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IndustrialMarket ReportsMarylandSoutheastSoutheast Market Reports

Key Bridge Collapse Puts Infrastructure, Baltimore Industrial Market’s Fundamentals in Focus

by John Nelson

A major attraction within the Baltimore industrial real estate market has historically been the Port of Baltimore, as it is the most inland port on the East Coast, ranks in the top 20 nationally for tonnage and top 10 for dry bulk and attracts users and investors for its impressive capabilities. Closing on the end of first-quarter 2025,  here are a few noteworthy project and market updates: March 26, 2024: The Key Bridge collapsed due to a physical collision from the container ship Dali. The bridge collapse was a tragic event with six lives lost and shipping (both in and out) being blocked for nearly three months as crews cleared the debris. $2B Key Bridge rebuild: Maryland Gov. Wes Moore unveiled the new design for rebuilding the bridge in February. The bridge is anticipated to deliver by fall 2028 and comes with enhanced capabilities, such as a 45-foot height increase and a 300-foot width increase for the shipping channel when compared with the previous design. Kiewit Infrastructure estimates the overall project will cost $2 billion. Howard Street Tunnel: As part of nearly $500 million directed toward local infrastructure projects, CSX recently kicked off the long-awaited Howard Street Tunnel project being …

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AcquisitionsAlabamaLoansMultifamilySoutheast

Cushman & Wakefield, Greystone Negotiate Sale of 720-Unit Apartment Community in Hoover, Alabama

by John Nelson

HOOVER, ALA. — Cushman & Wakefield and Greystone has arranged the sale of Ridge Crossings, a 720-unit apartment community located in the Birmingham suburb of Hoover. Canadian-based Avenue Living was the buyer. The sales price was not disclosed, but Birmingham Business Journal reports the property traded for $111 million. Originally completed in 1991, Ridge Crossings offers one-, two- and three-bedrooms ranging in size from 861 to 1,520 square feet. According to Apartments.com, amenities include a swimming pool, tennis and racquetball courts, fitness center, concierge services, dog park and a clubhouse. Andrew Brown, Craig Hey, Ben Thomas and Tommy Coleman of Cushman & Wakefield represented the undisclosed seller in the transaction. Additionally, Dan Sacks of Greystone originated a Fannie Mae loan of an undisclosed amount for the acquisition.

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DevelopmentFloridaLoansMixed-UseRetailSoutheast

Aztec Group Arranges $28.3M Construction Loan for Square at Lotis Wellington Retail Center in South Florida

by John Nelson

WELLINGTON, FLA. — Aztec Group has arranged $28.3 million in construction financing for the completion of The Square at Lotis Wellington, the retail phase of the larger 120-acre Lotis Wellington mixed-use development in Wellington, about 16 miles west of West Palm Beach. Boca Raton-based JKM Developers launched the development with its in-house general contractor and now has secured financing from Amerant Bank. Sean Harrington of Aztec Group arranged the financing on behalf of JKM. According to the South Florida Business Journal, the loan will cover nearly 100,000 square feet of two inline retail buildings that will include offices, restaurant outparcels, a daycare and early learning center, as well as a three-level parking garage. The overall mixed-use development of Lotis Wellington is scheduled for completion in the second quarter of this year. Additional phases of the development comprise 372 multifamily units and two medical offices totaling 60,000 square feet.

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AcquisitionsIndustrialNorth CarolinaSoutheast

Accordia Acquires 46,400 SF Industrial Portfolio in Stallings, North Carolina

by John Nelson

STALLINGS, N.C. — New Jersey-based Accordia has acquired a two-building industrial portfolio totaling 46,400 square feet in Stallings, roughly 15 miles outside of Charlotte. The purchase price was not disclosed. Foundry Commercial sourced the deal in the off-market transaction. Located at 135-141 Cupped Oak Drive, the shallow bay property was fully leased to five tenants at the time of sale. Constructed in 1999 and 2004, the property features 18-foot clear heights, 11 dock-high doors and nine drive-in doors, as well as suite sizes that range from 7,000 to 16,200 square feet. This transaction marks Accordia’s second acquisition in the Carolinas.

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KentuckyLeasing ActivityRetailSoutheast

F45 Training Signs Retail Lease at Pleasant Ridge Commons in Lexington, Kentucky

by John Nelson

LEXINGTON, KY. — F45 Training, a global fitness company that provides high-intensity group exercise programs, has signed a 3,904-square-foot lease in the mixed-use development of Pleasant Ridge Commons in the Hamburg trade area of Lexington. This marks F45 Training’s second Lexington location. Al Isaac and Zach Smith of NAI Isaac represented the tenant in the lease negotiations. Fahr Juneja and Cole Sturgeon of Gulfstream Commercial Services represented the undisclosed landlord.

