DULUTH, GA. — Hanover Co. has acquired nearly eight acres in Duluth, a northeast suburb of Atlanta in Gwinnett County, for the development of Hanover Sugarloaf, a 305-unit multifamily community. The purchase price was $12.4 million. John Speros and JT Speros of Ackerman & Co., along with Kyle Gable of Gable Land Co. and David Branch of SSG Realty Partners, represented the seller, an entity doing business as SP Sugarloaf LLC, in the transaction. The property will be situated near the 118-acre Gas South District, which is anchored by Gas South Arena and the Gas South Convention Center, and adjacent to Sugarloaf Parkway Shopping Center. Hanover Co. plans to demolish the 56,000-square-foot vacant office building at the property to make room for multiple four- and five-story apartment buildings, which will also include parking. Further details of the project were not disclosed.
BETHESDA, MD. — CP Group, along with a fund managed by DRA Advisors, has signed six leases over the past three months at CapRock, a 709,313-square foot office property located in Bethesda. Totaling approximately 35,000 square feet, the new tenants include nonprofit mechanical contractors’ organization MCA of Metropolitan Washington (12,295 square feet); coworking and private office provider Pioneer Office Suites (8,905 square feet); business management consultancy firm mPower Inc. (4,610 square feet); IMC Construction (3,478 square feet); satellite communications company Commcrete (3,807 square feet); and Haverford Construction Co. (2,780 square feet). Tenants were represented by agents from KLNB, Clarefield Partners, CBRE and TTA. Bernie McCarthy, Amanda Davis, Danny Sheridan and Patrick Hall of JLL represented CP Group in all transactions. Formerly known as Democracy Center, CapRock is a three-building, 10-acre campus that comprises two nine-story towers and one 15-story tower. CP Group recently completed renovations at CapRock’s 6903 building, including the rollout of its “worCPlaces” spec suite program, an entire seventh floor of move-in ready workspaces with shared amenities, such as a tenant lounge and break room. To date, CP Group has delivered more than 50,000 square feet of move-in-ready suites at CapRock across two phases. With nearly all the existing suites …
LAWRENCE, KAN. — Merchants Capital has arranged $10.8 million in permanent financing for Floret Hill, a 121-unit affordable housing development in Lawrence. Merchants Capital secured a Freddie Mac Unfunded Forward TEL loan for the project. The capital stack also includes federal and state low-income housing tax credit equity and hard and soft debt financing. The City of Lawrence donated 12 acres of land and committed more than $1 million in Affordable Housing Trust Funds to support the development. Floret Hill is the fourth project that Wheatland Investments Group is building in Lawrence and the first affordable housing community on the west side of the city, according to Merchants. Floret Hill will offer one-, two- and three-bedroom apartments across 11 buildings, with 37 units restricted to residents earning up to 40 percent of the area median income (AMI) and 84 units restricted to 60 percent AMI. Affordability will be maintained for 30 years via The Declaration of Land Use Restrictive Covenants for Low-Income Housing Tax Credits, a federal regulatory program with the Kansas Housing Resources Corp. Amenities will include garage parking, a business center, fitness room, clubhouse and playground.
CHICAGO — CBRE has brokered the $6.3 million sale of a 28,150-square-foot redevelopment site in Chicago’s Wrigleyville submarket. A joint venture between SNS Realty Group and North Park Ventures acquired the property at 3233-47 N. Sheffield Ave. and subsequently secured a zoning change to B2-5, clearing the way for a five-story apartment building with 99 units. CBRE’s Tom Svoboda and John Jaeger represented the seller. The site was previously home to Torstenson Glass Co., a family-owned manufacturer that operated at the facility for 116 years before selling its business and retaining ownership of the real estate.
AURORA, ILL. — Quantum Real Estate Advisors Inc. has negotiated the $5.8 million sale of a 23,000-square-foot shopping center located at 405 N. Eola Road in Aurora. The center consists of 13 suites and is home to local, regional and national tenants. Brett Berlin of Quantum brokered the transaction. A local investor sold the property to an owner, developer and manager focused on acquiring neighborhood strip centers.
