FAIR LAWN, N.J. — Locally based investment firm TFE Properties has acquired the 93,000-square-foot River Road Shopping Center in the Northern New Jersey community of Fair Lawn. The 6.3-acre center comprises an 18,825-square-foot single-tenant building occupied by Walgreens, an 18,900-square-foot multi-tenant building and a 54,000-square-foot building that was formerly occupied by grocer ShopRite. The new ownership plans to implement a value-add program to the multi-tenant and former grocery buildings. Jose Cruz, Kevin O’Hearn, J.B. Bruno and Ryan Robertson of JLL represented the seller, Bon-Marc Realty Co., in the transaction and procured TFE Properties as the buyer.
CHATHAM, N.J. — New Jersey-based developer Walters is nearing completion of Cornerstone at Chatham, a 63-unit affordable housing complex in Northern New Jersey. Walters is also launching a lottery program to lease the building, which sits on a 3.2-acre site that formerly housed a now-defunct restaurant. Units come in one-, two- and three-bedroom formats, range in size from 807 to 1,343 square feet and are reserved for renters earning 60 percent or less of the area median income. Amenities include a fitness center, community room and outdoor grilling and dining stations. Construction began in August 2023. Full completion is slated for late 2024.
AURORA, COLO. — A joint venture between Draper and Kramer Inc., Koebel and Co., Mile High Development and Urban Roots Development is developing Tempo Nine Mile Station, a multifamily community with 3,000 square feet of ground-floor retail space at the northeast corner of Parker Road and Peoria Street in Aurora. The property is part of The Point, a 22-acre master-planned development with walkable grocery, restaurant, retail and green spaces. Preleasing now, Tempo Nine Mile Station features 255 apartments in a mix of one-, two- and three-bedroom layouts, ranging in size from 542 square feet to 1,321 square feet. Monthly rental rates for available units were not disclosed. Community amenities include an outdoor pool and landscaped courtyard, a community room, coworking spaces, high-speed Wi-Fi, a bike/ski/kayak storage room, yoga studio, rooftop fitness center and a party deck. The project team includes KTGY Architects and Brinkmann Constructors. The project was financed by a HUD 221(d)(4) loan originated by PGIM Real Estate.
BOSTON — Coldwell Banker Commercial Realty has brokered the $6.2 million sale of a 14,000-square-foot office building in the Brookline area of Boston. Todd Glaskin and Gregg Leppo of Coldwell Banker represented the buyer, local developer Concept Properties, in the transaction. The duo also represented the seller, a partnership between Kinross Real Estate and Greenline Realty, which purchased the building for $2.5 million in 2005.
BLOOMING PRAIRIE, MINN. — Kraus-Anderson Rochester has completed a $34 million district renovation of the high school and elementary school for Blooming Prairie Public Schools in southern Minnesota. Voters approved a referendum in 2021 to fund the expansion to meet the community’s growing student population. Designed by Wold Architects and Engineers, the 79,000-square-foot project features new classrooms, an auditorium and gym additions and interior renovations. Construction began in June 2022.
CHICAGO — The Saint Grand, a 248-unit luxury apartment complex in Chicago, is now 75 percent leased. The development team includes Mavrek, Double Eagle Development, Luxury Living and GW Properties. The property at 535 N. St. Clair also features 45,000 square feet of office space and 8,000 square feet of street-level retail space. The building’s grand opening took place in late July, and residents started moving in in April. Units feature workspaces and private outdoor spaces. Amenities include a fitness center, coworking spaces, lounges and a rooftop pool deck. The retail space will be home to a Starbucks, and additional retailers will be announced in the coming months. The project team included architect NORR, general contractor Lendlease and interior designer Harken Interiors. Cushman & Wakefield is overseeing residential and commercial property management. Monthly rents for the apartments start at $2,379.
PERKINS TOWNSHIP, OHIO — Redwood Living Inc. has opened Redwood Sandusky, a 136-unit, single-story apartment community in Perkins Township near Sandusky. Developed and managed by Redwood, the property features two-bedroom floor plans ranging in size from 1,294 to 1,620 square feet. Each unit includes an attached two-car garage. Monthly rents start around $1,799.
BROOKLYN PARK, MINN. — Colliers Mortgage has provided an $8.9 million Fannie Mae loan for the acquisition of The Groves of Brooklyn Park Apartment Homes. The 120-unit multifamily property is situated in the Minneapolis suburb of Brooklyn Park. Tony Carlson of Colliers originated the nonrecourse loan, which features a five-year term. The borrower was undisclosed.
CHICAGO — Peak Properties has been awarded management of The Ludlow, a historic typograph factory that has been converted into 121 apartment units and 20,000 square feet of commercial space in Chicago’s Lincoln Park neighborhood. Located at 2032 N. Clybourn, the loft apartments consist of studios to three-bedroom layouts split between five buildings. Amenities include a rooftop lounge, fitness center, demonstration kitchen, media room, coworking lounge and electric vehicle charging stations. Cross Street is handling marketing and leasing for The Ludlow.
OCEANPORT, N.J. — JEMB Realty has begun the design and development process for an 80-acre mixed-use property situated adjacent to the Monmouth Park Racetrack in Oceanport, a borough roughly 42 miles south of Newark, N.J. JEMB Realty will develop the multi-phase project in partnership with the State of New Jersey and Darby Development LLC. Construction is slated to begin in the fourth quarter of 2025. Plans for the site include a 298-unit residential building, as well as a 200-room hotel and a sports community center to support local youth athletes. The development team is also exploring a variety of entertainment options such as music venues and experiential retail components. Monmouth Park Racetrack is a racetrack for thoroughbred horse racing. According to the property website, the original Monmouth Park was constructed in 1870. Three buildings have carried the name in the past 139 years. The current structure opened its doors in 1946. The racetrack is owned by the New Jersey Sports and Exposition Authority and is operated by Darby Development, which recently entered into an 85-year lease agreement for the facility. The project team plans to work with the New Jersey Thoroughbred Horsemen’s Association, the New Jersey Sports & Exposition Authority, the New …