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Net lease news – page 236
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Tampa Developer Razing Offices, Building Condos/Hotel RoomsStock Development began demolition of the office building at 601 N. Ashley Drive to build a 40-50-story, luxury condominium tower that will also include hotel rooms. The Tampa Bay Business Journal reports the company paid $40 million for the property in 2025.
Garden Communities Nears Completion of 292-Unit Multifamily Project in Metro BostonNEWTON, MASS. — Garden Communities, a New Jersey-based owner-operator, is nearing completion of Newton Crossing, a 292-unit multifamily project that will be located on the western outskirts of Boston.
Representative imageDanny Meyer to Launch New Restaurant Concept at Brooklyn’s Former Hotel BossertDanny Meyer’s Union Square Hospitality Group is bringing a new restaurant concept to an historic hotel in Brooklyn Heights. Meyer has leased the 3,200-square-foot, ground-floor retail space in the former Hotel Bossert at 98 Montague Street, according to the landlord.
Bain Capital, 11North Acquire Five Open-Air Centers in CA, FL, TX and VABain Capital and 11North Partners said Wednesday they had acquired five open-air retail centers located across California, Virginia, Florida, and Texas for approximately $300 million.
Mesa West Provides $44M Refi for West Virginia Industrial ParkA joint venture between Hines and MetLife Investment Management has secured $43.8 million to refinance a pair of Class A industrial buildings that span 730,800 square feet in Martinsburg, W.Va., Commercial Observer can first report.
Representative imageCBRE Negotiates $6.9M Sale of Industrial Building in Wilmington, DelawareWILMINGTON, DEL. — CBRE has negotiated the $6.9 million sale of a 100,000-square-foot industrial building in Wilmington. The facility was built on a 5.9-acre site at 701 Garasches Lane between 1994 and 2002.
Representative imageCenterSquare Buys 32,242 SF Shopping Center in Warrington, PennsylvaniaWARRINGTON, PA. — CenterSquare Investment Management has purchased a 32,242-square-foot, unanchored shopping center in Warrington, located north of Philadelphia.
Representative imageBrightTower Signs 13,857 SF Office Lease in Midtown ManhattanNEW YORK CITY — BrightTower has signed a 13,857-square-foot office lease in Midtown Manhattan. The local investment bank and capital markets advisory firm will relocate and expand from its space at 110 E. 25th St.
Layering the Curve: Short Duration Today, Receive Fixed TomorrowExecutive Summary The 10‑year SOFR swap rate has moved from roughly 3.5% before the Iran war to about 4.0%, pushing into a zone where receiving fixed begins to make strategic sense for liability managers.
Daytona Beach Okays Massive Avalon Park Group DevelopmentThe Daytona Beach City Commission approved rezoning 2,760 acres of vacant land for the Avalon Park Daytona Beach planned development. The development will feature 8,818 residential units and 1,091,150 square feet of commercial and non-residential space.
Commune Capital Sells Self-Storage Property in Bellevue, Washington for $50.7MBELLEVUE, WASH. — Commune Capital has completed the disposition of a self-storage property located at 12399 Northup Way in Bellevue. Premier Storage Investors acquired the asset for $50.7 million.
Representative imageCBRE Negotiates $34.5M Sale of Multifamily Community in SacramentoSACRAMENTO, CALIF. — CBRE has negotiated the sale and acquisition financing of 16 Powerhouse, an apartment community in Sacramento. Oakmont Properties acquired the asset from Demmon Partners for $34.5 million.
Bridgeton Divests of 36,000 SF Museum Parc Mixed-Use Property in San FranciscoSAN FRANCISCO — Bridgeton has completed the sale of Museum Parc, a mixed-use property in San Francisco’s SoMa neighborhood, to DPI Retail for $19.2 million. Eric Kathrein, Andrew Spangenberg and Allie Repaskey of JLL Capital Markets represented the seller in the transaction.
Marcus & Millichap Arranges $2.8M Sale of Industrial Building in PhoenixPHOENIX — Marcus & Millichap has brokered the $2.8 million sale of an industrial warehouse property near Phoenix Sky Harbor International Airport.
Keystone Group Buys 378-Room Sheraton Indianapolis City Centre, Plans to Transform into Renaissance HotelINDIANAPOLIS — Keystone Group has purchased the 378-room Sheraton Indianapolis City Centre Hotel located at 31 W. Ohio St. in the heart of downtown Indianapolis.
TCC Breaks Ground on 788,320 SF Spec Warehouse in Plainfield, IllinoisPLAINFIELD, ILL. — Trammell Crow Co. (TCC) has broken ground on Building 2 of Plainfield Business Center in Plainfield, about 40 miles southwest of downtown Chicago. The 788,320-square-foot spec warehouse is slated for completion by the third quarter of 2027.
Interra Realty Brokers $23M Sale of Apartment Complex in Metro ChicagoMOUNT PROSPECT, ILL. — Interra Realty has brokered the $23 million sale of 20West, a six-story, 71-unit apartment complex in Mount Prospect. Paul Waterloo, Patrick Kennelly and Nathan Zito of Interra represented the buyer, Wheeling, Ill.-based Anemone Real Estate.
One of NYC’s Largest Residential Co-Ops Repositions Its 50K-SF Retail PortfolioSeward Park Cooperative’s board is looking to button up its extensive retail portfolio, Commercial Observer has learned. The 65-year-old Lower East Side co-op has tapped Lee & Associates NYC to take over leasing strategy and retail representation for 25 of its retail properties.
Representative imageThe Window for Seizing on New York’s Class B and C Office Rebound Is ClosingFor years, the narrative surrounding New York City’s Class B and C office market was overwhelmingly negative. Vacancy was rising. Leasing activity was sluggish. Remote work was ascendant. Institutional lenders were retreating. Distressing headlines dominated the conversation.
Gastropub Operator Chooses NoMad for Fifth Manhattan LocationNewmark Retail arranged a 13,900-square-foot lease for Stout NYC at 373 Park Ave. South in Manhattan’s NoMad neighborhood. The transaction marks the gastropub operator’s fifth Manhattan location and first on Park Avenue South.