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FloridaLoansOfficeSoutheast

Berkadia Arranges $100.4M Refinancing for Office Campus in Palm Beach Gardens, Florida

by John Nelson

PALM BEACH GARDENS, FLA. — Berkadia has arranged a $100.4 million loan for the refinancing of DiVosta Towers, a two-building office campus located at 3825 and 3835 PGA Blvd. in Palm Beach Gardens, a city in South Florida’s Palm Beach County. The Class A property comprises two 11-story office buildings spanning 220,000 square feet that are connected by a parking structure. The property was fully delivered in 2020 and houses tenants including JP Morgan, Wealthspire Advisors and Virtu Financial, among others. Charles Foschini, Scott Wadler and Shannon Wilson of Berkadia’s Miami office arranged the three-year, floating-rate loan through Cirrus Real Estate on behalf of the borrower, Gatsby Florida. The sponsor is also building The Modern at Palm Beach Gardens, a 220,000-square-foot office building located at 11200 RCA Center, less than one mile from DiVosta Towers.

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AcquisitionsFloridaMultifamilySoutheast

Waterton Purchases 358-Unit Apartment Community in South Florida for $80.5M

by John Nelson

PEMBROKE PINES, FLA. — Waterton has purchased The Landings at Pembroke Lakes, a 358-unit, garden-style apartment community located at 10650 Washington St. in Pembroke Pines, a city in South Florida’s Broward County. The Chicago-based owner-operator plans to invest in light capital improvements to the property’s interiors and common areas, including new equipment on its lakefront beaches. The seller and sales price were not disclosed, but South Florida Business Journal reports the property traded at $80.5 million. Walker & Dunlop represented both the buyer and seller in the transaction and also arranged acquisition financing. Built in 1989 around a 45-acre lake, The Landings at Pembroke Lakes is situated on a 27-acre site and offers a mix of one- and two-bedroom apartments. Amenities include a resort-style pool, clubhouse, fitness center, dog park, tennis courts and sand volleyball courts.

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AcquisitionsMarylandRetailSoutheast

MCB Acquires Stake in Trader Joe’s-Anchored Shopping Center in Annapolis, Maryland

by John Nelson

ANNAPOLIS, MD. — MCB Real Estate has purchased an ownership interest in Annapolis Plaza, a 165,565-square-foot shopping center located at 150 Jennifer Road in Annapolis. An unnamed institutional partner of MCB will retain an ownership interest in the retail property, while MCB will oversee leasing strategy, asset management and property management at the center. The seller and sales price were not disclosed, as well as the percentage of the ownership stake. Annapolis Plaza’s tenant roster includes Trader Joe’s, Homesense, HomeGoods and Marshalls. World Market plans to open a new 16,818-square-foot store at the shopping center soon, according to Baltimore Business Journal.

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DevelopmentSoutheastVirginia

AGC: Construction Employment Increases in Less than Half of Metro Areas

by John Nelson

ARLINGTON, VA. — Construction employment increased in only 42 percent of metro areas between May 2025 and May 2026, according to an analysis of new government employment data by the Associated General Contractors of America (AGC), an Arlington-based trade association for the construction industry. Over the past year, 152 metro areas added construction jobs, 161 lost jobs and employment was unchanged in 47 areas. The AGC cites rising costs, ebbing demands for some sectors and political threats to various types of infrastructure construction for the dip in employment . “Even fewer areas are likely to have job increases later this year if Congress fails to renew federal legislation to fund highway and transit construction after the current law expires in September,” says Macrina Wilkins, director of market insights at AGC, referring to the Infrastructure Investment and Jobs Act. The surface transportation law, which allocates federal funding for highways, public transit and intercity passenger rail, was ratified by former President Joe Biden and expires on Sept. 30. On the costs front, the U.S. Bureau of Labor Statistics (BLS) found that the May producer price index (PPI), which tracks movement in wholesale pricing between domestic producers, is up 6.5 percent on an …

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DevelopmentMultifamilyRetailSoutheastTennessee

CBL Sells Land at CoolSprings Galleria Mall in Metro Nashville to Greystar for 361-Unit Apartment Development

by John Nelson

FRANKLIN, TENN. — CBL Properties, a publicly traded mall REIT based in Chattanooga, Tenn., has sold a 5.4-acre parcel at CoolSprings Galleria, a nearly 1.2 million-square-foot regional shopping mall in metro Nashville. The buyer, Charleston-based Greystar, plans to develop a Class A, 351-unit apartment community with 15,000 square feet of ground-floor retail space on the site, which was previously an underutilized parking lot. Greystar plans to break ground immediately and deliver the community in approximately two years. Built in 1991, CoolSprings Galleria is located at 1800 Galleria Blvd. in Franklin, about 15 miles south of downtown Nashville. According to CBL, the mall has 150 total stores, including department stores Belk, Dillard’s, JCPenney, Macy’s and Primark. Other stores include Apple, Barnes & Noble, Chili’s, Duluth Trading Co., H&M, Hot Topic, LEGO, L.L. Bean (soon to open), Spencer’s, Taco Bell, Target and Urban Air Adventure Park.

