(Read more on the industrial market and the multifamily market.)

BEDMINSTER, NJ-It's no secret that Advance Realty Group, based here, has been actively shopping its existing commercial portfolio, while planning to keep its development holdings and perhaps a couple of its existing properties. And it's been rumored widely that the company has been talking to officials of Normandy Real Estate Partners about a sale that would involve most of those existing holdings, which amount to 5.5 million sf of office, flex, industrial, retail and multifamily properties.

Now, GlobeSt.com has learned, the rumored deal may be near. Normandy officials did not respond to a request for comment. A spokesman for Advance issued a statement that, "we've heard the rumor, but both parties agree that it is just that, a rumor. There is no information or news at this time…should any news become available…we will let you know."

But as a reliable source tells GlobeSt.com, "everybody knows it's happening. It's been held up by the extended due diligence. They're also trying to work out some structuring details for tax purposes. It's a very complex transaction. It has a lot of moving parts."