Tuesday, February 4, 2025
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AcquisitionsFloridaIndustrialSoutheast

Dalfen Acquires Two Industrial Facilities in Orlando, Tampa Totaling 67,420 SF

by John Nelson

ORLANDO AND TAMPA, FLA. — Dalfen Industrial has purchased two fully leased industrial facilities in Orlando and Tampa totaling 67,420 square feet. The properties include a 35,100-square-foot facility at Orlando Central Park and a 32,320-square-foot property within Pinebrooke Business Park in east Tampa. Colliers’ industrial capital markets team represented Dalfen in the transaction. The seller and sales price were not disclosed. Dalfen plans to “significantly” expand its presence in the Florida market over the next 12 months, according to the Dallas-based firm.

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DevelopmentLeasing ActivityRetailSoutheastVirginia

Whole Foods to Open 45,000 SF Grocery Store in Falls Church, Virginia

by John Nelson

FALLS CHURCH, VA. — Whole Foods Market plans to open a new 45,000-square-foot grocery store at 103 E. Broad St. in Falls Church, about nine miles west of Washington, D.C. The new store is set to open on Feb. 7 and will replace an existing Whole Foods store at 7511 Leesburg Pike in Falls Church that has operated for more than 25 years. The new store’s product assortment features more than 700 local items from the D.C., Maryland and Virginia (DMV) region. The landlord of the new Whole Foods was not disclosed, but multiple media outlets report the store will anchor the Broad & Washington mixed-use development by Insight Property Group. The new store will be situated on the ground level of a 334-unit apartment building that opened last August.

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AcquisitionsHealthcareOfficeSoutheastVirginia

KLNB Brokers $9.2M Sale of Medical Office Building in Chantilly, Virginia

by John Nelson

CHANTILLY, VA. — KLNB’s capital markets team has brokered the $9.2 million sale of a 21,540-square-foot medical office building located at 24801 Pinebrook Road in Chantilly, about 34 miles west of Washington, D.C. Seattle-based Elliott Bay Capital Trust purchased the facility, which was fully leased to Inova Health System at the time of sale. Joe Friedman and Josh Norwitz of KLNB represented the seller in the transaction. Friedman also represented the previous owner when it purchased the property in 2008.

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Company NewsData CentersGeorgiaIndustrialSoutheast

Amazon Web Services to Invest $11B in Georgia

by John Nelson

SEATTLE — Amazon Web Services (AWS), the cloud computing platform of the Seattle-based e-commerce giant, has announced plans to invest $11 billion in the state of Georgia. This comes a couple weeks after AWS announced a similar $10 billion investment in Ohio. The move will expand the infrastructural capabilities of AWS in Georgia and support the company’s cloud computing and generative AI technologies. Details of the planned investment in Georgia, including construction timelines for any new data centers, were not disclosed, though AWS says the investments would be concentrated in Douglas and Butts counties. AWS expects to create at least 550 new high-skilled jobs with this investment, including for technical roles such as data center engineers, network specialists, engineering operations managers and security specialists, as well as indirect jobs such as construction and those in the data center supply chain. Since 2010, Amazon has invested $18.5 billion in Georgia and contributed $20.1 billion to the state’s gross domestic product. The parent company supports 34,000 full- and part-time jobs in the Peach State, including at Amazon MGM Studios where the film studio regularly shoots movies and TV shows.

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LoansSeniors HousingSoutheastTennessee

Brookdale Senior Living Obtains $344.2M Loan for Refinancing of 47-Property Portfolio

by John Nelson

BRENTWOOD, TENN. — Brookdale Senior Living has obtained a $344.2 million Fannie Mae loan for the refinancing of a 47-property seniors housing portfolio. Allison Holland and Alex Sheaffer of JLL originated the seven-year, fixed-rate loan on behalf of the Brentwood-based borrower that will repay $312.5 million of variable-rate debt that was due September 2027. The portfolio comprises 5,102 independent living, assisted living and memory care units across 14 states, with properties ranging from 32 to more than 300 units.

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AcquisitionsMultifamilySoutheastVirginia

Berkadia Brokers Sale of 742-Unit River Lofts at Tobacco Row Multifamily Portfolio in Richmond

by John Nelson

RICHMOND, VA. — Berkadia has brokered the sale of The River Lofts at Tobacco Row, a five-property apartment portfolio off Carey Street in Richmond’s Shockoe Bottom neighborhood. The communities include Cameron Kinney (259 units), American Cigar Lofts (174 units), Consolidated Carolina Lofts (166 units), Lucky Strike Lofts (131 units) and Cutters Ridge Townhomes (12 units). Four of the five properties were converted from historic tobacco facilities between 1991 and 2008. The buyer, Boston-based West Shore, purchased the portfolio. Drew White, Carter Wood and Cole Carns of Berkadia brokered the transaction. Additionally, Robert Falese, Jake Adoni and Kris Kadar of Berkadia arranged an undisclosed amount of acquisition on behalf of West Shore. The direct lender was also not disclosed. The seller and sales price were not disclosed as well, but local media outlet RichmondBizSense reported that Brookfield Properties sold the portfolio for more than $100 million. The seller had previously purchased the properties as part of an $11 billion deal in 2018 from the original redeveloper, Cleveland-based Forest City.

