CHICAGO — Walmart has announced that it will close four stores in the South and West sides of Chicago. Crain’s Chicago Business reports that the stores are located in the city’s Kenwood, Lakeview, Little Village and Chatham neighborhoods. Walmart cited a lack of profitability as the reason for the closures, reporting that the locations collectively lose tens of millions of dollars a year. The company recently invested $70 million to upgrade the stores and built two new Walmart Health facilities and a Walmart Academy training center. “It was hoped that these investments would help improve our stores’ performance,” said the company. “Unfortunately, these efforts have not materially improved the fundamental business challenges our stores are facing.”
ARDEN HILLS, MINN. — New Perspective has opened a 146-unit seniors housing community in Arden Hills, a suburb of Minneapolis-St. Paul. The 192,000-square-foot community offers independent living, assisted living and memory care services. The property is New Perspective’s 10th in the Twin Cities metro area. New Perspective Arden Hills will partner with Bethel University, the community’s next-door neighbor, in providing a variety of campus opportunities for those living in the building.
STREETSBORO, OHIO — Marcus & Millichap has brokered the sale of the Holiday Inn Express & Suites Cleveland-Streetsboro hotel for an undisclosed price. The 68-room hotel is located in Streetsboro, a southeast suburb of Cleveland. The property, constructed in 1999, will continue operating as a Holiday Inn Express following a renovation. Alexandre Duong of Marcus & Millichap represented the seller, a limited liability company. Duong also procured the undisclosed buyer.
WAUWATOSA, WIS. — Best Buy has signed a 10,921-square-foot retail lease at 2545 N. Mayfair Road in Wauwatosa, a western suburb of Milwaukee. Scott Satula and Emily Smits of Mid-America Real Estate represented the landlord, an entity doing business as GP Wisconsin LLC.
TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of seven skilled nursing facilities totaling 564 beds in Central and East Texas. The assets on average were built in 1969 and had an average licensed capacity of 80 beds per facility. Blueprint positioned the deal as an opportunity for an incoming owner or operator to acquire an established skilled nursing portfolio and integrate the facilities into an existing regional portfolio. The buyer was a regional owner-operator. The seller and sales price were not disclosed.
DALLAS — Glenstar Properties has completed the multimillion-dollar renovation and expansion of Premier Place, a 457,900-square-foot office building located at 5910 N. Central Expressway in North Dallas. Glenstar acquired the property, which was originally built in 1985, in late 2019. The project expanded the lobby, renovated the conference room and added a 3,000-square-foot space for an indoor/outdoor tenant lounge with a coffee and cocktail bar. Premier Place also features a 62,000-square-foot LifeTime Fitness facility on the sixth and seventh floors. Five new tenants have signed leases since the completion of the project.
BAYTOWN, TEXAS — Philadelphia-based development and investment firm BG Capital will develop a 281,849-square-foot cold storage facility in the eastern Houston suburb of Baytown. The facility will be situated on a 30.7-acre site within TGS Cedar Port Industrial Park. The site can also support the development of a second building, which would expand the total footprint to about 547,000 square feet. New Jersey-based cold storage operator FreezPak Logistics has committed to operating the facility, which will house a range of temperature-controlled spaces to accommodate operations such as storage, processing, packaging and distribution. Construction is scheduled to begin before the end of the month.
DALLAS — Single-family homeowner and property management firm Invitation Homes has signed a 50,000-square-foot office lease at Lincoln Centre, a 1.6 million-square-foot campus in North Dallas. Lincoln Centre recently underwent a multimillion-dollar renovation, and the property now offers amenities such as a food hall, lobby lounge, coffee bar, fitness center, conference facilities, a working mothers’ room and a wine lounge. Matt Schendle, Clint Madison and Zach Bean of Cushman & Wakefield represented the landlord, Nuveen Real Estate, in the lease negotiations.
JERSEY CITY, N.J. — Locally based developer Halpern Real Estate Ventures has topped out a six-story, 337-unit multifamily project located at 49 Fisk St. in Jersey City’s West Side neighborhood. Designed by Minno & Wasko Architects & Planners, the property will feature studio, one- and two-bedroom units and roughly 50,000 square feet of indoor and outdoor amenity space. Other project partners include JRM Construction Management and The Corcoran Group, which is marketing the property for lease. Completion is slated for the fourth quarter.
LOS ANGELES — CBRE has arranged the sale of The Garfield Building, a 102,219-square-foot vacant office building in downtown Los Angeles. A Bay Area family office purchased the property for $19 million. The investor is planning to convert the 12-story historic building into a boutique hotel. The Garfield Building features 20-foot-high lobby ceilings and is listed on the National Register of Historic Places. It was originally an office building, but has been vacant for several years. CBRE’s Phillip Sample, Chris Caras, Michael Shustak and Andrew Turf represented the seller, a private investor that owned the building for more than 30 years. Wendell Jones of Realty One Group Infinity represented the buyer.