Tuesday, October 14, 2025
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1325-N-Litchfield-Rd-Goodyear-AZ
ArizonaHealthcareLoansWestern

JLL Arranges $13.4M in Refinancing for Medical Office Building in Goodyear, Arizona

by Amy Works

GOODYEAR, ARIZ. — JLL Capital Markets has secured a $13.4 million loan on behalf of PMB for the refinancing of Goodyear Medical Plaza, a Class A medical office building in Goodyear. Daniel Digerness of JLL Medical Properties Capital Markets secured the fixed-rate loan through a national healthcare real estate lender for the borrower. PMB redeveloped Goodyear Medical Plaza from a movie theater into a 47,483-square-foot medical outpatient building for Abrazo Health, part of Tenet Health, in 2019. The single-story building is 99 percent leased to Abrazo Health and affiliated tenants occupying approximately 49 percent of the space and providing services, including orthopedics, cardiology and a wound clinic. Other tenants at the facility include an imaging center, internal medicine, pain management and physical therapy. Goodyear Medical Plaza is located at 1325 N. Litchfield Road on the Abrazo West hospital campus.

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AcquisitionsMassachusettsMultifamilyNortheast

Marcus & Millichap Brokers $4.6M Sale of Boston Apartment Building

by Taylor Williams

BOSTON — Marcus & Millichap has brokered the $4.6 million sale of a six-unit apartment building in the Brighton area of Boston. The newly renovated building at14 Mt. Hood Road was originally constructed in 1910 and offers a mix of one-, two-, three- and four-bedroom units. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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Leasing ActivityNew YorkNortheastRestaurantRetail

Market@77 Opens 40,000 SF Food Hall at Brooklyn Navy Yard

by Taylor Williams

NEW YORK CITY — Market @77 has opened a 40,000-square-foot food hall at the Brooklyn Navy Yard. Situated on the ground floor of Building 77, the venue is home to concepts such Russ & Daughters, Hungry House, Jalapa Jar, Pizza Yard, Sabor, Rustik Tavern, Transmitter Brewing and She Wolf Bakery. Nonprofit organization Brooklyn Navy Yard Development Corp. owns and manages the larger development.

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AcquisitionsMidwestMissouriMultifamilyStudent Housing

CBRE Arranges Sale of 552-Bed Student Housing Community Near University of Missouri

by Kristin Harlow

COLUMBIA, MO.— CBRE has arranged the sale of The Den, a 552-bed student housing community located near the University of Missouri campus in Columbia. A joint venture between The Michaels Organization and Capital Solutions Inc. purchased the property from Hamilton Point Investments for an undisclosed price. Jaclyn Fitts, William Vonderfecht and Casey Schaefer with CBRE National Student Housing represented the seller in partnership with Matt Bukhshtaber of CBRE’s St. Louis office. The Den offers two- and four-bedroom units with bed-to-bath parity. Shared amenities include a swimming pool and sundeck, fitness center, clubhouse, community lounge, game room, tanning booth, dog park, conference rooms, basketball courts, fire pits and an outdoor kitchen and grilling station. 

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AcquisitionsIllinoisMidwestMultifamily

Laramar Group Sells Two Multifamily Properties in Metro Chicago Totaling 414 Units

by Kristin Harlow

AURORA AND GURNEE, ILL. — The Laramar Group has sold two multifamily properties in metro Chicago totaling 414 units. The sales prices and buyers were undisclosed. Laramar completed comprehensive renovation programs on each property, including a condo deconversion of one. Covey at Fox Valley in Aurora is a 216-unit asset adjacent to Rush Copley Medical Center. Laramar completed an extensive renovation program to improve the common areas and exterior, along with unit upgrades. The property includes an expanded fitness center, a dog park and an exterior seating and grilling area. Laramar also installed professional management and leasing staff to oversee the property. Luna Park Apartments is a three-building, 198-unit development in Gurnee that Laramar purchased in 2019 as a condo deconversion project. Laramar’s property repositioning plan included significant interior and exterior renovations, including adding an expansive barbecue and outdoor amenity area, updating the fitness center and improving the garage and mechanical systems. Laramar also completed common area improvements and unit renovations.

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Affordable HousingDevelopmentMidwestMultifamilyNorth Dakota

WNC, BlueLine Break Ground on 110-Unit Affordable Housing Development in Fargo, North Dakota

by Kristin Harlow

FARGO, N.D. — WNC & Associates and BlueLine Development, along with partner Fargo Housing Redevelopment Authority, have closed a deal to commence construction on Lashkowitz Riverfront Apartments, a 110-unit affordable housing development in Fargo. The new project will replace an older affordable housing community on the same lot. Once the tallest building in Fargo, the previous 22-story property lost its efficiency, was vacated and demolished by implosion in September 2023. The new development will feature four upper levels of affordable housing and a ground floor with commercial space. Amenities will include community rooms, lounges, a rooftop patio, exercise room and free laundry. As a fully Section 8 community, Lashkowitz Riverfront Apartments will serve families earning between 30 and 50 percent of the area median income. The unit breakdown includes 52 one-bedroom units, 36 two-bedroom units and 22 three-bedroom residences. The property will overlook the Red River in the middle of downtown Fargo, bordering the Minnesota state line. The deal was structured with 4 percent and 9 percent Low-Income Housing Tax Credits, with financing from the North Dakota Housing Finance Agency Housing Trust Fund and Fargo Housing Capital Fund. Completion is slated for December 2025.

