ATLANTA — Newmark has arranged the $140 million recapitalization for Corso Atlanta, a 203-unit upscale seniors housing community located at 3200 Howell Mill Road in the city’s West Paces Ferry area. Newmark’s Healthcare & Alternative Real Estate Assets group secured the 10-year Freddie Mac senior loan, which features five years of interest-only payments, and secured a preferred equity investment from Kayne Anderson Real Estate Debt. Sarah Anderson, Chad Lavender, Ryan Maconachy, Mills Poynor and Ben McElroy of Newmark facilitated the recapitalization on behalf of the borrower, Galerie Living. Corso Atlanta features independent living, assisted living and memory care residences, along with high-end amenities including chef-led dining options, a heated swimming pool, fitness center, full-service salon, multiple outdoor spaces, a theater, floral shop and a gift boutique.
Property Type
GASTON, S.C. — Red Rock Developments has delivered a 519,792-square-foot speculative industrial facility located at 201 Integrity Way in Gaston, a suburb of Columbia. The cross-dock warehouse is situated along I-26 in Calhoun County within the 760-acre Sandy Run Industrial Park, a portion of which also lies within Lexington County. Chuck Salley, Thomas Beard and John Peebles of Colliers are marketing the property to an industrial user for sale or lease on behalf of Red Rock. Colliers has also been retained for property management services. The design-build team includes Miller Valentine Construction, MCA Architecture, Alliance Consulting Engineers and S&ME. The facility, which is expandable to nearly 1.2 million square feet, is the only available industrial building in Central South Carolina with 40-foot clear heights, according to Red Rock.
Berkadia Secures Equity for Recapitalization of Two Multifamily Communities in Georgia, North Carolina
by John Nelson
AUGUSTA, GA. AND KANNAPOLIS, N.C. — Berkadia JV Equity & Structured Capital has arranged joint venture equity for the recapitalization of two multifamily properties in Georgia and North Carolina totaling 566 units. The sponsor is The Sterling Group and the properties include Argento at Riverwatch, a 296-unit community in Augusta, and Argento at Kellswater Bridge, a 270-unit property in Kannapolis. The joint venture equity partner and financing amount were not disclosed. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt led the Berkadia JV Equity & Structured Capital team in the recapitalization.
MURRELLS INLET, S.C. — A fund launched by South Florida-based commercial real estate brokerage services firm NAI Merin Hunter Codman has sold Prince Creek Village, an 18,035-square-foot shopping center located at 11920 SC Highway 707 in Murrells Inlet, a suburb of Myrtle Beach. The fund, named MHCommercial Real Estate Fund, sold the property after five years of ownership to Prince Creek Investments LLC, an affiliate of Zapolski Real Estate LLC, for approximately $6.4 million. Tom Kolarczyk and Andrew Jomantas of JLL Capital Markets’ Charlotte office represented the seller in the transaction. Prince Creek Village was fully leased at the time of sale. The property is shadow-anchored by Publix and is adjacent to TPC Championship Myrtle Beach Golf Club.
HOUSTON — Clay Development will build a two-building, 495,360-square-foot speculative industrial project in northwest Houston. The buildings, which will span 425,360 and 70,000 square feet, represent Phase I of Northwest 99 Business Park, a 172-acre, 2.3 million-square-foot development at the intersection of Grand Parkway and Mueschke Road. The larger of the two buildings, Northwest 99 Distribution Center I, will feature a cross-dock configuration, 36-foot clear height ceilings, 110 dock-high doors, four drive-in ramps, 220 employee parking spots and the option for additional trailer parking. The building is designed to accommodate up to four different users. The smaller building, dubbed Northwest 99 Spec I, will be a single-tenant manufacturing building with 125-foot truck court depths, up to 45 employee parking spots and two acres for a future stabilized lay-down yard. JLL and CBRE have been tapped as leasing agents for the larger and smaller buildings, respectively, and their efforts will be aided by those of Clay Development’s Copeland Rhea. Construction is scheduled to begin by the end of the year and to be complete in the third quarter of 2025.
WILMER, TEXAS — JLL has arranged a loan of an undisclosed amount for the refinancing of a 334,000-square-foot industrial building in the southern Dallas suburb of Wilmer. Built in 2023, the rail-served facility at 901 Distribution Drive features 36-foot clear heights and 62 dock doors. Trey Morsbach, Jarrod McCabe, Ryan Pollack and Chad Lisbeth of JLL arranged the five-year, fixed-rate loan through PPM America. The borrower was not disclosed. The building was fully leased to two third-party logistics providers at the time of the loan closing.
DALLAS — Marcus & Millichap has brokered the sale of an eight-story, 125,874-square-foot office building in northeast Dallas. Built in on 5.8 acres in 1985 and renovated in 1999, the property at 9101 Lyndon B. Johnson Freeway is known as The Interchange Building and offers amenities such as a tenant lounge and a café. Joseph Jaques and Ron Hebert of Marcus & Millichap represented the undisclosed buyer in the all-cash transaction. The seller and sales price were also not disclosed.
ROCKWALL, TEXAS — Locally based brokerage firm DuWest Realty has negotiated the sale of an 85,116-square-foot hospitality development site in Rockwall, a northeastern suburb of Dallas. Shiv Hospitality Group purchased the two-acre site at 600 Cooke Drive with plans to develop a 130-room hotel that will be operated under the Tempo by Hilton brand. The hotel will be a component of Sapphire Bay, a mixed-use waterfront development. Giancarlo Carriero and Scott Rodgers of DuWest Realty brokered the deal.
KATY, TEXAS — Locally based investment firm Wile Interests has sold Katy Green, a 14,920-square-foot retail strip center located on the western outskirts of Houston. The center is home to tenants such as Starbucks Coffee, Potbelly Sandwich Shop and Pure Smiles. Ryan West, John Indelli and Gianna New of JLL represented Wile Interests in the transaction. The buyer and sales price were not disclosed.
PCCP Provides $85M Acquisition Loan for Three-Building Industrial Park in Richmond, California
by Amy Works
RICHMOND, CALIF. — PCCP has provided an $85 million loan to an affiliate of WPT Capital Advisors for the acquisition of a three-building industrial park at 6000, 6015 and 6025 Giant Road in Richmond. Built in 2015 and 2016, the 517,894-square-foot asset is 57 percent leased to two tenants. The Class A logistics asset features 30- to 32-foot clear heights, LED lighting and ESFR sprinklers. The property is located within Pinole Point Business Park, a 100-acre master-planned industrial park offering 2.2 million square feet of Class A space.