NEW ORLEANS — Churchill Stateside Group LLC has closed an $11 million construction loan for Canal Crossing, a 49-unit affordable seniors housing development in New Orleans. Churchill Stateside provided the tax-exempt loan through Churchill Mortgage Construction LLC. The project, which is being financed in part with low-income housing tax credits (LIHTC), is an adaptive reuse of a historic building at 2640 Canal St. and will be reserved for households age 55 and older. Canal Crossing will feature three units reserved for households earning 30 percent of the area median income (AMI), eight units at 50 percent AMI, 24 units at 60 percent AMI and 14 units at 70 percent AMI. The developer and other details of Canal Crossing were not disclosed.
BELLEAIR BLUFFS, FLA. — JLL has negotiated the sale of Belleair Bazaar, a 38,874-square-foot, unanchored retail strip center located at 2979 W. Bay Drive in Belleair Bluffs, a suburb of Tampa in Pinellas County. The property features 29,603 square feet of retail space and 9,271 square feet of second-story office space. Jorge Portela, Danny Finkle and Kim Flores of JLL represented the seller, Cardinal Point Management LLC, in the transaction. The buyer was Shannon Waltchack LLC, a retail real estate investment and management firm based in Birmingham, Ala. The sales price was not disclosed. Renovated and repositioned in 2020, Belleair Bazaar’s retail component was 96 percent leased at the time of sale to tenants including Bonefish Grill, Cold Stone Creamery, State Farm and Maggie Mae’s.
ODESSA, FLA. — SRS Real Estate Partners has brokered the $3.9 million ground lease sale of a retail property in Odessa leased to Circle K. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based private developer, in the transaction. The buyer, a private investment entity controlled by family members residing in California and Florida, purchased the property to complete a 1031 tax-deferred exchange. The 5,200-square-foot property is situated on 1.7 acres at the northwest corner of State Route 54 and Asturian Parkway and has a 15-year, corporate-guaranteed lease in place. The Circle K serves as an outparcel to a larger development that will feature Ford’s Garage, a three-tenant retail property, offices and apartments.
Richmond’s office market stands out as a resilient post-pandemic performer, with strong relocation activity, a notably low vacancy rate driven by steady return-to-office trends and dynamic development, including office-to-residential conversions that are reshaping both the office and retail landscapes. Relocations have outpaced renewals in 2025, accounting for 78 percent of leases signed so far this year — the highest ratio of new leases to renewals since before 2019. This marks an increase even over the past few years, which were already remarkably healthy. Richmond’s overall leasing activity remains stable, escaping the post-pandemic decline that crippled many other markets. The region has also recorded positive absorption for four consecutive quarters, signaling steadily increasing demand following occupancy losses from 2021 through 2023. Return-to-office initiatives have reignited space needs that have been put on hold for months, or even years. As a result, average daily employee attendance in downtown Richmond has risen from 2,200 in 2022 to more than 3,000 in 2025, according to Placer.ai data, analyzed by CBRE Research. While this still trails pre-COVID levels by about 43 percent, it reflects progress toward restoring a balanced office market. Class A and B properties have repeatedly shown positive net absorption when broken down …
LOS ANGELES — Los Angeles-based PCCP LLC has provided $245.8 million in financing for eight industrial buildings in Pennsylvania and Florida. Six of the buildings are located in Central Pennsylvania, and the other two are located along the I-4 corridor in Florida. PCCP packaged the funds within three senior loans, proceeds of which will be used to refinance existing debt. The eight buildings are concentrated within three industrial developments. The borrower is CBRE Investment Management, and the loans were placed by Scott Lewis, Matt Ballard, Christine Dierker and Brooke Kellam of CBRE. In the first transaction, PCCP provided a $142.4 million loan for Capital Logistics Center in Middletown, Pa. The development consists of six buildings that were constructed between 1970 and 2018 and range in size from 115,890 to 400,060 square feet. Buildings feature an average clear height of 32 feet and a combined 147 dock doors, 10 drive-in doors, 649 car parking spaces and 129 trailer parking stalls. Capital Logistics Center was 92 percent leased at the time of the loan closing. In the second deal, PCCP provided a $70 million loan for Centerstate Logistics Center, a 1 million-square-foot development in Lakeland, Fla. Delivered in 2021, Centerstate Logistics Center …
