DORAL, FLA. — Ascentris, in partnership with Highline Real Estate Capital and Square2 Capital, has completed a multi-phase repositioning of Westside Plaza, a three-building, 382,637-square-foot office complex in Doral, a western suburb of Miami. As a result of the project completion, Miami-based COFE Properties purchased two office buildings within Westside Plaza totaling 276,637 square feet at 8200 and 8400 N.W. 33rd St. for $63 million, according to South Florida Business Journal. Westside I and II were 98 percent leased following a renovation, including upgraded lobbies, common areas and tenant amenities, as well as the addition of two spec suites. Tenants in the office buildings include Guidewell Sanitas, US Med, LLC, Inktel Contact Center Solutions and Venture X. Chris Lee, Sean Kelly, Tom Rappa and Matthew Lee of CBRE brokered the sale. Parallel to the transaction, a joint venture between the Ascentris-led partnership and multifamily developer ZOM Living acquired Westside Plaza II, a 106,000-square-foot office building that will be transformed into a 380-unit multifamily community under Florida’s Live Local Act, a strategy designed to provide more affordable housing opportunities. Robert Given, Brad Capas and Troy Ballard of CBRE brokered the sale of Westside Plaza II.
FREDERICK, MD. — Hanover Co. and its institutional partner Northwestern Mutual have completed construction of Frederick Airport Park, a 509,000-square-foot industrial development located in Frederick, about 44 miles northwest of Washington, D.C. Situated directly off I-70 and adjacent to Frederick Municipal Airport, Frederick Airport Park spans 37 acres and consists of two light industrial buildings featuring 36-foot clear heights. The project team included MGMA (architect), Harris Smariga (civil engineer) and Conewago (general contractor). Construction of both buildings was completed in January. Cushman & Wakefield is marketing Frederick Airport Park to potential tenants.
WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided financing to rehabilitate Henson Ridge II, a 178-unit affordable housing community located in the Douglass neighborhood of Ward 8 in Washington, D.C. DCHFA issued $40 million in tax exempt bonds, along with $37.5 million in federal Low Income Housing Tax Credit (LIHTC) equity and $9.3 million in District of Columbia LIHTC equity. Urban Atlantic Development LLC and Capitol Housing Partners LLC (a subsidiary of the DCHA) are the developers planning to rehabilitate Henson Ridge II. The proposed $103 million rehabilitation is made up of 64 LIHTC units and 114 project-based voucher (PBV) units. The scope of work for the rehabilitation includes replacement of roofs, windows, doors, kitchens and bathrooms, as well as improvements to modernize the HVAC/mechanical systems. The mix of units consists of 52 one-bedroom, 28 two-bedroom, 50 three-bedroom, 38 four-bedroom and 10 five-bedroom units. All units will be reserved for residents earning 30 and 60 percent or less of the area median income (AMI). The 30 percent AMI units will benefit from PBV operating subsidies.
MONTGOMERY, ALA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a retail property in Montgomery. Instant oil change provider Valvoline occupies the building on a 15-year, triple-net ground lease that features 10 percent rent increases in the initial term. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group represented the seller, a preferred developer for Valvoline, in the transaction. “This transaction demonstrates the demand for investment-grade credit tenants on long-term leases with attractive rent increases,” says McMinn. “We represented the seller, and the buyer was an all-cash, out-of-state, 1031 exchange buyer that closed in under 30 days from going under contract.”
MORRISVILLE, N.C. — Wood Partners and PGIM have closed on a land acquisition in Morrisville for the development of Alta Watkins, a 357-unit apartment community. Set to open in 2028, the property will be situated in the heart of the Research Triangle and adjacent to Wake Tech’s new community college campus. Sarah Godwin and Karl Hudson of Foundry Commercial represented the land seller in the transaction. Wood Partners plans to break ground soon on Alta Watkins, which will offer one-, two- and three-bedroom apartments, as well as onsite retail space, rentable offices, short-term stay units for guests, a resort-style pool, three outdoor courtyards, outdoor games, fitness center with a sauna and a podcast room. Alta Watkins is Wood Partners’ third development underway in the Raleigh-Durham area in the past 12 months.
