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J-Veridian-at-Upper-Dublin-Fort-Washington
DevelopmentMultifamilyNortheastPennsylvania

Jefferson Apartment Group, CP Capital Deliver 310-Unit Project in Metro Philadelphia

by Taylor Williams

FORT WASHINGTON, PA. — A partnership between Jefferson Apartment Group, a developer based in Northern Virginia, and New York City-based CP Capital has delivered the first building of a 310-unit multifamily project in the northern Philadelphia suburb of Fort Washington. The 14-acre site at 1125 Virginia Drive, which was formerly home to an office building occupied by ADP, now houses five mid-rise buildings that comprise a community known as J Veridian at Upper Dublin. Units come in one-, two- and three-bedroom floor plans, and amenities include a pool, outdoor grilling and dining stations, dog park, clubroom with a bar, game room, fitness center, coworking lounge and a movie theater. The property also features multiple acres of open green space. Rents start at $1,800 per month for a one-bedroom apartment. Full completion is scheduled for the coming months.  

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AcquisitionsMidwestMixed-UseOhio

Tanger Acquires Pinecrest Mixed-Use Development in Suburban Cleveland for $167M

by Kristin Harlow

ORANGE, OHIO — Tanger has acquired Pinecrest, a 640,000-square-foot mixed-use development in Orange, an eastern suburb of Cleveland, for approximately $167 million. Tanger utilized cash on hand and available liquidity for the acquisition and estimates the center to deliver an 8 percent return during the first year. Opened in 2018, Pinecrest is anchored by Whole Foods Market. Retailers include Alo Yoga, UNTUCKit, Madewell, Sephora, Warby Parker, Indochino, Willliams-Sonoma, Pottery Barn, REI and Nike. Dining and entertainment options include Shake Shack, Kitchen Social, First Watch, Firebirds Wood Fired Grill, Silverspot Cinema and Pinstripes. Tanger’s acquisition also includes the center’s residential and office components. The on-property AC Hotel is under separate ownership.

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IllinoisIndustrialLeasing ActivityMidwest

RJW Logistics Group Signs 976,954 SF Industrial Lease in Joliet, Illinois

by Kristin Harlow

JOLIET, ILL. — RJW Logistics Group has signed a full-building, 976,954-square-foot industrial lease at 2903 Schweitzer Road in Joliet. CenterPoint Properties owns the distribution center, which is adjacent to the newly built Houbolt Road Extension bridge over the Des Plaines River. The facility was built in 2023. Dan Leahy and Adam Roth of NAI Hiffman represented CenterPoint in the lease. RJW, a third-party logistics company servicing consumer packaged goods retailers, employs more than 1,600 people in the Chicago and Dallas areas.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers Pair of Multifamily Sales in Wheaton, Illinois, Totaling Over $15M

by Kristin Harlow

WHEATON, ILL. — Interra Realty has brokered the sale of two multifamily buildings in the Chicago suburb of Wheaton. The 18-unit Liberty Square Flats sold for $8.4 million, while the 44-unit Lorraine Court Apartments traded for nearly $7 million. Nathan Zito, Patrick Kennelly and Paul Waterloo of Interra represented seller Liberty Square Flats LLC as well as the buyer, a confidential local investor. The trio also represented LCA LLC in the sale of Lorraine Court Apartments, as well as the buyer, one of the largest owners of middle-market apartment properties in DuPage County. Both properties were sold as part of 1031 exchange transactions. Situated at 302 W. Liberty Drive, Liberty Square Flats was built in 2024. Amenities include a rooftop deck, dog washing station, outdoor patio, storage closets, heated garage parking, electric vehicle chargers, surface parking and keyless access. Lorraine Court Apartments, located on South Lorraine Road, was constructed in 1972.

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AcquisitionsIllinoisIndustrialMidwest

Entre Commercial Realty Negotiates Sale of USDA Food Processing Facility in Calumet City, Illinois

by Kristin Harlow

CALUMET CITY, ILL. — Entre Commercial Realty has negotiated the sale of a USDA-certified food processing facility in Calumet City, a southern suburb of Chicago. The sales price was undisclosed. The 40,368-square-foot building is situated on 3.5 acres at 414 E. State St. and features extensive cold storage infrastructure. Chris Wilbur and Jeff Locascio of Entre represented the buyer, Reyes Meats. The duo also assisted the buyer in securing a Cook County Class 8 property tax incentive. Tom Condon of Lee & Associates represented the seller.

