NEW YORK CITY — Cushman & Wakefield has negotiated a 14,000-square-foot office lease at 685 Third Avenue in Midtown Manhattan. The tenant, law firm Gallet Dreyer & Berkey LLP, will occupy the 28th floor of the 31-story tower, which recently underwent renovations. Garrett Varricchio, Mark Weiss and Michael Montesi of Cushman & Wakefield represented the law firm in the lease negotiations. BGO, the institutional investment firm formerly known as Bentall Green Oak, owns the building.
SPARKS, NEV. — Idaho-based Alturas Capital Partners has purchased Legends at Sparks Marina, a 421,000-square-foot mixed-use lifestyle center in Sparks. Terms of the transaction were not disclosed. The transaction, which closed on July 23, will be added to the Alturas Real Estate Fund. This acquisition brings the company’s assets under management to $850 million and 4.6 million square feet. Legends at Sparks Marina features national and regional tenants, including H&M, Nike, Sephora, Five Below, Yard House, Galaxy Theatres, Burlington and Cavender’s.
LOS ANGELES — Sony Pictures Entertainment (SPE) and Alamo Drafthouse Cinema have announced plans to reopen and restore Cinerama Dome, a historic move theater located on Sunset Boulevard in Hollywood. Opened in 1963, it is the world’s first all-concrete, geodesic dome that features an 86-foot curved screen. Following a six-year shutdown that began during the COVID pandemic, the Dome will undergo restorative renovations starting next month through early 2028. Alamo Drafthouse Cinema will operate the movie theater. As part of the deal, SPE will also reopen the adjacent 14-screen theater complex, formerly ArcLight Cinemas, as an Alamo Drafthouse Cinema. The theater will offer Alamo Drafthouse presentations and dine-in services, curated programming, revival screenings, events, designated karaoke rooms and fan celebrations. In addition, the complex will retain 35mm capabilities to showcase archival film prints and house multiple screens with immersive audio and 4K laser projection, including 70mm capabilities. In 2015, Alamo Drafthouse restored San Francisco’s historic New Mission Theater — now called the Christopher Nolan Cinema — transforming a 20-year vacant landmark into one of the city’s premier destinations for film. Alamo Drafthouse’s restoration of the theater preserved the famous Art Deco façade and historic architectural details, including that of the original …
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of a retail property located at 6780 N. Sandario Road in Tucson. Steven J. Williams and Elizabeth Ann Williams Revocable Trust purchased the asset from Benson-DBS LLC for $1.8 million. The property is a 9,100-square-foot Dollar General NNN Investment. Dave Hammack of Cushman & Wakefield | PICOR represented the seller in the deal.
CHICAGO — Mid-America Real Estate Corp. has negotiated the sale of Lincoln Park West, a 37,615-square-foot retail asset located in Chicago’s Lincoln Park neighborhood. The property offers value-add potential through the lease-up or adaptive reuse of the 19,531-square-foot second floor. Tenants include PNC Bank, Starbucks, RJ Grunts (Lettuce Entertain You) and Lincoln Park Preschool. The weighted average lease term is seven years. George Ghattas, Joe Girardi and Patrick Corrigan of Mid-America represented the seller, LLJ Ventures. A private local investor was the buyer.
BAY CITY, MICH. — Alpine Realty Capital, a member of Hotel Brokers International, has arranged the sale of the DoubleTree Hotel and Conference Center by Hilton in Bay City. Alpine negotiated pricing and terms on behalf of the buyer and assisted in all aspects of due diligence, including appraisal and environmental execution, lender analysis and approvals and coordination with legal counsel and seller’s representatives. The property overlooks the Saginaw River and features an onsite restaurant, indoor pool, fitness center and meeting rooms.
EDINA, MINN. — Arcadia, a 118,000-square-foot office building currently under construction in Edina, is now 71 percent preleased. Opus broke ground on the six-story, multi-tenant property in September. Completion is slated for December of this year. UBS Financial Services Inc. leased the entire fifth floor, totaling 29,126 rentable square feet. CBRE signed a lease for 15,746 square feet on the third floor. Opus and Opus-affiliated companies will occupy 38,386 square feet, with Opus taking the entire top floor and the affiliated companies occupying a portion of the fourth floor. Arcadia will feature gathering spaces, conference rooms, a large employee training room, private tenant clubroom, fitness center and landscaped outdoor terrace. Opus is serving as both developer and design-builder for the project. ESG Architecture & Design is the architect. Joe Conzemius, Larissa Bodine, Ann Rinde and Elle Westphal of CBRE are leading leasing efforts. Tom Tracy and John McKenna of Cushman & Wakefield represented UBS, while John Ferlita and John Lorence represented CBRE on an internal basis.
PALATINE, ILL. — Interra Realty has brokered the sale of a five-building, 30-unit multifamily portfolio in Palatine for nearly $5.9 million. Paul Waterloo and Patrick Kennelly of Interra represented the private local buyer and confidential seller. The portfolio was fully occupied at the time of sale. The properties are part of the Turtle Creek Apartments Master Association. There are five one-bedroom units and 25 two-bedroom residences, all of which have been recently upgraded. The properties are subject to a monthly association fee that covers insurance, landscaping, snow removal and waste collection.
EL PASO, TEXAS — Meta Platforms Inc. (NASDAQ: META), the parent company of Facebook, Instagram and WhatsApp, and BlackRock Inc. (NYSE: BLK) have formed a joint venture to develop and operate a data center campus in El Paso. The companies project that total development costs for the 1-gigawatt (GW) campus will be approximately $14 billion. Meta will provide construction management, administrative and property management services for the campus and will be its initial sole occupant upon completion. The new data center campus “will play an essential role in bringing Meta’s AI technologies to life,” according to the companies. “Building the infrastructure for superintelligence is key to making sure the benefits of this technology are distributed to everyone,” says Mark Zuckerberg, founder and CEO of Meta. “Our partnership with Larry [Fink] and the team at BlackRock allows us to move faster and at greater scale — pairing our deep expertise in designing and operating world-class data centers with one of the world’s leading infrastructure investors.” Construction is currently underway in El Paso with approximately 2,300 workers onsite, according to Meta. The Menlo Park, Calif.-based company estimates that the project will employ 4,000 construction workers at its peak and 300 staffers once fully …
CaliforniaContent PartnerFeaturesLoansMultifamilyNortheastRegions Real Estate Capital MarketsSoutheastWestern
Resilient Demand in Key Regions Supports Multifamily Through Midyear Challenges
By Ann Atkinson, Regions Real Estate Capital Markets Midway through 2026, the multifamily industry appears to be holding steady. By many accounts, fundamentals are weathering uncertainties across the economy, job markets and geopolitical arenas. While some key metrics have softened, the overall health of the apartments sector demonstrates how essential this class of real estate is. Simply stated, everyone needs a safe place to call home. Sustained demand for rental units remains central to the sector’s health, and conditions in the for-sale market continue to shape that demand directly. For many households, homeownership has become increasingly out of reach. Affordability has eroded sharply over the past decade, driven by land use restrictions, constrained housing supply and a widening gap between mortgage costs and income, according to an October Goldman Sachs’ U.S. outlook for housing supply and affordability. Elevated interest rates in recent years have only added to the strain. Together, these factors are keeping many Americans in rentals far longer than they might have planned. Even with strong demand, the apartments market isn’t without challenges. The industry is still working through the surge in new unit supply that hit the market over the past few years. As a result, rents …