SOUTH MIAMI, FLA. — Madison Realty Capital has originated a $91.8 million construction loan for the development of Alta Sunset, a 314-unit apartment complex located in South Miami. Henry Bodek of Galaxy Capital arranged the financing on behalf of the borrower, Alta Developers. Situated adjacent to Larkin Community Hospital and Baptist Health South Florida, Alta Sunset will rise 10 stories and feature one- and two-bedroom apartments. Amenities at the property will include a health and wellness club, swimming pool and deck, fitness center, dedicated spa and recovery area, coworking spaces with private offices and a resident lounge, along with 5,444 square feet of ground-floor retail space.
COLONIAL HEIGHTS, VA. — Lingerfelt has sold Ashton Logistics Park, a 523,047-square-foot industrial facility located in Colonial Heights, a suburb of Richmond. Newmark represented Lingerfelt in the $78.2 million transaction. The buyer requested anonymity. Delivered by Lingerfelt in 2024, Ashton Logistics Park spans 52 acres and features two buildings situated at 1630 and 1660 Ashton Park Drive. The buildings were fully leased at the time of sale with an 8.5-year weighted average lease term (WALT) remaining. The first building is a 437,657-square-foot cross-dock facility that is leased to Article.com, a Vancouver-based direct-to-consumer furniture and home décor brand. The second building is an 85,750-square-foot rear-load facility that is leased to Shepherd Electric Co., a wholesale electric distributor and wholly owned subsidiary of Graybar. The project team included ARCO Design-Build (architect and general contractor) and Townes Site Engineering (civil engineer). Range Commercial Partners manages Ashton Logistics Park, while Colliers handles leasing at the property.
DULUTH, GA. — Dominium has acquired Sweetwater Terraces, a 165-unit affordable seniors housing community located in Duluth, a northeast suburb of Atlanta. The property was originally developed in 2008 under the Low-Income Housing Tax Credit (LIHTC) program. Dominium has planned a $9.9 million renovation of the property to include updates to roofing, siding and unit interiors, as well as the clubhouse and amenity spaces. The Plymouth, Minn.-based affordable housing developer and investor plans to preserve the affordability status of Sweetwater Terraces during its ownership period. The four-story residential community comprises studio, one-, two- and three-bedroom apartments ranging in size from 496 to 1,158 square feet, according to Apartments.com. Amenities include a community garden, fitness center, salon and shuffleboard courts.
WILMINGTON, N.C. — CBRE has inked leases with five new retail tenants at Center Point, a mixed-use project under development in Wilmington. Totaling more than 13,000 square feet, the new leases will include Nest Interiors and Blended Shoes + Apparel — which will be merged into a shared space — as well as Burton’s Grill & Bar, Thompson’s of Wilmington and Jeff’s Bagel Run. These tenants mark the first retail commitments within Phase I of Center Point, which will feature approximately 33,000 square feet of retail space. A joint venture between Charleston-based The Beach Co. and locally based Swain & Associates is developing Center Point. Charlie Coyne and Matt Larson of CBRE represented ownership in the lease negotiations alongside internal leasing representative Sam Lathan of Swain & Associates. Upon completion, the mixed-use development will comprise more than 100,000 square feet of retail and restaurant space; The Sterling, a 265-unit residential complex; and office space. The property will be situated on more than 18 acres at the intersection of Eastwood and Military Cutoff roads near Mayfaire Town Center and Wrightsville Beach.
ATLANTA — Portman has acquired the Westin Peachtree Plaza, a 73-story, cylindrically shaped hotel in downtown Atlanta. Marriott International Inc. (NASDAQ: MAR) sold the 1,073-room, full-service hotel but will continue to operate it under Portman’s ownership. “Marriott International has maintained a strong, long-standing relationship with Portman, and we are confident in their ability to realize the full potential of the iconic Westin Peachtree Plaza in the years ahead,” says Cameron Read, CFO for the United States and Canada at Marriott International. “We look forward to continuing to work closely with Portman through our ongoing management of the hotel.” Portman, a real estate development, investment and management firm based in Atlanta, purchased the hotel via its Portman Hospitality Fund I LP. The sales price was not disclosed. The acquisition was a full-circle moment for Portman as Westin Peachtree Plaza was delivered in 1976 by John C. Portman Jr., founder of the Portman company and a world-renowned architect best known for designing high-end, futuristic hospitality properties. His work includes designing the Atlanta and New York Marriott Marquis hotels; Renaissance Center, Detroit; Hyatt Regency San Francisco; Portman Ritz-Carlton Shanghai; and the Westin Bonaventure Hotel & Suites Los Angeles, among others. “Hospitality is in Portman’s …
DURHAM, N.C. — High Street Residential (HSR) has formed a collaboration with Camden Property Trust to advance the development of a 400-unit apartment community along Hopson Road in Durham. HSR, a subsidiary of Trammell Crow Co., had previously guided the project through design, rezoning and site plan approvals before collaborating with Camden, which will now lead the development. Camden expects to break ground on the unnamed development later this summer.
LAKE CHARLES, LA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Cottages at Morganfield, a 157-unit multifamily property in Lake Charles. Completed in 2024, the property is situated on 25 acres within the master-planned MorganField development. Will Balthrope and Drew Garza of IPA, along with Chris Shaheen of Marcus & Millichap, represented the seller and procured the buyer, Four Corners Development Group, in the transaction. The seller and sales price were not disclosed. Steve Greer served as Marcus & Millichap’s broker of record in Louisiana for the deal. Cottages at Morganfield features one- or two-bedroom cottage-style apartments averaging 1,057 square feet in size, as well as a swimming pool, clubhouse, fitness center, dog park and a grilling area.
AUBURN, ALA. — Northmarq has arranged the $19.5 million sale of a 160,000-square-foot distribution facility located at 2250 Riley St. within Auburn Technology Park West in Auburn. Robert Poirier led Northmarq’s Atlanta team that represented the seller, SiO2, which previously owned and occupied the facility. The buyer was INFAC. Built in 2012 and situated on approximately 40 acres near I-85, the property features distribution space and approximately 28,000 square feet of “pharmaceutical-grade” clean room space. The fully air-conditioned building also offers 29- to 31-foot clear heights, eight dock doors with dock levelers, one oversized drive-in door, 2,000-amp electrical switchgear and 48 parking spaces.
WEST KENDALL, FLA. — MMG Equity Partners is under contract to acquire a 5.1-acre site within Kendall Town Center, a 70-acre master-planned community in West Kendall. The project, called The Shops at Kendall Town Center, will feature 35,810 square feet of restaurants and shops and 4,321 square feet of outdoor terrace space. The developer has submitted plans to Miami-Dade County and is currently seeking administrative site plan approval. The site is located at the intersection of North Kendall Drive (SW 88th Street) and Southwest 158th Avenue. MMG has selected Ed Schmidt and Robert Eckstein of NAI Miami/Fort Lauderdale to lead leasing at The Shops at Kendall Town Center, with half of the space reserved for restaurant tenants.
ATLANTA — Basis Industrial has purchased a 25-building portfolio of shallow-bay facilities in metro Atlanta for $89.5 million. The portfolio features 18 buildings in Stone Mountain and seven assets in Tucker totaling more than 620,000 square feet. The properties were occupied by 119 tenants at the time of sale with a weighted average lease term of 2.2 years. Middour Investments sold the portfolio to Basis Industrial, growing the firm’s Atlanta-area holdings to 1.2 million square feet. Bank of Montreal provided an undisclosed amount of acquisition financing to the buyer.
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