ALTAMONTE SPRINGS, FLA. — A joint venture between Cohen & Steers Income Opportunities REIT Inc. and Phillips Edison & Co. has purchased Oak Grove Shoppes, a Publix-anchored shopping center located in the Orlando suburb of Altamonte Springs. The seller and sales price were not disclosed. The 142,000-square-foot property was redeveloped in 2023 and features a 48,000-square-foot Publix grocery store that opened in 2023, as well as a new Marshalls store. The center was 91 percent leased at the time of sale. Oak Grove Shoppes is the second acquisition for the Cohen & Steers-Phillips Edison joint venture, which is targeting $300 million in grocery-anchored shopping center acquisitions. As part of the joint venture arrangement, Cohen & Steers owns an 80 percent stake of the center while Phillips Edison owns the minority stake and handles operations.
MCDONOUGH, GA. — Prudent Growth Partners LLC, a Chapel Hill, N.C.-based private equity firm, has purchased Lake Dow Pavilion, an 18,000-square-foot retail strip center in McDonough, a southern suburb of Atlanta. The undisclosed seller sold the property for approximately $2.6 million. Lake Dow Pavilion was fully leased at the time of sale and features a combination of local tenants and future upside from potential mark-to-market leasing opportunities. According to LoopNet Inc., the center was built in 2001 on a 2.4-acre site along Ga. Highway 81.
KELSO, WASH. — A joint venture between Trammell Crow Co. (TCC) and Diamond Realty Investments has completed the construction of Mid I-5, a speculative industrial facility at 2700 Talley Way in Kelso, approximately 50 miles north of Portland, Ore. Situated on 82 acres, Mid I-5 features a 1.2 million-square-foot industrial and logistics building. The single-story, cross-dock facility features a clear height of 40 feet, 650-foot building depth, 8,000 amps of electrical service, 219 dock doors, 348 trailer parking stalls and 427 auto parking stalls. The project also includes adjacent land that could accommodate 475 additional trailer stalls, a yard area or 225,000 square feet of additional development. The facility is expected to become LEED-certified in this year. The project team included Sierra Construction as general contractor, Gibbs & Olson as civil engineer and HPA Architecture as architect of record. Cara Nolan of CBRE Portland and Andrew Stark of CBRE Seattle are handling the property’s marketing and leasing.
SAN DIEGO — JLL Capital Markets has arranged $46.5 million in construction financing for Stella Apartments, a multifamily development in San Diego. Aldon Cole, Bryan Clark and Bharat Madan of JLL Capital Markets’ Debt Advisory secured a three-year floating-rate loan through Buchanan Mortgage Holdings, an affiliate of Buchanan Street Partners, for the borrower, Murfey Cos. Located at 3104 El Cajon Blvd. in San Diego’s North Park neighborhood, the nine-story, 73,243-square-foot residential property will offer 149 studios, one- and two-bedroom units. Onsite amenities will include a rooftop terrace, community gym, large outdoor amenity space and lobby. Murfey Co., a vertically integrated developer, plans to begin construction this quarter with completion expected in second-quarter 2027.
SCOTTSDALE, ARIZ. — Wespac Residential, a division of Wespac Construction, is developing an apartment community at the southwest corner of Scottsdale Road and Gold Dust Avenue in Scottsdale. Situated on 4.7 acres, the property will feature 215 one- and two-bedroom units, 10,000 square feet of indoor amenities and 20,746 square feet of outdoor amenity space, including underground parking, a landscaped community space, and pool and spa area, as well as yoga space and a fitness center. Construction is slated to start in early 2027.
NORTH LAS VEGAS, NEV. — Cryogenic Industries has acquired an industrial building located at 4620 Eaker St. in North Las Vegas from APG Eaker LLC for $10.3 million. CBRE’s Tyler Ecklund represented the seller in the transaction. Built in 2016 on 2.9 acres, the building features 50,504 square feet of industrial warehouse space, two dock-high doors, one grade-level door, a clear height of 24 feet and 7,658 square feet of two-story office space.
BANNING, CALIF. — Marinita-Sage Rancho LLC has completed the disposition of Sun Lakes Village, a retail property in Banning, to a private investor for $8.7 million. Located at 300 S. Highland Springs Ave., Sun Lakes Village offers 97,380 square feet of retail space. Current tenants at the property include Hobby Lobby, Marshalls and Big Five. Paul Bitonti of Marcus & Millichap represented the seller and procured the buyer in the deal.
MADISON, WIS. — ACRES Capital LLC has originated a $26.3 million loan for the acquisition of Aberdeen Apartments in Madison. The high-rise student housing property is located near the University of Wisconsin-Madison campus. The 12-story building features 224 beds across 77 units along with two commercial suites. The property’s total net rentable area is 69,033 square feet. Loan terms were not provided.
AURORA, ILL. — Waterton has provided a $16 million preferred equity investment for the development of the Residences at Eastbank, a 258-unit apartment complex in downtown Aurora. Chicago-based DAC Developments is developing the five-story project with additional support from the City of Aurora. Geneva Capital Group arranged the financing and also provided a $45 million senior loan for the development on behalf of its bank syndication program. Construction began in May and is slated for completion in 2026. The Residences at Eastbank is situated on the eastern edge of the Fox River adjacent to Aurora Transportation Center with Metra service to downtown Chicago. The property will include a mix of studios, one-, two- and three-bedroom residences. Amenities will include an outdoor atrium with a resort-style pool, fitness center, outdoor seating and an indoor parking garage.
DEERFIELD, ILL. — Skender has broken ground on Deerfield Supportive Living, a 147-unit supportive living development in the Chicago suburb of Deerfield. Developed by Celadon Partners, the four-story building will offer affordable senior living apartments at 1101 Lake Cook Road. The project will feature dining rooms, space for private dining and events, activity rooms, a library, salon and general store. Slated for completion in mid-2026, the project is pursuing Enterprise Green Communities Building certification, which was developed to align affordable housing investment strategies with environmentally friendly building practices. Deerfield Supportive Living will feature eco-friendly paint, coatings, plumbing fixtures, lighting, heating equipment and appliances. The project team includes Assemble Design Workshop as architect and SAS Architects & Planners as interior designer.