ST. CHARLES, ILL. — Greenstone Partners has negotiated the $1.9 million sale of a 4,083-square-foot, two-tenant retail center located at 2701 E. Main St. in St. Charles. The property, which features a drive-thru, is occupied by Dunkin’ and Options Medical, a weight loss facility with 40 locations across the U.S. Both tenants operate under net lease structures. Brewster Hague, AJ Patel and Tom Galvin of Greenstone represented the seller, a private partnership. The buyer was a local investor.
MADISON, N.J. — JLL has brokered the sale of 2 Giralda Farms, a 146,366-square-foot office building located within the 181-acre Giralda Farms corporate campus in the Northern New Jersey community of Madison. The four-story building, which was constructed in 2001, formerly served as the U.S. headquarters for global shipping giant Maersk before being leased by pharmaceutical company Merck through mid-2025. Jeremy Neuer, Jose Cruz, Ryan Robertson, Tim Greiner and Mike Pietrowicz of JLL represented the undisclosed institutional seller in the transaction. The team also procured the buyer, a subsidiary of Gellert Global Group.
AMHERST, N.Y. — Locally based financial intermediary Largo Capital has arranged a $9 million loan for the refinancing of an 81,569-square-foot industrial and office building in Amherst, a suburb of Buffalo. The property address was not disclosed, but the building was originally constructed in 1989 and was fully leased at the time of the loan closing. Jack Philips of Largo Capital originated the debt through an undisclosed bank. The name of the borrower was also not disclosed.
CLIFTON, N.J. — Value Cos. has completed the lease-up of Phase II of The Point at Gateways in the Northern New Jersey community of Clifton. Located within the Gateways at Randolph development, the 24 Phase II apartments come exclusively in two-bedroom formats. Amenities at The Point at Gateways include a pool, fitness center, playground, outdoor grilling and dining stations and an event space with a catering kitchen, children’s playroom, video gaming lounge, workstations, billiards and TVs.
NEW YORK CITY — Plaza College has signed a 21,068-square-foot lease expansion and extension at Forest Hills Tower, a 375,000-square-foot office building in Queens. Plaza College first joined the tenant roster in 2013 and currently occupies floors one through three. The new deal also encompasses the entire sixth floor and brings the private college’s total footprint at the building to about 80,000 square feet. Roy Chipkin of CBRE represented Plaza College in the lease negotiations. Muss Development owns Forest Hills Tower.
WESTBURY, N.Y. — Two new entertainment operators — Gatsby’s Board Game Café and I.FLY Trapeze — will open venues at Samanea New York, a 750,000-square-foot entertainment destination on Long Island. Gatsby’s is an interactive experience with a library of more than 400 games that are available to buy and/or play onsite. I.FLY Trapeze offers open-fly sessions, workshops, parties and corporate team-building events. Opening dates were not announced. Lesso Mall Development owns Samanea New York.
By Sam Rolfe, The Lerner Company It seems Omaha’s retail market shows no signs of slowing down from a position of strength, which received a tangible boost when the metro-area population hit the magic 1 million mark. It’s funny that this population hurdle opens the eyes of retailers so much more than 970,000 would, but there’s no doubt that it does, and the market has reacted accordingly, with year-over-year asking rents up 5.4 percent. The seemingly rapid growth and development have not vastly affected the city’s historically strong fundamentals and high occupancy rates however, with the vacancy rate in the metro at 4.4 percent. This low vacancy is partially a byproduct of the historically low supply that has plagued the market in recent years. Over the last decade, we have seen vast westward growth and somewhat stagnant activity in the urban core and central region. Although the westward march continues, it is now coupled with large amounts of urban development, making the city’s retail market strong within eastern submarkets. The old adage “retail follows rooftops” has held true throughout this growth cycle, as retail developments follow the suburban growth of both homes and apartments. One example of this is at …
SALISBURY, N.C. — Food Lion is investing $484 million to enhance the customer shopping experience with 153 remodeled stores. The stores were unveiled on Nov. 5 throughout the greater Charlotte market. Founded in Salisbury in 1957, Food Lion operates more than 1,100 stores throughout 10 Southeastern and Mid-Atlantic states. Additionally, Ahold Delhaize USA, the parent company of Food Lion as well as Giant Food and Stop & Shop, recently announced it is investing $860 million for its new East Coast distribution hub in Burlington, N.C.
MEMPHIS, TENN. — The City of Memphis has acquired the Sheraton Memphis Downtown, a 600-room hotel located at 250 N. Main St. in downtown Memphis. The seller, an undisclosed institutional hotel investment firm, and the sales price were not disclosed, though local media outlets are reporting the asset traded for $22 million. Spencer Davidson and Tim Osborne of Hunter Hotel Advisors brokered the transaction. The city is partnering with Carlisle Development Group to overhaul and rebrand the property as Marriott Hotel Downtown Memphis. The hotel currently features 18,131 square feet of onsite meeting space, an indoor pool, fitness center and direct access via an enclosed skywalk to the 300,000-square-foot Renasant Convention Center, which recently underwent a $200 million modernization. Specific plans and construction timelines for the hotel redevelopment project were not released.
CHARLOTTE, N.C. — Swinerton, working on behalf of developer Space Craft, has topped out Cordo, a $111 million multifamily development located at 512 E. 21st St. in Charlotte’s Optimist Park neighborhood. The development, the fifth between Swinerton and Space Craft, will feature 287 studio, one-, two-, three- and four-bedroom units, as well as a rooftop terrace, resident lounge/game room with a full kitchen, meeting and coworking spaces, outdoor courtyard and fitness and wellness areas. Designed by Charlotte-based architecture firm Shook Kelley, the project will feature cross-laminated timber (CLT) decks, which will create exposed timber ceilings. Timberlab, sister company of Swinerton, prefabricated approximately 50,000 linear feet of wood wall framing and 185,000 square feet of CLT using pine, spruce and fir in its Greenville, S.C., facility for the development. The project team broke ground on Cordo last fall and expects to deliver the community by summer 2027.
