Monday, July 14, 2025
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GeorgiaLoansMultifamilySoutheastWalker & Dunlop

Walker & Dunlop Secures $33M Refinancing for Massell Apartments in Cartersville, Georgia

by John Nelson

CARTERSVILLE, GA. — Walker & Dunlop has secured a $33 million loan for the refinancing of The Massell, a newly delivered apartment community located at 1230 Joe Frank Harris Parkway in Cartersville, a northwest suburb of Atlanta. Stephen Farnsworth and Hanes Dunn led the Walker & Dunlop team that arranged the loan through ACRE on behalf of the borrowers, Norhaven Partners and Coro Realty. The non-recourse loan features a floating interest rate, five-year term and full-term interest-only payments. The Massell is a 210-unit, garden-style community that features a clubhouse with a coworking area, 24/7 fitness center, resort-style swimming pool with sundeck, grilling stations and a pet park.

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AcquisitionsFloridaRetailSoutheast

Marcus & Millichap Brokers Sale of 135,049 SF Shopping Center in Palm Bay, Florida

by John Nelson

PALM BAY, FLA. — Marcus & Millichap has brokered the sale of Palm Bay Center, a 135,049-square-foot shopping center located on 12.3 acres at 4707 Babcock St. NE in Palm Bay, a coastal Florida city in Brevard County. The center’s anchor, Publix, has operated at its store since 1978 and has recently extended its lease through 2030. The buyer has agreed to construct a brand-new store for Publix as part of the transaction. Tarek Chbeir of Marcus & Millichap represented the seller, a private investor, in the deal. Both parties requested anonymity, and the sales price was also not released. Chbeir collaborated with Adam Sklaver and Philip Kates of Marcus & Millichap’s Commercial Property Auction Services to market Palm Bay Center.

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AcquisitionsRetailSoutheastVirginia

ShopOne, Joint Venture Partners Purchase Food Lion-Anchored Shopping Center in Richmond

by John Nelson

RICHMOND, VA. — ShopOne Centers REIT Inc., along with joint venture partners Pantheon and an unnamed institutional investment firm, has purchased Staples Mill Plaza, a 70,147-square-foot shopping center located at 9117 Staples Mill Road in Richmond. Regional grocer Food Lion has anchored the center since 1986. Staples Mill Plaza was 94.3 percent leased at the time of sale to tenants including Subway, Pizza Hut and Hair Cuttery. Catharine Spangler of Cushman & Wakefield | Thalhimer represented the seller, Washington, D.C.-based Stavins & Axelrod Properties Inc., in the transaction. Richard Thalhimer, who has leased the property for over 20 years along with Annie O’Connor with Thalhimer’s retail leasing team, also assisted in the sale. This acquisition marks ShopOne’s second property in Virginia and its first in the Richmond metro area. The sales price was not disclosed.

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Shoregate-Bay-Shore
LoansMultifamilyNew YorkNortheast

JLL Arranges $140M Loan for Refinancing of Long Island Apartment Community

by Taylor Williams

BAY SHORE, N.Y. — JLL has arranged a $140 million loan for the refinancing of Shoregate, a 418-unit, newly constructed apartment community located in the Long Island community of Bay Shore. The four-story, transit-oriented property houses 334 market-rate units and 84 affordable apartments, as well as 1,650 square feet of retail space. Amenities include a pool and patio area, fitness center, outdoor barbecue stations, dog washing area, a rooftop deck, indoor golf simulator and courts for bocce ball and pickleball. Kellogg Gaines, Geoff Goldstein and Michael Gigliotti of JLL arranged the loan through Truist Financial Corp. on behalf of the borrower, a partnership led by Tritec Real Estate Co.

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The-Declan-Weehawken
DevelopmentMultifamilyNew JerseyNortheast

Rockpoint Begins Leasing 298-Unit Declan Apartments in Weehawken, New Jersey

by Taylor Williams

WEEHAWKEN, N.J. — Boston-based private equity and real estate investment firm Rockpoint has begun leasing The Declan, a 298-unit apartment community located in the Northern New Jersey community of Weehawken. The 10-story building offers studio, one-, two- and three-bedroom units that are furnished with quartz countertops, stainless steel appliances and private balconies, patios or terraces. Amenities include a landscaped courtyard with grilling stations, an outdoor dining room, gaming area, pool, fitness center, golf simulator, coffee bar, library and coworking spaces. According to Apartments.com, monthly rental rates start at $3,380.

