REISTERSTOWN, MD—A joint venture of King of Prussia, PA-based Morgan Properties and The Olayan Group of Saudi Arabia has acquired the 791-unit The Preserve at Owings Crossing rental apartment community here.

LANCASTER, PA—Eatontown, NJ-based Wharton Realty Group has acquired Manor Shopping Center, 1204 Millersville Pike, Lancaster, PA, from The Real Estate Equity Company (“TREECO”), Englewood, NJ, for $34.99 million. Brad Nathanson, executive vice president with CBRE's Capital Markets Retail team, led the transaction for TREECO.

PHOENIX—Trammell Crow Company, and joint venture partner Clarion Partners announce that construction has begun on Coldwater Depot Logistics Center, Phase 3, a 187,000-square-foot, class A speculative industrial building in Avondale.