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AcquisitionsMarylandRetailSoutheast

Continental Realty Acquires 14-Property Shopping Center Portfolio in Southeast, Midwest

by John Nelson

BALTIMORE AND HILLARD, OHIO — Continental Realty Corp. has purchased a 14-property shopping center portfolio spread across seven states in the Southeast and Midwest. The Baltimore-based firm purchased the more than 2 million-square-foot portfolio from Hillard-based US Properties Group Inc. for an undisclosed price. Chris Decoufle and Kevin Hurley of CBRE represented the seller in the off-market transaction. The acquisition grows Continental Realty’s holdings to nearly $5 billion in assets under management and expands its geographic footprint to 16 states, including its entry into Ohio. The portfolio was 93 percent leased at the time of sale to more than 230 tenants, including anchors such as Kroger and Academy Sports + Outdoors. The assets in the portfolio include:

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DevelopmentMultifamilySoutheastTennessee

Crescent, Stockbridge Capital Break Ground on 277-Unit Apartment Development in West Nashville

by John Nelson

NASHVILLE, TENN. — Crescent Communities has broken ground on NOVEL Richland Creek, a 277-unit multifamily development located in west Nashville. The Charlotte-based firm is co-developing the community with San Francisco-based Stockbridge Capital Group, which owns the adjacent Lion’s Head Village, a shopping center anchored by Trader Joe’s. Designed by KTGY, NOVEL Richland Creek will feature studio, one-, two- and three-bedroom apartments, as well as 4,800 square feet of retail space and direct trailhead access to the Richland Creek Greenway. Amenities will include a lobby with a café and wine bar, maker and wellness spaces, coworking and book club room areas, a rooftop pool and indoor and outdoor gathering spaces. The design-build team includes ESG (interior design), EM Structural (structural engineer), Lighthouse Engineering (MEP engineer), Barge Civil Associates (civil engineer) and Hawkins Partners (landscape architect). J.P. Morgan provided an undisclosed amount of construction financing to Crescent and Stockbridge Capital.

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FloridaLoansMultifamilySoutheast

Walker & Dunlop Arranges $79M Refinancing for Multifamily Property in Florida Panhandle

by John Nelson

SANTA ROSA BEACH, FLA. — Walker & Dunlop has arranged a $79 million loan for the refinancing of The Jewel at Santa Rosa Beach, a Class A, 408-unit apartment community in Florida’s Panhandle region. Jeremy Pino, Livingston Hessam, Carl Passmore, Kyle Miller, Keith Melton and David Strange of Walker & Dunlop arranged the interest-only, nonrecourse bridge loan through an institutional debt fund on behalf of the borrower, Bristol Development Group. Located at 158 Malachite Way, The Jewel sits along US Highway 98 and three miles north of the popular 30A corridor. The property features one-, two- and three-bedroom townhome-style residences, as well as a clubhouse, fitness center, two swimming pools, coworking space, golf lounge and a dog park and spa.

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AcquisitionsIndustrialNew YorkNortheastSelf-Storage

JLL Negotiates Sale of 557-Unit Self-Storage Facility in Nyack, New York

by Taylor Williams

NYACK, N.Y. — JLL has negotiated the sale of a 557-unit self-storage facility located at 92 State Route 59 in Nyack, located near the New York-New Jersey border. The facility was built in 1996 and was 87 percent occupied at the time of sale. JLL represented the seller, Go Store It, in the transaction and procured the buyer, Storage Post Self Storage, which has since rebranded the property. The sales price was not disclosed.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $16.5M Sale of Upper Manhattan Apartment Building

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $16.5 million sale of a 25-unit apartment building in Upper Manhattan’s Yorkville neighborhood. The six-story building at 443 E. 88th St. exclusively offers market-rate units. Joe Koicim and Logan Markley of Marcus & Millichap represented the undisclosed seller in the deal. The duo also worked with Marcus & Millichap’s Mark Zarrella to procure the buyer, Jade Century Properties.

