FLORHAM PARK, N.J. — A partnership between two New Jersey-based firms, The STRO Cos. and KRE Group, is nearing completion of an industrial redevelopment project in the Northern New Jersey community of Florham Park. The project converted a former office building that sits on a 14.4-acre site at 19 Vreeland Road into a 136,714-square-foot warehouse with a clear height of 36 feet, 26 loading docks, one drive-in door and parking for 108 cars and 36 trailers. Construction began in June 2024. Cushman & Wakefield has preleased the entirety of the building to Johnstone Supply (42,000 square feet) and PIMS Inc. (94,714 square feet).
CANTON, MASS. — Marcus & Millichap has brokered the $7.1 million sale of a 39,687-square-foot warehouse in Canton, a southern suburb of Boston. The building sits on a 2.6-acre site at 40 Hudson Road and was fully leased at the time of the loan closing to an electrical manufacturing company. Harrison Klein of Marcus & Millichap represented the buyer, Seyon Group, in the transaction. The seller, an entity doing business as Canton II JB Capital LLC, was self-represented.
NEW YORK CITY — Whole Foods Market will open an 8,500-square-foot store in Manhattan’s Hell’s Kitchen neighborhood on Wednesday, June 4. The small-format store will be located at 301 W. 50th St. and will offer a bakery and a prepared foods section. The opening of this store follows today’s opening of a 10,000-square-foot store within the StuyTown development in the East Village.
ORLANDO, FLA. — JLL and HJ Sims have arranged $134.3 million in tax-exempt bond financing for a seniors housing development currently underway in Orlando. Dubbed Millenia Moments Orlando, the community will feature 151 independent living, 78 assisted living and 32 memory care units. Trinity Community Development Foundation, a nonprofit formed by Trinity Broadcasting Network (TBN), is the developer and borrower. Completion of the facility, which will total 316,900 square feet, is scheduled for 2027. The community will feature floorplans in one- and two-bedroom layouts. Memory care residences will include 26 private and six companion units. Amenities at the community will include a fitness center, theater, library, business center, art studio, dog park, game rooms, a beauty salon and an outdoor pool area. Vitality Senior Living will operate the community. JLL Securities and HJ Sims, in collaboration with JLL Capital Markets’ seniors housing team, acted as co-underwriters and arranged the fixed-rate financing, which comprises tax-exempt senior series 2025A bonds with a final maturity of 40 years.
SAN DIEGO — Parallel Capital Partners has purchased two industrial properties — Rose Canyon Business Park and The 5 & 52 Business Park — in the Sorrento Valley district of San Diego in two separate transactions, representing an investment of more than $100 million across 300,000 square feet of industrial space. Acquired in April, Rose Canyon Business Park is a 15-building, multi-tenant industrial park totaling 234,000 square feet across two parcels spanning 38 acres. The project is currently 85 percent leased, with an average tenant size of 1,700 square feet. Parallel plans to invest more than $5 million in improvements, including landscaping, exterior upgrades, signage enhancements and a speculative suite program. Additionally, the firm plans to convert approximately 13,000 square feet of office space into additional industrial units. The asset is located at 4901-4907 Morena Blvd. Located at 5965 and 5975 Santa Fe St., the 5 & 52 Business Park offers 71,597 square feet of industrial space spread across two buildings on 4 acres. The property was fully vacant when Parallel acquired it in November 2024. The firm plans to rebrand the property as a multi-tenant industrial park. Renovations will include demising the project into smaller units, delivering move-in-ready speculative suites …
NASHVILLE, TENN. — Tishman Speyer has acquired 2010 West End Avenue, a 25-story apartment tower in Midtown Nashville, for $112 million. CA Ventures developed the 358-unit property in 2021. Tishman Speyer’s acquisition was financed in part by a $67.2 million loan from Corebridge. Situated within walking distance to Vanderbilt University, 2010 West End Avenue includes studio, one- and two-bedroom apartments, as well as 6,000 square feet of ground-floor retail space. Amenities include a rooftop pool, hot tub, fitness center and dog run. The asset is Tishman Speyer’s second acquisition in Nashville. In 2023, the firm purchased 133 Korean Veterans Boulevard, a 1.2-acre property in SoBro, before selling a portion of that site to T2 Hospitality.
DENVER — ALTO Real Estate Funds has completed the disposition of Quebec Square, a retail power center in east Denver. Big Ben Private Real Estate I LP, with Capital Asset Management serving as the fund manager, purchased the property for $56.7 million. Built in 2002-2003 on 22.1 acres, Quebec Square features 207,611 square feet of retail space at 7506 E. 36th Ave. Tenants at the property include Ross Dress for Less, Office Depot, PetSmart, Big 5 Sporting Goods and Five Below. The center is shadow anchored by Walmart, The Home Depot and Sam’s Club. Jason Schmidt and Austin Snedden of JLL Capital Markets’ Investment Sales and Advisory team represented the seller in the deal.
FRESNO, CALIF. — A partnership between CenterCal Properties and DRA Advisors has acquired Fig Garden Village, a 300,000-square-foot lifestyle center located in Fresno. Originally developed in 1956 as part of the historic Fig Garden residential area, the center serves as a retail anchor for the broader Central California market. Tenants at the property include Pottery Barn, Williams-Sonoma, Banana Republic, lululemon, Whole Foods Market, Anthropologie, Madewell and Paper Source. The center was previously owned by Brookfield Properties.
WEST PALM BEACH, FLA. — Plaza Advisors has brokered the sale of Paradise Place, a 72,961-square-foot shopping center located on an 8.5-acre site in West Palm Beach. Built in 2003, the center was 98 percent leased at the time of sale to tenants including Publix, Sage Dental, Dunkin’ and Goodwill. Jim Michalak and Jeff Berkezchuk of Plaza Advisors represented the seller, Collett Capital, in the transaction. Forge Capital Partners purchased Paradise Place for an undisclosed price.
SAN JOSE, CALIF. — Slatt Capital has arranged a $19.7 million loan for the refinancing of Sun Garden Retail Center, a 107,899-square-foot retail property located in San Jose. Slatt Capital secured the fixed-rate, 12-year loan through a life insurance company on behalf of the borrower. Walmart anchors Sun Garden Retail Center, which occupies the former site of the Sun Garden Packing Co., a legacy cannery connected to San Jose’s agricultural roots. Other tenants at the property include Big 5 Sporting Goods, Chipotle Mexican Grill, Starbucks Coffee, Chevron and Jack in the Box.