PROVINCETOWN, MASS. — Nonprofit developer The Community Builders (TCB) has broken ground on Province Post, a 65-unit mixed-income housing project that will be located in Provincetown, situated at the tip of Cape Cod. The building’s affordable housing component will be for renters earning from 80 percent to below 30 percent of the area median income. Units will come in studio, one-, two- and three-bedroom floor plans. A tentative completion date was not announced.
MEDFORD, MASS. — Locally based brokerage firm ABG Commercial Realty has negotiated the $8 million sale of a 28,600-square-foot industrial building in Medford, a northern suburb of Boston. The building at 118 Mystic Ave. was fully leased to Verizon at the time of sale. Bernard Gibbons of ABG Commercial represented the buyer, Empire Management, in the transaction. The seller was local development and investment firm Marcus Partners.
NEW YORK CITY — ProMedia has signed a 27,780-square-foot office lease in Manhattan’s Hudson Square area. The production and media infrastructure company has committed to a full floor at 250 Hudson Street for the next 15 years. Gordon Ogden and Ava Beganovic of Bradford Allen represented ProMedia in the lease negotiations. Brett Greenberg and Adam Rappoport internally represented the landlord, Jack Resnick & Sons.
CHICAGO — The 1901 Project owners have revealed renderings for the new Music Hall, a purpose-built live performance venue taking shape on the United Center campus in Chicago. Set to open in 2028 as a centerpiece of the first phase of the 1901 Project, the Music Hall will accommodate 6,000 guests and is being built specifically for live music. New renderings show an intimate performance room with three levels of viewing. The venue bowl has been designed with support from major industry consultants including RIOS, Theater Projects and Kirkegaard. Inside will be bars, merchandise locations and hospitality spaces. Outside, the venue will open directly into the larger 1901 Project campus, connecting guests with new open space, restaurants, retail, parking and a hotel. The 1901 Project is a $7 billion investment that will transform more than 55 acre surrounding the United Center into a mixed-use destination with new public spaces and parks, housing, retail, hospitality, offices and transportation improvements.
BLAINE, MINN. AND LIBERTY, MO. — First Washington Realty (FWR) has acquired two grocery-anchored shopping centers in Minnesota and Missouri for a combined value in excess of $65 million. The acquisitions expand FWR’s portfolio to 21.9 million square feet across 21 states. The Village of Blaine is a 220,685-square-foot center in Blaine, Minn., and Liberty Corners is a 124,808-square-foot property anchored by a 56,000-square-foot Cosentino’s Price Chopper store in Liberty, Mo. Additional tenants include Chipotle and The Big Biscuit.
OMAHA, NEB. — Opus has broken ground on Rainwood Industrial, a 272,076-square-foot speculative industrial facility within Rainwood Industrial Park in Omaha. The project will feature a clear height of 32 feet, 29 dock doors, two drive-in doors and 176 vehicle parking spaces. The building will accommodate up to six users. Opus is the developer and design-builder, and SVPA Architects is the architect. Denny Sciscoe of Lund Co. is marketing the project for lease. Completion is slated for April 2027. Rainwood Industrial Park is located less than two miles from I-680, less than 10 miles from I-80 and directly east of a Google data center.
SOUTH SIOUX CITY, NEB. — Greysteel has brokered the $15.3 million sale of Dakota Pointe, a 143-unit multifamily property in South Sioux City. Built in 1994, the property was fully leased at the time of sale. Units come in one-, two- and three-bedroom floor plans. Greysteel represented the seller. Both the buyer and seller were private investors based in South Dakota.
For years, Richmond occupied an interesting position in the Mid-Atlantic multifamily landscape: large enough to attract institutional capital, but often overshadowed by bigger markets such as Washington, D.C., and Northern Virginia. That is changing. Richmond has moved considerably higher on investors’ target lists over the past several years, initially propelled by the migration patterns that emerged during the pandemic. People flocked to Richmond for its relatively affordable housing and quality of life. While that migration isn’t occurring at COVID-era levels today, those fundamentals remain. Increasingly, investors are recognizing that Richmond offers something particularly valuable in the current environment: attractive yield in a market where pricing has not necessarily caught up with the underlying fundamentals. Fundamentals hold up Richmond’s multifamily market is absorbing a meaningful amount of new supply while continuing to generate rent growth. Effective rents reached $1,658 at midyear, representing 4.1 percent growth, while occupancy stood at approximately 94 percent, according to Pyxis. The market absorbed 2,733 units over the previous 12 months, according to research from CoStar Group. Those numbers are particularly noteworthy given the recent construction cycle. Nearly 7,000 units were completed during the past 12 months. Another 5,736 are expected during the coming year, according to …
CHICAGO — JLL has arranged approximately $113 million in construction financing and joint venture equity for an office-to-residential conversion project located along downtown Chicago’s “Magnificent Mile” corridor. The sponsor, Commonwealth Development Partners, purchased the 25-story office building at 500 N. Michigan Ave. in August 2025 in partnership with Triangle Capital Group. That deal traded off-market and fetched a sales price of $5 million. Commonwealth is now in the process of converting the building into a 320-unit apartment community. Construction on the redevelopment began in May and is slated for a spring 2028 completion. The financing package consists of a $71.5 million nonrecourse construction loan from Santander Bank and $41.8 million in joint venture equity that was provided by Washington Capital Management on behalf of one of its institutional clients. Chris Knight, Ryan Planek and Annie Thomas of JLL secured both components of the package on behalf of Commonwealth. Upon completion, the adaptive reuse project will feature studio, one- and two-bedroom units, 64 of which will be designated as affordable housing. The development will offer amenities such as a rooftop pool, fitness center with a yoga room, coworking space, a multi-sport simulator, theater and concierge services. Residents at 500 N. Michigan …
SAN ANTONIO — Marcus & Millichap has brokered the sale of a 645-unit self-storage facility in San Antonio. CubeSmart previously operated the facility, which was built on a 10.6-acre site on the city’s southwest side in 2023 and spans 115,240 net rentable square feet. Jon Danklefs of Marcus & Millichap represented the seller, a New Jersey-based limited liability company, in the transaction and procured the buyer, Public Storage, which has rebranded the property. The facility was 89 percent occupied at the time of sale.