READING, PA. — NAI Emory Hill, in partnership with NS Development Partners, has purchased a 105,000-square-foot industrial building in Reading, located northwest of Philadelphia. The site at 3030 Kutztown Road spans 8.3 acres, and the facility can support both manufacturing and warehousing uses. Building features include a clear height of 24 feet, seven loading docks, 140 parking spaces and 25,000 square feet of office space. The building was 80 percent leased at the time of sale, with industrial communications systems provider GAI-Tronics serving as the anchor tenant.
FRANKLIN, TENN. — A joint venture between Boyle Investment Co., Northwood Investors and Northwood Ravin has opened Block E, a new 300,000-square-foot mixed-use building in Franklin, a city in Nashville’s Cool Springs district. The nine-story, $125 million property is one of the anchors of the McEwen Northside mixed-use development. Block E features a modern training room, full-service fitness center, offices, ground-level retail space and a parking garage. Office tenants include TMPartners PLLC, also the project’s architect, and Designed Conveyor Systems, a supply chain company. Retail tenants include Culinary Dropout, Oak Hall and Hawkers Asian Street Food. In addition to TMPartners, the design-build team includes civil engineer Kimley-Horn and general contractor Hoar Construction. Northwestern Mutual partnered with Boyle Investment, Northwood Investors and Northwood Ravin on the project.
NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $12.4 million sale of a portfolio of four multifamily buildings totaling 17 units in the Red Hook area of Brooklyn. The buildings are located within six blocks of each other along Van Buren Street and include two retail spaces. Daniel Lebor and Matthew Cosentino of TeerraCRG represented the seller, REDHOEK+, in the transaction. Blue Sky Diner Inc. was the buyer. The sales price translates to a cap rate of approximately 6 percent.
OWINGS MILLS, MD. — TruAmerica has acquired Arbor Ridge Apartments, a 348-unit community located at 9204 Appleford Road in Owings Mill, a suburb of Baltimore. Bill Roohan and Brian Margerum of CBRE brokered the transaction, while Ryan Greer and Maxi Leachman, also with CBRE, arranged the permanent financing. The seller, sales price and loan amount were not released. Built in 1999, Arbor Ridge Apartments offer one-, two- and three-bedroom floorplans, ranging in size from 673 to 1,204 square feet, according to Apartments.com. Amenities include a swimming pool, sundeck, fitness center, business center, clubhouse, grilling and picnic areas and a dog park. TruAmerica plans to renovate the property with interior upgrades and amenity improvements.
WOODBRIDGE, VA. — JLL Capital Markets has arranged the sale of 95 East Distribution Center, a 113,490-square-foot industrial building located in Woodbridge, roughly 20 miles south of Washington, D.C. Situated at 13600 Dabney Road, the facility features 32-foot clear heights, 14 dock doors and 13 knock-out panels, as well as 10,143 square feet of outdoor storage space. The property is fully leased to Goodwill of Greater Washington and Zippy Shell. Bill Prutting, Craig Childs, Chris Dale, Ginna Wallace, John Dettleff, Dan Coats, Robert Carey and Gus Caiola of JLL represented the seller, a partnership between D.C.-based The Pinkard Group and New York-based Cannon Hill Capital Partners, in the transaction. The buyer was an institutional pension fund advisor. The sales price was not disclosed.
GARNER, N.C. — Beacon Partners and HM Partners have broken ground on the third and final phase of Beacon Commerce Park, a 924,691-square-foot industrial development located in the Raleigh suburb of Garner along the I-40 corridor. Jeff Stephens, Jackson Rives and Jordan Rives of Foundry Commercial are leading leasing efforts for Phase III. The project team includes general contractor Myers & Chapman, architect HagerSmith and Advanced Civil Design. CIBC Bank USA is providing construction financing. Situated immediately north of three existing buildings at Beacon Commerce Park, Phase III will add 294,000 square feet of industrial space across two buildings, which total 156,033 square feet and 138,625 square feet, respectively. The facilities will feature 32-foot clear heights, build-to-suit office space, full concrete truck courts and ESFR sprinkler systems. Shell completion is slated for September 2026.
Embrey Secures Construction Financing for 296-Unit Luxury Apartment Community in Franklin, Tennessee
FRANKLIN, TENN. — San Antonio-based Embrey has secured financing for Thatcher at Aureum, a 296-unit luxury apartment complex located within the master-planned development of Aureum in Franklin, a suburb in Nashville’s Cool Springs neighborhood. Garrett Karam and Brad Knolle of Embrey internally originated the loan through Texas Capital. Construction of the development will begin immediately, with first occupancies anticipated for third-quarter 2027. Thatcher at Aureum will span roughly 3.8 acres and will offer studio, one-, two- and three-bedroom floorplans. Residents will have access to a private clubhouse and lounge with micro-offices and conference space, a podcast studio, game room and grab-and-go market. Other amenities will include a resort-style swimming pool with a spa, private cabanas and grilling areas, as well as a rooftop terrace, gaming lawn, fitness center and yoga studio. The community will also feature a pet spa, pet park, bike storage, repair shop and a 24-hour package room with refrigeration. Additionally, the project will restore and preserve a historic stone wall on the site to commemorate the City of Franklin’s heritage.
MESA, ARIZ. — Rise48 Equity has expanded its Arizona footprint with the purchase of a 154-unit apartment property in Mesa. Terms of the transaction were not released. Rise48 Equity will rebrand the property, formerly known as Emparrado Apartments, as Rise Mountain Ridge. The company plans to renovate all of the units to its Diamond and Gold finish levels. Upgrades will include new stainless steel appliances, vinyl plank flooring, white Shaker cabinet doors, resurfaced countertops and modern plumbing and lighting fixtures. Additionally, 39 percent of the units (60 units) will receive in-unit washers and dryers. Rise48 will also implement exterior improvements, including updates to landscaping, pool and amenity spaces, signage and community branding.
PHOENIX — JLL Capital Markets has arranged the sale of Marigold Two-Pack, a two-building, 237,765-square-foot industrial portfolio in metro Phoenix. An Ares Real Estate fund acquired the asset for an undisclosed price. Ares Industrial Management will manage the portfolio, which consists of a 100,000-square-foot property in the Southwest Valley submarket and a 137,765-square-foot asset in the Airport Area submarket. The buildings offer secured and gated yards, 22- to 30-foot clear heights, ample dock-high and grade-level loading, excess parking and low office build-out. At the time of sale, the assets were fully leased to six tenants. Ben Geelan and Greer Oliver of JLL represented the undisclosed seller in the transaction.
CHANDLER, ARIZ. — Concord Summit Capital has arranged a $12.2 million construction loan for the development of ECHO Suites Extended Stay by Wyndham at Chandler Airport Center. The borrower is Richmond, Va.-based The Sandpiper Group of Cos., which is expanding its brand across the western United States. Located in Chandler, the four-story project will offer 124 guest rooms. ECHO Suites has nearly 270 hotels in its pipeline nationwide. Robert Horton, John Choi and Connor Martz of Concord Summit structured the financing for the borrower, which is a repeat client. Last year, Concord Summit secured financing for the client for an ECHO Suites project in Peoria, Ariz.