YPSILANTI, MICH. — SpurLine Holdings and Midloch Investment Partners have acquired a 45,000-square-foot store formerly occupied by JoAnn Fabrics in Ypsilanti for $5.1 million. Following a gut renovation, the property will be occupied by VASA Fitness. The asset is part of a shopping center anchored by Meijer and Target. Cory Gross of Marcus & Millichap represented the buyers. Completion and occupancy are targeted for May 2027. The transaction represents the second joint investment between SpurLine and Midloch. In May 2025, the firms acquired a vacant, former Safeway grocery store in Longmont, Colo. That space also became occupied by VASA Fitness.
PHILADELPHIA — Alterra IOS, a Philadelphia-based owner-operator of industrial outdoor storage (IOS) properties, has received two loans totaling $400 million for the refinancing of a national portfolio of 99 such properties. Truist Financial Corp. (NYSE: TFC) and KeyBank (NYSE: KEY) provided the debt with commitments of $225 million and $175 million, respectively. Collectively, the portfolio totals 551 usable acres and nearly 2.1 million square feet of accompanying warehouse facilities. Each site is located in a “major” U.S. industrial and logistics corridor in core markets across California, Florida, Georgia, North Carolina and Texas. Specific breakdowns of locations across these states were not disclosed. The financing was executed utilizing an equity pledge framework as opposed to traditional asset-level mortgages. According to Alterra, this structure enables more streamlined, efficient execution and portfolio-level underwriting by allowing the borrower to “reduce legal and administrative burden(s) by eliminating property-level title work across a multi-state portfolio.” “Structures like this are becoming more relevant as institutional capital seeks efficient ways to access fragmented sectors at scale,” says Kate Mooney, senior associate, capital markets at Alterra. “As IOS portfolios have grown and matured, lenders have developed greater comfort underwriting diversified portfolios rather than individual assets. Equity pledge facilities reflect …
Hurricane Helene was not a modest disruption. It was a disaster of historic scale. The North Carolina Office of State Budget and Management estimated total damage and recovery needs at $59.6 billion as of Dec. 2024, including damage to more than 73,000 homes, more than 100 confirmed deaths in North Carolina and a federal disaster declaration covering 39 counties. As a broker in Western North Carolina (WNC), I am often asked why the commercial real estate market has remained as strong as it has. The answer is not that the market avoided pain. It did not. The answer is that a tightly supplied market behaves very differently from a soft market after a disaster. In WNC, Hurricane Helene did not expose oversupply. It exposed scarcity. Before Helene, the Asheville-area commercial market already had very little slack. In NAI Beverly-Hanks’ second-quarter 2024 Asheville MSA commercial market report, CoStar Group-derived vacancy stood at 5.3 percent for industrial, 2.8 percent for office and 1.6 percent for retail. Earlier 2024 reporting from the same source showed similarly constrained conditions, reinforcing the same point: this was already a tight market before the storm arrived. A familiar recovery pattern That pre-storm scarcity shaped the recovery pattern. …
HOUSTON — Developer Raven Capital has completed FORME, a 33-story multifamily high-rise located at 5501 La Branch St. in Houston’s Museum District. Designed by LJC Design & Engineering and operated by Sentral, FORME features 475 units, including 55 boutique hotel suites. Residences range from 500-square-foot studios to 1,400-square-foot three-bedroom apartments, all of which are equipped with walk-in closets and smart-home technology. The property also features a pool and hot tub, 20,000 square feet of fitness and recovery areas and 20,000 square feet of coworking space with reservable offices and quiet zones. The 12th floor is occupied by The Branch on La Branch, a cocktail lounge and raw bar. Rents start at $1,750 per month for a studio apartment.
CORPUS CHRISTI, TEXAS — Self-storage brokerage firm Versal has arranged the sale of Action Storage U-Haul, a 279-unit facility in Corpus Christi. The property spans 51,164 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster, Hugh Horne and Kirk Silas of Versal represented the seller, a locally based entity doing business as Mission Lake Estates Inc., in the transaction. The team also procured the buyer, Dallas-based Hinze Capital.