Monday, June 29, 2026
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The-Drake-Philadelphia
AcquisitionsMultifamilyNortheastPennsylvania

Newmark Brokers Sale of 289-Unit Apartment Building in Philadelphia

by Taylor Williams

PHILADELPHIA — Newmark has brokered the sale of The Drake, a 289-unit apartment building located in the Rittenhouse Square neighborhood of Philadelphia. According to Apartments.com, The Drake features studio, one- and two-bedroom units that range in size from 328 to 2,163 square feet. The building also includes 8,500 square feet of retail space. Erin Miller and Chris Koehler of Newmark represented the undisclosed seller in the deal. Mark Vinitsky of Lument arranged acquisition financing for the buyer,  a partnership between Lionheart Realty Group, Lineage Squared, Avery Cos. and AMS Equities.

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The-Bolt-Woburn-Massachusetts
DevelopmentLife SciencesMassachusettsNortheast

CC&F Breaks Ground on 180,000 SF Manufacturing, Life Sciences Project in Woburn, Massachusetts

by Taylor Williams

WOBURN, MASS. — Local developer Cabot, Cabot & Forbes (CC&F) has broken ground on The Bolt, a 180,000-square-foot manufacturing and life sciences facility located north of Boston in Woburn. The Bolt is being developed on a speculative basis and is expected to be responsible for the creation of about 300 new jobs. Jacobs designed the project, and John Moriarty & Associates is serving as the general contractor. Cushman & Wakefield is the leasing agent. Kawa provided $79 million in construction financing for the project, which is expected to be available for occupancy by the second quarter of 2027.

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Leasing ActivityNew JerseyNortheastRetail

Bounce Air Adventure Park to Open 21,000 SF Entertainment Venue in Franklin, New Jersey

by Taylor Williams

FRANKLIN, N.J. — Bounce Air Adventure Park will open a 21,000-square-foot entertainment venue in the Northern New Jersey community of Franklin. The space is located within the 268,000-square-foot Rutgers Plaza shopping center and will feature a ropes course, climbing structures, obstacle course, mini basketball court and a jungle gym with slides. Robert Elbaz of Sholom & Zuckerbrot Realty represented Bounce Air in the lease negotiations. Levin Management Corp. leases and manages Rutgers Plaza.

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Leasing ActivityNew YorkNortheastOffice

Sierra Signs 14,563 SF Office Lease at 375 West Broadway in Manhattan

by Taylor Williams

NEW YORK CITY — Sierra, an AI-driven customer service platform, has signed a 14,563-square-foot, full-floor office lease at 375 West Broadway in Manhattan’s SoHo neighborhood. The deal keeps the 76,605-square-foot building, which was originally constructed in 1863 and is currently being renovated, at full occupancy. Brett Harvey of Newmark represented the landlord, Manova Partners, in the lease negotiations. Jeff Fischer and Connor Krup of CBRE represented Sierra.

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Sheraton-Phoenix-Downtown-AZ
AcquisitionsArizonaHospitalityWestern

JLL Negotiates Sale of 1,003-Room Sheraton Phoenix Downtown Hotel

by Amy Works

PHOENIX — JLL has arranged the sale of Sheraton Phoenix Downtown, a 1,003-room convention center hotel in Phoenix. Built in 2008 and enhanced through a $45 million renovation in 2020, the 33-story property features 112,000 square feet of flexible meeting and event space, including the 27,000-square-foot Phoenix Ballroom and the 14,000-square-foot Valley Of the Sun Ballroom. The conference center offers 26 total meeting rooms, with the largest space accommodating up to 2,510 guests and 20 breakout rooms for concurrent sessions. The 806,481-square-foot property features guest rooms on floors five through 33; three food-and-beverage concepts, including Carcara, &More by Sheraton and Breeze Bar & Grill; a 4,300-square-foot fitness center; an outdoor pool; Sheraton Club Lounge and comprehensive business services. Matt Riley led the JLL Hotels & Hospitality team that represented the undisclosed seller in the transaction.

