PRINCETON, N.J. — New Jersey-based owner-operator Garden Communities has begun leasing Phase I of Lofts at Princeton, a 154-unit apartment complex in Central New Jersey. Phase I features one-, two- and three-bedroom units with a maximum size of 1,620 square feet. Lofts at Princeton will ultimately consist of 656 duplex and loft-style units that will be developed across three phases and amenities such as a pool, outdoor lounge with grilling stations, pocket parks, an entertainment/game room, children’s playroom and a package handling center. Rents start at $2,400 per month for a one-bedroom apartment.
SHORT HILLS, N.J. — The Silverman Group, a New Jersey-based developer, has broken ground on The Estates at Short Hills, a 62-unit multifamily project in Northern New Jersey. Designed by Michels & Waldron Associates, the property will feature 10 one-bedroom units, 49 two-bedroom apartments and three three-bedroom residences. Amenities will include a rooftop terrace, outdoor courtyard, fitness center, resident lounge and game room, package and mail rooms and garage bike storage. The building will also house 10,000 square feet of medical office space on the ground floor. The first units are expected to be available for occupancy in early 2027.
NEW YORK CITY — Biotechnology firm Cresilon has signed a 55,000-square-foot life sciences lease expansion at Industry City in Brooklyn’s Sunset Park area. Cresilon, which focuses on hemostatic technologies that improve wound care, is effectively doubling its headquarters footprint at the 6 million-square-foot mixed-use development via a 10-year deal. Josh Pernice of CBRE represented the tenant in the lease negotiations. Jeff Fein internally represented the landlord, a partnership between Belvedere Capital, Jamestown and Angelo Gordon.
NEW YORK CITY — CBRE has negotiated a 15,000-square-foot office lease expansion at 299 Park Avenue in Midtown Manhattan. The tenant, investment advisory firm One William Street Capital Management, now occupies about 45,000 square feet at the 1.2 million-square-foot building. Scott Gottlieb, Andrew Sussman, Ben Friedman and Lewis Gottlieb of CBRE represented the tenant in the lease negotiations. David Falk, Peter Shimkin, Andy Sachs and Eric Cagner of Newmark, along with internal agents Marc Packman and Clark Briffel, represented the landlord, Fisher Brothers.
OXFORD, MISS. — A joint venture between Morgan Stanley Investment Management, through funds managed by Morgan Stanley Real Estate Investing (MSREI), and The Scion Group has acquired a 2,000-bed student housing portfolio located near the University of Mississippi (Ole Miss) campus in Oxford for $262 million. The portfolio is located within two miles of campus and includes 600 apartments, townhomes and cottages. The acquisition of College Town Oxford, a cottage-style community located on the west side of campus, closed earlier this month. The remaining acquisitions — which include a garden-style community located south of campus and four smaller properties in downtown Oxford — are expected to close in the third quarter. TSB Capital Advisors arranged financing for the acquisitions. The sellers were not disclosed.
MIAMI — Walker & Dunlop has arranged a $125 million construction loan for Cassi, a 20-story apartment tower located at 91 N.E. 36th St. in Miami’s Design District. Sean Reimer, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella and Michael Stepniewski led Walker & Dunlop’s New York Capital Markets team in arranging the financing on behalf of the borrower, a joint venture between the Miami Design District Associates and The Forbes Co. Amerant Bank was the lead lender, with Bank Hapoalim also participating. Cassi will feature one-, two- and three-bedroom apartments averaging 1,509 square feet in size. The tower will also include 23,000 square feet of retail space.
SAVANNAH, GA. — Fort Lauderdale, Fla.-based DoveHIll has placed a preferred equity investment for the redevelopment of a boutique hotel in Savannah’s Historic District. The project will deliver The Sabal House, a 64-room luxury hotel, in place of the former President’s Quarter Inn. The hotel is located on Oglethorpe Square and directly across from the Owens-Thomas House. In addition to upgraded and brand new hotel rooms, The Sabal House will feature Oak Steakhouse, a restaurant concept by Indigo Road Hospitality Group. Terms of DoveHill’s investment were not released. The hotel’s management firm, TPG Hotels & Resorts, says the development team includes Procaccianti Cos., Kim King Associates and Ross Hotel Partners.
FORT LAUDERDALE, FLA. — Native Realty has brokered the $10.3 million sale of Pinecrest Square, a 40,409-square-foot shopping center located in the Fort Lauderdale neighborhood of Cypress Creek. Tenants at the property include ChenMed, 7-Eleven, Jiffy Lube, Cheers Food and Spirits and Veterinary Emergency Group. Jaime Sturgis of Native Realty represented the buyer, an entity doing business as 903 Cypress Creek LLC, in the transaction. An entity operating as Pinecrest AP LLC was the seller. Native is also leasing Pinecrest Square on behalf of the new owner.
GLEN ALLEN, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has negotiated the $6.4 million sale of Virginia Center Station, a 24,400-square-foot retail center located at 1070 Virginia Center Parkway in Glen Allen, a northern suburb of Richmond in Henrico County. Built in 2006, the unanchored shopping center was fully leased at the time of sale to seven tenants, including Chipotle Mexican Grill, Mattress Firm and Q BBQ. The retail center is situated on 4.9 acres within the larger Virginia Center Station retail development and adjacent to the redevelopment of Virginia Center Commons mall. Catharine Spangler, James Ashby IV and Annie O’Connor of Thalhimer represented the seller, an entity doing business as HDJR Central LLC & HDJR Central II LLC, in the transaction. The buyer was an entity doing business as Threelo LLC.
SALT LAKE CITY — Centerspace (NYSE: CSR) has purchased Sugarmont Apartments, a Class A mid-rise multifamily property in Salt Lake City’s Sugar House neighborhood, from Cottonwood Communities for $149 million. Centerspace has retained Cottonwood as property manager for the asset, which is located at 2191 S. McClelland St. Built in 2021, Sugarmont Apartments features 341 units in a mix of studio, one-, two- and three-bedroom floor plans, along with townhomes. Residences offer quartz countertops with mosaic tile backsplashes, smart home features, private balconies, walk-in closets and luxury plank flooring. Community amenities include a resort-style pool and spa, two landscaped courtyard terraces with fire pits and grills, a fitness club and yoga studio, pet park and resident clubhouse. Mark Jensen, Rawley Nielsen and Darren Nielsen of Northmarq’s Salt Lake City Multifamily Investment Sales team represented the buyer in the transaction.