PEKIN, ILL. — An 88-room Hampton Inn & Suites hotel has opened at East Court Village in Pekin, about 10 miles south of Peoria. The four-story property is located at 3445 Court St. Amenities include a free hot breakfast, Wi-Fi, on-site parking, a heated indoor pool, fitness center and meeting spaces. The pool will open to guests soon. Face masks are currently required in all indoor public areas of the hotel for guests and employees. In 2016, Marigold Lodging purchased the 2.8-acre parcel for the hotel from Cullinan Properties Ltd., which owns and manages East Court Village, a regional power center.
TROY, MICH. — Beyond Juicery + Eatery has signed a 1,104-square-foot lease at Troy Marketplace. The juicer will occupy space that formerly housed Menchie’s Frozen Yogurt. The retail center is located at the intersection of Big Beaver and Rochester roads in Troy, about 20 miles north of Detroit. Tjader Gerdom, Michael Murphy and Larry Siedell of Gerdom Realty & Investment represented the landlord, RPT Realty, in the lease negotiations. William Gershenson of Gershenson Group represented Beyond Juicery + Eatery.
GURNEE, ILL. — An unnamed developer has purchased a 2.6-acre parcel at 5742 Northridge Drive in Gurnee near Waukegan for $1 million. The buyer plans to build a hotel at the site, which includes a 24,000-square-foot, single-story building. The site is near Gurnee Mills, Six Flags and Great Wolf Lodge. Paul Cawthorn and Angelo Labriola of SVN | Chicago Commercial represented the undisclosed seller in the transaction.
TEMPE, ARIZ. — Western Wealth Capital has completed the sale of Signature Place, a multifamily asset located at 600 W. Grove Parkway in south Tempe. Knightvest Capital acquired the property for $62.5 million. Signature Place features 300 apartments with nine-foot ceilings, fully equipped kitchens, full-size washers/dryers and private patios. Select units feature walk-in closets, dual vanities and fireplaces. Community amenities include two swimming pools, a fitness center, lighted tennis courts and outdoor grilling areas. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the transaction.
TEMPE, ARIZ. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the real estate and operations of a post-acute care retirement campus located in Tempe. The acquisition includes Tempe Post Acute, a 62-bed skilled nursing facility, and Desert Marigold Senior Living of Tempe, a senior living center with 72 assisted living beds and 90 independent living units. These acquisitions bring Ensign’s growing portfolio to 226 healthcare operations, 24 of which also include assisted living operations, across 13 states. Ensign owns the real estate at 92 healthcare operations.
BUCKEYE, ARIZ. — Scannell Properties has purchased a 70-acre development site, located near the corner of Miller and Durrango roads in Buckeye, for nearly $6.6 million. The buyer plans to develop an 850,000-square-foot, build-to-suit distribution facility at the property for specialty discount retailer Five Below. The tenant plans to initially bring approximately 150 new jobs to the area and expects to grow to nearly 300 employees over the next five years. Greg Vogel and Wes Campbell of Land Advisors Organization’s Metro Phoenix office represented the undisclosed seller in the deal.
SUNNYVALE, LOS GATOS AND SAN JOSE, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sales of three apartment properties located in the Bay Area for a total consideration of $34.2 million. Adam Levin and Robert Johnston of Levin Johnston of Marcus & Millichap represented the seller and procured the buyer for the sales. Details on the buyer and seller were not disclosed. The transactions include: The $15.3 million sale of 1234 Sunnyvale Saratoga Road in Sunnyvale. Originally constructed in 1963, the property features 34 units in a mix of studio, one-, two- and three-bedroom layouts. The $11.5 million sale of a 24-unit multifamily property located at 100 Oak Rim Way in Los Gatos. Constructed in 1961, the building features four one-bedroom/one-bath units and 20 two-bath/one-and-a-half bath units. The $7.5 million sale of 2905 Old Almaden Road, a 25-unit property in San Jose. Built in 1961, the 20,196-square-foot building features 20 one-bedroom/one-bath units, four two-bedroom/two-bath apartments and a three-bedroom/two-bath unit. The three communities each feature a community courtyard, picnic area, private carports, security cameras and an on-site laundry facility.
NEW YORK CITY — Facebook (Nasdaq: FB) has signed a lease to fully occupy the office portion of The Farley Building, a mixed-use project under construction in Manhattan. The landlord, Vornado Realty Trust (NYSE: VNO), is redeveloping the historic property, which was formerly the James A. Farley Post Office Building. The social media giant will occupy 730,000 square feet in the building. A timeline for the move-in and the number of employees moving into Farley was not disclosed. “The Farley Building will further anchor our New York footprint and create a dedicated hub for our tech and engineering teams,” says Robert Cookson, Facebook’s vice president of real estate and facilities. The Farley Building spans a double-wide city block between 31st and 33rd streets and 8th and 9th avenues. The property is part of Vornado’s Penn District development. Vornado owns more than 10 million square feet in Penn District, which is undergoing a $2 billion redevelopment, not including infrastructure and transit improvements by City of New York totaling $3 billion. Penn District includes the Farley Building, Penn 1 and Penn 2, all of which are under construction. Penn 1 and 2 are redevelopments of One Penn Plaza and Two Penn Plaza, …
WASHINGTON, D.C. — In its midyear multifamily outlook report, Freddie Mac predicts U.S. multifamily loan originations will drop severely for all of 2020 due to the outbreak of COVID-19 and the big blow the virus has dealt the U.S. economy. The gross domestic product from April to June plunged 32.9 percent on an annualized basis, according to the U.S. Commerce Department. The government-sponsored enterprise (GSE) is projecting that loan volume will decrease 20 to 41 percent across the multifamily sector this year compared with the total dollar amount of loans closed by lenders in 2019, which Freddie Mac estimates was $374 billion. Heading into this year, Freddie Mac expected that loan originations would increase 5 percent in 2020 to $390 billion. Depending on the overall strength of the U.S. recovery and the further spread of COVID-19, Freddie Mac outlined two scenarios for how the year will play out. The more optimistic scenario calls for the unemployment rate to fall just below 8 percent by the end of the year. The U.S. unemployment rate, which stood at 11.1 percent at the end of June, will be updated Friday when the Department of Labor releases the nonfarm payroll employment report for July. …
PLANO, TEXAS — At Home, a home décor and furnishings retailer, posted net sales of $515 million in its fiscal second quarter, which ended on July 25, and is reportedly looking to expand its footprint. That figure represents a 42 percent year-over-year increase in comparable store sales. At Home CEO Lee Bird told CNBC on Friday that the company has been expanding its store count by about 20 percent per year over the last seven years, and that it could grow from its current 219 stores to as many as 600. Bird cited the Plano-based retailer’s emergence as an essential retailer and a one-stop shop for a broad range of home goods, as well as the growth of its omnichannel sales platform and the ability to social distance inside its large-format stores, as key drivers of its growth.