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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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AcquisitionsOfficeSoutheastVirginia

The Meridian Group Acquires 388,206 SF Office Tower in Metro DC, Plans Capital Improvements

by John Nelson

TYSONS, VA. — The Meridian Group (TMG) has acquired Boro Central, a 388,206-square-foot trophy office tower located in Tysons, roughly 11 miles west of Washington, D.C. near the Greensboro Metro station. The seller and sales price were not disclosed, but many outlets report the seller was Foulger-Pratt. Formerly known as Tysons Central, Boro Central is situated within The Boro, a larger mixed-use district that will total 5 million square feet upon full build-out. The 24-story office building offers floor-to-ceiling windows, 30- by 40-foot column spacing, ample ceiling heights and a standout 8th floor that features 14-foot ceilings and a private terrace. Capital improvements for the property will include a new conference center, spec suites and curated amenity programming for tenants. Josh Masi, Scott Goldberg and Paige Barger of Cushman & Wakefield will continue to lead leasing efforts for the property, which media outlets report was vacant at the time of sale. The Boro’s first phase will encompass 1.7 million square feet of mixed-use development, featuring approximately 700 residential units, 500,000 square feet of office space and 250,000 square feet of retail space, anchored by a Whole Foods Market and a ShowPlace ICON Theatre.

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FloridaIndustrialLoansSoutheast

Bridge Industrial Receives $77.6M in Financing for Industrial Park in Miami

by John Nelson

MIAMI — Bridge Industrial has received $77.6 million in permanent financing for Bridge Point AVE, a nearly 600,000-square-foot industrial park located within the master-planned development of AVE Aviation and Commerce Center in Miami. Steve Roth and Bill Jurjovec of CBRE’s Debt & Structured Finance group arranged the loan. According to public records, State Farm Life Insurance Co. is the lender. Bridge Point AVE features three buildings that span 199,800 square feet, 110,588 square feet and 279,499 square feet. Each building includes 24- to 36-foot clear heights, ESFR sprinkler systems and a mix of rear-load and cross-dock configurations to support tenant flexibility. The property was 95 percent occupied at the time of financing, with roughly 30,286 square feet available for lease. The AVE Aviation and Commerce Center spans 180 acres and features more than 2 million square feet of industrial warehouse and retail amenities.

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DevelopmentGeorgiaLoansMultifamilySoutheast

Berkadia Arranges $60.8M in Construction Financing for Mosaic Pooler Apartments Near Savannah

by John Nelson

POOLER, GA. — Berkadia has arranged $60.8 million in construction financing for Mosaic Pooler, a 333-unit multifamily community located within the Mosaic Town Center mixed-use development in Pooler, a western suburb of Savannah. The borrower, an affiliate of Bayline Group, acquired the 12-acre site at 800 High Ave. in 2023. Bank OZK provided a $47.5 million, three-year, floating-rate loan to Bayline Group. Berkadia also lined up $13.3 million in preferred equity through FCP. Mitch Sinberg, Scott Wadler, Bryan Brown, Robert Falese and Jake Adoni of Berkadia arranged the financing on behalf of Bayline Group. Upon completion, which is slated for May 2026, Mosaic Pooler  will offer a mix of one-, two- and three-bedroom units, as well as three-story carriage houses with garages. Amenities at the property include a fitness center with a yoga room, game room and resident lounge, coworking spaces, a dog park and pet spa, package locker system, electric vehicle charging stations and a resort-style pool with a large outdoor patio, cabanas and grilling stations.

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DevelopmentFloridaMultifamilySoutheast

Curran Young Completes Construction of 412-Unit Multifamily Community in Cape Coral, Florida

by John Nelson

CAPE CORAL, FLA. —  Curran Young Construction has completed Siesta Lakes, a 412-unit multifamily community located in Cape Coral, about nine miles west of Fort Myers, Fla. Construction for the project began in 2023 after the developer, a partnership between Shoreham Capital, Bridge Investment Group and Wynkoop Financial, received a $66 million construction loan. Siesta Lakes offers a mix of one-, two-, and three-bedroom floorplans with open-concept interiors, private balconies and direct views of a private central lagoon. Unit sizes range in size from 676 square feet to 1,195 square feet, according to Apartments.com. Monthly rental rates at the complex begin at $1,500. Leasing at the community began in early 2025 after the delivery of the first building and clubhouse. Onsite amenities include a resort-style pool, fitness center, electric vehicle charging stations, business center, multipurpose room, dog park, outdoor grilling areas and walking trails. Additionally, Siesta Lakes is situated within a Qualified Opportunity Zone and benefits from a long-term tax abatement from the city. 

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AcquisitionsMarylandOfficeSoutheast

Trout Daniels & Associates Brokers $4.9M Sale of Bedford Square Office Portfolio in Metro Baltimore

by John Nelson

PIKESVILLE, MD. — Trout Daniels & Associates (TD&A) has brokered the $4.9 million sale of Bedford Square I and II, a 40,773-square-foot, two-building office portfolio located in Pikesville, roughly 15 miles northwest of Baltimore. Situated at the intersection of Bedford Avenue and McHenry Road, the complex was 93 percent leased to 20 tenants at the time of sale. Gilbert Trout of TD&A represented the seller, Bedford Square Equities, and procured the buyer, Tide Realty Capital, in the transaction.

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Affordable HousingGeorgiaMarket ReportsMultifamilySoutheastSoutheast Market Reports

Atlanta Multifamily Market: Overcoming Historic Supply and Still a Winner

by John Nelson

Five years after the world shut down, the national multifamily market is still on a roller coaster ride. After the highs of 2021 quickly turned into the lows of 2023, the dust settled in 2024. Today, the market has begun to reactivate while continuing to grapple with the aftereffects of the run-up.  While national multifamily transactions soared 22 percent in 2024, Atlanta transaction volume was flat year-over-year as the investment community shifted a favorable view of Atlanta toward ambivalence. Perceptions surrounding new supply and non-paying tenants contributed to the city falling out of vogue with some investors, but Atlanta is a resilient market.  With new deliveries having peaked in 2024 and property-level fundamentals rapidly turning the corner, Atlanta may be beaten up, but the light at the end of the tunnel is coming into focus: Atlanta is still a long-term winner.  Days of peak supply are over While Atlanta experienced a record 24,000 units delivered in 2024, that figure represents just 4 percent of its total inventory. When compared to other Sun Belt markets like Charlotte (10 percent of total inventory delivered in 2024), Nashville (8 percent) and Dallas (5 percent), the number doesn’t seem as jarring.  Looking ahead to …

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DevelopmentFloridaMixed-UseMultifamilySoutheast

Hines, Urban Street Development Top Off Second Multifamily Building at $500M FAT Village in Fort Lauderdale

by John Nelson

FORT LAUDERDALE, FLA. — Hines and Urban Street Development (USD) have completed vertical construction of the second multifamily building at FAT Village, an 835,000-square-foot, $500 million mixed-use development in Fort Lauderdale’s Flagler Village neighborhood. Upon completion of Phase I, FAT Village will feature 80,000 square feet of experiential retail, a 1,200-space commercial parking structure and 600 residential units across two multifamily buildings, the first of which was topped out in March. Later this year, Hines and USD will top off T3 FAT Village, a 180,000-square-foot mass timber office building. T3 (which is named for timber, transit and technology) is slated for completion in 2026. Blanca Commercial Real Estate is leading pre-leasing efforts for the office space. 

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