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AcquisitionsGeorgiaLoansRetailSoutheast

Marcus & Millichap Brokers $3.7M Sale of Net-Leased Walgreens Retail Property in Lawrenceville, Georgia

by John Nelson

LAWRENCEVILLE, GA. — Marcus & Millichap has arranged the $3.7 million sale of a net-leased Walgreens retail property in Lawrenceville, roughly 30 miles northeast of downtown Atlanta. Built in 2004, the freestanding property is situated on 1.2 acres. Walgreens has just under 10 years remaining on its corporate-guaranteed, absolute-net lease with options to renew. Ashish Vakhariya, Darin Gross and Seth Haron of Marcus & Millichap’s Detroit office marketed the property on behalf of the undisclosed seller and procured the buyer, a local private investor, in the transaction. John Leonard is the firm’s broker of record in Georgia. Additionally, Luke Lamoreaux of Marcus & Millichap Capital Corp. (MMCC), a subsidiary of Marcus & Millichap, secured acquisition financing for the asset.

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AcquisitionsKentuckySoutheastStudent Housing

Article Student Living, Barings Acquire 1,060-Bed Student Housing Community Near University of Kentucky

by John Nelson

LEXINGTON, KY. — A joint venture between Article Student Living and Barings has acquired 5 Twenty Four and 5 Twenty Five Angliana, a 1,060-bed student housing development located near the University of Kentucky campus in Lexington. The property includes 13 buildings spanning 427,200 square feet across 30 acres. The community offers 376 fully furnished units in one- through four-bedroom configurations. Shared amenities include two fitness centers; two swimming pools with sun decks and lounges; two study centers; private study space; a half basketball court; game room; movie theater; and onsite parking. The new ownership plans to renovate the community’s amenity spaces and unit interiors. The seller and terms of the transaction were not released.

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AcquisitionsFloridaMultifamilySoutheast

Partnership Purchases 400-Unit ARIUM Sunrise Apartments in South Florida

by John Nelson

SUNRISE, FLA. — A partnership between Denver-based BMC Investments, FCP and The RMR Group has purchased ARIUM Sunrise, a 400-unit apartment community located at 1501 N.W. 124th Terrace in the South Florida city of Sunrise. Robert Given and Zachary Sackley of CBRE represented the seller, a partnership between PCCP and RMR Group, in the transaction. The sales price was not disclosed. Charles Crapse and Denny St. Romain of CBRE arranged an undisclosed amount of acquisition financing for the buyers through Wells Fargo. Built in 1998, ARIUM Sunrise was 94 percent occupied at the time of sale and features a pool, clubhouse and a gym. The new ownership plans to renovate unit interiors.

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FloridaLoansMultifamilySoutheast

Berkadia Arranges $65M Refinancing for Apartment Community in Fort Myers, Florida

by John Nelson

FORT MYERS, FLA. — Berkadia has arranged a $65 million bridge loan for the refinancing of The Orchard at Portofino Vineyards, a newly built, 264-unit, garden-style multifamily property located at 9920 Portofino Vineyards Drive in Fort Myers. Brad Williamson, Kyle Ryan, Mitch Sinberg, Scott Wadler and Matt Robbins of Berkadia secured the loan through MF1 Capital on behalf of the owner, Prime Group. The Hollywood, Fla.-based borrower will use proceeds from the two-year, floating-rate loan to pay off a $49.5 million construction loan. Prime Group received its final temporary certificate of occupancy (TCO) for The Orchard at Portofino Vineyards in January. The property was 28 percent occupied at the time of financing.

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AcquisitionsFloridaHospitalitySoutheast

Marcus & Millichap Negotiates Sale of Holiday Inn Melbourne Viera Hotel on Florida’s Space Coast

by John Nelson

MELBOURNE, FLA. — Marcus & Millichap has negotiated the $13.5 million sale of Holiday Inn Melbourne Viera, a 128-room hotel located off I-95 in Melbourne, a city on Florida’s Space Coast. Situated on 7.2 acres near the USSSA Space Coast Sports Complex and Patrick Space Force Base, the five-story hotel was built in 1991 and features 7,800 square feet of meeting space, an onsite restaurant, business center, fitness center and an outdoor pool. Robert Hunter and Leo Reilly of Marcus & Millichap’s Fort Lauderdale office represented the seller and procured the buyer in the transaction. Both parties requested anonymity.

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