FULSHEAR, TEXAS — Dallas-based brokerage firm STRIVE has negotiated the sale of Cross Creek Plaza, a 16,963-square-foot retail strip center in Fulshear, a western suburb of Houston. The center was built in 2024 and is located at the entrance of the Cross Creek Ranch master-planned community. Jake Dutson of STRIVE represented the seller, a local developer, in the transaction. John Kourafas of Visintainer Group represented the buyer. Both parties requested anonymity. Cross Creek Plaza was fully leased at the time of sale.
NEW YORK CITY — Berkadia has provided a $31.8 million Freddie Mac loan for the refinancing of a 92-unit mixed-income apartment building located at 4180 Carpenter Ave. in The Bronx. The unit mix comprises nine market-rate studios and 55 market-rate one-bedroom apartments, along with one affordable studio, 23 affordable one-bedroom units and four affordable two-bedroom residences. The building, which was completed in 2024 and was 98 percent occupied at the time of the loan closing, also houses 8,000 square feet of commercial space that is occupied by Little Stars Daycare. Matt Nihan of Berkadia originated the 10-year, fixed-rate loan on behalf of the owner, New York-based owner-operator Stagg Group.
PHILADELPHIA — Newmark has brokered the sale of The Drake, a 289-unit apartment building located in the Rittenhouse Square neighborhood of Philadelphia. According to Apartments.com, The Drake features studio, one- and two-bedroom units that range in size from 328 to 2,163 square feet. The building also includes 8,500 square feet of retail space. Erin Miller and Chris Koehler of Newmark represented the undisclosed seller in the deal. Mark Vinitsky of Lument arranged acquisition financing for the buyer, a partnership between Lionheart Realty Group, Lineage Squared, Avery Cos. and AMS Equities.
WOBURN, MASS. — Local developer Cabot, Cabot & Forbes (CC&F) has broken ground on The Bolt, a 180,000-square-foot manufacturing and life sciences facility located north of Boston in Woburn. The Bolt is being developed on a speculative basis and is expected to be responsible for the creation of about 300 new jobs. Jacobs designed the project, and John Moriarty & Associates is serving as the general contractor. Cushman & Wakefield is the leasing agent. Kawa provided $79 million in construction financing for the project, which is expected to be available for occupancy by the second quarter of 2027.
FRANKLIN, N.J. — Bounce Air Adventure Park will open a 21,000-square-foot entertainment venue in the Northern New Jersey community of Franklin. The space is located within the 268,000-square-foot Rutgers Plaza shopping center and will feature a ropes course, climbing structures, obstacle course, mini basketball court and a jungle gym with slides. Robert Elbaz of Sholom & Zuckerbrot Realty represented Bounce Air in the lease negotiations. Levin Management Corp. leases and manages Rutgers Plaza.
NEW YORK CITY — Sierra, an AI-driven customer service platform, has signed a 14,563-square-foot, full-floor office lease at 375 West Broadway in Manhattan’s SoHo neighborhood. The deal keeps the 76,605-square-foot building, which was originally constructed in 1863 and is currently being renovated, at full occupancy. Brett Harvey of Newmark represented the landlord, Manova Partners, in the lease negotiations. Jeff Fischer and Connor Krup of CBRE represented Sierra.
PHOENIX — JLL has arranged the sale of Sheraton Phoenix Downtown, a 1,003-room convention center hotel in Phoenix. Built in 2008 and enhanced through a $45 million renovation in 2020, the 33-story property features 112,000 square feet of flexible meeting and event space, including the 27,000-square-foot Phoenix Ballroom and the 14,000-square-foot Valley Of the Sun Ballroom. The conference center offers 26 total meeting rooms, with the largest space accommodating up to 2,510 guests and 20 breakout rooms for concurrent sessions. The 806,481-square-foot property features guest rooms on floors five through 33; three food-and-beverage concepts, including Carcara, &More by Sheraton and Breeze Bar & Grill; a 4,300-square-foot fitness center; an outdoor pool; Sheraton Club Lounge and comprehensive business services. Matt Riley led the JLL Hotels & Hospitality team that represented the undisclosed seller in the transaction.
PHOENIX — High Street Residential (HSR), the residential subsidiary of Trammell Crow Co., and joint venture partners Mar-Gulf Management and MDI Capital, the international real estate subsidiaries of Kuwait Financial Centre, have broken ground on Union Park Residences in Phoenix’s Norterra master-planned development. Slated for completion by fourth-quarter 2027, the four-story Union Park Residences will feature 308 studio, one- and two-bedroom apartments, ranging from 600 square feet to 1,400 square feet. Apartments will feature large kitchen islands with quartz countertops, tile backsplashes, stainless steel appliances and tiled showers and surrounds. Situated on 8 acres at 2215 W. Union St., the community will offer a pool, spa, fitness center with a sauna and cold plunge, a coworking area, pet spa, dog run and game lounge. Ironmark Builders is serving as general contractor, and ESG Architects designed the project.
WEST VALLEY CITY, UTAH — ViaWest Group and GEM Realty Capital have received $43.3 million in construction financing for the development of 5400 South, a previously announced three-building warehouse project in West Valley City. Kevin MacKenzie, Jason Carlos, Jeff Pew and Lilley Kroll of JLL secured the floating-rate loan for the borrower. Situated on 28.7 acres at 7301 W. 5400 S, the 470,334-square-foot development will feature clear heights ranging from 32 feet to 36 feet across the buildings. In total, 5400 South will offer 110 dock-high doors, 18 grade-level doors, 54 trailer parking spaces and 443 automobile parking spaces. The buildings will offer flexible space configurations ranging from 19,500 square feet to 218,499 square feet. Construction commenced in November, with completion slated for December 2026.
LAS VEGAS — Northcap Commercial has arranged the sale of Westland Orland Apartments, a multifamily property located at 109 Orland St. in Las Vegas. The asset traded for $5.4 million, or $100,000 per unit. Built in 1969, Westland Orland Apartments offers 54 units. Devin Lee, Robin Willett and Jerad Roberts of Northcap represented the undisclosed seller and procured the undisclosed buyer in the transaction.