WESTFIELD, N.J. — A partnership between two New Jersey-based firms, Premier Development and Garden Communities, has begun leasing Parkside at Westfield, a 162-unit apartment complex located about 25 miles southwest of New York City. Designed by BlackBird Group Architects, the garden-style property consists of three buildings that house one-, two- and three-bedroom units that range in size from 985 to 1,944 square feet. Amenities include a fitness center, library, lounge, playground and outdoor grilling and dining stations. Rents start at roughly $3,400 per month for a one-bedroom apartment.
ROYAL PALM BEACH, FLA. — The Lynd Group has secured a $132.5 million bridge loan from MF1 Capital to refinance the construction loan for The Villas at Tuttle Royale, a multifamily project in the Royal Palm Beach suburb of West Palm Beach. New York-based S3 Capital originally provided a $126 million construction loan to Lynd Group in March 2023 for the development. Situated at 11200 Nicole Drive, The Villas at Tuttle spans 26 buildings and comprises 401 units, including 55 townhomes with private two-car garages. The garden-style community offers one-, two-, three- and four-bedroom floorplans up to 2,035 square feet in size. Amenities include a two-story clubhouse with a sauna, fitness and wellness center, coffee bar, private dining areas, game room, community catering space, two lounges, coworking pods, a business center and a panoramic outdoor terrace. Additional outdoor offerings include a recreation deck with a resort-style pool, cold plunge, spas, cabanas, fire pits, pickleball courts, bike path and a playground. The Villas at Tuttle is located within the 200-acre mixed-use Tuttle Royale project.
WAYNE, PA. — CBRE has negotiated a 38,572-square-foot office headquarters lease in Wayne, a western suburb of Philadelphia. The tenant is iPipeline, a software provider for the financial services and life insurance industries, and the space is located within the 200,000-square-foot, freshly renovated building at 1111 Old Eagle School Road. Scott Gabrielsen of CBRE represented the landlord, De Lage Landen Financial Services, in the lease negotiations. Mitch Reading of Tactix Real Estate Advisors represented the tenant.
PORT WENTWORTH, GA. — A joint venture between PCCP LLC and Advenir Azora has secured a 28-acre site in Port Wentworth for the ground-up development of a 250-unit build-to-rent (BTR) residential community. Located at 1100 Meinhard Road, the site is less than 10 miles from the Port of Savannah. The community will feature one- and two-bedroom duplexes, two-bedroom cottages and two- and three-bedroom townhomes with an average size of 1,081 square feet. Amenities at the complex will include a 3,000-square-foot clubhouse and leasing center with a conference room, coffee bar and an Olympic-style pool with gazebos and lounge chairs, as well as a 1,460-square-foot fitness center with a turfed exterior. Additionally, there will be shared green spaces that will comprise pocket parks and playgrounds, a pickleball court and walking trails. The first homes are expected to be delivered in June 2026. This project marks PCCP and Advenir Azora’s second joint venture, following the ground-up development of Leo at Wendell in Raleigh, which is slated for completion in December.
FLORENCE, S.C. — The Morgan Cos. will develop a grocery-anchored shopping center in Florence dubbed Palmetto Place. Publix has signed a 47,000-square-foot lease to anchor the project. An additional 18,050 square feet of retail space will be available for use, as well as several outparcels for future retail development. Wes Thurmond and Robey Spratt of Atlantic Retail Properties will serve as the leasing agents for the project. Morgan Cos. will close on the land acquisition for the shopping center in the coming months, with plans to begin construction later this year. Palmetto Place is scheduled to open by late 2026.
MIAMI — CBRE has arranged the sale of Sunshine State Industrial, a 211,471-square-foot, multi-tenant warehouse located at 1400 N.W. 159th St. in Miami. Corebridge Real Estate Investors purchased the property for $43.5 million. José Lobón, Trey Barry, Frank Fallon, Royce Rose, George Fallon, Gabriel Braun and Daniel Sarmiento of CBRE represented the seller, Boston-based Longpoint Partners, in the transaction. Originally built in 1969 on the city’s north side, the cross-dock warehouse features fluorescent and metal halide lighting, LED exterior lighting, 24-foot clear heights, 151 parking spaces, 49 loading positions and truck court depths of 95 feet to 150 feet, as well as a 335-foot building depth. The property is situated within the 5 million-square-foot Sunshine State Industrial Park, immediately adjacent to the Golden Glades Interchange project and the Miami and Fort Lauderdale airports.