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AcquisitionsDevelopmentGeorgiaIndustrialSoutheast

Avison Young Arranges Sale of 66.8 Acres Near New Northeast Georgia Inland Port

by John Nelson

FLOWERY BRANCH, GA. — Avison Young has arranged the sale of 66.8 acres across four land parcels in Flowery Branch, a city near the upcoming Northeast Georgia Inland Port. The buyer, Alliance Industrial Co., plans to develop two speculative facilities on the newly acquired land, which is situated directly off I-985. The properties, collectively known as Alliance 985 Business Park, will include Building 100 (113,536 square feet) and Building 200 (426,872 square feet). Alliance plans to break ground on the project this quarter and deliver in early 2026. Chris Hoag, Jason Holland and Andrew Joyner of Avison Young represented the buyer in the transaction. Stephen Lovett and Zach Tibbs of Norton Commercial brokered the sale of one of the parcels. Alliance has tapped the Avison Young team to lease Alliance 985 Business Park moving forward.

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Affordable HousingCompany NewsDistrict of ColumbiaMultifamilySoutheast

US Justice Department Adds Six Landlords to Rental Price-Fixing Lawsuit

by John Nelson

WASHINGTON, D.C. — The U.S. Justice Department (DOJ), along with 10 state attorneys general, has filed an amended complaint in its antitrust lawsuit against RealPage. The complaint targets six of the nation’s largest property managers, alleging that the companies used RealPage’s pricing algorithms to share sensitive data and coordinate pricing strategies, which the DOJ states resulted in artificially inflated rents. The DOJ stated that the landlords had colluded with one another by directly communicating with competitors’ senior managers about sensitive topics such as rents and occupancy; conducting “call arounds” to discuss sensitive information and pricing strategies; and participating in “user groups” hosted by RealPage, where landlords would allegedly discuss how to modify the software’s pricing methodology as well as their own pricing strategies. The DOJ’s co-plaintiffs are the Attorneys General of California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, North Carolina, Oregon, Tennessee and Washington. The six landlords included in the amended complaint are Greystar Real Estate Partners LLC; Blackstone’s LivCor LLC; Camden Property Trust; Cushman & Wakefield Inc. (formerly operating independently as Pinnacle); Willow Bridge Property Co. (formerly Lincoln Residential); and Cortland Management LLC (Cortland). Altogether, the six companies manage approximately 1.3 million apartment units across 43 states and Washington, D.C., …

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AcquisitionsDevelopmentDistrict of ColumbiaLeasing ActivityOfficeSoutheast

BXP Purchases 12-Story Office Building in DC, Plans Major Redevelopment

by John Nelson

WASHINGTON, D.C. — BXP, a publicly traded office REIT that was previously known as Boston Properties Inc., has closed on its purchase of 725 12th Street, a 12-story office building in Washington, D.C.’s East End. The Boston-based firm acquired the 300,000-square-foot property for $34 million. The seller was not disclosed. BXP plans to demolish the office building and redevelop the site to make way for a new 320,000-square-foot, Class A office property. The REIT recently signed law firm McDermott Will & Emery to occupy approximately 150,000 square feet across the top five levels of the new office development. Lou Christopher, Jordan Brainard, Rob Copito and Clay Hammerstein of CBRE represented McDermott Will & Emery in the lease negotiations. Evan Behr of JLL represented the landlord. BXP expects to deliver the new office building in late 2028.

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AcquisitionsFloridaIndustrialSoutheast

JLL Brokers Sale of 513,560 SF Industrial Park in Orlando

by John Nelson

ORLANDO, FLA. — JLL has brokered the sale of a 513,560-square-foot industrial park located in Orlando’s Northwest Orange County submarket. LaSalle Investment Management purchased the property from an affiliate of PGIM Real Estate for an undisclosed price. Luis Castillo, Cody Brais and Taylor Osborne of JLL brokered the transaction. Built in 2018-2019, the five-building park represents Phase I of Princeton Oaks and was fully leased to 15 tenants at the time of sale. Justin Ruby and Joey Woodman of Foundry Commercial spearhead the leasing assignment at Princeton Oaks.

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