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AcquisitionsMidwestMissouriRetail

Marcus & Millichap Arranges $5M Sale of Single-Tenant Retail Property in Columbia, Missouri

by Kristin Harlow

COLUMBIA, MO. — Marcus & Millichap has arranged the $5 million sale of a retail property net leased to O2B Kids! in Columbia. Built in 2013, the 12,300-square-foot asset is located at 3250 S. Bearfield Road. O2B Kids! acquired the property in 2023; it previously operated as a Bright Star Academy childcare facility. More than 18 years remain on the corporate-guaranteed lease. Dominic Sulo of Marcus & Millichap represented the seller. Buyer and seller information was not provided.

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Teterboro-Distribution-Center
DevelopmentIndustrialNew JerseyNortheast

Seagis Nears Completion of 166,725 SF Warehouse in Teterboro, New Jersey

by Taylor Williams

TETERBORO, N.J. — Seagis Property Group is nearing completion of a 166,725-square-foot warehouse in the Northern New Jersey community of Teterboro. Known as Teterboro Distribution Center, the building offers proximity to Port Newark-Elizabeth and Liberty International Airport. Building features include a clear height of 40 feet, 5,000 square feet of office space, 40 loading docks, 185-foot truck court depths and parking for 46 trailers and 114 cars. CBRE is marketing the property, which is slated for a summer delivery, for lease.

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AcquisitionsNew JerseyNortheastRetail

IPA Brokers Sale of 85,513 SF Shopping Center in Morristown, New Jersey

by Taylor Williams

MORRISTOWN, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Morris Marketplace, an 85,513-square-foot shopping center located roughly 25 miles west of New York City. The newly developed center was fully leased at the time of sale to more than 35 restaurant and service-oriented tenants, including Wells Fargo, Jersey Mike’s, Orangetheory Fitness and Panda Express. Brad Nathanson and JP Colussi of IPA represented the seller and developer, DeVimy Equities, in the transaction. The duo also procured the buyer, Ohio-based Last Mile Investments.

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Leasing ActivityNew YorkNortheastOffice

Gardiner & Theobald Signs 27,500 SF Office Lease Renewal in Midtown Manhattan

by Taylor Williams

NEW YORK CITY —Gardiner & Theobald, an independent construction and property consulting firm, has signed a 27,500-square-foot office lease renewal at 535-545 Fifth Avenue in Midtown Manhattan. The lease term is five years. Omar Sozkesen of The Moinian Group represented the landlord in the lease negotiations on an internal basis. Evan Fiddle of CBRE represented the tenant.

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Rainbow-Village
Affordable HousingDevelopmentFloridaMultifamilySoutheastTop Stories

Housing Trust Group Breaks Ground on $185M Affordable Housing Development in Miami

by Katie Sloan

MIAMI — Housing Trust Group has broken ground on Rainbow Village, a $185 million affordable housing development located at 2000 N.W. Third Ave. in Miami.  Spanning 698,000 square feet, the community will feature 310 units alongside 12,000 square feet of retail space, 50,000 square feet of amenities and 442 parking spaces.  Units will be offered in studio, one-, two-, three- and four-bedroom configurations for income-qualifying residents who earn at or below 30 percent to 80 percent of the area median income (AMI). Monthly rents for one-, two- and three-bedroom apartments will range from $793 to $2,634, according to Housing Trust Group.  “As Miami continues to face a growing demand for affordable housing, Rainbow Village will offer much-needed relief to working families throughout the community,” says Matthew Rieger, president and CEO of Housing Trust Group.  Shared amenities at the property will include a resort-style swimming pool, business center, lounge area, daycare, playground, covered and open courtyards, a theater room, community center, juice bar, bike storage room, fitness center, study and play areas and a fire pit. Housing Trust Group expects to complete construction in first-quarter 2027, with leasing to begin in late 2026. Funding for Rainbow Village includes $70 million in …

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