Property Type

built retail property located at 1186 S. Main St. in Kernersville, about 20 miles west of Greensboro, N.C. Automotive services firm Firestone, a subsidiary of Bridgestone Retail Operations LLC, fully occupies the 5,798-square-foot property on a 15-year absolute triple-net lease. Don McMinn of Marcus & Millichap’s Atlanta office represented the seller, a North Carolina-based developer, in the transaction. The buyer was also not disclosed. Donald Gilchrist served as Marcus & Millichap’s broker of record in North Carolina for the deal. “The Firestone closing demonstrates the growing wave of private capital flowing into the net-lease market, fueled by the passage of the ‘Big Beautiful Bill,’ improving confidence and the prospect of interest rate cuts,” says McMinn. “We expect this momentum to carry into the second half of 2025, driven by lower interest rates, increased 1031 exchange activity and stronger deal flow.”

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SAN ANTONIO — JLL has brokered the sale of Marketplace at Encino Park, an 85,129-square-foot shopping center located at 22135 Bulverde Road in the Far North submarket of San Antonio. Sprouts Farmers Market anchors the center, which was fully leased at the time of sale. Other tenants include Pet Supplies Plus, Burger King and F45. Barry Brown, Erin Lazarus, Shea Petrick and Whitney Snell of JLL represented the seller, Birnbaum Property Co., in the transaction. The buyer was Illinois-based InvenTrust Properties Corp.

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FORT WORTH, TEXAS — The Maven, a coworking concept designed specifically for female professionals and entrepreneurs, has opened a 12,000-square-foot space at Sundance Square, a shopping and dining destination in downtown Fort Worth. The space will feature furnished offices, flexible desk layouts, lounges, dining areas, a lactation room, private meeting spaces and a conference room. Local brokerage firm LanCarte Commercial Real Estate is leasing the space.

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FRAMINGHAM, MASS. — JLL has arranged $123.6 million in financing for a portion of Shoppers World, a 752,000-square-foot retail power center located in the western Boston suburb of Framingham. Details on the nature of the financing and the portion of the center covered by it were not disclosed. Shoppers World was 99 percent leased at the time of the loan closing to tenants such as T.J. Maxx, Marshalls, HomeSense, Sierra Trading Post, Best Buy and Dick’s Sporting Goods. Scott Aiese, Alex Staikos, Amy Lousararian and Parker Morrison of JLL arranged the four-year, fixed-rate loan on behalf of the borrower, Urban Edge Properties. The direct lender was not disclosed.

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Rialto-West-Manhattan

NEW YORK CITY — Douglaston Development has topped out Rialto West, a 158-unit affordable housing project in Manhattan’s Hell’s Kitchen neighborhood. The eight-story building will offer studio, one-, two- and three-bedroom units that will be reserved for households earning up to 140 percent of the area median income. In addition, 15 percent of the units will be dedicated to serving formerly homeless households. Rialto West will also feature a fitness center, onsite laundry facilities and a bike storage area. Levine Builders, a Douglaston affiliate, is the general contractor for the project, full completion of which is slated for the fourth quarter of next year.

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GLENOLDEN, PA. — CBRE has negotiated the sale of MacDade Commons, a 102,071-square-foot shopping center in Glenolden, a southwestern suburb of Philadelphia. Walmart anchors the center, which is also home to tenants such as Quest Diagnostics, Verizon Wireless and Work ‘N Gear. Christopher Munley, Colin Behr, Casey Smith and Ryan Sciullo of CBRE represented the undisclosed seller in the transaction. The team also procured the buyer, Agree Realty Corp.

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CENTURION-Union-Center

UNION, N.J. — Local developer LANDMARK has begun leasing CENTURION Union Center, an 85-unit multifamily project located in Northern New Jersey. Designed by Comito Associates PC with interiors by Lita Dirks & Co., CENTURION Union Center rises five stories and offers one- and two-bedroom units, as well as 107 parking spaces. The first move-ins are scheduled to commence in October. Specific amenities and starting rents are still being finalized.

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JACKSON TOWNSHIP, N.J. — SRS Real Estate Partners has brokered the $7.5 million ground-lease sale of a newly constructed Wawa convenience store in Jackson Township, located near the Jersey Shore. The site spans 1.9 acres, and the building totals 4,736 square feet. Patrick Nutt and William Wamble of SRS represented the seller, an East Coast-based developer, in the transaction. The buyer was a New Jersey-based private investor. Both parties requested anonymity.

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NEW YORK CITY — Lendlease has begun preleasing and revealed new renderings for The Riverie, an 834-unit apartment development in the Greenpoint neighborhood of Brooklyn. The project is slated to open in October. Of the total unit count, 30 percent are designated as affordable housing. The development will also feature 13,000 square feet of retail and restaurant space, state-of-the-art amenities and new public greenspace. Spanning an entire city block along the East River, The Riverie features two towers rising 37 and 20 stories, as well as a mid-rise podium with frontages along India, West and Java streets. Residences range from studios to three bedrooms, including select penthouses and townhomes. Marvel was the project architect. INC Architecture & Design handled the interior design, while Crème designed the townhomes. At the core of The Riverie’s sustainability strategy is its vertical closed-loop geothermal system, comprised of 320 boreholes beneath the site. This feature makes it the largest geothermal residential building in New York state and is believed to be the largest high-rise geoexchange system in the country, according to Lendlease. Combined with its fully electric design, The Riverie is expected to reduce annual carbon emissions from heating and cooling by 53 percent when …

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— By Berkadia — San Diego’s apartment market is poised to strengthen in 2025, with demand poised to set a record and fundamentals outperforming most other major California metros. This is a welcome change from 2024, where a slower leasing environment for Class A properties led to more concessions.  The big story is demand. More than 9,900 net units are expected to be leased this year, surpassing the previous high of 9,500 in 2021. This figure will also outpace what is likely to be a record year for new deliveries, with 7,233 units slated to debut this year across the metro. By year-end, occupancy is projected to climb to 96.3 percent, up 90 basis points from 2024 and above the market’s 10-year pre-pandemic average. That puts San Diego ahead of Los Angeles, San Francisco-Oakland and San Jose on the occupancy leaderboard. Effective rent is expected to rise 3.1 percent year over year to a projected $2,868, marking a solid improvement from last year’s flat performance.   Fundamentals Point to a Solid Year  Employment growth remains a tailwind. The metro added 16,200 new jobs between May 2024 and May 2025, pushing total employment to nearly 1.6 million. That economic momentum is supporting …

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