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Avalon-Wilton-on-River-Road
AcquisitionsConnecticutMultifamilyNortheast

IPA Negotiates Sale of 102-Unit Apartment Complex in Wilton, Connecticut

by Taylor Williams

WILTON, CONN. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of a 102-unit apartment complex in Wilton, located in southern Connecticut’s Fairfield County. Avalon Wilton on River Road is an eight-building complex that was built in 1996 and renovated in 2012. The property offers 64 townhome-style residences and 38 garden-style units in two- and three-bedroom floor plans that have an average size of 1,552 square feet. Amenities include a pool and outdoor grilling and dining stations. Victor Nolletti, Eric Pentore, Wes Klockner and Ross Friedel of IPA represented the seller, Virginia-based REIT AvalonBay Communities, in the transaction and procured the buyer, AEW Capital Management.

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AcquisitionsConnecticutNortheastRetail

Marcus & Millichap Brokers $14M Sale of Shopping Center in Winsted, Connecticut

by Taylor Williams

WINSTED, CONN. — Marcus & Millichap has brokered the $14 million sale of The Shops at Ledgebrook, a 105,499-square-foot shopping center in Winsted, located northwest of Hartford. Grocer Stop & Shop anchors the center, which was built on 14 acres in 1989, with a 52,704-square-foot store. Other tenants include Webster Bank, Sophia’s Pizza Restaurant and China Delight. Joseph French Jr. and Kodi Traver of Marcus & Millichap represented the New York-based seller in the transaction and procured the New Jersey-based buyer. Both parties were private investors that requested anonymity.

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Leasing ActivityNew JerseyNortheastOffice

Kelley Drye & Warren LLP Signs 17,260 SF Office Lease in Madison, New Jersey

by Taylor Williams

MADISON, N.J. — Kelley Drye & Warren LLP has signed a 17,260-square-foot office lease in the Northern New Jersey community of Madison. The law firm is relocating from nearby Parsippany to Giralda Farms, a 1.3 million-square-foot corporate campus. Nick Savage and Greg Barkan of CBRE represented the tenant in the lease negotiations. Joshua Cohen and Bill Brown of Cushman & Wakefield represented the landlord, a partnership between Bergman Real Estate Group and Eightfold Real Estate Capital.

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ArizonaMarket ReportsRetailWesternWestern Market Reports

Could Casa Grande Be the Next Tier II Retail Market in 2025 for Phoenix?

by John Nelson

— By John K. Jackson of Colliers Phoenix — Casa Grande, Ariz., stands at a pivotal juncture that could see it transition into a Tier II retail market this year. Phoenix’s Greater Metropolitan Area has been characterized by historically low retail vacancy rates, prompting retailers and developers to explore opportunities outside the urban core. Casa Grande’s strategic location less than 50 miles south of Phoenix Sky Harbor International Airport makes it well-positioned to capitalize on this migration. The Dynamics of Casa Grande’s Growth Casa Grande has experienced notable growth in recent years. It was the seventh fastest-growing U.S. city in 2021, experiencing a remarkable 24 percent population increase since 2016. This growth, paired with job creation across sectors, is attracting major employers, including Lucid, LG Energy Solution and Kohler. These three firms promise to collectively bring more than 6,400 jobs to the area. Such economic development lays a solid foundation for retail expansion. After all, a growing workforce typically leads to increased consumer demand.  The significant investments being made in the area further bolster Casa Grande’s potential as a retail hub. Lucid has recently expanded its manufacturing complex to 4 million square feet, with plans for additional land acquisition to support …

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FeaturesOffice

Emerging Tech, Workplace Design Are Top Priorities for Office Executives, Says Envoy Survey

by John Nelson

SAN FRANCISCO — Employers around the country are monitoring modern office trends as the country’s return-to-office (RTO) movement gains some momentum. Envoy, a San Francisco-based tech company specializing in workplace solutions for office workers and their clients, has produced its annual Workplace Predictions report, which found that the U.S. office sector is a “workplace in flux.” The company surveyed nearly 500 executives from across various roles, including HR, IT and management, as well as across generations — from Gen Z to baby boomers — to collate the data. Envoy partnered with Hanover Research for the report. The Workplace Predictions survey found that participants expect for emerging technologies such as AI and machine learning to play a key role in reshaping office environments — both physical and virtual — moving forward. Another key finding is that different generations of office workers have different needs when it comes to how they value their physical office environments. Larry Gadea, founder and CEO at Envoy, said that modern workplaces are “rapidly evolving,” thus the findings from this report are “critical” for companies that are rethinking how to boost morale, work culture and employee engagement at the property level. “The conversation about the workplace of tomorrow …

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CaliforniaMarket ReportsMixed-UseWestern

