Monday, July 21, 2025
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AcquisitionsIndustrialSoutheastVirginia

Lovett Industrial, Heitman Acquire 720,000 SF Industrial Park in Norfolk

by John Nelson

NORFOLK, VA. — Houston-based Lovett Industrial and Chicago-based Heitman LLC have acquired Diamond Hill Distribution Center, a four-building industrial park in Norfolk spanning 720,000 square feet. The seller and sales price were not disclosed. Cushman & Wakefield brokered the transaction, and John Alascio of Cushman & Wakefield arranged an undisclosed amount of acquisition financing through Voya Financial on behalf of the buyers. Located on State Route 168 with adjacent access to I-64 and I-464, Diamond Hill is situated near Chesapeake and Virginia Beach, as well as the Port of Virginia’s Norfolk International Terminal and Virginia International Gateway port terminals. The park’s four buildings all have rail spurs that are activable for Norfolk Southern’s main line. The property was fully leased at the time of sale to four tenants and features a combined 96 loading positions, additional trailer parking, over 520 auto parking stalls and 27- to 29-foot clear heights. Lovett Industrial and Heitman have tapped Charles Dickinson of Harvey Lindsey Commercial Real Estate to lease and market Diamond Hill.

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DevelopmentMixed-UseRetailSoutheastTennessee

Urban Story Ventures to Redevelop 160,000 SF Shopping Center in Metro Chattanooga

by John Nelson

EAST RIDGE, TENN. — Urban Story Ventures will redevelop a 160,000-square-foot shopping center located at 3715 Ringgold Road in East Ridge, roughly 10 miles outside Chattanooga. The developer purchased the 13-acre property — which features a 38,000-square-foot space formerly occupied by Food City, five retail outlet buildings and parking — last year. A roster of food-and-beverage, professional services and apparel retailers currently occupy a portion of the center. Plans call for a combination of renovations to existing suites, as well as new construction. Urban Story Ventures will reposition the property as a mixed-use development and plans to sign leases with retail, office and medical office tenants throughout the redevelopment.

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DevelopmentMultifamilySouth CarolinaSoutheast

Beach Co. Breaks Ground on The Charles Residential Development in Charleston

by John Nelson

CHARLESTON, S.C. — The Beach Co. has broken ground on The Charles, a boutique multifamily community located at the corner of Broad and Barre streets in Charleston. The property will feature 15 three-story townhomes, eight apartment flats and a half-acre park overlooking the Ashley River and Safe Harbor City Marina. The townhomes will feature two- and three-bedroom layouts and will include private garages, 10- to 12-foot ceilings, soaking tubs, custom cabinetry, private balconies and private gardens. The design-build team includes Antunovich Associates, DesignWorks, Forsberg Engineering and Balfour Beatty. First Bank is providing an undisclosed amount of construction financing for the project. The Beach Co. plans to deliver The Charles in summer 2025.

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Leasing ActivityRestaurantRetailTexas

Bright Realty Welcomes Eight New Food-and-Beverage Users to Flagship Development in Metro Dallas

by Taylor Williams

LEWISVILLE, TEXAS — Bright Realty has welcomed eight new food-and-beverage users to The Realm at Castle Hills, the locally based developer’s 324-acre mixed-use destination in the northern Dallas suburb of Lewisville. The tenants that have either recently opened or signed leases include: Marble Slab Creamery/Great American Cookies (1,600 square feet); Chinese and Indian restaurant The Monk’s (3,869 square feet); RT Bakery (1,507 square feet); Voodoo Brewing Co. (4,346 square feet); Bagel Bar (1,186 square feet); Ked’s Artisan Ice Cream & Treats (1,893 square feet); Cocinero Mexican Restaurant (3,800 square feet); and Bluebonnet Brunch House (2,479 square feet).

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HospitalityLoansNew YorkNortheast

Madison Realty Capital Provides $133M in Financing for Manhattan Hotel

by Taylor Williams

NEW YORK CITY — Madison Realty Capital, a locally based real estate private equity firm, has provided $133 million in financing for a 51-story, 379-room hotel in Manhattan’s Hudson Yards district. According to New York YIMBY, Aloft will be the hotel operator. The borrower, an affiliate of Marx Development Group, will use the proceeds to complete construction and stabilize the property, which is located directly across from the Javits Center at 450 Eleventh Ave. The hotel will offer 61 double queens, 267 kings, 41 king corner suites, four luxury suites and six luxury duplex suites. Amenities will include a multi-level, 7,224 square-foot restaurant with outdoor terrace space, as well as a spa, fitness center, business center, lounge, bar, ballroom and banquet and conference spaces. DSM Design Group served as the project architect, and Atria Builders is the general contractor. A full completion date was not disclosed.

