Property Type

Nittany-Residence-Club-State-College

STATE COLLEGE, PA. — An affiliate of New Jersey-based intermediary Cronheim Mortgage has arranged a $40 million construction loan for a 70-room hotel and condo project in State College. The site is located at the gateway to Penn State University’s campus, and the building will include ground-floor retail space. Residences/hotel rooms will feature premium finishes, and residents will have access to 24/7 security, concierge and housekeeping services, as well as use of a fitness center. An undisclosed national lender provided the nonrecourse loan to the borrower, which also requested anonymity.

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DERBY, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $15.4 million sale of Derby Shopping Center, a 170,683-square-foot shopping center located about eight miles west of New Haven. Built in phases from 1985 to 2023 and anchored by Lowe’s Home Improvement, the center is also home to tenants such as Splash Car Wash, Webster Bank and Dunkin.’ Jim Koury of IPA, along with Henry McKenney and John Krueger of Marcus & Millichap, represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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PARAMUS, N.J. — Regional brokerage firm Hudson Atlantic Realty has negotiated the $9.2 million sale of a multifamily development site in the Northern New Jersey community of Paramus. The 9.9-acre site at 731 Pascack Road is fully approved for the development of a 162-unit, age-restricted project that will be known as The Residences at Joy Farms. Units will come in one- and two-bedroom floor plans, and amenities will include a fitness center, bar/kitchen area and indoor/outdoor social spaces. Adam Zweibel of Hudson Atlantic brokered the deal. The buyer and seller were not disclosed.

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NEW YORK CITY — Watershed Technology Inc. has signed a 15,180-square-foot office lease in Manhattan’s NoHo district. The provider of software that tracks sustainability data will occupy the entire fifth floor at 440 Lafayette Street, which is part of a larger, three-building complex. Sacha Zarba and Conor Krup of CBRE represented the tenant in the lease negotiations. Robert Silver, Anthony Sciacca and Brittany Silver of Newmark, along with internal agent Neith Stone, represented the landlord, GFP Real Estate.

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PHOENIX — A partnership between Mack Real Estate Group and McCourt Partners has broken ground on Halo Vista, a $7 billion mixed-use development in North Phoenix that has been billed as a “city within a city.” Situated adjacent to the Taiwan Semiconductor Manufacturing Co. (TSMC) campus, the 2,300-acre master-planned project is designed to be a global hub for science, innovation and community. The initial phase of construction will focus on crucial horizontal infrastructure and site preparation, with work led by Phoenix-based Willmeng Construction. The master plan for the site includes nearly 30 million square feet of industrial, office, retail, residential and educational uses. Companies that have already committed to Halo Vista include Costco and Marriott, which plans to develop a five-story, dual-branded hotel under the Courtyard and Residence Inn brands. Those announcements came in October. In addition, DeRito Partners is planning an “auto mall” at Halo Vista that will feature approximately 10 dealership facilities. These developments are part of the first phase of commercial space that is planned along I-17 and Dove Valley Road and is designed to serve the thousands of workers and residents anticipated to join the Halo Vista community. “Northwest Phoenix has always had strong neighborhoods and a …

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Retail real estate across the Mid-Atlantic is having a moment — but it’s a disciplined one. As fundamentals remain healthy in Virginia, Maryland and Washington, D.C., the region is seeing a notably more selective approach to retail growth. Years of limited new development, zoning constraints and rising construction costs have tightened supply, pushing owners, investors and municipalities to be far more intentional about what gets built — and where. Sources interviewed for this article point to the sustained demand for well-located shopping centers, such as those anchored by strong tenants, daily-needs retailers and dense surrounding populations.“Retail today is about durability,” states Mike Castellitto, chief operating officer of Broad Reach Retail Partners. “Assets that serve essential, repeat-use visitors continue to outperform and attract both tenants and investors.” Shifting consumer preferences in VirginiaFrom Washington, D.C.’s dense suburban corridors to fast-growing secondary markets, Virginia’s retail real estate landscape remains one of the Mid-Atlantic’s steadiest performers. The Commonwealth’s strongest retail fundamentals are often seen in Northern Virginia and select regional hubs like metro Philadelphia, Virginia Beach and Richmond, where household income growth and population density create robust demand. Jim Ashby, senior vice president of the Retail Services Group at Cushman & Wakefield | Thalhimer, …

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Summit-Ridge-Temple

TEMPLE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Summit Ridge, a 216-unit apartment complex in the Central Texas city of Temple. Summit Ridge offers one-, two- and three-bedroom units with an average size of 956 square feet and amenities such as a pool, dog park, clubhouse, business center and a fitness center. Will Balthrope of IPA, in conjunction with Tommy Lovell III and Richard Robson of Marcus & Millichap, represented the seller, a private investor, in the transaction. The trio also procured the buyer, Ilan Investments LLC.

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GAINESVILLE, TEXAS — Atlanta-based hospitality brokerage firm Hunter Hotel Advisors has arranged the sale of an 83-room hotel in Gainesville, located north of the metroplex. The Fairfield Inn & Suites Gainesville I-35 hotel was built in 2019 and offers amenities such as an indoor pool, fitness center, business center and 450 square feet of meeting and event space. Kami Burnette and Mason McDavid of Hunter Hotel Advisors represented the seller, an entity doing business as Texoma 35 LLC, in the transaction.

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HOUSTON — Skanska USA has completed a 20,772-square-foot adaptive reuse project in Houston’s Third Ward. The project converted the historic Riverside General Hospital, which originally opened in 1926, into the new home of the Harris County Public Health Department. The work encompassed renovations to the main hospital building, former nursing school and adjacent utility structure. The project team also integrated new mechanical, electrical and life-safety systems throughout.

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PLANO, TEXAS— C&S Electric Services, a Michigan-based company, has signed an 18,302-square-foot lease in Plano. The space is located within the 82,600-square-foot industrial flex property at 2600 Technology Drive. Brian Pafford and Jared Laake of Bradford Commercial Real Estate Services represented the landlord, Kennington Commercial, in the lease negotiations. Casey Hilbun and Sara Fredericks of Newmark represented the tenant. 

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