Friday, July 18, 2025
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FloridaMixed-UseSoutheast

Terra, Mayfair to Transform Parking Garage in South Florida into Mixed-Use Asset

by John Nelson

COCONUT GROVE, FLA. — Terra and partner Mayfair Real Estate Advisors plan to transform a 1980s-era parking garage in Coconut Grove into Mary Street, a Class A mixed-use project. Designed by Touzet Studio, the property will include three levels of office space, a public parking garage component and 20,000 square feet of street-level retail space fronting Mary, Oak and Rice streets. The property will include a main lobby, 24-hour security, covered valet and drop-off, dedicated elevators, electric car charging stations and bike storage. Construction on Mary Street is set to begin early this year. Terra has two other projects in Coconut Grove under construction: Grove at Grand Bay, a condominium property, and Park Grove, a multifamily community. Mary Street will represent the first construction of office space in Coconut Grove in more than 20 years, according to Terra.

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FloridaMultifamilySoutheast

Cushman & Wakefield Arranges $29.4M Sale of Multifamily Property in Central Florida

by John Nelson

OCALA, FLA. — Cushman & Wakefield has arranged the $29.4 million sale of Tuscany Place, a 288-unit, value-add apartment community located at 3420 S.W. 34th St. in Ocala. A partnership between Gainesville, Fla.-based The Collier Cos. and Houston-based ApexOne Investment Partners acquired the asset from Richmond, Va.-based GrayCo Inc. Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Orlando Capital Markets Multifamily Advisory Group represented GrayCo in the transaction. Built in 1997, Tuscany Place features one-, two- and three-bedroom units averaging 1,126 square feet. The average rental rate is $858 per month, and the community features a resort-style pool, heated jacuzzi, 24-hour laundry center, pet walk, playground, resident business center, 24-hour fitness center, jogging path, two-car wash areas with vacuums, barbecue grills, lighted tennis court, professional landscaping and two VIP/guest suites.

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GeorgiaMultifamilySoutheast

CBRE Brokers $22.6M Sale of Apartment Complex in Metro Atlanta

by John Nelson

LILBURN, GA. — CBRE has arranged the $22.6 million sale of Park Crossing Apartments, a 280-unit multifamily community located at 2700 Park Crossing Way in Lilburn, a northeast suburb of Atlanta in Gwinnett County. New Jersey-based Engineering Partners purchased the asset from Ventron Management with plans to upgrade the property’s interiors and amenity spaces. Built in 1985, Park Crossing features one-, two- and three-bedroom units and was 98 percent occupied at the time of sale.

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425-Meadow-St-Chicopee-MA
IndustrialMassachusettsNortheast

Calare Properties Secures Full Ownership of 552,000 SF Industrial Property in Chicopee, Massachusetts

by Amy Works

CHICOPEE, MASS. — Calare Properties has acquired full ownership of a two-building industrial property located at 425 Meadow St. in Chicopee. Calare secured full ownership of the asset through a recapitalization. Calare has managed and owned the property with a joint venture majority partner since 2014. Situated on 47 acres, the 552,000-square-foot asset comprises a 402,000-square-foot manufacturing facility and a 150,000-square-foot high-bay warehouse. Along with the acquisition, Calare has finalized two leases at the property. Callaway Golf Co. has signed a 10-year lease extension for the manufacturing facility through 2028, and Granite City Electric signed a long-term lease for 80,000 square feet of the warehouse space.

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LoansMultifamilyNew JerseyNortheast

HFF Arranges $40M in Financing for Phase II of Multifamily Community in Lyndhurst, New Jersey

by Amy Works

LYNDHURST, N.J. — HFF has arranged a $40 million construction loan for The Winston, a multifamily community located at 120 Chubb Ave. within The Station of Lyndhurst in Lyndhurst. The borrower is J.G. Petrucci Co. Slated for completion in early 2018, The Winston will add 218 apartment units to the existing 192 units at The Station at Lyndhurst, which was constructed in 2014. Situated on 6.8 acres, the property will feature a courtyard with lounge deck, resident lounge with billiards and arcade games, fitness center with yoga studio, dog run and complimentary shuttle service. Jon Mikula of HFF secured the financing for the borrower through Provident Bank and Lakeland Bank.

