Property Type

Thompson Thrift Breaks Ground on $225M Mixed-Use Development in Gilbert, Arizona

by Amy Works May 5, 2025

GILBERT, ARIZ. — Thompson Thrift has broken ground on The Gilmore, a $225 million mixed-use development located in the Phoenix suburb of Gilbert. The 35-acre project will comprise approximately 200,000 square feet of grocery, restaurant and retail space, 300 luxury apartment homes and a hotel. The development will feature a main street-style entrance with covered walkways, common areas, murals by local artists and landscaped outdoor gathering spaces. More than 25 retail leases have already been signed, including Better Buzz Coffee; Handel’s Ice Cream; Jersey Mike’s; Sweathouz; Rebel Wine Lounge; Square 1 Food Hall; Nook Kitchen; Phantom Fox Brewery; Level 1 Arcade Bar; Woof Gang Bakery & Grooming; Over Easy; and a 64,000-square-foot Safeway. Retailers are expected to begin opening in late 2026, while the first resident move-ins are planned for early 2027.

May 5, 2025

Acquisitions Arizona Lee & Associates Retail Western

Desert Troon Divests of Superstition Gateway Shopping Center in Mesa, Arizona for $121M

by Amy Works May 5, 2025

MESA, ARIZ. — Desert Troon Cos. (DT-SGE LLC and DT-SGW LLC) has completed the disposition of Superstition Gateway Shopping Center to an undisclosed Southern California-based family office for $121 million, or $244 per square foot. Jan Fincham, Mike Sutton and Brent Moser of Lee & Associates Arizona represented the seller in the off-market transaction. The seller was part of the original development partnership that built the shopping center almost 20 years ago. Situated on 65.7 acres at the southwest corner of US-60 and Signal Butte Road, Superstition Gateway offers 495,000 square feet of retail space, totaling 19 individual parcels. Current tenants at the 90 percent-occupied center include Super Walmart, Kohl’s, AMC Theatres, LA Fitness, Total Wine & More, Ross Dress for Less, Marshalls, Five Below, PetSmart, Panera Bread, KFC, In-N-Out Burger and Chili’s. The asset was constructed in 2006 and 2012.

May 5, 2025

California Development Industrial Western

C2 Building Group Completes 380,000 SF Manufacturing Facility for GKN Aerospace in El Cajon, California

by Amy Works May 5, 2025

EL CAJON, CALIF. — Construction is complete for Gillespie Field iPark, a build-to-suit manufacturing facility for GKN Aerospace and distribution speculative suite near Gillespie Field public airport in El Cajon. The project’s development team includes Ware Malcomb as architect, interior designer and civil engineer; Chestnut Properties as developer; C2 Building Group as general contractor; Prime Engineering as structural engineer; Ridge Landscaping as landscape architect; and NV5 as utility consultant. GKN Aerospace is a global tier-one suppler of aftermath repairs, airframe and engine structures, landing gear, electrical interconnection systems and transparencies. The 380,000-square-foot facility features a two-story lobby, mezzanine, conference rooms, break areas, technical labs and climate-conditioned manufacturing warehouse.

May 5, 2025

Acquisitions California Retail Western

SRS, Hanley Investment Group Broker $4.7M Sale of Plumas Bank-Occupied Retail Property in Susanville, California

by Amy Works May 5, 2025

SUSANVILLE, CALIF. — SRS Real Estate Partners and Hanley Investment Group Real Estate Advisors have arranged the sale of a retail property located at 3000 Riverside Drive in Susanville. A private investment group sold the asset to a San Diego-based private investor for $4.7 million. Plumas Bank occupies the 5,440-square-foot property under a new 15-year, absolute, corporate-guaranteed triple-net lease. Situated on 1.1 acres, the property was renovated in 2021. Alexander Moore of SRS Capital Markets and Jeff Lefko of Hanley Investment Group represented the seller in the transaction.