South Coast Metro: A Case Study in Urban Mixed-Use Development

by John Nelson

A notable shift in the way we live, work and play has occurred since the pandemic — one that emphasizes efficiency, multi-functionality and convenience. The result has been an increase in the demand and popularity of mixed-use developments. Developers love them for their efficiency. Investors love them for their diversity. And consumers love them for their ability to achieve said live-work-play trifecta all under one roof. Within Orange County, South Coast Metro stands out as an area that fosters this type of urban development, blending retail, multifamily, office and cultural assets in a way that fosters economic growth and community engagement. Adjacent to John Wayne Airport, this 2,500-acre district shows how strategic development can create a self-sustaining urban environment. A Retail Powerhouse with Expanding Opportunities South Coast Metro is arguably most known for being the home of South Coast Plaza. The West Coast’s largest luxury shopping destination saw record annual sales exceeding $2.3 billion in 2023. While luxury retail remains a major draw, the broader South Coast Metro caters to a diverse range of shopping experiences, which includes the boutique-driven OC Mix and SoBECA District, as well as major national retailers. This variety underscores a key trend in commercial real estate: …

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Michael-Moriarty-Pull-Quote-Image
AcquisitionsIndustrialMarylandMinnesotaTop Stories

Investcorp Acquires Two Industrial Portfolios in Minneapolis, Baltimore Totaling $335M

by Hayden Spiess

MINNEAPOLIS AND BALTIMORE — Global alternative investment firm Investcorp has acquired two industrial portfolios for a total of more than $335 million. Located in the Minneapolis and Baltimore markets, the portfolios feature a combined 2.7 million square feet across 27 properties.  The 17-building Minneapolis portfolio totals 1.9 million square feet, and the Baltimore portfolio comprises 10 buildings with 881,000 square feet. The seller and specific addresses of the properties were not disclosed.  “The Minneapolis and Baltimore portfolio acquisitions offer us a unique opportunity to scale our presence in two markets with highly diversified tenancies,” says Michael Moriarty, managing director and head of commercial acquisitions at Investcorp. “The properties making up each of these portfolios feature favorable characteristics, such as high average clear heights, ample loading docks, plentiful parking and convenient locations.”  According to a press release issued by Investcorp, industrial market rent growth in Baltimore and Minneapolis has averaged 13.4 percent and 11.4 percent, respectively, over the past three years. Fortune 500 companies with a presence in Minneapolis include Target Corp., Best Buy Co. Inc., 3M Co. and General Mills Inc.  Baltimore hosts corporations including Optum Inc., JLL, Under Armour Inc. and Morgan Stanley & Co., among others. Founded in …

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Midpoint-Logistics-Center-Lancaster
AcquisitionsIndustrialTexas

JLL Brokers Sale of 1.6 MSF Industrial Complex in Lancaster, Texas

by Taylor Williams

LANCASTER, TEXAS — JLL has brokered the sale of Midpoint Logistics Center, an approximately 1.6 million-square-foot industrial complex in Lancaster, a southern suburb of Dallas. Completed in 2023, Midpoint Logistics Center comprises two cross-dock distribution facilities with 38- to 40-foot clear heights, ESFR sprinkler systems, LED lighting and ample trailer and vehicle parking. Midpoint Logistics Center was 100 percent leased at the time of sale to two global firms: logistics provider DSV Solutions and appliance manufacturer Electrolux Consumer Products. Trent Agnew, Tom Weber, Parker McCormack, Pauli Kerr, Matthew Barge and Brennan Fewin of JLL represented the seller, California-based Panattoni Development, in the transaction. The buyer and sales price were not disclosed.

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The-Gilman-Irving
DevelopmentMultifamilyTexas

Rosewood Property Co. Breaks Ground on 370-Unit Multifamily Project in Irving

by Taylor Williams

IRVING, TEXAS — Locally based developer Rosewood Property Co. has broken ground on The Gilman, a 370-unit multifamily project in Irving. The Gilman will be situated on a 6.8-acre site in the Las Colinas district, and the development will feature studio, one-, two- and three-bedroom units that will range in size from 615 to 1,460 square feet. Amenities will include a pool, fitness center, dog park, clubroom, coworking lounge, courtyards and a sky lounge. Hensley, Lamkin, Rachel Inc. is designing the project, and Blackland Partners is serving as the general contractor. Completion is slated for early 2027.

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DevelopmentIndustrialTexas

Apple to Open 250,000 SF Manufacturing Facility in Houston

by Taylor Williams

HOUSTON — Apple (NASDAQ: AAPL) will open a 250,000-square-foot manufacturing facility in Houston. Apple plans to use its new Houston facility, which is expected to come on line in 2026, to manufacture servers that support the company’s artificial intelligence projects and programs. The development of the facility represents part of a larger initiative in which the Silicon Valley-based tech giant has pledged to invest $500 billion in U.S. innovation and technological infrastructure, creating about 20,000 new jobs in the process. That initiative also calls for the creation of a training academy in Michigan.

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