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Thompson-Square-Monticello-PA
New YorkNortheastRetail

JV Acquires 117,944 SF Shopping Center in Monticello, New York, for $19.1M

by Amy Works

MONTICELLO, N.Y. — A joint venture between Heidenberg Properties Group, Strategic Real Estate Partners and Norse Realty Group has acquired Thompson Square Shopping Center in Monticello. An undisclosed seller sold the 117,944-square-foot property for $19.1 million. A 54,300-square-foot ShopRite anchors the property, which was 90 percent leased at the time of sale. Tenants include Staples, AutoZone, Monticello Cinemas, Catskills Hudson Bank, Brother Bruno’s, Subway and GameStop. This is the second joint venture acquisition between the three companies.

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SpringHill-Suites-Newark-DE
DelawareHospitalityLoansNortheast

HALL Structured Finance Closes $14.7M Construction Loan for Hotel in Newark, Delaware

by Amy Works

NEWARK, DEL. — HALL Structured Finance has closed a first lien construction loan totaling $14.7 million for the development of a SpringHill Suites by Marriott in Newark. Danneman Hospitality is developing the hotel, which will be the first SpringHill Suites in the state. The property will have 118 one-room suites and seven two-room suites. Amenities at the five-story property will include a breakfast dining area, lobby, bar, three meeting rooms, an indoor pool, fitness center, laundry room, marketplace and on-site restaurant.

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21-Fadem-Road-Springfield-NJ
IndustrialNew JerseyNortheast

JV Completes $12M Sale of 122,000 SF Industrial Building in Springfield, New Jersey

by Amy Works

SPRINGFIELD, N.J. — Tulfra Real Estate, in partnership with The Hampshire Cos., has completed the disposition of an industrial property located at 21 Fadem Road in Springfield. Shelbourne Global Solutions acquired the property for $12 million. Situated on 5.4 acres, the 122,000-square-foot property was fully leased at the time of closing. Norman Feinstein of The Hampshire Cos. provided in-house representation for the sellers in the deal.

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KansasMidwestOffice

AMC Theatres Expands Office Headquarters in Leawood, Kansas

by Kristin Harlow

LEAWOOD, KAN. — AMC Theatres has expanded its headquarters within Park Place Village in Leawood by 36,315 square feet to a total of over 170,000 square feet. The expansion consists of newly constructed Class A office space completed this year. The new space will help accommodate the more than 125 new jobs AMC created after recently acquiring Georgia-based Carmike Cinemas. Approximately 600 associates will work in the Theatre Support Center in Park Place. The mixed-use office and retail property is comprised of 10 buildings that were developed in phases starting in 2007 and completed in 2013. The property, located at 1150 Ash St., is currently 99 percent leased. Bob Fagan and Matt Eckert of CBRE represented the landlord, KBS, in the transaction.

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IllinoisIndustrialMidwest

Meridian Completes 67,080 SF Industrial Build-to-Suit in Bartlett, Illinois

by Kristin Harlow

BARTLETT, ILL. — Meridian Design Build has completed construction of a 67,080-square-foot industrial facility for Traffic Control & Protection in Bartlett, about 35 miles west of Chicago. The 9.5-acre site is located within Abbott Land & Investment’s Blue Heron Business Park. The new facility includes 10,000 square feet of office/employee facilities space, a 13,000-square-foot sign shop/silk screen area, a barricade shop and seven vehicle maintenance bays. Additional features include a 24,000-square-foot covered exterior dock platform and a 7.5-acre outside storage yard. Dan Flanagan of Flanagan Realty represented Traffic Control & Protection in the selection and acquisition of the site, and coordinated overall planning/approval efforts for the project. Harris Architects served as project architect and Mackie Consultants provided civil engineering services for the project.

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