Southeast

True Ground Housing Breaks Ground on $64M Affordable Seniors Housing Community in Metro DC

by John Nelson March 21, 2025

CHANTILLY, VA. — True Ground Housing Partners has broken ground on a $64 million affordable seniors housing community in Chantilly, roughly 30 miles outside Washington, D.C. Dubbed Avonlea Senior, the development will be situated within the Avonlea Town Center master-planned community developed by Peterson Cos. The project team includes general contractor Bozzuto Construction, Advanced Project Management (APM), Grimm + Parker Architects, Moya Design Partners, Allen + Shariff Corp. and civil engineer Urban Ltd. Upon completion, the community will comprise 137 units for residents age 55 and older. The property will also feature a wellness suite, business center and two community rooms. Completion of the project is slated for summer 2026. Financing for the development includes low-income housing tax credits (LIHTC) from Virginia Housing; more than $6 million from Loudoun County’s affordable multifamily housing loan program; $7.5 million from Amazon REACH; $1.4 million in Virginia Housing Trust Fund financing; and $4 million from Virginia’s Housing Innovations in Energy Efficiency (HIEE) program. Additionally, Truist has purchased approximately $29 million in tax credit equity. Formerly Arlington Partnership for Affordable Housing, True Ground Housing Partners is a nonprofit affordable housing developer.

March 21, 2025

Acquisitions Florida Retail Southeast

Principal Asset Management Sells 204,000 SF Pinewood Square Shopping Center in Lake Worth, Florida

by John Nelson March 21, 2025

LAKE WORTH, FLA. — Principal Asset Management has sold Pinewood Square Shopping Center, a 204,000-square-foot retail center in Lake Worth, roughly 35 miles north of Fort Lauderdale. Situated on the southeast corner of Lantana and Jog roads, the property was 99 percent leased at the time of sale to 42 tenants including T.J. Maxx/HomeGoods, Ross Dress For Less, Five Below, Goodwill and Delray Medical Center. There are also six additional outparcel buildings that are leased to Chase Bank, PNC Bank, AutoZone, Outback Steakhouse, La Granja and Jiffy Lube. Mark Gilbert, Adam Feinstein and Mitch Halpern of Cushman & Wakefield’s Miami office represented Principal Asset Management in the transaction. The buyer and sales price were not disclosed.

March 21, 2025

Development Florida Industrial Loans Southeast

CBRE Arranges $45M Construction Loan for Industrial Development in Fort Myers, Florida

by John Nelson March 21, 2025

FORT MEYERS, FLA. — CBRE has arranged a $45 million construction loan for the development of Oriole Logistics, a 442,000-square-foot industrial project in Fort Myers. Billy Mork, Joel Torborg and Mike Vannelli of CBRE Capital Markets’ Debt & Structured Finance team in Minneapolis secured the loan on behalf of the owner and developer, Capital Partners. Situated at 16815 Oriole Road, the property is near Southwest Florida International Airport, which in its second phase of a three-year, $1 billion terminal expansion. The Oriole Logistics project will comprise one 136,000-square-foot building and two buildings spanning 153,000 square feet each, according to the Business Observer. Upon completion, the three-building portfolio will feature 84 dock doors, 28 to 32-foot clear heights and a 580-space parking lot. Construction for the project is slated to break ground in April. Oriole Logistics marks the third industrial development for Capital Partners in South Florida since 2023.

March 21, 2025

Industrial Leasing Activity South Carolina Southeast

SkyREM Signs 129,600 SF Industrial Lease in Fort Lawn, South Carolina

by John Nelson March 21, 2025

FORT LAWN, S.C. — SkyREM has signed a 129,600-square-foot industrial lease at 2251 Catawba River Road in Fort Lawn, about 43 miles south of Charlotte via I-77. The tenant, a global advanced engineering and construction solutions firm, brings the 236,210-square-foot building to full occupancy. The facility offers warehouse and manufacturing space, access to major transportation networks and 77 acres of development-ready land. SkyREM has planned a multimillion-dollar capital improvement program to further modernize the property. Tommy Turner and Zack Daltorio of Newmark represented SkyREM in the lease transaction along with Clifford Blanquicet Jr. of Blanq Real Estate.

March 21, 2025

Leasing Activity Maryland Retail Southeast

Crunch Fitness Opens 40,000 SF Gym at Westridge Square in Frederick, Maryland

by John Nelson March 21, 2025

FREDERICK, MD. — Crunch Fitness has signed a 40,000-square-foot lease at Westridge Square, a regional shopping center located at 1005 W. Patrick St. in Frederick, approximately 40 miles northwest of Washington, D.C. MCB Real Estate purchased the 252,000-square-foot center in 2022 and has invested more than $6 million to attract a new anchor tenant. MCB connected the single-story former Gold’s Gym space with the existing upper-level courtyard, giving Crunch Fitness the ability to occupy two levels at the shopping center. Other improvements include the complete renovation of the exterior, new signage, wood-style finishes, landscaping and a new color palate. The new gym features cardio and strength training equipment, personal training options, a group fitness and boxing studio, hot yoga, cycling classes, Olympic lifting platforms, HydroMassage beds, cryotherapy, full-service locker rooms with showers and a sauna and a 2,500-square-foot outdoor space. Additionally, the gym also offers a Kids Crunch childcare center.

