TYSONS, VA. — Northmarq has arranged the $18.5 million sale of a multifamily development site in Tysons, an affluent suburb of Washington, D.C., in Northern Virginia. The 1.3-acre parcel is approved for a 25-story high-rise comprising 447 one-, two- and three-bedroom apartments and 15,207 square feet of retail space. The site is part of Scotts Run, a 40-acre master-planned development comprising 6.5 million square feet of multifamily, office, retail and hotel space. The future apartment high-rise is located within walking distance of the McLean Metro Station’s Silver Line. The buyer and construction timeline were not released.
PHILADELPHIA — Philadelphia-based Comcast Spectacor, in partnership with Cordish Cos., a Baltimore-based developer specializing in sports-anchored entertainment districts, has provided updates on the redevelopment of the Xfinity Live! sports complex in South Philadelphia. New developments include the transformation of the Live! plaza into a central two-story building featuring a rooftop oasis known as AVA Rooftop Bar; the expansion of the PBR Cowboy Bar via an outdoor backyard area with a stage and new bar offerings; and a new and improved turf area that will provide flexible space for various activities and community activations. Construction is expected to be fully complete by early 2026, and the facility will remain open while work is ongoing.
SOUTH BRUNSWICK, N.J. — Federation Distribution Services Inc. has signed a 104,451-square-foot industrial lease in South Brunswick, located roughly midway between Trenton and Newark. The third-party logistics company will occupy half the space at the newly renovated building at 461 Ridge Road for a term of 65 months. Gary Politi and Michael Viera of JLL represented the landlord, a partnership between New Jersey-based Woodmont Industrial Partners and Denver-based Sagard Real Estate, in the lease negotiations. Monica Franco of Lee & Associates represented the tenant.
CLIFTON, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged a $13 million loan for the refinancing of Clifton Plaza, a 95,222-square-foot shopping center in Northern New Jersey. The center was fully leased at the time of the loan closing. Big Lots is the anchor, and other tenants include Dollar Tree, New Jersey Eyes and Blink Fitness. David Fryer of G.S. Wilcox arranged the loan through an undisclosed life insurance company. The borrower was also not disclosed.
JOHNSTON, R.I. — Cushman & Wakefield has negotiated a 28,000-square-foot office lease in Johnston, located just west of Providence. The tenant, regional contractor Dimeo Construction Co., is taking space at 1301 Atwood Ave., a 315,710-square-foot building that was originally constructed in 1973. Matt Fair and Peter Hayes of Cushman & Wakefield represented the landlord, Hobbs Brook Real Estate, in the lease negotiations. Alden Anderson of CBRE represented the tenant.
PHILADELPHIA — Metro Boston-based Apple Cinemas will open a 17-screen theater near downtown Philadelphia. The company will backfill a former theater space of Regal Cinemas at Riverview Plaza III, which is owned by Philadelphia-based Tower Investments. Soloff Realty & Development Inc. represented the landlord in the lease negotiations. The opening is scheduled for fall 2025.
SEATTLE AND PORTLAND, ORE. — A real estate fund managed by Kennedy Wilson has acquired two multifamily properties in Seattle and Portland for a total of $110 million. Kennedy Wilson has an 11 percent ownership interest in the real estate fund, which purchased the two properties with a total equity investment of $40 million, including closing costs and financed the acquisitions with long-term fixed-rate debt totaling $70 million. Built in 2018, the 226-unit Axle in Seattle offers one- and two-bedroom floor plans, eight townhomes and a full collection of amenities, including a resident lounge, sky lounge and outdoor deck, coworking spaces, a fitness center, pet run and game room. Built in 2020 in Portland, Denizen features 212 studio, one- and two-bedroom apartments and ground-floor retail space.
BUCKEYE, ARIZ. — BGO, on behalf of an institutional investor, has purchased Paloma Vista Logistics Center — Building 1, a Class A warehouse and distribution building on nearly 50 acres in Buckeye. A joint venture between US Capital Development and funds managed by Ares Management sold the asset for an undisclosed price. Located at 18900 W. McDowell Road, the 1 million-square-foot Paloma Vista Logistics Center — Building 1 offers a clear height of 40 feet, multiple points of ingress/egress and 190-foot maneuverability. Completed in March 2024, the building is part of a master-planned industrial park with a recently completed 423,000-square-foot building adjacent to the property and a 1.2 million-square-foot planned Phase II. Upon completion, the park will total 2.7 million square feet of industrial space. Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield’s Industrial Advisory Group represented both parties in the transaction. Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield provided leasing advisory and were retained by the buyer to continue leasing services for the project.
DENVER — Trailbreak Partners and Quannah Partners have acquired Kabin Apartments, a multifamily building located within Zeppelin Development’s TAXI project in Denver’s River North Art District (RiNo). The partnership purchased the community from Zeppelin Development for an undisclosed price. Located at 2095 31st St., Kabin Apartments offers 194 residences. The 28-acre mixed-use TAXI Campus features 10 buildings, more than 110 businesses, including BOA Technology’s global headquarters, and more than 350 full-time residents. Campus-wide amenities include a shipping container pool, sand volleyball court, community gardens, bike storage, dog parks, retail spaces, 24/7 security and a 7,000-square-foot fitness center. Dorit Fischer and Hayden Hirschfeld of NAI Shames Makovsky represented Zeppelin Development in the deal.
RIVERSIDE, CALIF. — CIP Real Estate has completed the sale of Summit Business Center, a business park in Riverside, to Dunbar Real Estate Investment Management for $19.2 million. Jeffrey Cole, Nico Napolitano, Kristen Schottmiller, Francisco Vazquez and Christian Giles of Cushman & Wakefield represented the seller in the transaction. Located at 2002-2038 Iowa Ave., the five-building, single-story complex offers 138,697 square feet of multi-tenant space. The asset offers approximately 85 percent office space and 11 ground-level roll-up doors. Situated on 9.3 acres, the asset was originally built in 1989 but has undergone numerous renovations, with the most recent being in 2018.