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AcquisitionsIndianaMidwestRetail

Marcus & Millichap Brokers $5.8M Sale of Retail Strip Center in Westfield, Indiana

by Kristin Harlow

WESTFIELD, IND. — Marcus & Millichap has brokered the $5.8 million sale of Creekside Centre, a 15,168-square-foot retail strip center in Westfield, a northern suburb of Indianapolis. Riverview Health anchors the property, which was built in 2001. Additional tenants include Titus Orthodontics, Bumble Kids and Domino’s. Julia Evinger of Marcus & Millichap represented the buyer, a long-time client from the area that completed a 1031 exchange.

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DevelopmentMidwestMissouriOffice

Sansone Group Unveils New Amenities Center at PNC Center Office Tower in Clayton, Missouri

by Kristin Harlow

CLAYTON, MO. — Sansone Group, the leasing and property management team for PNC Center, has unveiled a new 11,435-square-foot amenities center at the 18-story office tower in the St. Louis suburb of Clayton. Named The Clayton Club, the project features a training center that can accommodate up to 64 participants, alongside two additional conference rooms and three huddle rooms for smaller meetings. The center also boasts a fully equipped fitness facility, complete with towel service, personal training and a dedicated movement room. Additional upgraded amenities include a micro-mart, putting green, pool table and various relaxation areas. The Clayton Club provides whiskey and wine lockers for an after-work experience. Sansone Group’s property management team oversaw every aspect from design collaboration to contractor selection and project execution. The property is owned by Clayton Central Owner LLC. Local architect Domash DesignSource and Los Angeles-based David Netto Design were the architects. Two new tenants have signed leases at the building totaling over 15,000 square feet.

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Roeschlaub-Pull-Quote
FloridaHospitalityLoansSoutheastTexasTop Stories

Newmark Arranges $1.75B Refinancing of Two Miami Hotel Resorts

by Taylor Williams

MIAMI — Newmark has arranged two loans totaling $1.75 billion for the refinancing of a pair of hotel resorts in Miami. Jordan Roeschlaub, Jonathan Firestone, Nick Scribani and Tyler Dumon of Newmark arranged the loans on behalf of the borrower, national hospitality owner-operator Fontainebleau Development. In the first deal, the Newmark team arranged a $1.2 billion loan through Goldman Sachs for Fontainebleau Miami Beach. Originally developed on 22 acres in 1952, the beachfront property totals 1,594 guestrooms across four towers and features a newly built convention center. Amenities include 11 pools with luxury cabanas; nine food-and-beverage outlets; three nightlife and lounge venues; 200,000 square feet of meeting and event space; and a 40,000-square-foot spa with a 5,800-square-foot fitness center. In the second transaction, the quartet of financial intermediaries placed a $550 million loan through J.P. Morgan for the JW Marriott Miami Turnberry Resort & Spa. Built in 1967 and renovated and expanded in 2019, the 270-acre resort comprises 685 guestrooms; two golf courses with a private country club; 120,000 square feet of meeting and event space; six restaurants and lounges; a waterpark; and a 25,000-square-foot spa. “These financings underscore the enduring appeal of South Florida’s premier hospitality assets,’’ says Roeschlaub, …

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ArizonaMarket ReportsMultifamilyWesternWestern Market Reports

Rapid Population Growth Keeps Phoenix Apartment Developers, Investors Engaged

by John Nelson

— By Ryan Sarbinoff, first vice president and regional manager, Marcus & Millichap —  Phoenix ranks third among the major markets in terms of both total net in-migration and job creation since the end of 2019. The region has also posted one of the largest jumps in median household income. Combined, these factors underpin heightened demand for housing and support elevated multifamily development.  While total deliveries will rise for the fourth consecutive year in 2024 to a record high of 22,000 rentals, apartment absorption has notably kept pace through mid-year. As such, metro-wide vacancy is on track to dip to 7 percent by December. This would mark both a 30-basis-point decline from the 2023 peak, as well as an 18-month low. The improving alignment of supply and demand will encourage a return to rent growth, albeit slight. The average effective rent will end 2024 at $1,585 per month, up from the year before but down 5.3 percent from the peak set in 2021. Apartment completions over the past year (ending in June) were most prevalent in the Avondale-Goodyear-West Glendale submarket, where a collective 5,200 units opened. This represented a 23.8 percent boost to existing stock. Yet, the substantial wave of openings …

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