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AcquisitionsIndustrialSoutheastTennessee

Manova Partners Acquires 306,280 SF Industrial Facility in Portland, Tennessee

by John Nelson

PORTLAND, TENN. — Manova Partners has acquired Gateway 65, a 306,280-square-foot industrial facility located along Vaughn Parkway in Portland, about 39 miles north of Nashville in Robertson County. The seller and sales price were not disclosed, but the property was listed on the website of local developer OTN Group. The facility features 36-foot clear heights, 10 loading doors (expandable to 45) and 4,500 amps of power. Built in 2025, the property is the North American headquarters of a global manufacturer of industrial guarding and safety solutions. The unnamed tenant occupies the facility on a 10-year lease, according to Manova Partners. The company was not disclosed, but local media outlets report that the tenant is Swedish-based Troax Group.

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AcquisitionsFloridaRetailSoutheast

JLL Brokers $23.5M Sale of Aldi-Anchored Shopping Center in Port Charlotte, Florida

by John Nelson

PORT CHARLOTTE, FLA. — JLL has brokered the $23.5 million sale of Promenades Port Charlotte, a grocery-anchored shopping center located at 3280 Tamiami Trail in Port Charlotte. The 1970s-era property was completely renovated in 2024 and its Winn-Dixie anchor was recently rebranded to Aldi. Promenades Port Charlotte was 79.5 percent leased at the time of sale to tenants including Bealls Outlet, HCA Florida Fawcett Hospital and YouFit Gym. Danny Finkle, Jorge Portela, Kim Flores and Jacob Wise of JLL represented the undisclosed seller in the transaction. Kenny Cutler and Paul Adams, also with JLL, arranged an $18.4 million acquisition loan through Intercredit Bank for the buyer, Corinthian Capital LLC.

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LoansMultifamilySouth CarolinaSoutheast

Cronheim Mortgage Arranges $20.7M Loan for Apartment Community in Myrtle Beach

by John Nelson

MYRTLE BEACH, S.C. — Cronheim Mortgage has arranged $20.7 million in permanent financing for The Brixley, a 149-unit apartment community in Myrtle Beach. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim Mortgage secured the five-year, interest-only loan on behalf of the borrower, Livingston, N.J.-based Eastman Residential. The direct lender was not disclosed. Situated off U.S. Route 501, The Brixley features 144 three-bedroom apartments, four one-bedroom units and one studio, as well as a resort-style pool, outdoor chef’s kitchen, fitness facility, clubhouse and a dog park. Eastman Residential has renovated 60 percent of unit interiors and upgraded the amenities at the community since acquiring it in 2023. The Brixley was 96 percent occupied at the time of sale.

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DevelopmentGeorgiaIndustrialSoutheast

Scannell Properties to Develop 335-Acre Logistics Park Near Savannah

by John Nelson

ELLABELL, GA. — Scannell Properties has plans to develop Ridgeway Logistics Park, a 335-acre industrial campus situated directly across from the Hyundai Motor Group Metaplant in Ellabell, a western suburb of Savannah in Bryan County. Situated adjacent to the new I-16 interchange and near the Port of Savannah, the industrial park can accommodate up to 4 million square feet of space at full build-out. Phase I of Ridgeway Logistics Park will comprise a 1.1 million-square-foot speculative facility featuring 40-foot clear heights, four drive-in doors, 234 dock positions, 45 dock packages and parking for 338 trailers and 350 cars. Scannell will begin site work this summer. Bill Sparks and Preston Andrews of CBRE are handling the park’s leasing assignment.

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DevelopmentMixed-UseNorth CarolinaSoutheast

Lowes Foods to Anchor Mixed-Use Project in Mooresville, North Carolina

by John Nelson

MOORESVILLE, N.C. — Lowes Foods plans to anchor Cadia Village Mooresville, a mixed-use development underway in suburban Charlotte. The Winston-Salem-based grocer will open a 52,000-square-foot store that features various departments, including a craft brewery (The Beer Den), coffee shop (Boxcar Coffee) and bakery (The Cakery). The developer, Pappas Properties, plans to break ground on the new Lowes Foods store in the third quarter, aiming for delivery in 2027. Situated near Lake Norman, Cadia Village Mooresville will feature a retail center, offices, a community village green space, for-sale homes, active adult apartments and cottage townhomes. Pappas Properties broke ground on Phase I of the mixed-use project last November.

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