Property Type

Seagis Nears Completion of 166,725 SF Warehouse in Teterboro, New Jersey

by Taylor Williams February 13, 2025

TETERBORO, N.J. — Seagis Property Group is nearing completion of a 166,725-square-foot warehouse in the Northern New Jersey community of Teterboro. Known as Teterboro Distribution Center, the building offers proximity to Port Newark-Elizabeth and Liberty International Airport. Building features include a clear height of 40 feet, 5,000 square feet of office space, 40 loading docks, 185-foot truck court depths and parking for 46 trailers and 114 cars. CBRE is marketing the property, which is slated for a summer delivery, for lease.

February 13, 2025

Acquisitions New Jersey Northeast Retail

IPA Brokers Sale of 85,513 SF Shopping Center in Morristown, New Jersey

by Taylor Williams February 13, 2025

MORRISTOWN, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Morris Marketplace, an 85,513-square-foot shopping center located roughly 25 miles west of New York City. The newly developed center was fully leased at the time of sale to more than 35 restaurant and service-oriented tenants, including Wells Fargo, Jersey Mike’s, Orangetheory Fitness and Panda Express. Brad Nathanson and JP Colussi of IPA represented the seller and developer, DeVimy Equities, in the transaction. The duo also procured the buyer, Ohio-based Last Mile Investments.

February 13, 2025

Leasing Activity New York Northeast Office

Gardiner & Theobald Signs 27,500 SF Office Lease Renewal in Midtown Manhattan

by Taylor Williams February 13, 2025

NEW YORK CITY —Gardiner & Theobald, an independent construction and property consulting firm, has signed a 27,500-square-foot office lease renewal at 535-545 Fifth Avenue in Midtown Manhattan. The lease term is five years. Omar Sozkesen of The Moinian Group represented the landlord in the lease negotiations on an internal basis. Evan Fiddle of CBRE represented the tenant.

February 13, 2025

Affordable Housing Development Florida Multifamily Southeast Top Stories

Housing Trust Group Breaks Ground on $185M Affordable Housing Development in Miami

by Katie Sloan February 13, 2025

MIAMI — Housing Trust Group has broken ground on Rainbow Village, a $185 million affordable housing development located at 2000 N.W. Third Ave. in Miami. Spanning 698,000 square feet, the community will feature 310 units alongside 12,000 square feet of retail space, 50,000 square feet of amenities and 442 parking spaces. Units will be offered in studio, one-, two-, three- and four-bedroom configurations for income-qualifying residents who earn at or below 30 percent to 80 percent of the area median income (AMI). Monthly rents for one-, two- and three-bedroom apartments will range from $793 to $2,634, according to Housing Trust Group. “As Miami continues to face a growing demand for affordable housing, Rainbow Village will offer much-needed relief to working families throughout the community,” says Matthew Rieger, president and CEO of Housing Trust Group. Shared amenities at the property will include a resort-style swimming pool, business center, lounge area, daycare, playground, covered and open courtyards, a theater room, community center, juice bar, bike storage room, fitness center, study and play areas and a fire pit. Housing Trust Group expects to complete construction in first-quarter 2027, with leasing to begin in late 2026. Funding for Rainbow Village includes $70 million in …

February 13, 2025

Market Reports Midwest Midwest Market Reports Missouri Office

From Surplus to Scarcity: The Surge of Prime Office Leasing in St. Louis

by Kristin Harlow February 13, 2025

By Brian Lyss and Joshua Allen, CBRE St. Louis is typical of Midwest markets in that most of its office product continues to age. In fact, 73 percent of existing office supply in St. Louis was constructed before the 1990s. In a post-pandemic environment, users are seeking out amenity-rich prime space. Out of 53 million square feet of office product in St. Louis, 2.6 million square feet is considered “prime” in nature. Prime assets are the newest assets in St. Louis, located in walkable urban areas with an abundance of amenities. In early 2021, during the early stages of the pandemic, prime office availability (21.7 percent) was on par with non-prime (20.5 percent) as the market became increasingly concerned about the future of office use. Over the past 36 months, this surplus of available office has quickly turned into a shortage of prime assets. There has been virtually no new office construction in St. Louis, hitting the lowest levels on record. This fact guarantees that prime office space will remain tight until we see new construction begin to come out of the ground. Even if new construction does commence, the construction and lending environment is such that rates are anticipated …

