BROOKLYN, OHIO — JLL Capital Markets has brokered the sale of Ridge Park Square, a dual-grocery-anchored shopping center in Brooklyn near Cleveland. The 386,754-square-foot property is located at the intersection of I-480 and Ridge Road. Marc’s and Grocery Outlet are the grocery anchors. The center was 95 percent leased at the time of sale to tenants such as TJ Maxx, Ross Dress for Less, Dollar Tree, Five Below, AMC Theatres, Michaels and Ashley Furniture. Michael Nieder, Brian Page and Mohsin Mirza of JLL represented the seller, an affiliate of Zeisler Morgan Properties. The buyer was RCG Ventures LLC. The asset had never been marketed since its original development in 1989, according to Nieder.
KENTWOOD, MICH. — Cinnaire has provided a $12 million Low-Income Housing Tax Credit equity investment as well as a $23.5 million loan with its partners CPC Mortgage Co. to support the preservation and rehabilitation of Countryside Townhomes, a 146-unit affordable housing community in Kentwood near Grand Rapids. The financing package also included a nearly $3 million equity bridge loan. Countryside Townhomes was originally built in 1971 as a Section 8 property. Today, all of the units are restricted to families earning no more than 60 percent of the area median income, and all but five units are covered by a long-term Housing Assistance Payments contract. The property consists of 24 buildings with 18 one-bedroom, 78 two-bedroom and 50 three-bedroom, two-story townhomes — each with a full basement — serving residents of all ages. The community was in significant need of rehabilitation after more than 50 years in service, according to Cinnaire. Vitus, a developer and owner of affordable housing, was the borrower.
CHICAGO — Beacon Capital Partners has completed a $32 million renovation at 333 West Wacker Drive in Chicago. Since acquiring the building in June 2024, Beacon has leased more than 205,000 rentable square feet, increasing occupancy from 83 percent to 90 percent. The upgrades include an entirely new ground-floor lobby, a two-level fitness and wellness center, a rooftop tenant lounge and conference center, a renovated Goodwin’s deli and a new café and bar offering. Beacon is also underway on three new, fully furnished model suites totaling 30,000 rentable square feet that are set to deliver in November. Notable new tenants include JBT Corp., Forvis Mazars and Eclipse Business Capital. Lease expansions and extensions have been completed with FGMK; Kelley, Drye & Warren; and Teachers Retirement System of Illinois. Hines is the property manager, and The Telos Group provides leasing services for the property.
BREMEN, IND. — CBRE has arranged the $5.3 million sale of a 142,914-square-foot industrial property at 833 Legner St. in Bremen, a city in northern Indiana. A building was fully leased with 6.3 years remaining on the lease to Patrick Industries, a manufacturer and supplier of interior and exterior component solutions for the RV, marine, powersport and housing markets. Situated on 9.7 acres, the facility features 16 grade-level doors with clear heights ranging from 12 to 24 feet. Kevin Foley, Austin Wolitarsky, Anthony DeLorenzo and Terry Busch of CBRE represented the private seller. The asset sold to a private, high-net-worth 1031 exchange buyer from California.
ORLANDO, FLA. — Global energy technology leader Siemens Energy has signed a lease totaling more than 242,000 square feet to relocate its Orlando offices to 6876 Marwick Lane within Lake Nona Town Center’s newest office building. The company will transfer its existing Alafaya Trail workforce to Lake Nona by 2027. Siemens’ lease is now considered the largest office lease in Orlando since 2009 and among the top three biggest in the city’s history, according to CoStar Group. Lake Nona Town Center was planned and developed by Tavistock Development Co.
PORT ST. LUCIE, FLA. — PEBB Enterprises and Banyan Development have broken ground on a 134,000-square-foot Lowe’s Home Improvement store at Shoppes at Southern Grove, a 23-acre shopping center located in the master-planned community of Tradition in Port St. Lucie. The new Lowe’s store will feature a garden center and is scheduled for completion in 2026. In addition to Lowe’s, the Shoppes at Southern Grove will feature six outparcels that are currently under lease negotiations.
LAKE WORTH, FLA. — The Milestone Group has acquired Casa Brera at Toscana Isles, a 206-unit apartment complex located in Lake Worth, approximately 35 miles north of Fort Lauderdale. The purchase price was not disclosed. Hampton Beebe and Avery Klann of Newmark marketed the property on behalf of the undisclosed seller. Casa Brera at Toscana Isles offers one-, two- and three-bedroom floorplans, ranging in size from 870 square feet to 1,430 square feet, according to Apartments.com. Amenities include a resort-style swimming pool, fitness center, clubhouse, social lounge, private movie theater, entertainment bar, multi-purpose sports court and a dog park.
CONYERS, GA. — JLL Capital Markets has arranged a $44.1 million financing package comprising joint venture equity and debt for the development of Dogwood Logistics Center, a 388,960-square-foot industrial property under development in Conyers, about 24 miles east of downtown Atlanta. Bobby Norwood, Mark Sixour, Hamp Gibbs and Streeter Simmons of JLL secured a $25.4 million construction loan through Pinnacle Financial Partners on behalf of the developer, Holder Properties. Hartford Investment Management Co. (HIMCO) provided $18.7 million in joint venture equity. Scheduled to deliver in summer 2026, Dogwood Logistics Center will feature two shallow-bay, rear-load buildings spanning 205,265 square feet and 187,593 square feet. The facilities will offer 36-foot clear heights, concrete tilt-wall construction, 60-foot dock bay depths, 210- to 230-foot building depths and TPO roofing. Additionally, the property will provide two exits along I-20. Dogwood Logistics Center marks Holder Properties’ second industrial project in 2025 with Pinnacle Financial Partners and HIMCO.
ORLANDO, FLA. — CrossMarc Services has signed a lease with Sky Zone to anchor Waterbridge Downs, a 124,997-square-foot shopping center located in Orlando. The 42,000-square-foot active indoor entertainment park is slated to open in spring 2026 and will backfill the space formerly occupied by Big Lots. Sky Zone South Orlando will feature expanded launch slides, an enlarged toddler zone and dedicated space for after-school programs. Gabrielle Garcia will operate the new franchise location. Sky Zone South Orlando will join a mix of tenants at Waterbridge Downs that includes Family Dollar, The UPS Store, Aji Express Ceviche Bar and El Tenampa Mexican Restaurant.
CONSHOHOCKEN, PA. AND TORONTO — An affiliate of Morgan Properties LP, a multifamily investment firm based in metro Philadelphia, has entered into an agreement to acquire Toronto-based Dream Residential Real Estate Investment Trust (Dream Residential REIT). The all-cash transaction is valued at $354 million and is expected to close by the end of the year. Dream Residential REIT owns 15 garden-style multifamily communities totaling more than 3,300 units. The portfolio is concentrated in three markets: Cincinnati (six), Oklahoma City (five) and Dallas-Fort Worth (four). Morgan Properties will acquire all of Dream Residential REIT’s assets and assume the company’s liabilities as part of the acquisition agreement. Jonathan Morgan and Jason Morgan, co-presidents of Morgan Properties, said in a prepared statement that the company “looks forward to welcoming these new communities, enhancing the physical assets and providing best-in-class customer service for the residents.” The agreement requires Morgan Properties to pay all unit holders of Dream Residential REIT, which trades on the Toronto Stock Exchange, as well as unit holders of the REIT’s subsidiary DRR Holdings LLC, $10.80 per unit. The price represents a 60 percent premium to the REIT’s closing price on Feb. 19, 2025, which is the day the company announced …