Property Type

Greysteel Brokers $6.6M Sale of Affordable Housing Community in D.C.

by John Nelson December 1, 2016

WASHINGTON, D.C. — Greysteel has arranged the $6.6 million sale of Brookland Place, an affordable multifamily community located at 617 Hamlin St. N.E. in Washington, D.C. Built in 1950, the 80-unit property is situated near Catholic University and within walking distance of two Metrorail stations in Washington, D.C.’s Brookland neighborhood. Ari Firoozabadi, Kyle Tangney, Rawles Wilcox, Alicia Orkisz and Herbert Schwat of Greysteel represented the seller, Jair Lynch Development Partners. The buyer, Wesley Housing Development Corp., will preserve the community’s affordability using financing from the DHCD and Enterprise Community Partners Inc.

December 1, 2016

University Hospital, Charlottesville, Va.

Healthcare Southeast Top Stories Virginia

Skanska USA to Renovate, Expand University Hospital in Virginia for $142M

by Jeff Shaw December 1, 2016

CHARLOTTESVILLE, VA. — Skanska USA, a division of the Sweden-based construction company, has been chosen for a $142 million renovation and expansion of University Hospital, located on the University of Virginia campus in Charlottesville. The main part of the expansion will be a 425,000-square-foot, 15-story tower on a plot adjacent to the current hospital, a helipad that is no longer in use. The expansion includes a new emergency department, surgical suites, a six-story inpatient section and expanded ancillary services. The project also includes 95,000 square feet of renovations to the existing buildings, including new drop-off and entry points for the ambulances. The project will be completed in phases. The tower is scheduled to open in the fourth quarter of 2019, and the renovations are scheduled for completion in the fourth quarter of 2020. The hospital is part of the University of Virginia Health System. International architecture firm Perkins+Will designed the project. — Jeff Shaw

December 1, 2016

Features Hospitality Top Stories

Group Bookings Brighten Hotel Outlook for 2017

by Kristin Harlow December 1, 2016

NEW YORK CITY — Committed occupancy and average daily rates (ADR) for the first quarter of 2017 are showing major signs of growth in the hotel sector. Group travel is leading the way despite the continuing lag in transient booking pace in the fourth quarter of 2016, according to new data from TravelClick’s November 2016 North American Hospitality Review (NAHR). TravelClick defines a transient traveler as an individual business or leisure traveler. Transient booking pace is the rate by which these travelers book their reservations. Committed occupancy is defined as the sum of transient rooms and group rooms committed divided by capacity. The November NAHR looks at group sales commitments and individual reservations in the 25 major North American markets for hotel stays that are booked by Nov. 1, 2016, from the period of November 2016 to October 2017. Across all travel segments in the first quarter of 2017, occupancy and ADR are up 6.7 percent and 2.7 percent, respectively. Occupancy for the group segment is up 6.8 percent. “Even with the slowing transient reservation pace this month, especially within the business segment, hoteliers should look to the New Year for a promising outlook,” said John Hach, TravelClick’s senior industry …

December 1, 2016

Market Reports Michigan Midwest Midwest Market Reports Retail

Rebound in Labor Market Helps Metro Detroit Retail Sector Turn the Corner

by Jeff Shaw December 1, 2016

Detroit’s sustained employment growth, along with focused redevelopment and revitalization efforts, have brightened the metro area’s economic outlook and propelled the retail market this year. Six consecutive years of job gains have attracted new residents to the region and stemmed population outflow. Strong hiring trends have boosted household incomes, and retail sales are ascending as a result. The local economy is expected to create 38,000 new jobs in 2016, representing a 1.9 percent annual expansion. The local unemployment rate stood at 4.9 percent in August, the lowest rate since 2001 and just 10 basis points higher than the national level. The professional and business services sector led employment gains over the 12-month period that ended June 30 with nearly 12,000 additional workers hired. Ripple effect of jobs growth The abundance of job opportunities is also contributing to higher household incomes. Over the 12-month period that ended Sept. 30, roughly 7,500 households were created and the median household income climbed 3.1 percent. These improvements supported a 1.3 percent hike in retail spending over the same period. Encouraged by the positive economic trends in Detroit, retailers are expanding many existing storefronts, while companies such as Nike and restaurants such as Cheesecake Factory, …

December 1, 2016