ERIE, PA. — Matthews Real Estate Investment Services has brokered the $22 million sale of Northgate Commons, a 180,000-square-foot shopping center in Erie, located near the Pennsylvania-Ohio border. Tenants at the property, which was 95 percent occupied at the time of sale, include Quest Diagnostics, DaVita Dialysis, MedCare and Dollar General. Joseph Nelson of Matthews represented the seller, an undisclosed private investor, in the transaction. The buyer was also not disclosed.
WASHINGTON, PA. — Berkadia has negotiated the sale of a 103-room Hampton Inn & Suites hotel in Washington, about 30 miles southwest of Pittsburgh. The hotel is situated adjacent to Hollywood Casino at The Meadows and offers a pool, fitness center, business center and 648 square feet of meeting and event space. Dan Hawkins, Kyle Stevenson and Jake Pietras of Berkadia represented the undisclosed seller in the transaction. The buyer was also not disclosed.
NEW BEDFORD, MASS. — Protective Life, the Alabama-based holding company of Protective Life Insurance Co., has provided a $10.5 million loan for the refinancing of Rockdale Plaza, a 100,015-square-foot shopping center located in the southern Massachusetts city of New Bedford. Grocer Stop & Shop anchors the center. The borrower, Yale Realty Services Corp., acquired the property in 1997.
CHARLOTTE, N.C. — Atlanta-based mixed-use developer Third & Urban has obtained $64.5 million in construction financing for Residences at The Pass, a 335-unit multifamily development located in Charlotte’s NoDa district. CrossHarbor Capital Partners provided the financing. The property will feature a mix of studios, one- and two-bedroom apartments anchored around a resident club room, work lounge and café that Pixel Design Collaborative designed. Residences at The Pass will also feature a rooftop terrace overlooking the courtyard and pool deck and will offer direct access to the Cross Charlotte Trail. First residents are expected to move in by summer 2025. The community will be the multifamily component of The Pass, a mixed-use development that will also feature 260,000 square feet of office and retail space. The project’s first phase, dubbed Pass41, is under construction and will span 80,000 square feet of commercial space with its first round of tenants opening this fall, including Soul Gastrolounge. The design-build team for The Pass includes architect Niles Bolton, civil engineer Thomas & Hutton and general contractor NRP Group. Foundry Commercial handles office leasing at The Pass, and Thrift Commercial Real Estate handles retail leasing. Blueprint Local serves as Third & Urban’s primary capital partner …
TALLAHASSEE, FLA. — 908 Group and BCDC have formed a joint venture to develop a 693-bed student housing community adjacent to Florida State University (FSU) in Tallahassee. The unnamed, 182-unit property is the third development between the two firms and the fourth Tallahassee project for 908 Group. Pacific Life Insurance Co. is the primary lender for the project, with preferred equity provided by Nationwide. The project team includes general contractor Culpepper Construction Co., architectural firm Humphreys & Partners Architects and civil engineer Moore Bass Consulting. First move-ins are expected in August 2025 in time for the start of FSU’s 2025-2026 school year.
MIAMI — General contractor ANF Group has begun construction on Southpointe Vista, a two-phase affordable housing development in Miami that will total 332 units. McDowell Housing Partners is the developer of the two 10-story residential towers, which will be connected by a central paseo. Located at 21255 117th Court in the city’s Goulds neighborhood, the towers will feature studio, one- and two-bedroom residences reserved for households earning up to 70 percent of the area median income. Amenities will include community rooms, laundry facilities, a cybercafé, fitness room and onsite management offices, as well as two two-story parking garages. This project was partly funded through Miami-Dade County’s Public Housing and Community Development Department with $2.5 million in surtax funds. Southpointe Vista’s first tower is scheduled for completion in fourth-quarter 2024.
FREDERICKSBURG, VA. — JLL has brokered the sale of Hampton Inn & Suites Fredericksburg South, a 121-room hotel located at 4800 Market St. in Fredericksburg. Sachs Companies Realty Investments sold the hotel for an undisclosed price. The buyer was also not disclosed. Ketan Patel, Phil White, Robert Westerfield and Greyson Fewin of JLL’s Hotels & Hospitality Group represented the seller in the transaction. Situated on a 2.4-acre parcel at the intersection of I-95 and U.S. Highway 1, the Hampton Inn & Suites hotel features an indoor swimming pool and hot tub, fitness center, guest laundry, business center and 1,890 square feet of meeting space.
NASHVILLE, TENN. — Stream Realty Partners has arranged a 25,324-square-foot office lease at Radius, a 265,564-square-foot office building located at 601 11th Ave. N in Nashville’s Gulch district. The tenant, Covenant Physician Partners, signed a 10-year lease to occupy the eighth floor of Radius, which is now 60 percent occupied. The company is relocating from its current Nashville offices at the Truist building (401 Commerce St.). Rob Lowe of Stream Realty Partners, along with Nikko Sansone of Sandeema, represented the landlord, Rubicon Equities, in the lease negotiations. Dan Bauchiero of Foundry Commercial represented the tenant.
NEW YORK CITY — BLDG Management Co. has received $425 million in construction financing for The Orchard, a multifamily project located in the Long Island City neighborhood of Queens. The 69-story development will be the tallest residential tower in Long Island City, according to Greystone, which arranged the financing. Plans for the development include 824 residential units, including a penthouse with a rooftop deck; 207 parking spaces; and 13,000 square feet of above-grade retail. The development’s 100,000 square feet of amenity space will include a fitness center; indoor and outdoor swimming pools; a spa with a steam room and sauna; basketball court; multi-sport simulator; lounge areas; a children’s playroom; game room; movie screening rooms; work pods; a dog spa; bike room; package room with refrigerated storage; on-site laundry; and self-storage space. The Orchard will also feature a landscaped rooftop deck offering panoramic views of the New York City skyline. The space will include a pickleball court, barbecue area, yoga and fitness space, a lawn for movie screenings and a running track. A timeline for the project was not announced. M&T Bank acted as administrative agent for the $425 million construction financing, with U.S. Bank and the Bank of China acting …
By Jeremy Spillman and Corey Sedrel, Capstone Commercial In a setting where I-80 and I-35 intersect to make up one of the busiest truck traffic intersections in the Midwest, Des Moines is well positioned to harness the power of manufacturing in Iowa to support several larger Midwest cities such as Chicago, Minneapolis, Kansas City, St. Louis and Omaha. As we see change in our global supply chains, manufacturers and distributors look to states like Iowa to support these changing environments where we see these organizations moving away from the just-in-time model to just-in-case. The transition to a just-in-case supply chain model began to form due to several supply chain-related issues we encountered during the pandemic. This led to higher demand for additional warehousing to be constructed. Availability of large cube warehousing had been historically tight in Iowa since 2012 where most years carried vacancy rates of 2.5 to 4.5 percent annually. During 2022, there was 2.97 million square feet of warehouse/distribution space delivered to meet the increase in demand of rising inventories. “From the construction standpoint, supply chain issues are subsiding, but there are still longer than normal lead times for certain trades and equipment. These lead times are still …