ASHEVILLE, N.C. — Cushman & Wakefield has brokered the sale of an eight-acre multifamily development site in Asheville. Atlanta-based Shelton McNally Real Estate Partners purchased the shovel-ready site from Golden Hour Collective with plans to develop a new 210-unit apartment community. Alex Phillips, Battle Smith, Alex McDermott and Sparling Davis of Cushman & Wakefield’s Sunbelt Multifamily Advisory Group represented Golden Hour in the land deal. Specific plans and construction timelines for the development were not released. The site is located within Overlook at Ashville, a 98.8-acre master-planned community that is approved for the 210 apartments, as well as 130 build-to-rent townhomes and up to 176 duplex units. The development is situated on a sloping mountainside within a few miles of downtown Asheville.
ATLANTA — Patterson Real Estate Advisory Group has arranged the refinancing for Old Highland Bakery, a two-building adaptive reuse project in Atlanta’s Old Fourth Ward district. Ameris Bank provided an undisclosed amount of financing to the borrowers, Vantage Realty Partners and Braden Fellman Group. Originally constructed in 1930, the all-brick structure was recently renovated to prepare the space for incoming tenants. The 51,000-square-foot property includes redeveloped office and retail space that houses 14 tenants, including Communidad Taqueria and BodyRok. Vantage and Braden Fellman preserved historical features at Old Highland Bakery, including the property’s original wood, metal beams and skylight windows.
ROCK HILL, S.C. — A joint venture between ShopOne Centers REIT, Pantheon and a global institutional investor has acquired Riverview Commons, a 59,020-square-foot shopping center located in Rock Hill, roughly 15 miles south of Charlotte. Food Lion and Dollar General anchor the property, which was 96 percent leased at the time of sale. Additional retailers at the center include Computer CPR, Exquisite Nails & Spa, Hair Savvy Salon, Big Wok II, Rock Hill Bagels & Deli, Ivy Rehab and ISI Elite Training. The joint venture now owns 21 retail centers. Riverview Commons marks ShopOne’s first acquisition in the Charlotte metro area.
NEW YORK CITY — Ocean West Capital Partners has arranged the foreclosure of 285 Madison Avenue, a 511,000-square-foot office building in Midtown Manhattan. Ocean West represented the mezzanine lender, which was comprised of a consortium of insurance companies based in South Korea. The property owner was not disclosed, but multiple sources, including The New York Business Journal, report that that entity is RFR. The property’s loan fell into maturity default in late 2022 and was subsequently extended to provide time for recovery, but the debt came back into default in late 2024 when the extension expired. Ocean West was brought in at this time to serve as advisor to the mezzanine lenders and evaluate various debt recovery strategies. DLA Piper LLP provided legal representation to the mezzanine lender(s) throughout the process. Newmark managed the Uniform Commercial Code (UCC) auction marketing process, and Daol Asset Management served as the Korean investment advisor for this transaction.
SAN DIEGO AND ENCINITAS, CALIF. — Raintree Partners is investing more than $225 million in the San Diego housing market with the development of three Class A multifamily communities. Totaling 498 units, the properties include Treehouse and Flora + Fauna in San Diego’s Bankers Hill neighborhood and Dos Lunas in Encinitas. Currently under construction, the eight-story, 115,453-square-foot Treehouse is located at 2525 1st Ave. in San Diego’s Bankers Hill district. The 107-unit community will feature studio, one- and two-bedroom floor plans, a fitness center and sauna, a Zen spa deck and a roof deck with outdoor dining and lounge space with ocean and bay views and an herb garden adjacent to an outdoor kitchen/garden zone. The asset is slated for completion in November. BDE is serving as architect and ECON Construction is serving as contractor. Flora + Fauna, located at 411 Ivy St. in San Diego’s Bankers Hill, will encompass 115,453 square feet spread across two buildings featuring six levels. The property will offer a sauna, spa and cold plunge, a coworking lounge and a roof deck with ocean and city views. Slated for completion in mid-2026, the community will offer 189 studio, one-, and two-bedroom floor plans, as well as …
CENTENNIAL, COLO. — Opus has broken ground on Catalyst Industrial, a Class A speculative industrial development in Centennial. Situated on 14.3 acres at 15030 E. Fremont Drive, Catalyst Industrial will offer 188,054 square feet of space. Designed to accommodate up to six tenants, the building can be divided into units as small as 21,000 square feet. The asset will feature a clear height of 32 feet, 28 truck doors, six drive-in dock doors and parking for 268 vehicles. Opus is the developer, design-builder, architect and structural engineer of record on the project, which is slated for completion in early first-quarter 2026. Todd Witty and Daniel Close of CBRE will market the facility for lease.
LOS ANGELES — JLL Capital Markets has arranged $21.5 million in refinancing for Juanita Tate Marketplace, a grocery-anchored retail center in Los Angeles. Optimus Properties received the five-year loan through institutional investors advised by J.P. Morgan Asset Management. Alex Olson and Daniel Skerrett of JLL Capital Market’s Debt Advisory represented the borrower in financing. Located at the corner of East Slaunson and East Central avenues, Juanita Tate Marketplace offers 77,096 square feet of retail space, 55 percent of which is occupied by Northgate Market. CVS, Panda Express, Starbucks Coffee and Chase Bank are tenants at the fully occupied retail center, which was built in 2014.
SALT LAKE CITY — Gantry has secured a $13.5 million permanent loan for the purchase of an industrial property located at 485 N. Jimmy Doolittle Road in Salt Lake City. Situated on 9.4 acres, the asset offers 148,263 square feet of Class A industrial space, a clear height of 32 feet, four drive-in bays, 29 exterior dock doors, 198 parking spaces and ample trailer storage space. The property is fully leased to two tenants. Mike Wood, Ben Johnson and Tim Brown of Gantry’s Seattle production office represented the borrower, a private real estate investor. The six-year, fixed-rate loan was provided by one of Gantry’s insurance company correspondent lenders and features full-term interest-only payments with prepayment flexibility.
SALEM, MASS. — Gilbane Building Co. has begun construction on multiple projects at Salem State University (SSU), located north of Boston, that are part of a “campus unification and modernization” initiative known as SSU Bold. The projects incorporate renovations to the existing Horace Mann building, which has been vacant since 2018, and the expansion of Meier Hall to bring new lab spaces to programs housed in the building. Once these projects have been completed in fall 2027, the university will relocate its South Campus-housed programs to North Campus, unifying its footprint and allowing the planned sale of South Campus to move forward. The new facilities will house nursing, occupational therapy, biology, chemistry and geological sciences programs, as well as various student hubs and flexible classrooms.
PHOENIX — Camblin Steel Service has completed the disposition of a freestanding industrial property in Phoenix to Capitol Engineering Inc., an owner/occupier, for $13 million. The buyer will relocate to the facility, which is situated on 11 acres at 1945 W. Broadway Road. Phil Haenel, Will Strong, Foster Bundy and Katie Repine of Cushman & Wakefield’s Private Capital Group in Phoenix, in partnership with Bryce MacDonald of the firm’s Sacramento office, represented the seller. Will Groves of Cushman & Wakefield’s Phoenix office represented the buyer in the deal. The 20,400-square-foot building features 14,400 square feet of flex space, 6,000 square feet of office space, four open production/manufacturing bays with overhead shelter and several overhead Kone Cranes. The property was initially built in 2005, with two of the bays constructed in 2013 and 2014. The warehouse features durable concrete tilt-up construction, ample parking for trucks and vehicles and a perimeter of secure fencing. The facility was formerly used as a state-of-the-art structural steel fabrication facility.