February 13, 2025

Development Features Seniors Housing

Engaged by Design: Outdoor, Community Amenities Help Seniors Housing Residents Thrive

by Hayden Spiess February 13, 2025

By Shawn Reed of FK Architecture A focus on wellness and lifestyle is among the top 10 senior housing trends for 2025, according to the Seniors Blue Book. With an increased focus on wellness spaces, community gardens and outdoor areas that can be utilized for different activities, seniors now have more opportunities to live healthier, more satisfying lives. Landscape architects are uniquely suited to provide ways for seniors to experience the outdoors in a safe, accessible way. Ideally, this involves targeted, evidence-based design that emphasizes connection to nature while meeting seniors’ preferences for where they prefer to be and interact with others. Focusing on the important aspects of amenity design can improve health, foster a broader sense of community and increase positive interactions among seniors of all ages. Strategic Amenity Location The “attention restoration theory” research conducted by Stephen and Rachel Kaplan shows the benefits humans get from being more in touch with nature. In seniors, increased time outdoors can result in health benefits such as better sleep, decreased incontinence, pain reduction and longevity. Granting residents proper amenity access to the outdoors also promotes mental acuity and psychological wellbeing. Landscape architects have the opportunity to create amenities such as onsite …

February 13, 2025

Acquisitions Arizona Multifamily Western

Rockpoint, Related Sell Town Deer Valley Apartments in Phoenix for $131.1M

by Amy Works February 12, 2025

PHOENIX — A venture between Rockpoint and The Related Group has completed the disposition of Town Deer Valley, a multifamily community in Phoenix, to Goodman Real Estate for $131.1 million, or $337,887 per unit. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Built in 2024 on 18 acres, Town Deer Valley offers 388 apartments with stainless steel refrigerators, single-door access to patios and balconies with exterior storage, and smart home automation packages. Community amenities include a 5,900-square-foot clubhouse with an arts and crafts room, a poker room and La Galere sundry shop; a 3,800-square-foot fitness center building; and a pool area with a swimming pool and a wading pool with submerged loungers.

February 12, 2025

Acquisitions Development Retail Washington Western

SimonCRE Acquires 89,002 SF Retail Center in Washington, Plans Redevelopment

by Amy Works February 12, 2025

SPANAWAY, WASH. — SimonCRE has acquired an 89,002-square-foot retail center located in Spanaway, with plans to redevelop the property. Plans for the center include the addition of a grocery anchor, as well as other new tenants. According to SimonCRE, redevelopment efforts at the property will be focused on updating existing structures.

February 12, 2025

Acquisitions California Retail Western

Hanley Investment Group Negotiates Sales of Two Car Wash Properties in California Totaling $5.4M

by Amy Works February 12, 2025

GRAND TERRACE AND LODI, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sales of two newly constructed, single-tenant properties for a total of $5.4 million in California. Quick Quack Car Wash occupies each property on a 20-year, triple-net lease basis. The Quick Quack Car Wash located in Grand Terrace sold for $2.7 million. Bill Asher and Jeff Lefko of Hanley represented the seller and developer, 5th Street Development, in the transaction. Patrick Toomey of IPA represented the buyer, a Pasadena-based private investor. The car wash is an outparcel to a Stater Bros. Market-anchored shopping center. Other tenants at the center include AutoZone, Miguel’s Jr., and McDonald’s. The Quick Quack Car Wash located in Lodi also sold for roughly $2.7 million. A private partnership between MEE Capital Investments and Adval Properties Inc. was the developer. Asher and Lefko represented the undisclosed seller in the transaction. John Kourafas of Visintainer Group represented the buyer, a central California-based private investor. The property is an outparcel to a Raley’s grocery-anchored shopping center. Additional tenants at the center include Vista Oaks Charter School, Great Clips, Batteries Plus, Huntington Learning Center and Speedway. Hanley has completed the sale of $406 million in car …

February 12, 2025

Acquisitions California Industrial Western

NAI Capital Arranges Sale of 22,448 SF Industrial Property in Palmdale, California

by Amy Works February 12, 2025

PALMDALE, CALIF. — NAI Capital Commercial has negotiated the sale of an industrial property located at 38960 Trade Center Drive in Palmdale. A private trust acquired the asset from 38960 Trade Center Drive LLC for $4.4 million. Bimbo Bakeries USA fully occupies the 22,448-square-foot facility, which was built in 2004. The tenant produces some of America’s most widely recognized baked goods, including Sara Lee, Thomas’ English Muffins, Oroweat, Entenmann’s, Boboli, Ball Park and Nature’s Harvest. Chris Jackson and Todd Lorder of NAI Capital Commercial represented the seller, while Lucy Hartford of NAI Capital Commercial represented the buyer in the transaction.

February 12, 2025

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