Property Type

JLL Negotiates Sale of 236,277 SF Red Lion Plaza Shopping Center in Philadelphia

by Taylor Williams November 23, 2021

PHILADELPHIA — JLL has negotiated the sale of Red Lion Plaza, a 236,277-square-foot shopping center in Philadelphia. Built in 1962 and expanded in 2021, the property was 97 percent leased at the time of sale. Tenants include Burlington, Ross Dress for Less, Pep Boys, Planet Fitness, Mattress Firm, Panera Bread, Aspen Dental and Tropical Smoothie Café. Jim Galbally, Chris Munley and Colin Behr of JLL represented the seller, a partnership between Finmarc Management Inc. and New York City-based KPR, in the deal. Michael Pagniucci of JLL arranged acquisition financing through a regional bank on behalf of the undisclosed buyer. The nonrecourse loan was structured with a 12-year term and a fixed interest rate.

November 23, 2021

Healthcare Loans Massachusetts Northeast

Fantini & Gorga Arranges $9.2M Permanent Loan for Metro Boston Healthcare Property

by Taylor Williams November 23, 2021

WOBURN, MASS. — Locally based mortgage banking firm Fantini & Gorga has arranged a $9.2 million permanent loan for Woburn Rehabilitation & Nursing Center, a 140-bed healthcare facility in the northern Boston suburb of Woburn. The loan was placed with correspondent Eastern Mortgage Capital, which structured the transaction through the FHA’s 232/223(a)7 program. The borrower was not disclosed.

November 23, 2021

Industrial Loans Northeast Pennsylvania

Ready Capital Closes $6.3M Acquisition Loan for South Philadelphia Industrial Property

by Taylor Williams November 23, 2021

PHILADELPHIA — New York City-based Ready Capital has closed a $6.3 million loan for the acquisition and stabilization of a 40,000-square-foot industrial property in South Philadelphia. The nonrecourse, interest-only loan carried a 48-month term with one extension option, as well as a facility to fund future capital improvements. The borrower was not disclosed.

November 23, 2021

Acquisitions Development Healthcare Mixed-Use Retail Southeast Top Stories Virginia

Inova Health to Anchor Landmark Mall Redevelopment in Alexandria with $1B Hospital Campus

by John Nelson November 23, 2021

ALEXANDRIA, VA. — The City of Alexandria has signed Inova Health System, a nonprofit healthcare provider in Northern Virginia, to a 99-year ground lease at the site of the former Landmark Mall on the city’s west side. Inova plans to invest $1 billion to create a new medical campus that will be anchored by the relocation and expansion of its existing Alexandria hospital, which is located at 4320 Seminary Road. Inova expects the new campus to employ more than 2,000 healthcare workers. The hospital will include a large emergency room, private patient rooms and a prominent oncology department, according to reports from Patch.com. The healthcare campus will also include a medical office building. The landowner for the hospital portion, the City of Alexandria’s Industrial Development Authority (IDA), signed Inova to the longest ground-lease term possible. IDA purchased the 11-acre former Sears site recently from Landmark Land Holdings LLC for $54 million. Landmark Land Holdings LLC is the joint venture ownership comprising Foulger-Pratt, The Howard Hughes Corp. (NYSE: HHC) and Seritage Growth Properties (NYSE: SRG). Development plans for the remaining portions of the overall 52-acre Landmark Mall site include a mix of residential, retail, commercial and entertainment offerings. Plans also call …

November 23, 2021

Development Multifamily North Carolina Seniors Housing Southeast

Acts Breaks Ground on $59M Expansion at Matthews Glen Seniors Housing Community in North Carolina

by Julia Sanders November 22, 2021

MATTHEWS, N.C. — Acts Retirement-Life Communities has broken ground on a $59 million expansion at Matthews Glen, a 124-acre continuing care retirement community in Matthews. The project will add 72 independent living apartments and 16 villas to its campus. Construction is also underway to add additional assisted living residences. The first phase of the Matthews Glen expansion includes a $35 million WillowBrooke Court skilled care center addition that increased capacity to 90 private beds. The 93,000-square-foot building has three floors with six “neighborhoods,” each encompassing 15 private resident rooms with private bathrooms. The new construction is Phase II of the expansion and features 1,650- to 1,785-square-foot apartments along with 2,275- to 2,500-square-foot duplex-style villas, along with amenities such as tennis and pickleball courts. Acts is also adding 40 suites to its OakBridge Terrace assisted living residence, which will increase its capacity to 100 suites. Construction on the Phase II expansion is scheduled for completion in 2023.