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DevelopmentNew YorkNortheastRetail

Marx Realty Underway on 58,000 SF Retail Expansion Project in Yonkers, New York

by Taylor Williams

YONKERS, N.Y. — Marx Realty is underway on construction of a 58,000-square-foot retail expansion project in Yonkers, located just north of New York City. The project will add two new buildings totaling 14,000 and 44,000 square feet to Cross County Center, a 1.2 million-square-foot development that first opened in 1954. The project also includes construction of a 4-acre park. A tentative completion date was not announced.

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Leasing ActivityNew YorkNortheastOffice

Betches Media Signs 23,038 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Betches Media has signed a 23,028-square-foot office lease in Midtown Manhattan. The female-led producer of digital content is relocating from 43 W. 24th St. to the entire sixth floor at 360 Park Avenue South, a newly renovated, 440,000-square-foot building. Shay Bolton, Kirill Azovtsev and Jim Wenk of Savills represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.

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AcquisitionsOfficeSoutheastVirginia

Newmark Brokers $28M Sale of Office Building in Herndon, Virginia

by John Nelson

HERNDON, VA. — Newmark has brokered the approximately $28 million sale of Monument III, a nearly 200,000-square-foot office building located in Herndon, a city in Northern Virginia’s Dulles Technology Corridor. New York City-based Crown Properties purchased the building from Santander Bank. Jud Ryan, James Cassidy and Grant Marley of Newmark represented the seller in the transaction. Joe Donato and Andrew Asbill, also with Newmark, secured acquisition financing for Crown Properties. The buyer has tapped Andy Klaff, Stephen Hoffeditz, Dominic Orcino, Debbie Cross and Wes Evans of Newmark to oversee leasing efforts at Monument III. Upon closing of the sale, the Newmark team extended a 58,977-square-foot lease with anchor tenant Serco Inc. Crown Properties plans to invest in capital improvements at the property, including a new fitness center with locker rooms and showers, a new golf simulator and upgrades to the lounge and café.

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CaliforniaDevelopmentMultifamilyWestern

Ryan Cos., Strata Equity Group Open VAYA on Axia Apartments in Chula Vista, California

by Amy Works

CHULA VISTA, CALIF. — Ryan Cos. US and equity partner Strata Equity Group have opened VAYA on Axia, a multifamily property in the Otay Ranch submarket of Chula Vista. The 340,000-square-foot project is situated within the master-planned community of Millenia. VAYA on Axia features 278 apartments, 482 parking spaces, a resort-style pool and spa, a rooftop deck, pet amenities, a fitness center, resident clubhouse, bike maintenance and storage facilities, electric vehicle chargers and community green areas. Additionally, the property offers an 1,180-square-foot commercial space that is a public coworking space, including a podcast studio. Ryan served as the developer and builder for the project.

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Sky-Harbor-Logistics-Tempe-AZ
ArizonaDevelopmentIndustrialWestern

Lincoln Breaks Ground on Office-to-Industrial Redevelopment Near Phoenix Sky Harbor Airport

by Amy Works

TEMPE, ARIZ. — Lincoln Property Co. has broken ground on Sky Harbor Logistics, an office-to-industrial conversion project in Tempe. Located at 1515 W. 14th St., the development will bring two Class A logistics buildings to the Phoenix Sky Harbor International Airport submarket. Lincoln has been active on the Sky Harbor Logistics site since 2024, managing the demolition of an almost 220,000-square-foot office building and parking garage to make the parcel shovel-ready. The infill site was originally developed as an industrial property in 1977 and converted to office use in 2018. Upon completion in spring 2027, the 16.25-acre Sky Harbor Logistics will feature a 128,105-square-foot Building A and a 127,661-square-foot Building B. Each building will offer a clear height of 32 feet, 3,600 amps of power, 44 dock doors, four drive-in doors and 266 parking spaces, as well as a shared 190-foot truck court. The facilities will also feature ESFR sprinklers, LED lighting and clerestory windows. Designed for single- or multi-tenant use, both buildings are divisible to 32,000 square feet, with multiple architectural entries and two 1,592-square-foot office spec suites per building and HVAC installed. The project team includes Butler Design Group as project architect and Willmeng as general contractor. Lincoln will …

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