BEVERLY HILLS, CALIF. AND FORT WASHINGTON, PA. — Kennedy Wilson (NYSE: KW) has agreed to acquire the Toll Brothers Apartment Living platform from the national homebuilder for $347 million. The transaction is expected to close next month and will bring more than $5 billion of assets under management to Kennedy Wilson. The acquisition includes ownership of 18 apartment and student housing properties valued at $2.2 billion, as well as management contracts for an additional 20 properties totaling $3 billion in value. Kennedy Wilson will also take control of — and assume the construction management responsibilities for — 29 development sites worth an estimated $3.6 billion. Kennedy Wilson expects to make an initial investment of approximately $90 million in the acquired interests, which will be funded from existing Kennedy Wilson partners. “This purchase helps create an unparalleled national platform within the rental housing space that totals over 80,000 units we own, finance or manage,” says William McMorrow, chairman and CEO of Kennedy Wilson. As part of the transaction, Kennedy Wilson will acquire the Toll Brothers Apartment Living management team to oversee the existing portfolio, with plans to make offers to all current Toll Brothers’ employees. Meanwhile, Toll Brothers Inc. (NYSE: TOL) …
BLYTHEWOOD, S.C. — Scout Motors plans to invest an additional $300 million for the development of a “supplier park” at its advanced manufacturing campus in Blythewood, about 18 miles north of Columbia, S.C. The three new facilities will be situated on 200 acres adjacent to the main production buildings and create 1,000 new jobs, according to Scout Motors. The buildings will span 2.3 million square feet and will have three separate functions: sequencing of parts for final assembly, high-volume battery assembly and the installation of vehicle accessories. Evans General Contractors is constructing the supplier park, and PRP Real Assets is serving as the project advisor. Scout Motors announced its $2 billion Blythewood campus in 2023 with plans to manufacture its fleet of electric trucks and SUVs. The company recently announced it has awarded an estimated $368 million in supplier contracts that will support 1,000 new jobs in South Carolina.
UPPER MARLBORO, MD. — An affiliate of Equus Capital Partners Ltd. has acquired a six-building, 576,852-square-foot industrial portfolio in Upper Marlboro, about 21 miles outside of Washington, D.C. The properties are situated within Collington Industrial Park in Prince George’s County and range in size from 50,000 to 150,000 square feet. Mapletree Investments Pte Ltd. sold the properties, which were approximately 90 percent leased at the time of sale, for $102.6 million. Jonathan Carpenter, Jim Carpenter, Graham Savage, Dawes Milchling and James Check of Cushman & Wakefield’s Northeast Industrial Advisory Group represented Mapletree in the transaction. Tim Feron, Laura Brestelli and Tucker Scaringe of Equus oversaw the acquisition and financing for the portfolio, which Equus purchased on behalf of a value-add fund that it sponsors.
BALTIMORE — Berkadia has brokered the $73 million sale of 1901 South Charles, two apartment buildings located across the street from each other in south Baltimore. The property consists of The Lofts (193 units at 1901 S. Charles St.; built in 2012) and The Flats (152 units at 2 E. Wells St.; built in 2015). The properties were approximately 95 percent occupied at the time of sale and are certified LEED Gold. Drew White, Brian Crivella, Carter Wood, Bill Gribbin, Yalda Ghamarian and Cole Carns of Berkadia represented the seller, New York-based Benefit Street Partners, in the transaction. The privately held buyer, San Francisco-based FPA Multifamily, assumed an existing HUD loan assumption as part of the transaction. The Lofts and The Flats comprise studio, one- and two-bedroom units that average 853 square feet in size and feature fully equipped kitchens with granite countertops, oversized windows, full-size washers and dryers, walk-in closets, 9-foot ceilings and patios/balconies in select units. Amenities include a 5,000-square-foot residential lounge, courtyard with grilling stations, 24-hour fitness center, rooftop deck with views of the Baltimore skyline and indoor parking with 534 spaces.
OPELIKA, ALA. — Jim Chapman Construction Group has broken ground on Creekside Cottages, a 304-unit build-to-rent (BTR) project at the intersection of Society Hill Road and Gateway Drive in Opelika, about eight miles east of Auburn. The developer is an undisclosed, publicly traded REIT. The general contractor recently finished clearing and grading on the 67.6-acre site and will begin vertical construction in late December. Phase I of Creekside Cottages will comprise 225 attached townhomes, with leasing set to begin in spring or summer 2026. Units will range in size from 1,000 to 1,439 square feet and feature two- and three-bedroom configurations. Each home will include attached garages, vinyl plank flooring, granite countertops, stainless steel appliances and in-unit washers and dryers. Amenities will include gated access, a clubhouse, swimming pool, dog park, sidewalks, streetlights and onsite property management and maintenance teams.