DANVILLE, VA. — Legacy Realty Group Advisors has brokered the sale of Cain Creek Shopping Center, a 59,410-square-foot retail property located at 1461 S. Boston Road in Danville, a city near the Virginia-North Carolina border. Food Lion anchors the center. Additional tenants at the property feature a mix of stores, restaurants and businesses, including Family Dollar, Danville Dental, Fabulous Beauty Supply and Isabel’s Pizza Pasta & Subs. Jacob Baruch of Legacy Realty Group Advisors represented both the buyer and seller, an affiliate of Fayetteville, Ark.-based Core Equity Partners, in the off-market transaction. The sales price was not disclosed.
NEW YORK CITY — A fund backed by New York City-based Clarion Partners has provided an undisclosed amount of financing for a national portfolio of eight industrial outdoor storage (IOS) properties totaling 2.3 million square feet. Eastdil Secured arranged the debt and acted as an advisor on the deal. The debt is a first mortgage loan for the refinancing of the national portfolio, and the borrower is a partnership between Outour Storage Investments and affiliates of Cerberus Capital Management. The portfolio encompasses properties in Chicago, Phoenix, Las Vegas, Houston, California’s Inland Empire, Dallas-Fort Worth and Atlanta with an aggregate size in excess of 50 acres. The Clarion fund also acquired a 7.6-acre IOS facility at 15550 Export Plaza Drive in Houston. The Houston property was recently upgraded, includes a 24,000-square-foot structure and was fully leased at the time of sale to a waste management services company. “This portfolio is a relatively rare assembly of IOS properties with best-in-class specifications, terrific market locations and a strong roster of national and regional credit tenants,” says Brent Jenkins, portfolio manager at Clarion Partners. “This financing provides an ideal opportunity to expose our investors to this high-demand subsector within the larger industrial and logistics …
The Birmingham industrial market is poised for an increase in absorption as the apex of higher interest rates seem to be settling down, not to mention the post-election certainty that now favors business expansion. Corporate America is waking up and the clouds are clearing. For the past 24 months, the competitive set of investor-controlled warehouse space has been sitting on about 2 million square feet of inventory. About 550,000 square feet of that is still unleased speculative space in three different projects delivered at the back-end of the post-COVID development wave that did see about 700,000 square feet of absorption of new spec space before the music metaphorically stopped. Then came the 2023/2024 wave of the “new spec space,” a byproduct of the mentioned interest rates and COVID over-correction. Several second-generation spaces are now being marketed as companies vacated or downsized for various reasons. For example, discount retailer Dollar General is vacating an entire 307,000-square-foot warehouse. Broader, there have been two major announcements in Central Alabama for the closure of distribution centers, both as a result of retailers’ bankruptcies. JoAnn Fabric’s 700,000-square-foot distribution facility in Opelika at I-85 is now on the market as is the 1.2 million-square-foot former …
Rockefeller Group, Falcon Commercial Break Ground on 557,339 SF Industrial Project in Baytown, Texas
BAYTOWN, TEXAS — A partnership between New York City-based Rockefeller Group and Falcon Commercial Development has broken ground on East Bay Trade Center, a 557,339-square-foot industrial project in the eastern Houston suburb of Baytown. The development will consist of two cross-dock buildings totaling 307,595 square feet and 249,744 square feet on a 39-acre site. Building features will include 36-foot clear heights and a combined 121 dock doors, eight grade-level ramps and parking for 303 cars and 166 trailers. Munson & Associates designed the project, and FCL Builders is serving as the general contractor. Waneck Civil Engineering and Colliers are also part of the project team. Construction is slated for a fourth-quarter completion.