PORTLAND, MAINE — Local healthcare provider InterMed has signed a 102,557-square-foot healthcare lease expansion and extension in Portland. The lease term is 16 years, and the space spans 10 stories at the building at 84 Marginal Way, at which Intermed is now the sole occupant. Katie Breggia and Tom Moulton of The Dunham Group represented InterMed in the lease negotiations. Davis, a healthcare real estate firm based in Minneapolis, owns the building.
BETHLEHEM, PA. — Colliers has arranged the sale of a 14,000-square-foot historic building located at 46-52 West Broad St. in the Lehigh Valley community of Bethlehem. The new owner, private investor Rocco Ayavoz, plans to reposition the building, which was originally constructed in 1925 for Lehigh Valley National Bank, into a retail, restaurant and entertainment destination. Derek Zerfass and Seth Lacey of Colliers brokered the sale.
By Jesse Tollison, Transwestern When analyzing the Minneapolis-St. Paul (MSP) metro area, urbanicity plays a deep role in understanding the opportunities for making a significant impact and profit in the commercial real estate markets. This is not a story unique to Minnesota’s largest metropolitan area, where roughly half of the state’s inhabitants live, but MSP serves as an illuminating case study as to how widely opportunity can vary between urban and suburban markets. Indeed, many areas across the country exhibit stark differences between their urban and suburban commercial real estate markets, but those differences cannot be uniformly applied to each metro. The qualitative and quantitative analysis of local minutiae lends tremendous insight when evaluating opportunities. Developers, investors, tenants, brokers and every other player in the commercial real estate world are paying close attention to the diverging urban and suburban trends as they assess the market for opportunities. In such a fragmented market, decision-makers are using more data than ever to inform their strategies. High-level views aren’t enough to benchmark a property’s performance, and it’s important to understand the localized trends when evaluating an opportunity. Industrial history As the historical industrial hub of Minnesota, the Twin Cities’ urban core has many …
BENTONVILLE, ARK. — Walmart Inc. (Nasdaq: WMT) has announced plans to invest in more than 650 scheduled remodels of Walmart Supercenter and Walmart Neighborhood Market stores this year. The Bentonville-based retail giant also plans to open roughly 20 new stores throughout the remainder of 2026 and early 2027. Plans include the expansion of a Walmart Supercenter in Tucson, Ariz., as well as the opening of a Supercenter store in Celina, Texas. Earlier this year the retailer opened a new Walmart Supercenter in Eastvale, Calif., as well as three Supercenters and a Neighborhood Market in Florida. Remodeled stores will feature wider aisles and updated layouts; new display designs; expanded pickup and delivery capabilities; updated Vision Centers and pharmacies with private consultation rooms; new digital touchpoints; and refreshed interiors, signage, parking and landscaping. Stores operating under the Neighborhood Market format will also be updated with expanded deli and hot bar areas, enhanced lighting and fixtures, pharmacy delivery options and upgraded online order fulfillment areas. In early 2024, the retail giant announced a commitment to open or convert more than 150 new stores. Store openings in 2025 included locations in Alabama, California, Florida, New Jersey, Texas and Utah. According to the company, fiscal revenue for …
ALLEN, TEXAS — JLL has negotiated the sale of an 851,457-square-foot retail power center in Allen, a northeastern suburb of Dallas. The Village at Allen sits on an approximately 110-acre site and was 89 percent leased at the time of sale. Tenants include T.J. Maxx, HomeGoods, HomeSense and Sierra, all of which are part of the TJX family of companies, as well as Dick’s Sporting Goods, Ross Dress For Less, Best Buy, Nordstrom Rack, Ulta Beauty, Total Wine & More and Michaels. Chris Gerard, Barry Brown and Erin Lazarus of JLL represented the seller, a partnership between an affiliate of DLC Management Corp. and American Realty Advisors, in the transaction. The buyer was Sterling Organization, an investment firm based in South Florida.
HOUSTON — Austin-based developer OHT Partners has broken ground on a 396-unit multifamily project in West Houston. The site spans 13.1 acres at 19615 Park Row Blvd., and the development, which has yet to be named, will offer one- and two-bedroom units that will range in size from 702 to 1,256 square feet. Residences will be furnished with quartz countertops, brass hardware and various pieces of smart-home technology. Select units will have private yards. Amenities will include two pools, a coworking area, fitness center, clubroom with a kitchen, package lockers, an artificial turf game lawn, dog park, pickleball court and outdoor grilling and dining stations. Meeks + Partners is the project architect, and OHT Partners’ in-house general contracting team is handling construction. Completion is slated for late 2027.
DALLAS — Atlanta-based hospitality brokerage firm Hunter Advisors has arranged the sale of the 248-room Embassy Suites by Hilton Dallas Love Field hotel. Suites at the eight-story hotel feature separate living and sleeping areas, flexible workspaces and in-room amenities such as mini-refrigerators and microwaves. Shared amenities include 4,400 square feet of meeting and event space across seven rooms, a full-service restaurant and bar, an indoor pool, fitness and business centers and complimentary breakfast service. An entity doing business as FelCor Dallas Love Field Owner LLC sold the hotel to Scenic Capital Advisors LLC for an undisclosed price. Kami Burnette of Hunter Advisors brokered the deal.
BROWNSVILLE, TEXAS — A partnership between Hunt Capital Partners and the Housing Authority of the City of Brownsville, located in South Texas, has completed an affordable housing adaptive reuse project. The project converted the historic eight-story El Jardin Hotel, which first opened in 1927 and has been vacant for the past 40 years, into a 44-unit complex with one-, two- and three-bedroom units. Information on income restrictions was not disclosed. The Federal Home Loan Bank of Dallas provided a $1.1 million Affordable Housing Program grant to help finance the project.
RICHMOND, VA. — A joint venture between Lingerfelt and Partners Group has sold a nearly 1.2 million-square-foot industrial portfolio in metro Richmond for $175 million. JLL represented the joint venture in the transaction. The buyer was not disclosed. The portfolio includes three buildings within Walthall Distribution Center in South Chesterfield, Va., and one building within Northlake Distribution Center in Ashland, Va. Lingerfelt and Partners Group acquired the portfolio in March 2023 for $105.6 million, with Partners Group as the majority investor in the joint venture. The partnership invested $9 million in capital improvements into the portfolio and executed 875,000 square feet of new leases and lease renewals during its ownership period. Range Commercial Partners previously handled property management and leasing for the portfolio, which was fully leased at the time of sale.
HUDSON, MASS. — Local owner-operator National Development has received approval from the Town of Hudson, located west of Boston, for a 950,000-square-foot industrial conversion project. The 148-acre site at 75 Reed Road, which is located less than two miles from I-495 with direct access to the I-290 interchange, formerly housed the campus of chipmaker Intel. National Development acquired the property, which can support advanced manufacturing as well as warehouse and logistics uses, in late 2023. Construction is expected to commence upon National Development’s securing of an occupant.
