Asked what Uncommon Developers seeks to bring about with its mixed-use and multifamily projects, co-founder Ryan Hekmat replied, “job creation.” More broadly, Hekmat told Connect CRE that the goal is to grow the local communities surrounding the projects. “Our focus is to create environments that strengthen communities economically and socially through housing, opportunity, public spaces, and experiences that elevate quality of life,” he said. 

Hekmat will be among the experts taking the stage for the “Development: Block by Block, Project by Project” panel discussion at Connect CRE Los Angeles 2026, scheduled for Thursday afternoon at the Intercontinental Los Angeles Downtown. As a preview of the panel, he provided insights into his company’s community-building approach. The company is a vertically integrated real estate platform that handles acquisition, entitlement, design, construction, and property management in-house across an LA–focused portfolio of multifamily, mixed-use, and large-scale development projects. 

A case in point is The 24, built on the site of a former Los Angeles Times printing facility in Chatsworth. “On the 24-acre campus, nearly five acres are dedicated to outdoor living, including dog parks, a community garden, four pools, walking paths, basketball and pickleball courts, a citrus grove, outdoor movie theater, and expansive community green spaces,” Hekmat said. “Every day, the campus comes alive with families gathering, neighbors connecting, and residents enjoying an active, vibrant lifestyle together.

“And the news gets even better—we are currently working on opening an on-campus preschool to truly offer a one-of-a-kind live, work, play, and grow experience,” he continued.

Beyond the outdoor amenities, The 24 offers elevated spaces for work, collaboration, and connection, including dedicated work lounges, conference rooms, and reservable event spaces designed for productivity, community, and modern living.

Development can require reserves of patience, fortitude and persistence, and it’s not a coincidence that both city and state governments have sought to streamline the approvals process in recent years. However, Hekmat believes such initiatives are undercut by red tape and a lack of coordination elsewhere in the system. “It’s not the straightforward things that these entitlement and new legislative rules account for; it’s the ancillary things that need to be dialed in,” he said. 

Take fee schedules, for example. “The changes in costs, like impact fees or the school fees, create instability and destroy underwriting for projects,” said Hekmat. “If we have that underwriting from the beginning of the project, we can see if the deal makes sense. But even a dollar-per-square-foot change in the school fees can destroy a project. So that stability is something that is tantamount to success” in a development project. 

Conversely, the company is positioned to capitalize on dislocations in the market. “We look at the turmoil and the difficulty in financing these projects and all the instability in local and state codes as an opportunity for us to grow,” Hekmat said. “We have been doing everything that we can to keep our eye on the markets and look for deals based on other people’s inability to make things work and we’re very disciplined. We’re able to take advantage of being vertically integrated and developing with modular [construction], which enables us to grow at a basis that makes sense even when there is turmoil in the market.” 

On May 28, Connect Los Angeles brings together 600+ high-level owners, investors, developers, brokers, and lenders shaping the region’s market for a full day of insights and networking. Be in the room with decision-makers driving deals across LA, SoCal and the nation—register now: www.connectLA26.com

WestPark Partners recently bought a Maryland Farms office building that sold last month for a steep discount. The group paid $6.3 million for the five-story WestPark Building at a foreclosure auction last month, marking an $18.57 million loss from what it sold for in 2013. The Nashville Business Journal reports the owner was First National Bank of Tennessee, who acquired the property from Crestview Funds through foreclosure.

The building, located at 111 Westwood Place, was built in 1982 and offers nearly 100,000 square feet of office space on a 5.14-acre lot. It is just a few minutes south of Nashville.

WestPark is rebranding the property, which has been vacant since late 2024, to Westpark Exchange and is in the early planning stages of building renovations.

Westpark Partners is comprised of CET Holdings plus a few additional partners. The group developed the Branch Creek Office Park in Franklin, the boutique hotel Neo Nashville and Seven at 7 Mile Creek Apartments in Nashville.

Real Capital Solutions acquired a 509,000-square-foot office building in Dallas for $66 million. The Tower at Park Lane is located at 8750 North Central Expressway. The class A office building is located in the Park Lane mixed-use district and includes a six-story attached parking garage.

The Dallas Business Journal reports the price was a significant reduction from the price paid for the building seven years ago. The tower, built in 1984, was purchased by CBRE Global Investors in 2017 for what was reported to be more than $120 million.

