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FloridaIndustrialLoansSoutheast

Berkadia Secures $50M Refinancing for Industrial Portfolio in Medley, Florida

by John Nelson

MEDLEY, FLA. — Berkadia has secured a $50 million loan for the refinancing of the Galaxy Industrial Portfolio, a collection of 20 warehouse buildings in the Miami suburb of Medley spanning 689,940 square feet. Ocean Bank provided the five-year, fixed-rate loan with two five-year extension options and a 12-month interest-only period. Charles Foschini, Christopher Apone, Lourdes Carranza-Alvarez, Shannon Wilson and Luke Maganas of Berkadia arranged the loan on behalf of the borrower, Galaxy Industrial. The portfolio was 97.4 percent leased at the time of financing to tenants in the packing, logistics and shipping sectors. The assets were built between 1982 to 1995 and are situated within one mile of each other.

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AcquisitionsHospitalityLouisianaSoutheast

Sunstone Hotel Investors Sells Hilton New Orleans St. Charles Avenue Hotel for $47M

by John Nelson

NEW ORLEANS — California-based Sunstone Hotel Investors Inc. has sold the Hilton New Orleans St. Charles Avenue, a 252-room hotel in downtown New Orleans, for $47 million. The buyer was not disclosed. Situated in the central business district and near the French Quarter, the hotel was originally built in 1926 as the Louisiana Masonic Temple, according to the Hilton website. The Hilton New Orleans St. Charles Avenue offers a 24-7 fitness center, onsite dining options, fitness center, concierge and a business center.

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AlabamaDevelopmentSelf-StorageSoutheast

The Storage Center Opens 850-Unit Self-Storage Facility in Huntsville, Alabama

by John Nelson

HUNTSVILLE, ALA. — The Storage Center has opened a new 850-unit self-storage facility located at 3910 Cypressbrook Drive NW in Huntsville. The three-story, 106,600-square-foot property is situated within Cummings Research Park, which is near Redstone Arsenal and University of Alabama in Huntsville (UAH). Storage unit sizes at the climate-controlled facility range from 5- by 5-foot lockers to 10- by 30-foot units. The property features covered loading bays, 24-hour digital video surveillance, online rental and reservation options, onsite management and an onsite rental center selling boxes, locks and packing supplies.

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AcquisitionsHospitalitySoutheastTennessee

Hunter Hotel Advisors Negotiates Sale of 126-Room Hyatt Place Hotel in Franklin, Tennessee

by John Nelson

FRANKLIN, TENN. — Atlanta-based Hunter Hotel Advisors has negotiated the sale of Hyatt Place Nashville Franklin Cool Springs, a 126-room hotel located adjacent to the CoolSprings Galleria mall in Franklin. The hotel is located in the heart of metro Nashville’s CoolSprings neighborhood. Amenities at the hotel include an onsite fitness center, pool and business center. The buyer, INNIN Hotel Partners LLC, plans to rebrand the hotel’s flag to Hyatt Select. Tim Osborne of Hunter brokered the transaction. An undisclosed institutional investor sold the hotel for an undisclosed price.

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DevelopmentFloridaLoansMultifamilySoutheast

Grover Corlew Obtains $92M Construction Financing for Mayla Cypress Apartments in Fort Lauderdale

by John Nelson

FORT LAUDERDALE, FLA. — Grover Corlew, a Boca Raton, Fla.-based developer, has obtained a $92 million construction loan to build Mayla Cypress, a 312-unit apartment community in the Cypress Creek submarket of north Fort Lauderdale. Scott Wadler, Patrick Johnson, Mitch Sinberg, Brad Williamson and Matthew Robbins of Berkadia arranged the three-year construction loan through Affinius Capital. Mayla Cypress is situated on a 3.7-acre site Grover Corlew assembled in 2022. The developer anticipates the project’s completion date will be approximately May 2027. Straticon is the general contractor. Amenities at Mayla Cypress will include a billiards bar with an adjacent speakeasy; a courtyard; resort-style pool with cabanas; two-story, 24-7 fitness center with a cardio mezzanine level and a yoga room; coworking and event/conference space; sundry store; and package rooms. Last year, Grover Corlew completed another Mayla-branded property in nearby Pompano Beach, Fla.

