Monday, June 16, 2025
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DevelopmentIndustrialMarylandSoutheast

Baldor Specialty Foods Opens 100,000 SF Warehouse in Lanham, Maryland

by John Nelson

LANHAM, MD. — Baldor Specialty Foods has opened a new 100,000-square-foot warehouse in Lanham, a Maryland suburb of Washington, D.C. The new facility is situated within Hargrove Industrial Campus and features 35 dock doors and refrigeration and frozen storage capabilities. Baldor currently has a staff of 140 employees at the facility, with plans to hire more drivers and warehouse staff. The Lanham facility serves as the fourth hub for the food distributor, joining Baldor’s headquarters in The Bronx and regional hubs in Boston and Philadelphia. The Lanham facility houses more than 7,000 premium and specialty produce, meat, fish, dairy and grocery items.

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AcquisitionsFloridaIndustrialSoutheast

SRS Brokers $15.8M Sale of Industrial Building in Sanford, Florida

by John Nelson

SANFORD, FLA. — SRS Real Estate Partners has brokered the $15.8 million sale of a 109,610-square-foot industrial building located at 2963 Stonewall Place in Sanford, roughly 28 miles north of Orlando. The buyer, Harvest Valley, a leading foodservice distributor specializing in Asian cuisine, plans to convert the property to a cold storage facility to serve its Central Florida clients. Wayne Schuchts, Michael Palmer and Andrew Lehrer of SRS’ industrial team represented Harvest Valley in the sale. The seller was not disclosed. The property was built in 2018 and sits on nine acres.

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AlabamaIndustrialLeasing ActivitySoutheast

Cushman & Wakefield/EGS Arranges 51,750 SF Industrial Lease in Birmingham

by John Nelson

BIRMINGHAM, ALA. — Cushman & Wakefield / EGS Commercial Real Estate has arranged a 51,750-square-foot industrial lease at CenterState Logistics Park One, a newly constructed, 225,000-square-foot warehouse and distribution building located at 225 Daniel Payne Drive in north Birmingham. The tenant is Atlanta-based Conklin Metal Industries, a distributor of sheet metal, HVAC and duct fabrication supplies. The company is expanding its Birmingham footprint to accommodate growth within its manufacturing and distribution operations and is the first tenant to sign on at CenterState Logistics Park One. Mark Byers and Brad Moffatt of Cushman & Wakefield / EGS represented the landlord, an entity doing business as CenterState Logistics Park One LLC, in the lease negotiations. Jack Brown of Graham & Co. represented the tenant.

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AcquisitionsFloridaHospitalitySoutheast

Certares, TMGOC Ventures Acquire The Ray Hotel in South Florida

by John Nelson

DELRAY BEACH, FLA. — A joint venture between Certares and TMGOC Ventures has purchased The Ray Hotel, an upscale, 141-room hotel in Delray Beach, a coastal city in South Florida’s Palm Beach County. The seller and sales price were not disclosed. Alexandra Lalos Church, Zak Brodstein and Lauren Habig of Hodges Ward Elliott represented the seller in the transaction. Delivered in September 2021, The Ray is part of Hilton’s Curio Collection of high-end hotels. The property offers amenities including a rooftop restaurant and bar, rooftop pool deck, 1,800-square-foot fitness center and a modern event space. The Ray’s three full-service eateries include restaurants from Michelin-star chef Akira Back and Campi Italian, a concept from New York-based Host Restaurants.

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DevelopmentGeorgiaLeasing ActivityOfficeRetailSoutheast

The Athlete’s Foot Opens Corporate Headquarters, Flagship Store in Midtown Atlanta

by John Nelson

ATLANTA — The Athlete’s Foot, a shoe and sports apparel retailer with 400 stores in 24 countries, has opened its corporate headquarters and flagship store in Midtown Atlanta. The retailer’s new home at 931 Monroe Drive also includes a community center component that will serve as “cultural hub” for community engagement. The Athlete’s Foot’s new headquarters and flagship store is situated along the Atlanta BeltLine adjacent to Piedmont Park. Project partners included prominently Black-owned companies, including T. Dallas Smith & Co. (real estate advisor), J.M. Lee Construction Co. (general contractor) and Aysha Pennerman (mural artist).

