JACKSONVILLE, FLA. — Merritt Properties has fully leased the second phase of Imeson Landing Business Park, an industrial park in Jacksonville that will span nearly 400,000 square feet upon completion. The first two phases of Imeson Landing house 24 tenants whose spaces range from 3,000 to 30,000 square feet in size. Merritt is planning to soon launch Phase III, which will add 120,000 square feet of new industrial space to the park along Zoo Parkway.
MIAMI — Blanca Commercial Real Estate (Blanca CRE) has arranged a 51,484-square-foot office lease for Verizon in Miami. Juan Ruiz, Andres del Corral, Jack Davidson, Tere Blanca and Jessy Aguila of Blanca CRE represented the property’s ownership, a joint venture between Nuveen Real Estate and PIMCO Prime Real Estate, which acts on behalf of Allianz insurance companies. John Marshall and Josh Kuriloff of Cushman & Wakefield represented Verizon in the lease negotiations. Verizon’s new space will be situated within Waterford Business District, a 250-acre campus that comprises more than 3 million square feet of office space.
FORT MYERS, FLA. — Baltimore-based Continental Realty Corp. has sold a 2.2-acre outparcel at the Shoppes at Pelican Preserve, a 79,970-square-foot shopping center located at 10580 Colonial Blvd. in Fort Myers that is anchored by Winn-Dixie. The buyer, Barclay Group, purchased the land for $2.2 million. The firm plans to develop a 42,000-square-foot freestanding building on the site that will be fully occupied by EoS Fitness. Barclay Group expects to deliver the new property by 2026. Blake Dickinson of Continental Realty Corp., as well as Bob Pekol and Jessica McEvoy of LQ Commercial Fort Myers, represented the seller in the land deal. Tyler McRae of SRS Real Estate Partners represented the buyer. EoS Fitness currently operates 13 gyms in Florida. Barclay Group has delivered 30 sites for the fitness concept across six states.
DANVILLE, VA. — Cushman & Wakefield | Thalhimer has brokered the $6 million sale of a shopping center located at 143 and 153 Crown Drive in Danville, a city on the Virginia-North Carolina border. The 76,622-square-foot retail center is situated on 9.2 acres. Wyatt Poats of Cushman & Wakefield | Thalhimer represented the seller, an entity doing business as GDC Properties I LLC, in the transaction. The buyer was a company doing business as BWDD LLC.
MINNEAPOLIS AND BALTIMORE — Global alternative investment firm Investcorp has acquired two industrial portfolios for a total of more than $335 million. Located in the Minneapolis and Baltimore markets, the portfolios feature a combined 2.7 million square feet across 27 properties. The 17-building Minneapolis portfolio totals 1.9 million square feet, and the Baltimore portfolio comprises 10 buildings with 881,000 square feet. The seller and specific addresses of the properties were not disclosed. “The Minneapolis and Baltimore portfolio acquisitions offer us a unique opportunity to scale our presence in two markets with highly diversified tenancies,” says Michael Moriarty, managing director and head of commercial acquisitions at Investcorp. “The properties making up each of these portfolios feature favorable characteristics, such as high average clear heights, ample loading docks, plentiful parking and convenient locations.” According to a press release issued by Investcorp, industrial market rent growth in Baltimore and Minneapolis has averaged 13.4 percent and 11.4 percent, respectively, over the past three years. Fortune 500 companies with a presence in Minneapolis include Target Corp., Best Buy Co. Inc., 3M Co. and General Mills Inc. Baltimore hosts corporations including Optum Inc., JLL, Under Armour Inc. and Morgan Stanley & Co., among others. Founded in …
MONROE, GA. — CBRE has arranged a $42.7 million construction loan for The Jax, a 282-unit, garden-style apartment development located at 200 Aycock Ave. in Monroe, about 40 miles east of downtown Atlanta. Blake Cohen and Charlie Clark of CBRE’s Debt & Structured Finance team in Atlanta arranged the financing on behalf of the borrower, a joint venture between Green River Builders and ARC Multifamily Group. Atlanta-based Peachtree Group provided the 2.5-year, interest-only loan at approximately 74 percent loan-to-cost. The Jax will comprise seven three-story residential buildings housing one-, two- and three-bedroom apartments averaging 1,117 square feet in size. Amenities will include a business center, clubhouse, pool, fitness center, volleyball court, picnic area, EV charging stations and a breakfast/coffee concierge. The construction timeline was not released.
DURHAM, N.C. — Welcome Group has signed four tenants to join the roster of the first phase at Welcome Venture Park, an industrial park underway in Durham. Phase I will total nearly 400,000 square feet upon completion, which is slated for the first quarter of this year. The new users include Mitsubishi Logistics, doing business as Cavalier Logistics (128,000 square feet); Food Bank of Central and Eastern North Carolina (64,000 square feet); and Great Day Improvements and Pep Move (20,400 square feet combined). Larry Lakins, Hunter Willard, Andrew Young and Shields Bennett of Colliers’ Raleigh office are handling the leasing for Welcome Venture Park. Randy Warren of RW2 Development Co. is steering the project’s development and management.
MILLEDGEVILLE, GA. — Cushman & Wakefield has negotiated the sale of Arcadia on the River, a cottage-style student housing community located near the Georgia College campus in Milledgeville. Built in 2017 at 120 Pumping Station Road, the property offers 510 beds across 123 units. Shared amenities include a pool, tanning ledge, fitness center, yoga studio, sauna, volleyball court, shuttle service to campus, outdoor games and billiards, foosball and table tennis. Travis Prince, Victoria Marks, Shawn Lubic, Taylor Bird and Nelson Abels of Cushman & Wakefield represented the seller, Sanctuary Cos., in the disposition of the property to Time Equities Inc. Terms of the transaction were not released.
GASTONIA AND RALEIGH, N.C. — Charlotte-based department store chain Belk will open two new outlet stores in North Carolina this spring, marking its second and third outlet locations in the state. The stores will occupy the Eastridge Mall in Gastonia and Triangle Town Center in Raleigh. Belk Outlets offer a selection of high-end brands and products at a discounted price; fashion and home merchandise purchased specifically for the outlet locations; and products that come directly from traditional Belk department stores. Both locations will continue to operate traditional Belk stores on the second floor, while the first floor will be converted to outlet spaces. Belk opened its first outlet store in January 2023 in Greeneville, Tenn., and has opened 16 more locations in Georgia, Florida, Louisiana, Maryland, Oklahoma, Texas, Virginia and West Virginia.
JEFFERSON, GA. — Matthews Real Estate Investment Services has brokered the $7.6 million sale of Ole Mill Village, a 27,943-square-foot retail strip center located at 914-948 Lee St. in Jefferson, about 60 miles northeast of Atlanta. Built in 2014 and expanded in 2023, the unanchored retail property was fully leased at the time of sale. Jeff Enck of Matthews represented the seller, a privately held partnership based in Georgia, in the transaction. The buyer was also an investment group based in Georgia. Both parties requested anonymity.
