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Marvel-City-Business-Park
AcquisitionsAlabamaIndustrialSoutheastTop Stories

Range Light Investment Acquires Mall at Westlake in Suburban Birmingham, Plans Industrial Redevelopment

by Abby Cox

BESSEMER, ALA. — Range Light Investment Partners has acquired the former Mall at Westlake, a 323,000-square-foot shopping and dining destination located southwest of Birmingham in Bessemer, Ala. The Ohio-based investment firm plans to redevelop the property into an industrial flex complex that will be known as Marvel City Business Park. The former mall, which originally opened in 1969, permanently closed 40 years later in 2009 after retail activity migrated elsewhere, according to Range Light, leaving the property available for alternative purposes. “Shopping malls built from the 1960s through the 1990s were the distribution centers of that era,” says Pat Foran, founder of Range Light Investment Partners. “All of the features that made them great malls years ago are the same features light industrial and flex tenants are looking for today.” “There are many more tenants looking for 30,000 to 50,000 square feet than 300,000 to 500,000 square feet in the Birmingham area, and there are virtually no options for them,” adds Foran. “Marvel City Business Park will cater to those smaller bay-sized tenants that don’t need 36-foot-high ceilings and want more affordable rent than what the newer big box developments demand.” Situated on a 40-acre site at the intersection of interstates …

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FloridaLoansOfficeSoutheast

Grover Corlew Obtains $61M Refinancing for Two Adjacent Office Properties in Downtown Boca Raton

by John Nelson

BOCA RATON, FLA. — Grover Corlew has obtained a $61 million CMBS loan from Wells Fargo for the refinancing of two adjacent office properties in downtown Boca Raton. The assets include Palmetto Park City Center at 120 E. Palmetto Park Road and Bank of America Tower at 150 E. Palmetto Park Road. Both properties are nearing full occupancy and have the highest lease rates among comparable office buildings in Boca Raton, according to Grover Corlew. The South Florida-based investment firm has invested more than $16 million in upgrades in the past few years at both properties, including a full-floor tenant buildout for Waypoint and the addition of the Mia Rosebud at Bank of America Tower.

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FloridaLoansMultifamilySoutheast

JLL Secures $48M Refinancing for Westshore Palm Bay Apartments on Florida’s Space Coast

by John Nelson

PALM BAY, FLA. — JLL has secured a $48 million loan for the refinancing of Westshore Palm Bay, a 248-unit luxury apartment community located at 2331 Commerce Park Drive NE in Palm Bay, a city on Florida’s Space Coast. Brian Gaswirth, Ted Taylor, Kyle Butler, Aaliyah St. Louis and Noli Muratovic of JLL arranged the floating-rate loan through ACORE Capital LP on behalf of the borrower, Northshore Development. Built in 2023, Westshore Palm Bay features a 24-hour fitness center with on-demand virtual classes, resort-style pool with sun shelves, clubhouse and an 8-acre lake within a nature preserve. The property was 94 percent occupied at the time of financing.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Berkadia Brokers $43.8M Sale of Highline North Apartments in Asheville, North Carolina

by John Nelson

ASHEVILLE, N.C. — Berkadia has brokered the $43.8 million sale of Highline North, a 168-unit apartment community located at 602 Highline Drive in Asheville. The seller, North Carolina-based Carlisle Residential Properties, delivered the property in 2023. Caleb Troop, Thomas Colaiezzi and Matt Robertson of Berkadia represented the seller in the transaction. Jeremy Lynch and Jake Adoni of Berkadia’s Philadelphia office originated a Freddie Mac acquisition loan on behalf of the buyer, Greenville-based Graycliff Capital. Highline North features one-, two- and three-bedroom apartments, as well as three-bedroom townhomes, with units ranging in size from 822 to more than 1,500 square feet. Amenities include a fitness center with cardio and weight lifting equipment; clubhouse featuring a TV lounge, wet bar and shuffleboard; pet spa and park; salt-water swimming pool; Amazon package lockers; detached garages; and electric vehicle charging stations.

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AcquisitionsRetailSoutheastVirginia

Greysteel Negotiates $9M Sale of Laburnum Park Shopping Center in Richmond

by John Nelson

RICHMOND, VA. — Greysteel has negotiated the $9 million sale of Laburnum Park Shopping Center, a 61,060-square-foot retail center located at 4320, 4356 and 4396 S. Laburnum Ave. in Richmond. Oklahoma-based The Criterion Fund purchased the property from the seller, a private individual. Ben Wilson of Greysteel represented the seller in the transaction and procured the buyer. The seller received 10 competitive offers during marketing, according to Greysteel. Laburnum Park Shopping Center features two in-line retail buildings, a standalone retail pad and a bank pad.

