NEW YORK CITY — A partnership between The New York City Housing Authority, Fairstead, BRP Cos., Urbane and the Local Development Corp. of East New York has completed the $636 million rehabilitation of Reid Apartments and Park Rock, two affordable housing communities in Brooklyn. Located on the east side of the borough, Reid Apartments & Park Rock comprise 1,696 affordable housing units across 87 buildings that are home to roughly 3,000 people. Upgrades covered unit interiors and building exteriors, as well as mechanical and utility systems, security measures and resident services. The project also preserves the communities’ affordability status. Specific renovations included upgraded kitchens and bathrooms, new floors, appliances, fixtures and finishes, as well as modernized heating and ventilation systems, restored building facades, enhanced security infrastructure and elevator upgrades. The project also introduced upgraded lobbies and common areas, new storefronts, new community spaces, free community-wide Wi-Fi, fresh landscaping and improvements to outdoor amenity spaces. Lastly, residents now have access to expanded support services such as case management, healthy food programs, workforce development opportunities, youth programming and senior services.
PHILADELPHIA —Denver-based investment firm Speed Bay Warehouse Solutions has purchased a portfolio of eight industrial buildings totaling 488,936 square feet in the greater Philadelphia area. Collectively known as the Philadelphia Interstate Portfolio, the buildings are located throughout New Jersey’s Burlington County and Pennsylvania’s East Montgomery and Delaware counties. Building vintages span 1972 to 2004. The average unit size is 20, 372 square feet, and the buildings’ clear heights range from 17 to 33 feet. The portfolio was approximately 90 percent leased at the time of sale. The seller and sales price were not disclosed.
HOBOKEN, N.J. — JLL has brokered the sale of 1000 Jefferson, a 217-unit apartment building in Hoboken. Built in 2007, the six-story building houses 93 one-bedroom units, 114 two-bedroom residences and 10 three-bedroom apartments with an average size of 960 square feet. Amenities include a pool, fitness center and a rooftop deck. Jose Cruz, Steve Simonelli, Mike Oliver, Elizabeth DeVesty, Austin Pierce and Luke Chakonis of JLL represented the seller, Clarion Partners, in the transaction. Atlanta-based Invesco Real Estate purchased the building for an undisclosed price.
RUMFORD, R.I. — Lee & Associates has arranged a $5 million acquisition loan for a 13,000-square-foot retail strip center in Rumford, located northeast of Providence. First Tech Federal Credit Union provided the nonrecourse loan, which was structured with a sub-6 percent interest rate and a 30-year amortization schedule. Dave Carswell and Ryan Fitzpatrick of Lee & Associates arranged the debt on behalf of the borrower, Kempner Properties, which acquired the center via a 1031 exchange.
LA VERGNE, TENN. — Hamilton Development and Clarion Partners have purchased the former Bridgestone Americas tire plant in La Vergne, a southeast suburb of Nashville, with plans to redevelop the site into a master-planned industrial park. Jeff Feste and Dan McGillicuddy of JLL brokered the transaction. Feste, along with Christopher Gaw, Kelsey Johnson and Carly Seaman of JLL, will lead leasing efforts for the new site. Situated at 1201 Bridgestone Parkway, the 135-acre redevelopment will span 1.5 million square feet across 10 buildings. The site offers multiple opportunities for flexible build-to-suit or speculative space, with the ability to accommodate tenants from 80,000 to 250,000 square feet. The site plan also features a future retail building on the corner of Waldron Road and Bridgestone Parkway. The first phase of the project, which will begin immediately with demolition work of the existing Bridgestone plant, includes the construction of buildings 1 through 6, collectively totaling more than 760,000 square feet of space. Phase I is set to deliver in the second quarter of 2028. Major employers like FedEx, Amazon, UPS, The Home Depot, Quanta and Coca-Cola are also located nearby.
DUNWOODY, GA. — TruAmerica Multifamily has acquired Bricks at Perimeter, a 446-unit, garden-style apartment community located in Dunwoody, roughly 16 miles north of downtown Atlanta. The seller and sales price were not disclosed. Built in 2007, Bricks at Perimeter offers 16 studios, 250 one-bedroom, 154 two-bedroom and 26 three-bedroom apartments averaging 926 square feet in size. Amenities at the property include a fitness center, electric vehicle charging stations, a swimming pool, clubhouse, putting greens, a grill, dog park, business center and access to MARTA. As part of the acquisition, TruAmerica plans to renovate the property as 442 out of 446 apartments are still outdated or only partly upgraded.
LARGO, FLA. — MCB Real Estate has acquired Keene Plaza, an 81,272-square-foot shopping center located at 2150 E. Bay Drive in Largo, roughly 23 miles northeast of Tampa. The seller and sales price were not disclosed. Sprouts Farmers Market and BioLife Plasma Services anchor the retail property, which features a mix of additional tenants such as McDonald’s, Little Caesars, Dollar General, Hibachi Express, The Corner Skillet and Corner Wash Laundry. Renovated in 2025, recent improvements at the retail center include fresh building façades, resurfaced parking facilities, enhanced lighting, modernized retail suite interiors, updated mechanical systems and new roof installations.
HEBRON, KY. — Midland Atlantic Properties is underway on construction of The Shoppes at Hebron Pointe, a 93,875-square-foot retail property located at the corner of Graves Road and Worldwide Boulevard in Hebron, about two miles south of Cincinnati/Northern Kentucky International Airport. Publix will anchor the retail property, adding to the grocer’s 10 current stores in the Bluegrass State. Other tenants at The Shoppes at Hebron Pointe will include Marshalls and Five Below, along with additional national and regional retailers. Further details of the project were not disclosed.
SAN JOSE, CALIF. — TMG Partners, in partnership with accounts managed by global investment firm KKR, has purchased Skyport Plaza, an office and retail complex at 1650 and 1700 Technology Drive and 50 and 90 Skyport Drive in San Jose. Terms of the acquisition were not released. In conjunction with the purchase, TMG Partners signed a long-term lease with the County of Santa Clara that, after extensive renovation of the two office buildings, is projected to commence in the first quarter of 2029 through 2059. Completed in 2001 and institutionally maintained, the 435,000-square-foot Skyport Plaza features floor plates of approximately 25,000 square feet. The property consists of two eight-story office towers totaling 393,000 square feet and two retail buildings totaling 42,000 square feet. The retail portion is 97 percent leased to a childcare facility, restaurants and cafés.
REDWOOD CITY, CALIF. — High Street Residential (HSR), the residential subsidiary of Trammell Crow Co., and joint venture partner Barings have broken ground on a two-building apartment development within the ELCO Yards mixed-use district of Redwood City. Both residential projects are slated for delivery in 2029. The first community, located at 1555 El Camino Real, will feature 252 units with unit sizes averaging 751 square feet, and 5,277 square feet of ground-floor retail space. The second residential building, located at 113 Beech St., will offer 249 units, with floor plans averaging 787 square feet. Both communities will offer studio, one-, two- and three-bedroom layouts, with a portion of all units reserved as affordable housing. Onsite community amenities at both buildings will include rooftop decks and lounges with views of Redwood City and the Santa Cruz Mountains, clubrooms, resort-style pools, spas, covered parking and coworking spaces. Additionally, both communities will offer immediate access to green spaces. WRNS Studio designed both residential buildings, as well the completed commercial phase, while SBI Builders is serving as general contractor. ELCO Yards is a six-block mixed-use redevelopment project creating a transit-oriented neighborhood with 501 apartments, more than 600,000 square feet of office and lab/research space, …