CHICAGO — SVN Chicago Commercial has brokered the sale of a 21-unit apartment building located at 4201 S. Michigan Ave. in Chicago’s Bronzeville neighborhood. The asset sold for $4 million through a debt assumption structure. Joe Connelly of SVN Chicago represented both parties in the sale. The property features 15 two-bedroom units and six three-bedroom residences.
OXON HILL, MD. — Sphere Entertainment Co. (NYSE: SPHR), the owner and operator of the Sphere venue in Las Vegas that opened in 2023, is partnering with locally based developer Peterson Cos. for a smaller Sphere venue in National Harbor, a waterfront neighborhood in the Washington, D.C., suburb of Oxon Hill. The planned project represents the second Sphere entertainment venue in the United States and third in the world following the future Sphere’s completion in Abu Dhabi. “Our focus has always been on creating a global network of Spheres across forward-looking cities,” says James Dolan, executive chairman and CEO of Sphere Entertainment. The site for Sphere at National Harbor overlooks the Potomac River and would complement other National Harbor mainstays such as MGM National Harbor, a $1.4 billion casino that opened in 2016, Capital Wheel, Gaylord National Resort and Topgolf. The more than 300-acre National Harbor district welcomes approximately 15 million visitors nationally. At full completion, the Sphere venue will feature the Exosphere, which is the Sphere’s programmable LED exterior display, as well as 6,000 seats for concerts, immersive movie presentations and other events. The new venue’s seating volume represents about a third of the 18,600-seat capacity at the Sphere …
Editor’s note: (As of the publication of this article, Adam Gottschalk is no longer affiliated with STRIVE) By Taylor Williams The industry adage that “every deal is different” has never been an exaggeration or cop-out excuse for explaining trends and transactions — or lack thereof — in commercial real estate. It’s a simple fact that actually speaks to the nuanced, innovative and challenging structures and processes that permeate dealmaking in this business. The expression is especially applicable to investment sales and particularly convenient to invoke in times of rapidly shifting market and economic conditions. Therefore, a quasi-blanket statement that, all other factors behind held equal, Texas retail owners have minimal reason to sell right now must be evaluated in that context. As with any large sample size, there will always be multiple exceptions to the rule, and there will always be deals being brought to market as a function of an owner’s unique personal or capital situation(s). But by and large, outside of those scenarios, sources say that Texas retail owners don’t need to force things. “Unless there’s a life or a capital event — debt coming due or not wanting to add fresh equity to a deal — that …
By Robert Likes, president, community development lending and investment, affordable housing, KeyBank The nation’s housing crisis has reached a breaking point, pushing developers to rethink how and where new supply can be created. Among the most promising — and debated — solutions is the conversion of underutilized office buildings into much-needed affordable housing. On the surface, the concept seems straightforward: repurpose empty office space into homes in locations where demand is highest. In practice, however, these projects are anything but simple. Converting office buildings into livable, modern and affordable multifamily residences requires far more than reimagining floor plans. Success depends on choosing the right property, assembling a complex capital stack and deploying an experienced team capable of navigating regulatory, design and construction challenges. Done right, these conversions not only add critical housing supply but also breathe new life into urban centers struggling with high office vacancies. The Case for Conversions The United States has too much office space and not enough housing units, particularly for low-income households. Office-to-residential conversion projects help to equalize the supply-demand imbalance in both asset classes. According to the National Low-Income Housing Coalition, we are short 7.1 million rental homes for extremely low-income households. As a result, many …
— By J.C. Casillas of NAI Capital — The Inland Empire office market continues to show signs of recovery, with broad-based tenant demand pushing occupancy higher and absorbing vacant direct space. While landlords are holding asking rents steady to capitalize on the improving environment, direct vacant space decreased 3.2 percent quarter over quarter and 16.4 percent year over year. Vacant sublease space fell a solid 4.5 percent quarter over quarter, though it nearly doubled year over year to 135,149 square feet at year-end. Renewed tenant activity continues to chip away at vacant space, reinforcing the recovery. In fourth-quarter 2025, net absorption — driven primarily by direct space — totaled about 557,000 square feet for the year, marking a meaningful milestone in the market’s rebound. The vacancy rate edged down 10 basis points quarter over quarter, supported by 106,095 square feet of space coming off the market. It now stands at 4.7 percent, 80 basis points lower than a year ago. Stabilization has been supported by shifting workplace strategies and evolving remote work patterns. Since the economy reopened following the pandemic, occupied office space has increased by nearly 2.1 million square feet, surpassing pre-pandemic levels. Sublease vacancy has fallen 22.5 percent …
GRAND PRAIRIE, TEXAS — JPI has received construction financing for Jefferson Southwest Parkway, a multifamily project in Grand Prairie, located roughly midway between Dallas and Fort Worth, that will add 439 units to the local supply. The loan amount(s) was not disclosed, but the project is valued at roughly $114 million. Jefferson Southwest Parkway will offer studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park and a clubhouse. Anchor Loans, a private lending platform backed by New York City-based alternative investment management firm Pretium, provided the financing. Construction is slated for a 2027 delivery.
DALLAS — Colorado-based investment firm Real Capital Solutions (RCS) has acquired Walnut Glen, a 464,289-square-foot office building in North Dallas, for $26.1 million. The 18-story building, which is situated along North Central Expressway, was roughly 74 percent leased at the time of sale. RCS plans to upgrade the building’s lobby, fitness center and conference center and introduce move-in-ready office suites. Jonathan Napper of JLL brokered the deal. The seller was not disclosed. RCS has also hired Cushman & Wakefield as the leasing agent.
DALLAS —Locally based brokerage firm The Multifamily Group (TMG) has negotiated the sale of The Lake Lofts, a 386-unit apartment community in northeast Dallas. Built between 1965 and 1969, the property offers studio, one-, two- and three-bedroom units and amenities such as two pools, two children’s play areas, a soccer field, picnic stations and a dog run. Guillermo Gameros of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
PLANO, TEXAS — High Point has signed an 11,183-square-foot office lease in Plano. The family-owned, Christian travel agency is taking space within Assembly Park, a 180,000-square-foot property that is a redevelopment of the former Market Square Mall. Shannon Brown, Julee Amparo and Tommy Nelson of CBRE represented the landlord, Houston-based Triten Real Estate Partners, in the lease negotiations. Bret Hefton and Mason Graham of JLL represented the tenant.
CHAPPAQUA, N.Y. — CBRE has negotiated the $76.5 million sale of Chappaqua Crossing, a 120,986-square-foot shopping center located in New York’s Westchester County that is part of the redevelopment of the 114-acre former Reader’s Digest headquarters campus. Tenants at the center include anchors Whole Foods Market and Life Time Fitness, as well as Starbucks and Chase Bank. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, Heitman, in the transaction and procured Barings as the buyer.