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Union-Park-Residences-Phoenix-AZ
ArizonaDevelopmentMultifamilyWestern

Partnership Breaks Ground on 308-Unit Union Park Residences in Phoenix

by Amy Works

PHOENIX — High Street Residential (HSR), the residential subsidiary of Trammell Crow Co., and joint venture partners Mar-Gulf Management and MDI Capital, the international real estate subsidiaries of Kuwait Financial Centre, have broken ground on Union Park Residences in Phoenix’s Norterra master-planned development. Slated for completion by fourth-quarter 2027, the four-story Union Park Residences will feature 308 studio, one- and two-bedroom apartments, ranging from 600 square feet to 1,400 square feet. Apartments will feature large kitchen islands with quartz countertops, tile backsplashes, stainless steel appliances and tiled showers and surrounds. Situated on 8 acres at 2215 W. Union St., the community will offer a pool, spa, fitness center with a sauna and cold plunge, a coworking area, pet spa, dog run and game lounge. Ironmark Builders is serving as general contractor, and ESG Architects designed the project.

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5400-South-West-Valley-City-UT
DevelopmentIndustrialLoansUtahWestern

ViaWest Group, GEM Realty Capital Receive $43.3M Construction Loan for Industrial Project in West Valley City, Utah

by Amy Works

WEST VALLEY CITY, UTAH — ViaWest Group and GEM Realty Capital have received $43.3 million in construction financing for the development of 5400 South, a previously announced three-building warehouse project in West Valley City. Kevin MacKenzie, Jason Carlos, Jeff Pew and Lilley Kroll of JLL secured the floating-rate loan for the borrower. Situated on 28.7 acres at 7301 W. 5400 S, the 470,334-square-foot development will feature clear heights ranging from 32 feet to 36 feet across the buildings. In total, 5400 South will offer 110 dock-high doors, 18 grade-level doors, 54 trailer parking spaces and 443 automobile parking spaces. The buildings will offer flexible space configurations ranging from 19,500 square feet to 218,499 square feet. Construction commenced in November, with completion slated for December 2026.

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AcquisitionsMultifamilyNevadaWestern

Northcap Commercial Brokers Sale of 54-Unit Westland Orland Apartments in Las Vegas

by Amy Works

LAS VEGAS — Northcap Commercial has arranged the sale of Westland Orland Apartments, a multifamily property located at 109 Orland St. in Las Vegas. The asset traded for $5.4 million, or $100,000 per unit. Built in 1969, Westland Orland Apartments offers 54 units. Devin Lee, Robin Willett and Jerad Roberts of Northcap represented the undisclosed seller and procured the undisclosed buyer in the transaction.

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AcquisitionsCaliforniaNet LeaseRetailWestern

Hanley Investment Group Arranges $3.6M Pre-Sale of 7-Eleven Ground Lease in Yucaipa, California

by Amy Works

YUCAIPA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the pre-sale of a newly constructed single-tenant retail property located at 11361 Bryant St. in Yucaipa. Evergreen Devco sold the absolute triple-net ground lease to a San Luis Obispo County, Calif., buyer for $3.6 million. Slated to open in early to mid-December, 7-Eleven will occupy the 4,088-square-foot convenience store and fuel station under a 15-year corporate lease. Bill Asher and Jeff Lefko of Hanley Investment Group, in conjunction with Jeff Stanley of Lee & Associates, represented Evergreen Devco, while John Hans of Colliers represented the buyer in the deal.

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Affordable HousingDevelopmentGeorgiaLoansSeniors HousingSoutheast

KeyBank Arranges $72.8M Financing for Redevelopment of Atlanta Civic Center into Affordable Seniors Housing

by John Nelson

ATLANTA — KeyBank Community Development Lending and Investment (CDLI) has arranged $72.8 million in financing for a redevelopment phase of Atlanta Civic Center. The borrower, Civic Center Partners, is converting a portion of the property into a 148-unit affordable seniors housing community. Civic Center Partners — a joint venture between The Michaels Organization, Sophy Cos. and Republic Properties — is partnering with Atlanta Housing, which owns the Atlanta Civic Center, on the project. KeyBank CDLI provided a $39.1 million taxable construction loan and $25.2 million in federal low-income housing tax credit (LIHTC) equity. Key Commercial Mortgage Group originated an $8.5 million Fannie Mae MTEB permanent loan, and KeyBanc Capital Markets underwrote two series of tax-exempt bonds totaling $30 million. Upon completion, the senior living community will feature 30 units reserved for residents earning at or below 50 percent of the area median income (AMI); the remaining 118 units will be reserved for seniors earning at or below 60 percent of AMI. All units will be reserved for residents age 55 and older. Amenities at the community will include a lobby, package room, social service office, arts-and-crafts room, fitness center, community room, computer lounge and laundry room. Additionally, 500 square feet of …

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