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CaliforniaLoansMultifamilyWestern

BWE Arranges $224.7M in Financing for Six-Property Apartment Portfolio in Orange County

by Amy Works

ORANGE COUNTY, CALIF. — BWE has arranged $224.7 million in financing for a six-property, 1,192-unit multifamily portfolio in Orange County. Five properties in the portfolio were refinanced in order to secure equity for the acquisition of the sixth property, Regency Palms in Huntington Beach. Jason Krupoff and Doug Taylor of BWE’s Irvine office originated the loans on behalf of a long-term investor-operator of Orange County multifamily properties. One of BWE’s correspondent life companies provided financing for three of the properties, totaling $90.6 million in loan proceeds. The other three, including the acquisition, totaled $134 million through Fannie Mae. The six individual loans were all nonrecourse, permanent transactions with fixed rates. The loans have between five- and 10-year terms with 30-year amortization periods, with the agency loans having initial interest-only periods.

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Headquarters-Plaza-Morristown-New-Jersey
DevelopmentMixed-UseNew JerseyNortheast

Olnick, Fisher Underway on Redevelopment of 1 MSF Mixed-Use Complex in Morristown, New Jersey

by Taylor Williams

MORRISTOWN, N.J. — A partnership between The Olnick Organization and Fisher Development Associates is underway on the redevelopment of Headquarters Plaza, a 1 million-square-foot mixed-use complex in the Northern New Jersey community of Morristown. Headquarters Plaza consists of 650,000 square feet of office space, 100,000 square feet of retail and restaurant space, a 265-room Hyatt Regency hotel, a 40,000-square-foot health club and a 10-screen AMC movie theater. Full renovations of the hotel and 50,000-square-foot public outdoor space have already been completed. Ownership has now unveiled plans for the redesign of the main office concourse and signed leases with three new restaurant tenants. Gensler is the project architect.

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ArizonaDevelopmentIndustrialLoansSelf-StorageWestern

Clear Sky Capital Receives $17.5M Construction Loan for Self-Storage Project in Scottsdale, Arizona

by Amy Works

SCOTTSDALE, ARIZ. — Clear Sky Capital has obtained $17.5 million in construction financing for a self-storage facility at 16136 N. Pima Road in Scottsdale. With completion slated for third-quarter 2025, the four-story, Class A facility will include 1,051 climate-controlled self-storage units and 15 luxury collector car/recreational vehicle storage spaces. Additionally, the property will feature a state-of-the-art security system, including exterior surveillance. Kevin Mackenzie and Jason Carlos of JLL Capital Markets’ debt advisory team secured the loan for the borrower through Enterprise Bank and Trust.

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AcquisitionsCaliforniaOfficeWestern

Level Asset Capital Buys Tower Office Plaza in Temecula, California for $13.8M

by Amy Works

TEMECULA, CALIF. — Level Asset Capital has acquired Tower Office Plaza, an office property in Temecula, for $13.8 million. Located at 27555 Ynez Road, the four-story asset is situated within Tower Plaza, a grocery-anchored retail center. The four-story, 71,775-square-foot office building includes a two-story parking structure and an oversized pond water feature. At the time of sale, the property was 94 percent occupied with tenants ranging from medical providers to banking services. Matt Pourcho, Anthony DeLorenzo, Matt Harris and Bryan Johnson of CBRE Investment Properties represented the seller, Providence Real Estate Group. Hugo Cosio of Level Asset Capital represented the buyer in the transaction.

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AcquisitionsIndustrialNew JerseyNortheast

JLL Brokers Sale of 216,000 SF Warehouse in South Brunswick, New Jersey

by Taylor Williams

SOUTH BRUNSWICK, N.J. — JLL has brokered the sale of a 216,000-square-foot warehouse in South Brunswick, located just outside of Trenton. Built in 1991, the cross-dock facility at 152 Ridge Road features a clear height of 30 feet and 33 loading docks and was fully leased at the time of sale to an undisclosed, third-party logistics company. The unnamed owner sold the asset to Atlanta-based Invesco Real Estate for an undisclosed price. Jordan Avanzato, Marc Duval, Nicholas Stefans, Jason Lundy, Jose Cruz and Conor Walsh of JLL brokered the deal.

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