The new owner plans to invest roughly $13 million in capital improvements, such as upgrades to the lobby and fitness center. The money will also go toward the addition of third-floor pre-built suites and back-of-house amenities. The North Dallas tower hit the market last year. The building’s tenants include Topgolf, Texas A&M-Commerce and Match.com.

Golub & Company has been selected to oversee the management and leasing firm for Two West Delaware, a luxury high-rise residential development in Chicago’s Gold Coast neighborhood.

Originally built as condominiums in 2010, the 31-story, 185-unit tower was recently renovated to elevate its living spaces further. The building offers a variety of floor plans, from 1-bedroom to 5-bedroom apartments, each featuring floor-to-ceiling windows with panoramic views, 9-foot ceilings, custom cabinetry, stone countertops, and hardwood plank flooring.

The apartments at Two West Delaware are complemented by a suite of luxury community amenities designed to be an extension of residents’ homes. Golub’s Chicago area portfolio includes properties such as One East Delaware, Chestnut Place, and 21 East Chestnut.

Burlington Stores Inc. successfully bid on 10 Texas leases held by The Woodlands-based furniture and appliance retailer, which filed for Chapter 11 bankruptcy in July.

The leases Burlington will acquire span five states, though most are in Texas. Burlington bid over $6.65 million on the leases. Including cure amounts, the aggregate cost will total approximately $7.09 million.

A full list of Texas properties Burlington successfully bid for, includes stores in three San Antonio locations and one each in McAllen, Dallas, El Paso, Laredo, Amarillo, Texas City and Austin.

The Houston Business Journal reports that Burlington is in the midst of a national expansion effort. The chain plans to open over 100 stores per year for the next five years and is opening four new stores in the Houston area this fall. 

Besides the Conn’s stores, the company acquired 64 leases from Bed Bath & Beyond, which filed for Chapter 11 bankruptcy in 2023 and closed nearly 900 locations.

Chartwell Real Estate Development completed the $27.8-million purchase of Park Pacific Shopping Center, a grocery-anchored retail property in the heart of Hermosa Beach. Located at 1100 Pacific Coast Hwy., the 49,911-square-foot shopping center is currently home to notable tenants including Trader Joe’s, Starbucks, El Pollo Inka, and Five-Below.

The site was owned by the Bacon family since 1949, first serving as Les Bacon and Son’s Ford car dealership before its conversion into a shopping center in 1977. Notable for its landmark Vetter Windmill at the corner of Pacific Coast Highway and Aviation Boulevard, the center sits at a gateway location in Hermosa Beach.

Daniel Tyner, senior director of the capital markets team at JLL, along with managing directors Gleb Lvovich and Geoff Tranchina, represented Chartwell.

“This transaction represented a rare opportunity to acquire a coastal grocery-anchored center in one of Los Angeles’ most desirable coastal submarkets,” said Tyner.

CBRE closed the $5.2-million sale of a prime retail property located at 65-35 Woodhaven Blvd. in the Woodhaven neighborhood of Queens. Innovative Resources for Independence (IRI), a New York-based nonprofit that supports people with intellectual and developmental disabilities, acquired the 9,227-square-foot property previously housing a Rite-Aid/Walgreens. 

CBRE’s Andrew Jaworski acted as lead agent and worked in collaboration with colleagues Dean Rosensweig, Chris Betting and Jojo Lewis of the firm’s Manhattan office in spearheading the marketing campaign for the property and represented the seller in negotiations. Jaworski was assisted by Stuart Strougo, the property’s managing agent.

“We are thrilled with the competitive process, which resulted in a number of offers,” said Jaworski. “IRI is an incredible nonprofit that provides much needed services to adults with disabilities and the property will be ideally used by the organization to meet the needs of the local community.”

The investor of a four-building business Park in Arlington has lost that investment, to the bank that had the loan on it. Pinnacle Bank Texas took back the office park at auction for $30 million from Opal Holdings. Opal Holdings defaulted on a $40 million loan the bank made in 2021.

The Dallas Business Journal reports that Opal Holdings bought the renovated Centerpoint office park in Arlington from Boston-based Albany Road Real Estate Partners in 2021. The park is legally listed as the Six Flags Business Park in Tarrant County records.

The office park at 600, 616, and 624 Six Flags Dr. and 2401 E. Randol Mill Road has about 450,000 square feet of space. TXRE Properties handles leasing of the property. The buildings are home to a variety of tenants including the North Central Texas Council of Governments at 616 Six Flags Dr.

The appraised value of the office park is about $43 million, according to Tarrant Appraisal District records.