HEMPSTEAD, N.Y. — Marcus & Millichap has negotiated the sale of Jackson Terrace Apartments, a 420-unit affordable housing complex located in the Long Island community of Hempstead. The six-story building was originally constructed in 1972. Michael Tuccillo of Marcus & Millichap represented the buyer, an affiliate of Hudson Valley Property Group, in the transaction. The seller was self-represented. The new ownership plans to invest about $23 million to upgrade unit interiors, building exteriors and mechanical/utility systems as a means of preserving long-term affordability.
VICTORVILLE, CALIF. — NewMark Merrill Cos., in partnership with World Premier Investments and R.Y. Properties, has received entitlements to develop Desert Sky Plaza II, a 30-acre shopping center at the southeast corner of Roy Rogers Drive and Amargosa Road in Victorville. NewMark Merrill is slated to break ground on the project in the second quarter of 2026 with the opening planned for fall 2027. Designed by Architects Orange and Kimley-Horn, Desert Sky Plaza II will be the second phase of the existing Desert Sky Plaza, which is anchored by The Home Depot. The new phase, anchored by Target and Burlington, will offer 297,363 square feet of retail space. Desert Sky Plaza is roughly 70 percent pre-committed but still has availability for tenants ranging from 1,500 square feet to 25,000 square feet. Greg Giacopuzzi and Darren Bovard of NewMark Merrill are overseeing leasing at the center.
PARSIPPANY, N.J. — A partnership between two New Jersey-based firms, The STRO Cos. and Kushner Real Estate (KRE) will develop a 65,000-square-foot industrial project in Parsippany, about 30 miles west of New York City. The building at 3 Century Drive will offer 36-foot clear heights, 10 dock doors, one drive-in door and divisibility to 32,000 square feet. Vertical construction is underway, and completion is slated for the fall. Resource Realty is the leasing agent.
SCOTTSDALE, ARIZ. — PEG Cos., as developer, co-owner and manager, has opened AC Hotel Scottsdale Old Town, a six-story AC Hotels by Marriott asset at 7117 E. 3rd Ave. in Scottsdale. The hotel features 168 guest rooms, the brand’s signature AC Lounge and AC Kitchen, a 24/7 fitness center, rooftop pool and purpose-designed meeting and event rooms. The property also features a three-level underground parking garage and pet-friendly accommodations for guests traveling with small dogs up to 50 pounds. Additionally, Cielito, a rooftop bar and restaurant developed in collaboration with The Wayfaring Group, features 70 seats.
SEDONA, ARIZ. — JLL Hotels & Hospitality Group has arranged $37 million in nonrecourse refinancing for Ambiente, an adults-only luxury hotel in Sedona. Adrienne Andrews and Jessica Mehra of JLL secured the refinancing through a debt fund. The transaction provides a significant cash-out component, recapitalizing the asset for continued operations and future growth. Located at 900 W. State Route 89A, Ambiente features 40 glass guest atriums on a 3-acre site. The accommodations feature floor-to-ceiling windows, private rooftop decks with fireplaces and curated interior finishes. Onsite amenities include Forty1 restaurant, Velvet Spa and 600 square feet of event space. The landscape hotel is one of Arizona’s only two Michelin Key hotels.
MIAMI — Walker & Dunlop has arranged $80 million in construction financing for 10290 East Bay Harbor Drive, a luxury multifamily development on Bay Harbor Islands in Miami. Adam Schwartz, Jonathan Schwartz, Aaron Appel, Keith Kurland, Sean Reimer, Michael Diaz and Michael Ianno of Walker & Dunlop arranged the floating-rate, interest-only loan through New York-based Madison Realty Capital on behalf of the borrower, Clara Homes. 10290 East Bay Harbor Drive is the third apartment complex located within a three-phased master-planned development on Bay Harbor Islands. The six-story apartment building will total 250,000 square feet with 77 units, according to South Florida Business Journal, bringing Clara Homes to 150 luxury apartments on the Bay Harbor Islands. Amenities at the complex will include a rooftop swimming pool with panoramic views, fitness center and an outdoor yoga studio. 10290 East Bay Harbor Drive is also situated near Bal Harbour Shops, which is currently undergoing a $550 million redevelopment.
Marcus & Millichap Brokers Sale of 33,055 SF Mixed-Use Property in San Diego’s La Jolla Neighborhood
SAN DIEGO — Marcus & Millichap has arranged the sale of Prospect Square at La Jolla Village, a mixed-use property located in San Diego’s La Jolla submarket. 1025 Prospect LLC sold the asset to 1025 Associates LLC & Wedge 3.0 LLC for $10.3 million. Nick Totah of Marcus & Millichap represented the seller, while Ross Sanchez of Marcus & Millichap represented the buyers in the deal. Located at 1025 Prospect St., Prospect Square at La Jolla Village features 33,055 square feet of ground-floor and second-floor retail and restaurant space, third-floor office space and a three-story subterranean parking garage. Current tenants include Cody’s Restaurant, Beeside Balcony, The Agency, Arjang Fine Art, Blueprint Equity and Patient Partner. Originally built in 1984, the property was renovated in 2022 and 2024.
LOXLEY, ALA. — Jim Chapman Construction Group (JCCG) is underway on the construction of The Cottages at Loxley, a 250-unit build-to-rent residential community located in Loxley, a city in Alabama’s Baldwin County. The firm broke ground on the project in January, with vertical construction slated to begin later this year. Situated on roughly 51 acres along I-10, The Cottages at Loxley will comprise single-family rental homes ranging in size from 1,000 to 1,493 square feet, featuring open-concept layouts and attached private garages. Planned amenities will include a clubhouse, swimming pool, fitness center, onsite property management and 24-hour emergency maintenance. The community is designated to serve families within the Baldwin County Public Schools system, including Loxley Elementary School, Central Baldwin Middle School and Robertsdale High School.
DACULA, GA. — Indiana-based Thompson Thrift will develop Lineage, a 300-unit multifamily project in Dacula, an Atlanta suburb in Gwinnett County. The development will be capitalized with equity from Thompson Thrift’s 2026 Multifamily Development LP fund, while PNC Bank will provide construction financing for the project. Lineage marks Thompson Thrift’s 100th multifamily community to be developed nationwide. Spanning nearly 15 acres at the Harbins Road and Ga. State Route 316 interchange, Lineage will comprise four-story buildings with one-, two- and three-bedroom floorplans. Select homes will feature private patio, balcony and yard options, as well as detached garages, high-speed internet access and an Amazon package hub. Amenities will include a golf simulator, swimming pool, fitness center, pickleball court, lounges, coworking and conference space, a dog park, pet spa, outdoor firepits and grilling areas, event space and landscaped courtyards. Additionally, more than 9,500 square feet of street-level retail space will be designed with outdoor seating, “play” space and a designated area for outdoor concerts.
LEESBURG, FLA. — SRS Real Estate Partners has negotiated the $3.5 million ground lease sale of a restaurant property located at 9925 US-441 in Leesburg, about 45 miles northwest of Orlando. Chick-fil-A occupies the 4,935-square-foot building, which was built in 2024, on a corporate-guaranteed, absolute triple-net ground lease with 13 years remaining on the initial term. Patrick Nutt and William Wamble of SRS represented the seller, a national investor and developer, in the transaction. The 1031 exchange buyer was a Brooklyn, N.Y.-based private investor. Both parties requested anonymity.