Friday, July 25, 2025
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SpringHill-Suites-by-Marriott-Voorhees
AcquisitionsHospitalityNew JerseyNortheast

JLL Arranges Sale of 117-Room Marriott-Branded Hotel Near Philadelphia

by Taylor Williams

MOUNT LAUREL, N.J. — JLL has arranged the sale of a 117-room, Marriott-branded hotel located outside of Philadelphia in Mount Laurel. The SpringHill Suites by Marriott Voorhees Mt. Laurel/Cherry Hill hotel is a four-story building that offers amenities such as a pool, fitness center, business center and 375 square feet of meeting and event space. Ketan Patel, Phil White and Vasilis Halakos of JLL represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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Leasing ActivityNew JerseyNortheastOffice

Vatech America Signs 16,262 SF Office Lease in Teaneck, New Jersey

by Taylor Williams

TEANECK, N.J. — Vatech America, a manufacturer of dental imaging equipment, has signed a 16,262-square-foot office lease in the Northern New Jersey community of Teaneck. The space is located within the 670,000-square-foot, four-building Glenpointe mixed-use campus. Jeff Schotz, Peter Rossi, Dan Reider, Peter Kasparian and David Simson of Newmark represented the landlord, Alfred Sanzari Enterprises, in the lease negotiations. Harlan Hollander of Savills represented the tenant.

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AcquisitionsCaliforniaIndustrialTop StoriesWestern

JLL Arranges $197M Sale of Commerce Way Distribution Center in Fontana, California

by Kristin Harlow

FONTANA, CALIF. — JLL Capital Markets has arranged the $197 million sale of Commerce Way Distribution Center in Fontana, which is located about 50 miles east of Los Angeles in the Inland Empire. EQT Exeter was the buyer. Built in 2000, Commerce Way Distribution Center totals 819,004 square feet. Located on Santa Ana Avenue, the property features a cross-dock configuration and a clear height of 30 feet. JLL says the facility benefits from its location in the Inland Empire, the largest industrial market nationwide with immediate access to critical supply chain infrastructure and Southern California’s population of more than 25 million people. As of the fourth quarter of 2023, the vacancy rate for the Inland Empire industrial market was 5.9 percent, a 90-basis-point increase quarter-over-quarter due to a high volume of new industrial space delivered by developers, according to JLL. The market experienced positive net absorption despite the 10.5 million square feet of new space delivered in the quarter. Patrick Nally, Mark Detmer, Evan Moran and Makenna Peter of JLL represented the seller, Manulife Investment Management on behalf of clients, and procured the buyer. JLL’s debt advisory team on the deal included Kevin Mackenzie, Brian Torp and Samuel Godfrey. Mike …

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CaliforniaMarket ReportsRetailWesternWestern Market Reports

Orange County Retail — Is the Juice Worth the Squeeze?

by Jeff Shaw

— By John R. Read, senior vice president, CBRE Retail Investment Properties-West — Undoubtedly, 2023 proved to be a volatile year. It was marked by persistent inflationary pressures, four 25-basis-point interest rate hikes by the Fed and a surge in the 10-year U.S. Treasury yield (from the high 3 percent range in January to peak levels near 5 percent in October). These changes had a pronounced impact on retail real estate investors, businesses occupying retail centers and consumers who frequented these establishments.  The real estate sector particularly grappled with the cost of financing in an environment of higher interest rates. While these challenges did temper Orange County’s retail market to some extent, it largely remained resilient due to its strong underlying fundamentals. These include a substantial population of high-income earners, flourishing industries like tourism and destination-oriented shopping centers, as well as a supply constrained retail property base with limited large-scale retail development. The unemployment rate in Orange County remained steady at 3.8 percent in December 2023, unchanged from November’s revised rate. This rate is notably higher than the year-ago estimate of 2.7 percent. In comparison, California’s unemployment rate stands at 5.1 percent rate, while the national rate during the same …

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DevelopmentFloridaLoansMultifamilySoutheast

Berkadia Arranges $328M Construction Loan for Luxury Condo Tower in Miami

by John Nelson

MIAMI — Berkadia has arranged a $328 million construction loan for Baccarat Residences Miami, a 355-unit luxury condominium tower planned at the gateway of Brickell Avenue in Miami. Scott Wadler, Michael Basinski, Mitch Sinberg, Matt Robbins and Brad Williamson of Berkadia arranged the floating-rate loan through Bank OZK on behalf of the borrowers, Related Group and GTIS Partners. Baccarat Residences, which is currently 95 percent presold, is scheduled for completion in early 2028. Designed by Arquitectónica and managed by SH Hotels & Resorts, the tower will feature more than 75,000 square feet of high-end amenities, including a marina, spa, art installations and a health and fitness center.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