SUMMERFIELD, FLA. — Colliers has brokered the $13.5 million sale of Spruce Creek Shoppes, a 42,203-square-foot shopping center located at 17860 S.E. 109th Ave. in Summerfield. The retail center sits within the trade area of The Villages, a master-planned community in Central Florida often cited as the No. 1 retirement destination in America. Tommy Isola, Harry Blyden and Billy Weiser of Colliers represented the seller, an entity doing business as Spruce Creek Holdings, in the transaction. About 80 percent of Spruce Creek Shoppes’ tenancy are restaurant, medical and service-oriented retailers, according to Colliers.
FAIRFIELD, ALA. — Red Oak Capital Holdings LLC has provided a $10.2 million bridge loan for the $3.5 million acquisition and $6.6 million repositioning of Chateau Glen Oaks Apartments, a 230-unit, garden-style community located in Fairfield, a suburb of Birmingham. Chris Litzler of Marcus & Millichap arranged the financing on behalf of the borrower, an entity doing business as Fairfax Holdings LLC. Stratos Athanassiades, Thomas Gorski and James Myatt of Red Oak originated the non-recourse loan, which features a two-year initial term, interest-only payments and a loan-to-stabilized value ratio of 70.8 percent. Built in 1972 on 13.5 acres, Chateau Glen Oaks was approximately 20 percent occupied at the time of financing. The sponsor’s renovation plans comprise extensive interior improvements, including new flooring, finishes, appliances, cabinets, drywall repairs, LED lighting, painting and limited window repairs and replacements. Exterior improvements are expected to include roof and parking lot repairs, landscaping, security cameras, masonry repairs, lighting upgrades, pool improvements and the addition of amenities such as a dog park, pickleball court, playground and a picnic area.
ATHENS, GA. — Landmark Properties, an Athens-based residential developer primarily known for its nationwide portfolio of student housing communities, has announced its expansion into the seniors housing sector. The firm plans to pursue both ground-up development and acquisition opportunities in the senior living space. “Seniors housing sits at an attractive inflection point, having made a meaningful recovery from a unique black swan event and now exhibiting a pronounced supply-demand imbalance,” says Walt Templin, president and chief investment officer of Landmark. “This dynamic creates a compelling entry point for Landmark to leverage its vertically integrated platform.” Landmark has appointed Shashank Goel to lead the company’s entry into seniors housing. Goel will serve as senior director of U.S. seniors housing investment management. Goel, who has more than 10 years of experience in seniors housing, most recently served as assistant vice president at Harrison Street.
ATLANTA — Atlanta-based MDH Partners has closed a $946.8 million refinancing for Project Interstellar, a 59-property, 13.5 million-square-foot industrial real estate portfolio that spans 15 states. The names and locations of the properties were not released. The refinancing package involved restructuring nine existing mortgages into seven new loans, with Wells Fargo Bank NA providing $786.8 million as the sole bookrunner, joint lead arranger and administrative agent on six of the loan portfolios. ACORE Capital provided $160 million as the administrative agent on the seventh loan portfolio. Matthew Ludwig of MDH Partners worked with Melissa Frawley and Steve Hinkle at Wells Fargo and Scott Swisher at ACORE Capital to secure the loans. MDH Partners currently manages three investment vehicles that owns 38.5 million square feet of industrial space across 19 states. The firm is currently investing in Fund III, which has closed more than $591 million in acquisitions and another $160 million in properties under contract in the past six months.
OXFORD, MISS. — A public-private partnership between the University of Mississippi (Ole Miss) and Charleston-based Greystar has broken ground on Kincannon Hall, a $101 million residence hall project located on the university’s campus in Oxford. The development — which is scheduled for completion ahead of the 2027-2028 academic year — will offer 1,282 beds in semi-suite configurations. The community is being constructed in partnership with Greystar’s modular construction arm, Modern Living Solutions. Sections of the buildings will be developed in Knox, Pa., and shipped to campus to be assembled onsite. The development team for the project includes WDG Architecture and CDFL. The development was financed through tax-exempt bonds, with Provident Resources Group serving as the borrower of the bonds and project owner. Raymond James acted as bond underwriter for the financing. The project includes a second phase of development, which is expected to deliver additional suite-style units in 2028. Further details on the project were not released.
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