March 21, 2025

Acquisitions Hospitality Louisiana Southeast Top Stories

Gencom Buys Ritz-Carlton, Courtyard by Marriott Hotels in New Orleans’ French Quarter

by Channing Hamilton March 21, 2025

NEW ORLEANS — Gencom, a Miami-based investment firm, has acquired a portfolio of two connected hotels located in the historic French Quarter of New Orleans. The 758-room hospitality portfolio includes The Ritz-Carlton, New Orleans and the Courtyard by Marriott New Orleans French Quarter/Iberville. Situated along the city’s historic Canal Street, The Ritz-Carlton New Orleans comprises 528 hotel rooms and suites. The hotel features about 48,000 square feet of event space, a fitness center, indoor pool and a 25,000-square-foot spa. The Ritz-Carlton also offers Davenport Lounge, a jazz bar and lounge, and the M Bistro eatery. The property opened in 2000. The adjacent Courtyard by Marriott French Quarter/Iberville offers 230 rooms, as well as a coffee shop. The building was originally constructed in 1878 as a department store and was converted into a hotel in 2012. The property is located within walking distance of Bourbon Street, the Caesars Superdome and the New Orleans Ernest N. Morial Convention Center. Both hotels have recently undergone multi-year renovation programs. The Ritz-Carlton was refurbished with updates to guest rooms and public areas, including a $15 million upgrade to its Maison Orleans Club Level. Additionally, all guest accommodations and public spaces at The Courtyard by Marriott …

March 21, 2025

Development Florida Hospitality Mixed-Use Southeast

Gateway Jax to Redevelop Historic Ambassador Hotel in Jacksonville as Part of $2B Pearl Square Project

by John Nelson March 20, 2025

JACKSONVILLE, FLA. — Locally based development firm Gateway Jax plans to redevelop the historic Ambassador Hotel located at 420 N. Julia St. in downtown Jacksonville. The developer, along with hotelier The Indigo Road Hospitality Group, will restore the 1924-era property into a hotel with at least 100 guestrooms, a high-end restaurant and bar, conference space and other amenities for business and leisure travelers. In addition to the hotel, Gateway Jax purchased an adjacent land parcel where the company plans to deliver a 487-space parking garage, as well as the historic 404 N. Julia St. building that will be redeveloped in the future. The new hotel will be part of Gateway Jax’s eight-block, $2 billion Pearl Square mixed-use development. Gateway Jax, which is sponsored by DLP Capital and JWB Real Estate Capital, manages a private equity fund focused on downtown Jacksonville developments.

March 20, 2025

Development District of Columbia Hospitality Southeast

TPG Hotels, Douglas Development Open 107-Room Canal House of Georgetown Hotel in DC

by John Nelson March 20, 2025

WASHINGTON, D.C. — A partnership between TPG Hotels & Resorts and Douglas Development has delivered Canal House of Georgetown, a 107-room hotel located along the Chesapeake & Ohio Canal in Washington, D.C.’s Georgetown district. Operating as a Tribute Portfolio hotel, the property represents the 1 millionth room in Marriott’s U.S. portfolio. The hotel is an adaptive reuse of a former office building and two historic townhomes and features a library lounge, private courtyard, fitness center and onsite restaurant C&O Lounge.

March 20, 2025

Acquisitions Maryland Seniors Housing Southeast

Solera Acquires 113-Unit Assisted Living, Memory Care Community in Bethesda, Maryland

by John Nelson March 20, 2025

BETHESDA, MD. — Solera Senior Living has acquired Brightview Bethesda Woodmont, an assisted living and memory care community located in Bethesda, a suburb of Washington, D.C. Brightview Senior Living sold the eight-story property for an undisclosed price. Solera will rebrand the community, which totals 113 units, as Modena Reserve at Bethesda. Amenities include rooftop decks, a formal dining room, upscale pub, multipurpose room for entertainment and gatherings, private dining room, library, fitness center, beauty and barber shop, movie theater and 24-hour concierge services. Solera also plans to reopen the community’s café, which will feature craft-brewed coffee and local gourmet pastries. Denver-based Solera owns and operates independent living, assisted living and memory care communities across seven states.

March 20, 2025

Acquisitions Florida Retail Southeast

CORE Purchases Orlando Shopping Center for $37.5M

by John Nelson March 20, 2025

ORLANDO, FLA. — Core Investment Management (CORE) has acquired Dellagio Town Center, a 109,489-square-foot retail center in Orlando, for $37.5 million. Located along the Dr. Phillips retail corridor, the multi-tenant center features 30 different brands including AdventHealth Medical Group, Nola’s Ice Cream, Fleming’s Prime Steakhouse & Wine Bar, Fred Astaire Dance Studios and Fifth Third Bank. CORE plans to enhance the property with an improved tenant mix and aesthetic renovations.

March 20, 2025

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