TruAmerica Multifamily Acquires Westmont Commons in Asheville for $49.9M

by John Nelson

ASHEVILLE, N.C. — TruAmerica Multifamily has acquired Westmont Commons, a 252-unit apartment community in Asheville, for $49.9 million. Rob Russell and Richard Kourbage of Greystone originated a Freddie Mac acquisition loan for the buyer. The seller was not disclosed. Westmont Commons was built in phases in 2003 and 2008. The new buyer plans to make capital improvements in every unit with modern finishes, including new washers and dryers. TruAmerica also plans to upgrade the property’s swimming pool, fitness center and clubhouse, as well as convert the laundry room to a pet spa.

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AcquisitionsHospitalityMarylandSoutheast

JLL Brokers Sale of 154-Room Hampton Inn Hotel in Metro D.C.

by John Nelson

OXON HILL, MD. — JLL’s Hotels & Hospitality group has brokered the sale of Hampton Inn & Suites National Harbor/Alexandria Area, a 154-room hotel located at 250 Waterfront St. in Oxon Hill. The sales price was not disclosed, but Washington Business Journal reports the asset traded for $47 million. Situated along the Potomac River about 11.5 miles south of Washington, D.C., the 11-story hotel is located across the street from The Gaylord National Resort and Convention Center. The hotel features a business center, fitness center, complimentary breakfast, indoor pool and meeting space. Ketan Patel, Phil White and Vasilis Halakos of JLL represented the seller and procured the buyer. Both parties requested anonymity.

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AcquisitionsGeorgiaIndustrialOfficeSoutheast

Stoic Equity Partners Purchases 90,300 SF Flex Property in McDonough, Georgia

by John Nelson

MCDONOUGH, GA. — Stoic Equity Partners has purchased a 90,300-square-foot office and warehouse property located on McDonough Parkway in McDonough, a southern suburb of Atlanta. The Daphne, Ala.-based investor purchased the five-building property through an investment fund named SEP Industrial Holdings I LLC for $5.8 million. Nick Watson and Harrison Auerbach of Matthews Real Estate Investment Services represented the undisclosed, Georgia-based seller in the transaction. The flex property features loading docks, drive-in access, 18- to 20-foot clear heights and truck court space. The McDonough property is the second Atlanta-area investment for Stoic Equity Partners.

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GeorgiaLeasing ActivityRetailSoutheast

IKEA to Open New Small-Format Store in Alpharetta, Georgia

by John Nelson

ALPHARETTA, GA. — IKEA plans to open a 4,306-square-foot store at Mansell Crossing, a shopping center located at 7681 North Point Parkway in the northern Atlanta suburb of Alpharetta. The landlord is New York-based Brixmor. The new store is among four small-format locations that IKEA announced in January, along with new stores in the greater Los Angeles area and Austin, Texas. Each store will allow customers to design and order home-furnishing solutions and products with help from IKEA experts, as well as pick up items once they’re shipped. The new Alpharetta store is set to open this summer. Other tenants at Mansell Crossing include REI, Five Below, TJ Maxx, DSW, Macy’s Furniture Gallery and Barnes & Noble. IKEA opened its prototypical store and warehouse location, which spans more than 366,000 square feet, in Atlanta’s Midtown area in 2005.

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Lincoln-Square-Arlington
DevelopmentRetailTexas

Trademark Unveils Plans for Redevelopment of 45-Acre Shopping Center in Arlington

by Taylor Williams

ARLINGTON, TEXAS — Trademark Property Co. has unveiled plans for the redevelopment of Lincoln Square, a 45-acre shopping center in Arlington. The Fort Worth-based owner-operator plans to demolish about 229,000 square feet of the existing space and renovate another 65,000 square feet at the 40-year-old center beginning in the second quarter of next year. Trademark will rebrand the property as “Anthem” and redevelop it to feature 152,000 square feet of new retail and restaurant space, 125,000 square feet of office and coworking space, a hotel with up to 200 rooms and 355 apartments. Trademark acquired Lincoln Square in late 2022 and subsequently entered into a public-private partnership agreement with the City of Arlington to invest $150 million into the property’s redevelopment. Dwell Design Studio is the project architect.

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