November 22, 2021

Development Industrial Loans South Carolina Southeast

Patterson Secures JV Equity, Debt Financing for 535,000 SF Industrial Project in Orangeburg, South Carolina

by Julia Sanders November 22, 2021

ORANGEBURG, S.C. — Patterson Real Estate Advisory Group has secured joint venture equity via Pacolet Milliken to develop the first phase of Shamrock Commerce Center, an industrial park in Orangeburg that will ultimately span 2 million square feet across 200 acres. Patterson also secured separate debt financing via United Community Bank, which provided a senior construction loan. The equity and debt financing amounts were not disclosed. Appian Investments/NAI Earle Furman plans to break ground soon on Building A, which will be an approximately 535,000-square-foot industrial facility. Building A will sit on approximately 50 acres at the interchange of Interstate 26 and US Highway 301, about 76.4 miles from the Port of Charleston. Slated for completion by the fourth quarter of 2022, the property will be a cross-dock facility with 36-foot clear heights.

November 22, 2021

Acquisitions Development Industrial South Carolina Southeast

Magnus Acquires Site in Ridgeville, South Carolina for 157,500 SF Industrial Project

by Julia Sanders November 22, 2021

RIDGEVILLE, S.C. — Magnus Development has acquired a 10-acre site in Ridgeville for the development of Vantage Point I, a 157,500-square-foot Class A industrial building at Camp Hall Campus 1. The sales price and seller for the land deal were not disclosed. Construction for Vantage Point I is slated for completion by the third quarter of 2022. Robert Barrineau, Brendan Redeyoff and Tim Raber of CBRE will lease and market the project on behalf of Magnus. Vantage Point I will be a multi-tenant, rear-load facility that can accommodate tenants from 21,000 to 157,500 square feet. The building’s features will include 30-foot clear heights, an ESFR sprinkler system, 144-space parking lot, two drive-in doors and 16 dock doors that are expandable to 45. The project is located across from Volvo Cars U.S., 2.3 miles northeast of Interstate 26, 37.7 miles from Charleston and 38.5 miles from Port of Charleston.

November 22, 2021

Development Florida Multifamily Southeast

PTM, Kushner to Develop 420-Unit Multifamily Tower in Miami’s Edgewater District

by Julia Sanders November 22, 2021

MIAMI — PTM Partners and Kushner Cos. have formed a joint venture partnership to develop 2000 Biscayne Boulevard, a 420-unit multifamily tower in Miami’s Edgewater neighborhood. The developers expect to start construction in the fourth quarter, while leasing is expected to begin in the first quarter of 2023. The 36-story tower will be located along Biscayne Boulevard and between downtown Miami and the city’s Design District. The project’s design will focus on health and wellness, as well as environmental and natural design. Community amenities at the tower will include a landscaped pool deck with grills and a Zen garden; fitness center with a yoga room; outdoor boxing and CrossFit; dry sauna; spa treatment and steam room; recording studio; children’s playroom; pet wash; game room; coworking spaces and a library.

November 22, 2021

Acquisitions Georgia Multifamily Southeast

TerraCap Acquires 354-Unit Apartment Complex in Peachtree Corners, Georgia

by Julia Sanders November 22, 2021

PEACHTREE CORNERS, GA. — Naples, Fla.-based TerraCap Management LLC has acquired The Reserve at Peachtree Corners, a 354-unit apartment complex in Peachtree Corners, about 22.3 miles from downtown Atlanta. Bill Shippen of JLL represented the undisclosed seller in the transaction. The sales price was not disclosed. Built in 1985, The Reserve at Peachtree Corners features one-, two- and three-bedroom units. Community amenities include a pool overlooking a private lake, fitness center, lakeside clubhouse, dog park and a playground. Located at 3495 Jones Mill Road, The Reserve at Peachtree Corners is situated in the northern region of Gwinnett County. The property is situated 8.1 miles from Perimeter Mall, 15 miles from Emory University and 30.6 miles from Hartsfield-Jackson Atlanta International Airport. TerraCap plans to reposition the property and complete several capital projects, including a renovation program on the unit interiors. Matt Stewart of TerraCap says the firm’s capital plan also includes renovations to the clubhouse and boosting the overall curb appeal. TerraCap chose First Communities Management as the new property manager.

November 22, 2021

Development Industrial Texas

Stream Realty Partners Breaks Ground on 2.3 MSF Phase II of Metro Houston Industrial Project

by Taylor Williams November 22, 2021

BROOKSHIRE, TEXAS — Stream Realty Partners has broken ground on the second phase of Empire West Business Park, located in the western Houston suburb of Brookshire. Phase II of the development will consist of six buildings totaling 2.3 million square feet that are expected to be complete in July 2022. Phase I of Empire West Business Park comprised three buildings totaling 1 million square feet that were delivered in April and are now fully leased. A JLL team led by Colby Mueck and John Ream arranged construction financing for the project through Square Mile Capital Management.

November 22, 2021

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