NEW HAVEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Orange Gardens, a 175-unit apartment complex in New Haven. The property comprises 13 buildings that were constructed on a 6.2-acre site between 1963 and 1969. According to Apartments.com, units come in studio, one- and two-bedroom formats. Wes Klockner, Eric Pentore, Victor Nolletti and Ross Friedel of IPA represented the undisclosed seller in the transaction and procured the buyer. Both parties were limited liability companies that requested anonymity.
PARK RIDGE, N.J. — Marcus & Millichap has brokered the $17 million sale of Ridgemont Shopping Center, a 71,650-square-foot shopping center in Park Ridge, located near the New Jersey-New York border. German discount grocer Lidl anchors the center, which is also home to tenants such as Staples, Chase Bank and Starbucks. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap, along with Bill Farkas of Jeffery Realty, represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
HAUPPAUGE, N.Y. — Premier Care Industries has signed a 56,500-square-foot industrial lease in the Long Island community of Hauppauge. The provider of wet wipes will use the space at 100 Marcus Blvd., which according to LoopNet Inc. was constructed in 1971 and totals 151,847 square feet, as its new logistics warehouse. JLL represented Premier Care Industries and the landlord, BEB Capital, in the lease negotiations.
THOMPSON’S STATION, TENN. — Mall owner Simon Property Group (NYSE: SPG) has entered into an agreement to purchase a development site in metro Nashville with plans to build a luxury shopping and lifestyle destination known as Nashville Premium Outlets. The 325,000-square-foot project will be situated at the intersection of I-65 and I-840 in the southern suburb of Thompson’s Station. “This project represents a significant investment in our town and has the potential to enhance local amenities, create jobs and strengthen our economy,” says Thompson’s Station Mayor Brian Stover. Simon is collaborating with Nashville-based Adventurous Journeys Capital Partners (AJ Capital), a company known for its work in hospitality and real estate development. Construction is expected to begin in 2026, but a timeline for completion was not provided. Preliminary plans call for 75 retailers, restaurants and a hotel, with the potential to add residential options and big box retailers. “We are excited to bring another premier shopping and lifestyle destination to Nashville, one of our country’s most dynamic and fastest growing markets,” says Gary Duncan, Simon’s president of Premium Outlets and The Mills brands. Nashville Premium Outlets will join Simon’s existing properties in the metro area, including Opry Mills and The Mall …
WASHINGTON, D.C. AND ALEXANDRIA, VA. — Atlanta-based Jamestown has sold its stake in The Georgetown Renaissance Portfolio, a collection of 22 boutique retail and residential buildings in Washington, D.C.’s Georgetown neighborhood and a lone property in nearby Alexandria, Va. New York-based Acadia Realty Trust, already a minor owner of the portfolio, purchased Jamestown’s stake for an undisclosed price. Eastdil Secured represented Jamestown in the transaction. Jamestown originally acquired its interest in The Georgetown Renaissance Portfolio in 2011. The firm had previously sold off a portion of its interest to EastBanc, which used acquisition funds from Acadia Realty Trust, back in 2016. The portfolio is now home to several retail and design brands such as B&B Italia, Poliform, Molteni, Lululemon, Patagonia and Design Within Reach.
HIGH POINT, N.C. — PNK Group has delivered a $120 million distribution center in High Point, a city in North Carolina’s Piedmont Triad region. The nearly 1.1 million-square-foot project is a build-to-suit development for Ecolab Corp., a publicly traded water, hygiene and infection preventions solutions provider based in St. Paul, Minn. PNK Group bought the land, designed the building and supervised the entire construction process. The High Point project is the second build-to-suit between PNK Group and Ecolab, with the first located in Atlanta.
NASHVILLE, TENN. — Mill Creek Residential is underway on the construction of Modera Nations, a 396-unit apartment community situated along the Cumberland River in Nashville’s The Nations neighborhood. The podium-style community will over views of the river and the downtown Nashville skyline and will eventually include a trailhead to the city’s Greenways expansion on the north end of the property. Located at 1650 54th Ave. N, Modera Nations will offer studio, one-, two- and three-bedroom apartments, as well as a bowling alley. Other amenities will include a resort-style swimming pool, spa with two saunas and a cold plunge tub, coworking lounge, fitness center, courtyards, community garden, dog park, rooftop deck, EV charging stations, bike lockers and a cold storage delivery station. Mill Creek plans to deliver the community by the end of the year.
HOUSTON — California-based investment firm BKM Capital Partners has acquired West Belt Business Park, a 260,887-square-foot industrial property in southwest Houston. West Belt Business Park consists of five buildings that house 30 tenant spaces ranging in size from 770 to 23,000 square feet. Charlie Strauss, Lance Young and Clay Anderson of JLL represented the undisclosed seller in the transaction. BKM, which plans to implement a value-add program, was self-represented. The property was fully leased at the time of sale to a tenant roster with a weighted average remaining lease term of just under three years.
ALTAMONTE SPRINGS, FLA. — Denver-based Sagard Real Estate (formerly EverWest Real Estate Investors) has sold Marketplace at Altamonte, a 335,995-square-foot shopping center located in Altamonte, roughly 16 miles outside Orlando. According to the Orlando Business Journal, an entity associated with Centro Property Management LLC purchased the property for $28.9 million from Sagard’s core equity fund. The center was 55 percent occupied at the time of sale to tenants including Burlington, Ross Dress for Less and Total Wine & More. Sagard originally acquired the center in 2005.
METAIRIE, LA. — The Feil Organization has completed a $4 million renovation of the common areas at One Lakeway, an office building within the 1.2 million Lakeway office complex in Metairie. Feil partnered with AGL Commercial Interiors and AECOM Tishman on the project. The renovation included new art installations, furniture and finishes in the lobby, as well as landscaping improvements for the courtyard between One and Two Lakeway. Additionally, the overhaul included renovations to the café, rebranded now as Lakeway Café, and the installation of outdoor dining areas. Feil is underway on the lobby renovations at Two Lakeway and expects to complete construction by the end of the year.