ORO VALLEY, ARIZ. — Venture West Group has sold Innovation Park, a 333-acre master-planned business park in Oro Valley, to Bourn Cos. for $21.2 million. Robert Glaser, Richard Kleiner, Greg Furrier, Alexis Corona and Natalie Furrier of Cushman & Wakefield | PICOR represented the seller in the transaction. Kate Zimmerman, also with Cushman & Wakefield | PICOR, supported the transaction. Located at the northwest corner of Oracle and Tangerine roads, the business park is home to a variety of tenants, including Roche Tissue Diagnostics, the University of Arizona Center for Innovation at Oro Valley and Oro Valley Hospital.
NORTH LAS VEGAS, NEV. — ALPLA, a global plastics manufacturer and recycler, has signed a 141,540-square-foot industrial lease at Building A within Craig Road Logistics Center in North Las Vegas. The Class A industrial facility is located at 4340 N. Nellis Blvd., a former Walmart Supercenter, and will support ALPLA’s continued growth in the Las Vegas market. Building A features 32-foot clear heights, ESFR sprinkler systems, LED warehouse lighting, 52-foot by 60-foot column spacing, 18 dock-high doors, two grade-level doors, 151 auto parking spaces and 2,535 square feet of office space with separate office and shop restrooms. Jason Simon and Rob Lujan of JLL’s Las Vegas office represented the landlord, Rockefeller Group, in the lease negotiations, while Daniel Wilkins, Lou Hall and Donna Alderson of Cushman & Wakefield represented ALPLA. Lee & Sakahara Architects designed the project. TWC Construction served as general contractor, and Taney Engineering served as civil engineer.
TEMECULA, CALIF. — Progressive Real Estate Partners has brokered the $6.5 million sale of a multi-tenant retail building located within Vail Ranch Plaza in the Southern California city of Temecula. Greg Bedell of Progressive represented the buyer, a Los Angeles-based private investor, in the transaction. Brian Bielatowicz, Ryan Bennett and Drew Olson of Lee & Associates represented the seller, another private investor. The 8,781-square-foot retail building was fully leased at the time of sale to tenants including Better Buzz Coffee, Orangetheory Fitness, Krak Boba and D’Or Nail Lounge. Vail Ranch Plaza is an open-air shopping center that is anchored by Sprouts Farmers Market, PetSmart and EOS Fitness.
NORTH HALEDON, N.J. — A partnership between two New Jersey-based groups, Tulfra Real Estate and The Hampshire Cos. has broken ground on High Mountain Promenade, a mixed-use project in the Northern New Jersey community of North Haledon. The development will comprise a 596-unit, 74,715-square-foot (gross) self-storage facility, as well as 90 apartments and 4,400 square feet of retail space. First Bank provided construction financing for the project, which was arranged by JLL. A tentative completion date was not disclosed.
BETHLEHEM, PA. — Developer Boyle Construction is underway on an adaptive reuse project in the Lehigh Valley city of Bethlehem. Designed by MKSD Architects, the project will convert the historic former Bethlehem Steel Turn & Grind Shop, a 26,000-square-foot structure that was built in the 1860s, into a mixed-use facility for festivals, private events and community gatherings. The Lehigh Valley Health Network is sponsoring the conversion, and Pennsylvania-based nonprofit organization ArtsQuest will operate the new facility. Completion is slated for next year.
HACKENSACK, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $9.7 million sale of Royal Court, a 59-unit apartment building located at 5 Pangborn Place in Hackensack. According to Apartments.com, the building offers studio and one-bedroom units. Andrew Scheinerman of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
UPPER SADDLE RIVER, N.J. — Locally based investment firm Devli Real Estate has purchased a three-building 67,000-square-foot industrial flex property in Upper Saddle River, located along the New York-New Jersey border. The property sits on a 6.3-acre site at 116-118 State Route 17 N and can also support industrial outdoor storage usage. The seller and sales price were not disclosed.
NORWALK, CONN. — A joint venture between Saber-Hightower LLC and Granoff Real Estate has announced plans for the repositioning of two vacant office buildings in Norwalk, a coastal town near the Long Island Sound. Development costs of the conversion are estimated at $120 million. The properties — 101 and 102 Merritt 7 — will be converted into apartment buildings totaling 286 loft-style units. Situated within the Merritt 7 office park, the eight-story buildings together comprise 511,000 square feet and were the first of the six buildings constructed at Merritt 7 in the early 1980s. Amenities at the redeveloped properties, dubbed M7 Lofts, will include more than 1,300 parking spaces and a landscaped top-level deck with a lawn, swimming pool, dog runs, a putting green and a bocce ball court. M7 Lofts will offer a mix of 42 studios, 167 one-bedroom units and 77 two-bedroom apartments averaging 983 square feet in size. Twenty-six units will be designated as affordable under the city’s inclusionary requirements. “While some developers may have looked at these buildings as a teardown-and-rebuild opportunity, we saw the value in reusing what was there,” says Greg Belew, co-founder of Saber-Hightower, which is based in Briarcliff Manor, N.Y. “With 11-foot …
— By Jordan Carter and Clay Newton of Kidder Mathews — Portland’s multifamily market is showing signs of stabilization after working through one of the largest apartment construction cycles in its history, compounded by one of the most dramatic swings in lending rates in recent memory. This combination compressed investment activity, weighed on asset values and drove sales volume to decade lows. Demand remains healthy, with apartment absorption over the past 12 months totaling about 3,500 units, in line with long-term historical averages and nearly double the trough of 2023. Vacancy currently sits at 7.1 percent, down from its 2024 peak and below the national average of 8.3 percent. The most consequential shift is the rapid decline in new supply. As of mid-2026, about 2,400 units remain under construction, totaling roughly 1 percent of inventory growth. Deliveries in 2025 were half of 2024 levels, and 2026 is projected to be half of 2025. This is creating the lightest new supply environment in more than a decade as higher interest rates, rising construction costs and tighter lending standards have constrained development. Rent growth remains under pressure but should bottom out near-term as the supply demand balance continues to tighten. Asking rents …
BAYTOWN, TEXAS — Northmarq has arranged $102 million in financing for a 1.3 million-square-foot industrial project that will be located in the eastern Houston suburb of Baytown. The 92-acre project represents Phase II of Port 99 and will consist of three buildings with cross-dock and front-load configurations. The financing includes both debt and equity. A specific breakdown of each component was not disclosed, but the package includes a senior construction loan of an undisclosed amount from Bank OZK, a $30.4 mezzanine loan from PGIM and a joint venture equity investment from Junction Commercial Real Estate. Warren Hitchcock led the Northmarq team that arranged the financing on behalf of the developer, Provident Realty Advisors.