BALTIMORE — JLL has secured a $621 million loan for the refinancing of a 58-property, 6.3 million-square-foot industrial portfolio in Maryland owned by Merritt Properties, a Baltimore-based industrial developer and operator. Pete Pittroff, Anthony Fertitta, Travis Anderson, Evan Parker and Christopher Pratt of JLL arranged the seven-year balance sheet loan through M&T Bank on behalf of Merritt Properties. The portfolio comprises light industrial buildings in the Baltimore-Washington Corridor, northwest Baltimore, I-95 Corridor and Hagerstown.
WEST PALM BEACH, FLA. — A partnership comprising LD&D, IGEQ and FrontRange Capital Partners has broken ground on a 21-story apartment tower and hotel in downtown West Palm Beach. The properties, the 181-unit Alida Residences and the 112-room Tribute Portfolio hotel by Marriott, will be developed simultaneously as separate residential and hospitality properties. The developers assembled the three parcels for the two buildings in 2019. The site is located directly adjacent to a Brightline station and near the future campus for Vanderbilt University. Alida Residences will offer a mix of studio, one-, two- and three-bedroom units ranging in size from 500 to 2,000 square feet, as well as a rooftop pool deck on the 21st floor. Both Alida Residences and the Tribute Portfolio hotel by Marriott are expected to open in 2028.
CHANTILLY, VA. — Finmarc Management Inc. has sold an 83,300-square-foot office/flex building and an adjacent 6.4-acre parcel within Park East Corporate Center in Chantilly, about 28 miles west of Washington, D.C. The Bethesda, Md.-based investment company sold the parcels, which total 14 acres, to Pulte Homes for approximately $26.4 million. The Atlanta-based homebuilding giant plans to develop 183 homes on the sites comprising 126 townhomes, 32 condos and 25 affordable and workforce dwelling units. Brendan May and Paul Norman of Cushman & Wakefield represented Finmarc in the transaction. Aaron Rosenfeld of Kelley Drye & Warren LLP provided legal services to Finmarc.
JACKSONVILLE, FLA. — TSCG has brokered the $20.7 million sale of The Plaza at Normandy, a Publix-anchored shopping center located at the intersection of Normandy Boulevard and Chaffee Road South in Jacksonville. An unnamed 1031 exchange buyer purchased the 58,691-square-foot center from the developer, Wagner Property Group. Anthony Blanco, Mallory Silva and Spencer Kinsella of TSCG represented the seller in the transaction, and Laurie Ann Drinkwater of Marcus & Millichap represented the buyer. Built in 2024, The Plaza at Normandy was fully leased at the time of sale to Publix, Publix Liquor Store, Xtreme Wings, Hair Cuttery, Nail Art Studio & Spa, The UPS Store and AT&T Wireless. The shopping center includes outparcels for McDonald’s and Wawa that were not part of the sale.
WHITE PLAINS, N.Y. AND SUNNY ISLES BEACH, FLA. — Mavis Tire Express Services Corp. and Icahn Enterprises LP (NASDAQ: IEP) have entered into a definitive agreement under which a subsidiary of Mavis will acquire Pep Boys from Icahn Automotive Group LLC for approximately $700 million in cash. IEP will retain the owned real estate previously transferred to IEP from Pep Boys, as well as the AAMCO Transmissions and Precision Tune Auto Care businesses. Formally named The Pep Boys-Manny, Moe & Jack Holding Corp., Pep Boys is an automotive service company offering tires, repairs, oil changes and maintenance services from nearly 800 retail locations nationwide. Navy veterans Emanuel “Manny” Rosenfeld, Maurice “Moe” Strauss and Graham “Jack” Jackson founded the company in 1921. According to Mavis, the acquisition expands its presence in new and existing markets, particularly across the Western United States where Pep Boys maintains a significant retail footprint. The deal grows Mavis’ network to more than 4,400 service center locations across the United States and Canada. “Pep Boys brings a loyal customer base, deep-rooted market presence across the United States and a distribution network that will meaningfully enhance our supply chain nationwide,” says David Sorbaro, co-CEO of Mavis. “As part …
GASTON, S.C. — Red Rock Developments plans to develop a new 519,792-square-foot industrial facility at Sandy Run Industrial Park, a 760-acre campus in Gaston, a Columbia suburb. Situated on a 54-acre site in Calhoun County along I-26, the cross-dock facility will be built on a speculative basis and include 40-foot clear heights, 185-foot truck courts, 98 dock-high doors, four drive-in doors, an ESFR sprinkler system, speculative office space, expandable automobile and trailer parking and an 8-inch concrete slab. Red Rock has tapped Chuck Salley, Thomas Beard and John Peebles of Colliers to market and lease the facility, which is expected to break ground this quarter. Existing and committed users at Sandy Run include Zeus, Smart Warehousing and Blanchard Machinery.
SALISBURY, N.C. — Cushman & Wakefield has arranged a 472,890-square-foot industrial lease for American Eagle Outfitters Inc. in the metropolitan Charlotte area. The retailer will occupy a distribution center within Innovation Logistics Center in Salisbury on a long-term lease. Patrick Decker, Ben Brenner and Mark Zaziski of Cushman & Wakefield’s East Rutherford, N.J., office led a multi-year search in markets across three states for American Eagle’s new Southeastern hub. The team, along with locally based Cushman & Wakefield colleague Patrick McGrath, represented the tenant in the lease negotiations. Fermin Deoca and Matt Treble, also with Cushman & Wakefield, represented the landlord, Crow Holdings Development.
RALEIGH, N.C. — Blue Heron Asset Management has broken ground on Rosewood, a 269-unit apartment development located at 611 W. South St. in Raleigh. The locally based developer acquired the site earlier this year for nearly $12.9 million. The design-build team includes architect Cline, which is also providing interior design and landscape architecture services, as well as general contractor W.M. Jordan Co., civil engineer Withers Ravenal, MEP engineer Lighthouse Engineering and structural engineer EM Structural. Upon completion, which is expected for 2028, Rosewood will comprise two buildings and a central public plaza. Units will range in size from 499 to 1,531 square feet and amenities will include a sauna, cold plunge, coworking areas, rooftop lounge, speakeasy and 5,500 square feet of retail space along South Street.
GAINESVILLE, FLA. — JLL Capital Markets has secured a $24 million refinancing for The Row, a 182-bed student housing property located at 407 S.W. 13th St. near the University of Florida campus in Gainesville. Melissa Rose, Mike Brady and Christian Johnston of JLL represented the borrower, The Ardent Cos., in arranging the three-year, floating-rate loan through GID. The seven-story community offers shared amenities including a resort-style deck and reflective pool, fitness center and collaborative and independent study areas on each floor. The property also features 4,315 square feet of ground-floor retail space.
RICHMOND, VA. — CoStar Group has opened Foundry Park, its newly expanded, $460 million corporate office campus located along the James River in downtown Richmond. The expansion added 750,000 square feet of office and retail space to the riverfront. The now 1 million-square-foot, three-building campus integrates a 26-story office tower, an entry pavilion and a six-story, multi-functional building with a food hall, collaborative workspaces, fitness and wellness amenities and LEED Platinum certification. In addition, the property features approximately three acres of landscaped open space, 50,000 square feet of rooftop terraces and a new riverfront-facing outdoor amphitheater that connects the workplace to the river and the surrounding community. Foundry Park is designed to accommodate more than 3,000 employees working in software development, research, marketing, sales and operations. The project team included Cushman & Wakefield (development manager), Kendall/Heaton Associates (architect of record), Whiting-Turner (general contractor) and Pickard Chilton (design architect).
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