May 5, 2025

Development Multifamily New York Northeast

BRP Cos. Begins Leasing 614-Unit Mixed-Income Multifamily Development in Queens

by Taylor Williams May 5, 2025

NEW YORK CITY — Locally based owner-operator BRP Cos. has begun leasing Ruby Square, a 614-unit mixed-income multifamily development in the Jamaica area of Queens. Ruby Square features a mix of studios (seven), one-bedroom units (454) and two-bedroom apartments (153). About a third (185) of the units are affordable for residents earning between 80 and 130 percent of the area median income. The property also offers 50,000 square feet of amenity space across a two-level private park, multiple rooftop lounges, a fitness center, coworking spaces, multiple resident lounges, an indoor basketball court, children’s playroom, pet grooming facilities and a 24/7 attended lobby. The first move-ins are now underway. Market-rate rents start at about $2,800 per month.

May 5, 2025

7245-Henry-Clay-Blvd.-Liverpool-New-York

Acquisitions Industrial New York Northeast

Friedman Real Estate Arranges Sale of 583,851 SF Industrial Property in Liverpool, New York

by Taylor Williams May 5, 2025

LIVERPOOL, N.Y. — Michigan-based brokerage firm Friedman Real Estate has arranged the sale of a 583,851-square-foot industrial property in Liverpool, located just outside of Syracuse. The property at 7245 Henry Clay Blvd. previously housed a distribution facility for convenience and drugstore chain Rite Aid. According to LoopNet Inc., the property was built on 58 acres in 1978 and features a clear height of 24 feet, 35 exterior dock doors, five drive-in bays and 300 standard parking spaces. The buyer, seller and sales price were not disclosed.

May 5, 2025

Development Multifamily Northeast Rhode Island

I-195 District Unveils Plans for Multifamily Project in Downtown Providence

by Taylor Williams May 5, 2025

PROVIDENCE, R.I. — The I-195 Redevelopment District Commission has unveiled plans for Dyer Wharf, a 214-unit multifamily project in downtown Providence. Developed as part of a broader initiative to revitalize the state capital’s riverfront district, Dyer Wharf will be a 12-story building that will offer amenities such as a communal lounge, kitchen, fitness center, and coworking area, as well as ground-floor retail space. SGA has been named as the project architect, and Consigli Construction has been tapped as the general contractor. Completion is slated for late 2027.

May 5, 2025

Acquisitions Mixed-Use New York Northeast

Brax Realty Negotiates $8.2M Sale of Harlem, Queens Mixed-Use Portfolio

by Taylor Williams May 5, 2025

NEW YORK CITY — Locally based brokerage firm Brax Realty has negotiated the $8.2 million sale of a portfolio of five mixed-use buildings in Harlem and Queens. The properties include nine apartments and 10 commercial spaces and are located at 1873 Lexington Ave., 149 E. 116th St., 151 E. 116th St., 175 E. 116th St. and 220-20 Merrick Blvd. Alan Stenson of Brax Realty represented the seller and procured the buyers, all of which requested anonymity, in the transaction.

May 5, 2025

Leasing Activity New York Northeast Office

ElevatedNY Signs 26,000 SF Lease Expansion at The Hippodrome in Midtown Manhattan

by Taylor Williams May 5, 2025

NEW YORK CITY — Coworking concept ElevatedNY has signed a 26,000-square-foot lease expansion at The Hippodrome, a 620,000-square-foot building located at 1102 Avenue of the Americas in Midtown Manhattan. Designed by LB Architects, the expanded space features 18 fully furnished “team suites” that are designed to accommodate organizations of up to 12 people. ElevatedNY’s footprint within the 21-story building now encompasses 130,000 square feet across four floors. Edison Properties owns The Hippodrome.

May 5, 2025

Development Loans Midwest Multifamily Ohio Seniors Housing

Churchill Stateside Group Provides $7.9M in Construction Financing for Ohio Senior Living Project

by Kristin Harlow May 5, 2025

LANCASTER, OHIO — Churchill Stateside Group LLC, a real estate and renewable energy financial services company, has provided a $7.9 million forward-committed permanent loan for The Reserve at Hunter Trace, a 95-unit affordable senior living development in Lancaster, about 30 miles southeast of Columbus. The financing, provided by Churchill Mortgage Investment LLC, supports the development of the three-story building. All units will be income-restricted at 60 percent of the area median income. Construction is slated for completion in 2026. The loan features a 40-year amortization and three years of interest-only payments after stabilization.

May 5, 2025

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