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AcquisitionsRetailSouth CarolinaSoutheast

Marcus & Millichap Arranges $7.1M Sale of Two Vacant Retail Properties in Columbia

by John Nelson

COLUMBIA, S.C. — Marcus & Millichap has arranged the $7.1 million sale of two vacant retail buildings located on a 3.2-acre site at 3818 Devine St. in Columbia. The 38,816-square-foot property was home to a Piggly Wiggly for more than 40 years before the grocer closed in April. Harrison Creason and Andrew Margulies of Marcus & Millichap brokered the transaction between the seller, an out-of-state owner, and the buyer, locally based Cason Development Group.

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GITC
AcquisitionsGeorgiaIndustrialMassachusettsNortheastSouth CarolinaSoutheastTop Stories

Hines Acquires Three East Coast Industrial Assets for $309M

by Hayden Spiess

HOUSTON — Hines Global Investment Trust (HGIT), a real estate investment trust (REIT) sponsored by Houston-based global asset manager Hines, has acquired three industrial assets located on the East Coast for a total $309 million.  The acquired properties include two distribution facilities situated within the Georgia International Trade Center (GITC) in the Savannah market and two warehouse/distribution facilities located in Upton Crossing, a warehouse campus in Wilmington, Mass. The Davis Cos., a real estate investment and development firm based in Boston, sold both assets, which total 2.5 million square feet. Additionally, HGIT acquired I-85 Logistics Center, an industrial property in the Greenville-Spartanburg metro in South Carolina’s Upstate region. The seller of I-85 Logistics Center was not disclosed. The properties in Savannah total 2.2 million square feet and were fully leased at the time of sale. A joint venture between Davis and Atlanta-based Stonemont Financial Group developed GITC, which comprises a total 7.7 million square feet of manufacturing and warehouse space across 10 buildings. The site is located roughly 10 miles from the Port of Savannah.  Totaling 215,000 square feet, the properties at Upton Crossing in Wilmington were 81 percent leased at the time of acquisition. Davis acquired Upton Crossing in …

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DevelopmentIndustrialKentuckySoutheast

Hunt Midwest Breaks Ground on 775,000 SF Industrial Development in Simpsonville, Kentucky

by John Nelson

SIMPSONVILLE, KY. — Kansas City-based Hunt Midwest has broken ground on the first two buildings at Simpsonville 64 Logistics Park, a 275-acre development near I-64 in metro Louisville. The first two buildings will be situated on 69 acres and feature a 270,400-square-foot, rear-load building (Building I) and a 504,440-square-foot, cross-dock facility (Building II). Building I will feature 32-foot clear heights, 27 dock-high doors (expandable up to 64), two drive-in doors, 210 car parking spaces and 80 tractor trailer parking spaces. Building II will offer 36-foot clear heights, 48 dock-high doors (expandable up to 117), four drive-in doors, 310 car parking spaces and 140 tractor trailer parking spaces. Both are tilt-up concrete panel construction with a minimum of 135-foot truck courts, 60-foot speed bays at docks, ESFR fire suppression, LED lighting and speculative office space. Both facilities will be delivered in first-quarter 2026 within 30 days of each other. The design-build team includes H2B Architects, Mindel Scott and Evans General Contractors. At full build-out, Simpsonville 64 Logistics will support up to 3.3 million square feet of industrial and commercial space. Kevin Grove, Doug Butcher and Alex Grove of CBRE are handling industrial leasing at Simpsonville 64 Logistics Park. Jody Zimmerman and …

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DevelopmentIndustrialSouth CarolinaSoutheast

Equity Industrial Partners Delivers 384,800 SF Industrial Facility Near Charleston for RoadOne

by John Nelson

SUMMERVILLE, S.C. — New England-based Equity Industrial Partners (EIP) has delivered a 384,800-square-foot industrial facility located at 1932 Dawson Branch Extension in Summerville, a suburb of Charleston. EIP, along with general contractor Frampton Construction, delivered the build-to-suit on behalf of Massachusetts-based RoadOne IntermodaLogistics Inc. The property features 100 dock doors, one drive-in ramp and 5,600 square feet of office space. The facility is situated on the Kelly Branch Tract, a 95-acre site that EIP acquired in 2023. RoadOne’s building is the first of three phases planned for the site. Phase II is currently being permitted for an additional warehouse or manufacturing facility totaling approximately 300,000 square feet.

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Affordable HousingDevelopmentHealthcareMultifamilyOfficeSoutheastVirginia

Advantage Capital Closes Financing for $51M Office-to-Residential Conversion Project in Falls Church, Virginia

by John Nelson

FALLS CHURCH, VA. — Advantage Capital has closed on the financing for Telestar Court, a $51 million office-to-residential conversion project in Falls Church, a Northern Virginia suburb of Washington, D.C. The developer is a joint venture between Conifer Realty and Joseph Browne Development Associates. Set for completion in spring 2027, the redeveloped site will deliver 80 apartments (36 one-bedroom and 44 two-bedroom) for low- to moderate-income residents earning 30 percent and 80 percent of the area median income (AMI). The property was formerly a medical office building. Advantage Capital leveraged $15 million in low-income housing tax credits (LIHTCs) in connection with the Virginia Housing Opportunity Tax Credit (HOTC) program to help fund the conversion project.

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