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DevelopmentLoansMultifamilyNorth CarolinaSoutheast

Madison Capital Obtains $34.3M Construction Financing for Apartment Development Near Raleigh

by John Nelson

APEX, N.C. — Madison Capital Group has obtained $34.3 million in construction financing for a new apartment development in the metro Raleigh-Durham area. Affiliate firm Madison Communities is planning the 218-unit community, which will be named Madison Aquiline and will be located in Apex. Warren Johnson and Travis Anderson of JLL arranged the loan through Centennial Bank on behalf of Madison Capital. Madison Aquiline will feature an integrated clubhouse with a fitness center and a resort-style pool and pool deck with grilling stations and a fire pit. Other amenities will include a café island with a wet bar, cyber lounge, flexible workspaces and a coffee bar. The construction timeline was not disclosed.

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AcquisitionsAlabamaRetailSoutheast

Marcus & Millichap Brokers Sale of 56,401 SF Jacksonville Crossing Shopping Center in Alabama

by John Nelson

JACKSONVILLE, ALA. — Marcus & Millichap has brokered the sale of Jacksonville Crossing, a 56,401-square-foot shopping center located at 1555 Pelham Road S in Jacksonville, a city in northeast Alabama. The sales price was not disclosed. Philip Levy and Zach Taylor of Marcus & Millichap represented the seller and secured the buyer, both of which are private investors that requested anonymity. Eddie Greenhalgh served as Marcus & Millichap’s broker of record in Alabama for the transaction. Situated about 36 miles from Talladega Superspeedway, Jacksonville Crossing was 67 percent leased at the time of sale to tenants including Dollar Tree, Baja California Grill, Cricket Wireless and Five Below, which recently signed a new 10-year lease at the center.

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FloridaLeasing ActivityRetailSoutheast

Victoria’s Secret to Open New Miami Beach Flagship Store on Lincoln Road

by John Nelson

MIAMI BEACH, FLA. — Women’s undergarment apparel retailer Victoria’s Secret has signed a lease to occupy 8,000 square feet on Lincoln Road, a high street retail corridor in Miami Beach. Jonathan Carter and Ryan Brodsky of Colliers represented the landlord, ALTO Real Estate Funds, in the long-term lease negotiations. Brandon Nocella of Strategic Retail Advisors represented the tenant. The store at 900-904 Lincoln Road will serve as the new flagship location in the city for Victoria’s Secret, which is relocating from an adjacent location at 901 Lincoln Road. The specialty retailer is backfilling space formerly occupied by Aerie and Express.

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FloridaMarket ReportsMultifamilySoutheastSoutheast Market Reports

Orlando Multifamily Makes a Comeback as Market Conditions Improve

by John Nelson

Orlando’s multifamily market has experienced softened conditions lately due to a record amount of new supply being built, as well as economic challenges impacting commercial real estate as a whole. Yet, green shoots have emerged as insurance costs continue to ease and interest rates remain steady with downward pressure. Both overall sentiment and renter demand have steadily improved as well.  Properties in the multifamily space seeing the most interest these days are those that are high-quality and well-located. Two key multifamily sale transactions that occurred in the second quarter of 2024 were in the Southwest Orlando submarket. This includes the 424-unit Osprey Links at Hunter’s Creek property that sold for $100.6 million, which marked Orlando’s largest multifamily sale this year, and the 296-unit Sonceto Apartments property that sold for $71 million.  Investors are flooding back into the market with increasingly more aggressive offers and heightened competition as a result of the still limited available multifamily inventory and notion that supply levels have peaked.  However, additional supply will still enter the market in the years to come as developers maintain a positive outlook on Orlando with just over 2,000 units across six buildings delivered by the end of the second quarter …

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DevelopmentFloridaMixed-UseMultifamilySoutheast

Ryan Cos. Completes 502-Unit Renata at Lakewood Ranch Multifamily Community in Bradenton, Florida

by John Nelson

BRADENTON, FLA. — Ryan Cos. US Inc. has completed the development of Renata at Lakewood Ranch, a 502-unit multifamily community situated within the Lakewood Ranch master-planned development in Bradenton. Ryan Cos. served as the developer and builder in a joint venture with PGIM and Park Springs. Situated on 37 acres, Renata at Lakewood Ranch features one-, two- and three-bedroom apartments across 15 buildings. Resident move-ins began this February. Amenities at the community include a private lakeside beach, heated pool with a jacuzzi, spinning and yoga rooms, free weights, bar games, a golf simulator, putting green, dog spa and park, lawn sports, barbecue areas, walking trail and volleyball courts. Ryan’s other projects at Lakewood Ranch include Grand Living at Lakewood Ranch, Lakewood Ranch Preparatory Academy, Chris-Craft Boats and an Amazon last mile facility.

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