Saturday, August 15, 2026
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HospitalityMidwest

GRAVES HOSPITALITY TAKES OVER MANAGEMENT, REDEVELOPMENT OF TWO HOTELS

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ST. PAUL, MINN. — The Mille Lacs Band of Ojibwe has hired Graves Hospitality Corp. to take over management and redevelopment of two hotels in downtown St. Paul: the Crowne Plaza St. Paul Riverfront Hotel at 11 Kellogg Blvd.; and the DoubleTree St. Paul Downtown Hotel at 411 Minnesota St. The Mille Lacs Band acquired the hotels, which include nearly half of the hotel rooms in downtown St. Paul, in early March. The Mille Lacs Band of Ojibwe, a self-governing, federally recognized Indian tribe located in East Central Minnesota, purchased the hotels as part of an investment diversification strategy. The band has more than 4,300 enrolled members.

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MidwestMultifamily

EVERGREEN POINTE TOWNHOMES LLC ACQUIRES APARTMENT COMMUNITY FOR $2.7M

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SAVAGE, MINN. — Evergreen Pointe Townhomes LLC has acquired Evergreen Pointe Townhomes, a 43-unit multifamily property in Savage, a southwest suburb of Minneapolis, for $2.7 million, or $64,000 per unit. The seller was Evergreen Pointe Townhomes LP. The apartment community is part of the Section 42 Low-Income Housing Tax Credit program and has an extended-use agreement in place that requires the units continue to be rented to tenants who make 60 percent or less of the area’s median income. The 49,808-square-foot apartment community is located at 4100-4228 McColl Drive. John Karlen of RP Mallery Group LLC represented the buyer and the seller in the transaction.

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MidwestRetail

MARCUS & MILLICHAP ARRANGES SALE OF 9,200 SF RETAIL BUILDING FOR $2.5M

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BELLEVUE, WIS. — Marcus & Millichap has arranged the sale of Bellevue Retail Center, a 9,200-square-foot retail property, for $2.5 million. The shopping center is located at 1976 Lime Kiln Road in Bellevue, a southern suburb of Green Bay, and was 85 percent occupied at the time of sale. Jeff Rowlett and Jason Ladner of Marcus & Millichap represented the seller, a developer, in the transaction. Michael Ahles of Marcus & Millichap represented the buyer, a private investor.

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MultifamilyNortheast

MARCUS & MILLICHAP ARRANGES SALE OF TWO MULTIFAMILY PROPERTIES

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ELMWOOD PARK, N.J. — Marcus & Millichap has arranged the sale of two apartment buildings in New Jersey for a combined $9.7 million. The properties include Whalepond Village, located at 400 Stacey Drive in Ocean Township, N.J., and Broadway Apartments, located at 205 66th St. in West New York. The 96-unit Whalepond Village sold for $7.1 million. The seller was the developer of the property, K. Hovnanian. The buyer was Ocean Township. Broadway Apartments, a 30-unit multifamily property, sold for $2.6 million. The seller was Roje Realty Co. LLC, and the buyer was Sela Properties LLC. Thomas McConnell and Kevin McCrann of Marcus & Millichap brokered the transaction.

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NortheastOffice

COLLIERS ARRANGES 11,000 SF SUBLEASE AT 2 PENN PLAZA IN NYC

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NEW YORK CITY — Colliers International has arranged an 11,000-square-foot sublease for iLevel Solutions at 2 Penn Plaza in New York City. The software company will sublease a portion of Forest Electric’s space on the fourth floor. Built in 1967, 2 Penn Plaza is a 29-story commerical building located on Seventh Avenue between 31st and 33rd streets. Mark Mandel of Cushman & Wakefield represented the sub-tenant, iLevel Solutions, in the transaction. iLevel Solutions provides private equity firms with cloud-based platforms. Forest Electric, a subsidiary of EMCOR Group Inc., provides commercial electrical contracting services to end-users, building owners and construction companies.

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HospitalityTexas

SECOND OF TWO MARRIOTT-BRANDED HOTELS OPENS IN GALVESTON'S SEAWALL

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GALVESTON, TEXAS — An 85-key Courtyard by Marriott hotel has opened on a 4.8-acre site along Galveston's Seawall Boulevard. The new hotel is the second Marriott affiliate to open in the area recently. An 88-key Marriott TownePlace Suites opened for business on March 12. Dallas-based Mayse & Associates, an architecture firm, designed the 64,028-square-foot Courtyard by Marriott hotel. The new hotel's outdoor amenities include a resort-style swimming pool, restrooms and a bar area. San Antonio-based Segment Construction Group was the construction management firm and Cameron-based EBCO General Contractor LTD constructed both hotels.

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MultifamilyTexas

M&M BROKERS SALE OF BASSWOOD MANOR IN LEWISVILLE

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LEWISVILLE, TEXAS — Marcus & Millichap has arranged the sale of the 212-unit Basswood Manor, a multifamily property located at 1020 W. Fox Ave. in Lewisville. More than 80 percent of the property includes two- and three-bedroom units. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, a Dallas-based partnership, in the transaction. Silva also secured and represented the buyer, a private real estate fund based in Canada. The buyer plans to make capital improvements to the property.

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Mixed-UseTexas

NORTHMARQ ARRANGES $9.96M LOAN FOR WEST SIDE VILLAGE

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AUSTIN, TEXAS — NorthMarq Capital has arranged a $9.96 million bridge loan for the acquisition of West Side Village, a 50,152-square-foot mixed-use property located at 1214 W. 6th St. in Austin. The retail and office property features tenants such as Julian Gold, Artworks Gallery and Infochimps. Paul Brighton of NorthMarq's Dallas office arranged the non-recourse, three-year loan for the borrower through a REIT. The borrower, a Dallas-based private investment company, plans to reposition the property during the bridge period.

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OfficeWestern

WATER'S EDGE OFFICE CAMPUS IN PLAYA VISTA OBTAINS $105M RECAPITALIZATION

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LOS ANGELES — Water's Edge, a 6.5-acre creative office campus in the Los Angeles submarket of Playa Vista, has received a $105-million recapitalization loan. The funds will be used for tenant improvements and leasing commissions for the remaining space. Water's Edge currently includes two buildings totalling 260,000 square feet. It is also entitled for an additional 180,000-square-foot Phase II building, which will commence construction once preleasing is completed. A full-court basketball, sand volleyball court and outdoor swimming pool will open on the campus this summer. Financing was arranged by Rob Verrone of Iron Hound Management on behalf of Maguire Investments. Leasing efforts will be handled by Chris Strickfaden, Anthony Gatti, Brian Niehausand Jaclyn Ward of Jones Lang LaSalle.

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