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AlabamaIndustrialLoansSoutheast

Newmark Arranges $53.5M Refinancing for Blue Origin-Occupied Industrial Facility in Huntsville

by John Nelson

HUNTSVILLE, ALA. — Newmark has arranged a $53.5 million loan for the refinancing of an approximately 650,000-square-foot industrial property along I-565 and adjacent to Huntsville International Airport. The borrower is White Plains, N.Y.-based Reich Brothers. Blue Origin, an astronautics company founded by Amazon founder Jeff Bezos, fully occupies the facility. The property serves as one of the BE-4 engine testing and manufacturing facilities for Blue Origin. Christopher Kramer, Chris Lozinak and Jordan Roeschlaub of Newmark arranged the financing through Loancore.

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GeorgiaLoansMultifamilySoutheastWalker & Dunlop

Walker & Dunlop Secures $33M Refinancing for Massell Apartments in Cartersville, Georgia

by John Nelson

CARTERSVILLE, GA. — Walker & Dunlop has secured a $33 million loan for the refinancing of The Massell, a newly delivered apartment community located at 1230 Joe Frank Harris Parkway in Cartersville, a northwest suburb of Atlanta. Stephen Farnsworth and Hanes Dunn led the Walker & Dunlop team that arranged the loan through ACRE on behalf of the borrowers, Norhaven Partners and Coro Realty. The non-recourse loan features a floating interest rate, five-year term and full-term interest-only payments. The Massell is a 210-unit, garden-style community that features a clubhouse with a coworking area, 24/7 fitness center, resort-style swimming pool with sundeck, grilling stations and a pet park.

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AcquisitionsFloridaRetailSoutheast

Marcus & Millichap Brokers Sale of 135,049 SF Shopping Center in Palm Bay, Florida

by John Nelson

PALM BAY, FLA. — Marcus & Millichap has brokered the sale of Palm Bay Center, a 135,049-square-foot shopping center located on 12.3 acres at 4707 Babcock St. NE in Palm Bay, a coastal Florida city in Brevard County. The center’s anchor, Publix, has operated at its store since 1978 and has recently extended its lease through 2030. The buyer has agreed to construct a brand-new store for Publix as part of the transaction. Tarek Chbeir of Marcus & Millichap represented the seller, a private investor, in the deal. Both parties requested anonymity, and the sales price was also not released. Chbeir collaborated with Adam Sklaver and Philip Kates of Marcus & Millichap’s Commercial Property Auction Services to market Palm Bay Center.

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AcquisitionsRetailSoutheastVirginia

ShopOne, Joint Venture Partners Purchase Food Lion-Anchored Shopping Center in Richmond

by John Nelson

RICHMOND, VA. — ShopOne Centers REIT Inc., along with joint venture partners Pantheon and an unnamed institutional investment firm, has purchased Staples Mill Plaza, a 70,147-square-foot shopping center located at 9117 Staples Mill Road in Richmond. Regional grocer Food Lion has anchored the center since 1986. Staples Mill Plaza was 94.3 percent leased at the time of sale to tenants including Subway, Pizza Hut and Hair Cuttery. Catharine Spangler of Cushman & Wakefield | Thalhimer represented the seller, Washington, D.C.-based Stavins & Axelrod Properties Inc., in the transaction. Richard Thalhimer, who has leased the property for over 20 years along with Annie O’Connor with Thalhimer’s retail leasing team, also assisted in the sale. This acquisition marks ShopOne’s second property in Virginia and its first in the Richmond metro area. The sales price was not disclosed.

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Conference CoverageFeaturesIndustrialNorth CarolinaSoutheastSoutheast Feature Archive

Tariffs Make ‘Challenging Deals Even More Challenging’ for Economic Development Officials, Says InterFace Panel

by John Nelson

CHARLOTTE, N.C. — Tariffs are at the forefront of the U.S. economic landscape as they impact costs and timelines for a multitude of industries. For the industrial real estate sector, developers and tenants alike are monitoring the severity at which tariffs can complicate their everyday business activity, thus economic development officials are playing a crucial role in helping companies mitigate those costs and delays. “A lot of our business comes down to reducing risks for companies,” said Melissa Smith, senior vice president of the Economic Development Partnership of North Carolina. “There’s a lot of scrambling due to tariffs. They make already challenging deals even more challenging. We have to be ready to help [companies] navigate through these challenges so that they can make a successful decision.” Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Smith’s comments came on the opening night of InterFace I-85 Industrial Corridor, a two-day networking and information event held at the Hilton Charlotte Uptown hotel on May 19-20. Brian Young, senior director of Cushman & Wakefield’s Greenville office, moderated the discussion called …

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