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AcquisitionsHealthcareNew JerseyNortheast

Marcus & Millichap Brokers $8M Sale of Medical Office Building in Eatontown, New Jersey

by Taylor Williams

EATONTOWN, N.J. — Marcus & Millichap has brokered the $8 million sale of Aspen Court, a 27,965-square-foot medical office building in the coastal New Jersey community of Eatontown. Anchored by Advanced Endoscopy & Surgical Center, which recently signed a 10-year lease extension, the building was fully leased at the time of sale. Other tenants include Carbon Health Urgent Care, Atlantic Medical Imaging and Eatontown Dental. Brent Hyldahl, Alan Cafiero and Seth Goldberg of Marcus & Millichap represented the seller, PB7 Associates, in the transaction and procured the buyer, an entity doing business as Aspen Court Partners LLC.

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AcquisitionsIndustrialNew JerseyNortheast

Resource Realty Negotiates $4.5M Sale of Northern New Jersey Industrial Building

by Taylor Williams

RANDOLPH, N.J. — Locally based brokerage firm Resource Realty has negotiated the $4.5 million sale of a 28,000-square-foot industrial building located in the Northern New Jersey community of Randolph. According to LoopNet Inc., the single-tenant building at 273 Franklin Road was completed in 1991 and features a clear height of 12 feet and two dock-high loading doors. Tom Consiglio of Resource Realty represented the buyer, Commerce Park Investors, in the transaction.

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ConnecticutDevelopmentHospitalityNortheast

Private Owners Complete Redevelopment of Historic Inn in Westbrook, Connecticut

by Taylor Williams

WESTBROOK, CONN. — Private owners Meri Wick and Marcus Little have completed the redevelopment of The Captain Stannard, a historic inn located in the southern coastal Connecticut city of Westbrook. The Captain Stannard is a 10-room establishment that was originally constructed in 1872. According to the Connecticut Post, the project involved reconfiguring the main dining area, upgrading the main common area and applying fresh paint and furnishings to select areas, as well as putting new bedding in all guestrooms.

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ilo-at-Playa-Vista-CA.jpg
AcquisitionsCaliforniaOfficeWestern

Newmark Arranges $150.7M Sale of 306,809 SF Creative Workplace Campus in Playa Vista, California

by Amy Works

PLAYA VISTA, CALIF. — Newmark has arranged the sale of ilo at Playa Vista, a 306,809-square-foot creative office workplace campus in Playa Vista. Barings acquired the asset from Clarion Partners for $150. 7 million. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Moll of Newmark represented the seller in the deal. Jonathan Firestone, Blake Thompson and Henry Cassiday of Newmark Global Debt & Structured Finance provided support on debt strategy and financing considerations throughout the transaction process. The two-building, mixed-used campus has attracted 78,000 square feet of new leasing over the past 24 months. Delivered in 2010, the property has maintained an average occupancy level of more than 90 percent since it was redesigned by Gensler in 2016.

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Vintage-Farms-Murrieta-CA
CaliforniaDevelopmentMultifamilyWestern

R.D. Olson, MBK Rental Living Begin Construction on 330-Unit Vintage Farms Multifamily Project in Murrieta, California

by Amy Works

MURRIETA, CALIF. — R.D. Olson Construction, on behalf of MBK Rental Living, has broken ground on Vintage Farms, a $80 million residential village in Murrieta. Vintage Farms will offer 330 market-rate and luxury apartments spread across 11 buildings and 15 standalone garages on 15 acres. Located at 28749 Clinton Keith Road, Vintage Farms will offer studio, one-, two- and three-bedroom apartments and 15 standalone garages, ranging from seven to 16 stalls, offering a total of 332 parking spaces. The 449,280-square-foot residential space will include nine 40,320-square-foot buildings with 30 apartments and two 43,200-square-foot buildings with 30 apartments. Built in five phases over 18 months, the community’s first phase will include the development of all amenities, including the clubhouse, pool, hot tub, barbecue areas and walkways, and the first two apartment buildings and two garages. The following four phases will include the construction of two apartment buildings and two to four garages in each phase. The five-phase construction plan will turn over units during each phase to ensure an on-time delivery while minimizing noise disruption to the community. The full project is slated for completion by fall 2026. Project partners include Geotek USA, Forma Engineering, SiteScapes, SummA Architecture, Gouvis Engineering, Tek Systems, …

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