Bob Havasi and Dan Cooper of Cooper Group represented the undisclosed seller. The asset sold to an all-cash buyer based in California. The sales price represented a cap rate of 7.77 percent.

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Company NewsDevelopmentRetailTop Stories

PNC Bank to Invest $1B to Renovate 1,200 Branches, Add 100 New Locations

by Jeff Shaw

PITTSBURGH — PNC Bank plans to invest approximately $1 billion to open more than 100 new branches and renovate 1,200 existing locations by 2028. Expansion plans call for new locations in key cities such as Austin, Dallas, Denver, Houston, Miami and San Antonio, among others, to establish a coast-to-coast network. According to PNC Bank, the goal of the renovations is to create a better customer experience when conducting transactions or meeting with bankers to discuss financial goals. PNC Bank is a member of The PNC Financial Services Group Inc. (NYSE: PNC), which is headquartered in Pittsburgh. PNC bank currently has approximately 2,300 brick-and-mortar locations across the country, in addition to 60,000 PNC and partner ATMs. According to Forbes Advisor, PNC Bank is the sixth largest bank in the country, with $553 billion in total assets. “As one of the largest retail banks in the United States, our vast branch network, alongside our other core banking channels, plays a key role in how we serve and provide solutions to our customers across the country,” says Alex Overstrom, head of PNC Retail Banking. PNC Bank’s announcement comes on the heels of last week’s news that JPMorgan Chase has made a multi-billion dollar investment in its own …

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Laveen-Commons-Phoenix-AZ
ArizonaMarket ReportsRetailWesternWestern Market Reports

Phoenix’s Retail Sector Overcomes Challenges, Now Poised for a Brighter Future

by Jeff Shaw

— By Dave Cheatham, President, Velocity Retail Group and X Team Retail Advisors — Phoenix’s retail market has rebounded post-pandemic and is now considered a winning bet, along with industrial and multifamily. The market has benefitted from surging consumer demand, population expansion and a robust technology industry, largely fueled by accelerated growth in the chip manufacturing sector. Strong and positive economic performance has established a foundation on which retailers have built success across the Valley of the Sun. There are challenges, to be sure, which range from interest rate hikes and rising inflation to chaos in the capital markets and reduced investment transaction volume, in addition to increased construction costs. New construction has been limited, as evidenced by the fact that no Target, Lowe’s or Home Depot stores have been built in the Valley since the recession. That appears to be changing as plans for big box stores that had been idle for a decade are shifting to expansion mode once more. Second-generation space is in high demand due to the higher costs of building new, standalone stores. Market indicators are trending upward for the retail sector. Vacancies are at a record low, demand remains high and rents are continuing …

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Loews-Arlington-Hotel-&-Convention-CenterLoews-Arlington-Hotel-&-Convention-Center
DevelopmentHospitalityTexas

Loews Opens $550M Hotel, Convention Center in Arlington

by Taylor Williams

ARLINGTON, TEXAS — Loews Hotels & Co. has opened the Loews Arlington Hotel & Convention Center, a $550 million development located in between AT&T Stadium and Globe Life Field in the city’s Entertainment District. Loews developed the 888-room hotel and adjoining 266,000-square-foot convention center in a public-private partnership with the City of Arlington, the Texas Rangers baseball team and The Cordish Cos., a Baltimore-based owner-operator of entertainment venues. The 21-story hotel also connects to the 300-room Live! by Loews Arlington Hotel, which opened several years ago and offers an additional 300 rooms. The new hotel houses five food-and-beverage establishments and resort-style amenities such as two pools, a spa and salon, water slide and a man-made sandy beach. HKS served as the project architect, and Looney & Associates handled the interior design. JE Dunn served as the general contractor.

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The-Great-290-Distribution-Center-Houston
AcquisitionsIndustrialTexas

Sealy & Co. Acquires 500,840 SF Industrial Property in Northwest Houston

by Taylor Williams

HOUSTON — Dallas-based investment firm Sealy & Co. has acquired The Great 290 Distribution Center, a newly built, 500,840-square-foot industrial property located near the intersection of The Grand Parkway and I-290 in northwest Houston. Designed by Powers Brown Architecture and developed by Pagewood, The Great 290 Distribution Center occupies 41 acres within a 64-acre site, allowing tenants additional space for outdoor trailer parking or materials storage. The property was fully leased at the time of sale to HVAC systems provider Daikin Comfort Technologies. Trent Agnew and Charlie Strauss of JLL represented Pagewood in the transaction. Sealy & Co. was self-represented.

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