Friday, June 13, 2025
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AcquisitionsIndustrialOfficeSouth CarolinaSoutheast

CBRE Arranges $13.8M Sale of Flex Property in Columbia, South Carolina

by John Nelson

COLUMBIA, S.C. — CBRE has arranged the $13.8 million sale of 20/21 Business Center, a 98,386-square-foot flex property located in Columbia. Red Bank, N.J.-based Denholtz was the buyer. Matt Smith, Patrick Gildea, Robert Hardaway, Aaron Dupree and Marie Diekmann of CBRE represented the seller, CB Equities, in the transaction. Situated on 17.6 acres, the property — which was 98 percent leased at the time of sale — comprises three buildings and three vacant land parcels. Additional features of the center include interstate visibility and expansion opportunities, as well as 17 dock doors and 10 drive-in doors. CBRE originally arranged CB Equities’ acquisition of the property in May 2022 for $10.5 million.

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Market ReportsMarylandRestaurantRetailSoutheastSoutheast Market Reports

From the Suburbs to the City: The Retail Revolution is Reshaping Baltimore

by John Nelson

Baltimore’s retail market is alive and well and has experienced something of a boom in retail activity, driven in large part by the thriving retail hubs in the city and in the surrounding suburbs. Demand for space continues to be robust and prospective tenants and investors alike are excited to be part of the Baltimore market.  But the reasons why are more nuanced than simply piggybacking off the overall growth that brick-and-mortar retail is seeing across the country.   Baltimore is a bargain One of the causes is the terrific value that Charm City offers when comparing prices to the major metropolises of Washington, D.C., to the south and Philadelphia to the north. The Baltimore MSA offers attractive demographics and strong retail fundamentals, making it a prime target for local, regional and national investors.  A great example is the sale by KLNB’s Retail Capital Markets team of Arbutus Shopping Center in fall 2024, a 88,000-square-foot, grocery-anchored center that attracted significant demand due to its Baltimore County location, sub-$20 million price point and the broader market’s interest in grocery-anchored retail assets. Due to these robust conditions and factors, among other reasons, owners are hesitant to sell — despite the substantial interest …

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DevelopmentFloridaMixed-UseRetailSoutheast

City of St. Petersburg Halts $1.3B Proposed Development for New Tampa Bay Rays Ballpark After Baseball Team Exits Project

by John Nelson

ST. PETERSBURG, FLA. — Tampa Bay Rays owner Stuart Sternberg has announced that the Major League Baseball team will not move forward with the proposed $1.3 billion stadium in St. Petersburg, which was part of the $6.5 billion redevelopment of the Historic Gas Plant property. Sternberg cited hurricane damages and financing delays in the decision behind exiting the project. Concepts for construction of the new 30,000-seat stadium — which would anchor the broader redevelopment project — were released more than a year ago. Under the previously approved agreement, local governments of St. Petersburg would cover roughly half the cost of the $1.3 billion stadium, while the Rays had a March 31, 2025, deadline to gain public financing for the project, including proof that they could meet their $700 million obligation, according to national media outlets. The Rays were anticipated to play three more seasons at Tropicana Field, but damages from Hurricane Milton in October 2024 rendered Tropicana Field unplayable for the 2025 season. The Rays will now use the New York Yankees’ spring training site in Tampa as their home field this season, while the City of St. Petersburg is advancing on plans to restore Tropicana Field in time for the 2026 …

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IndustrialLeasing ActivityNorth CarolinaSoutheast

Eaton Corp. Signs 550,000 SF Industrial Lease in Youngsville, North Carolina

by John Nelson

YOUNGSVILLE, N.C. — Eaton Corp., a publicly traded electric utility company based in Ireland, has signed a 550,000-square-foot industrial lease at US-1 North Commerce Center in Youngsville, approximately 23 miles outside Raleigh. Upon completion of the three-phase development, US-1 North Commerce Center will span five buildings across 1.4 million square feet. Summit Real Estate Group is the developer for the project. Foundry Commercial represented Summit Real Estate in the lease negotiations. Delivered in June 2024, the first phase — which was 90 percent preleased to three tenants — includes two buildings that total 394,000 square feet. Phase II — which comprises two additional buildings at 470,000 square feet — is slated for completion in the summer. Eaton Corp. will occupy the entirety of Phase III in an $18.3 million build-to-suit arrangement by the second-quarter 2026.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Joint Venture Breaks Ground on 265-Unit Apartment Community in Wilmington, North Carolina

by John Nelson

WILMINGTON, N.C. — A joint venture between The Beach Co., Swain & Associates and Larson Capital Management has broken ground on The Sterling, a 265-unit apartment community located within the larger mixed-use development of Center Point in Wilmington. Clancy & Theys Construction Co. is the general contractor for the project, which will feature a four-story building that totals 326,384 square feet.   The luxury apartment complex will offer studios, one-, two- and three-bedroom apartments, as well as a swimming pool, courtyard, fitness center, billiards and game rooms, golf simulator, business and outdoor lounges, electric vehicle charging stations, a dog park and grilling areas. The Sterling is slated to open in August 2026, with preleasing beginning in May 2026.  

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DevelopmentIndustrialNorth CarolinaSoutheast

M. David Properties Completes 105,384 SF Industrial Facility in Charlotte

by John Nelson

CHARLOTTE, N.C. — M. David Properties has completed SilverPark North I, a 105,384-square-foot industrial facility located within the three-building SilverPark North industrial campus in Charlotte. SilverPark North I features 32-foot clear heights, 20 dock-high doors and two drive-in doors, as well as a 2,501-square-foot speculative office suite. Veho, a technology company that operates one of the largest parcel delivery platforms in the United States, leases a 60,932-square-foot space at SilverPark North III. SilverPark North II and III are now both fully occupied. Brad Cherry and Matthew Greer of JLL lead leasing efforts for the campus on behalf of M. David Properties.

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FloridaLeasing ActivityRestaurantRetailSoutheast

CrossMarc Services Adds Five New Tenants to Springs Plaza Shopping Center in Longwood, Florida

by John Nelson

LONGWOOD, FLA.— Winter Park, Fla.-based CrossMarc Services LLC has signed five new tenants to Springs Plaza, a 64,753-square-foot shopping center located roughly 15 miles north of Orlando in Longwood. Among the new tenants are Foxtail Coffee (1,179 square feet), Children’s Art Classes (2,350 square feet), Level Up Pilates (2,365 square feet), 5th Nail Lounge (2,649 square feet) and Turning Point Dance Studio (2,351 square feet). Flavia Kanyago internally represented CrossMarc, as well as Baltimore-based joint venture partner MCB Real Estate, in the lease negotiations. Other tenants at the center — which is now 95 percent leased — include Tijuana Flats, First Watch, Jersey Mike’s Subs, Hurricane Grill & Wings and Woof Gang Bakery & Grooming and a 58,000-square-foot Publix that shadow-anchors the property.

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DevelopmentNorth CarolinaSoutheastStudent HousingTennessee

Preiss, FD Stonewater to Break Ground on Two Student Housing Developments Near NC State and University of Tennessee

by John Nelson

RALEIGH, N.C. AND KNOXVILLE, TENN. — A joint venture between The Preiss Co. and FD Stonewater has acquired sites for two student housing developments in North Carolina and Tennessee. Projects will includes Signature on Grand, located near the University of Tennessee in Knoxville; and Signature on Varsity, which will serve students attending North Carolina State University in Raleigh. The communities will offer over 1,200 beds in studio through five-bedroom configurations. Shared amenities will include resort-style pools, state-of-the-art fitness centers, study lounges and social spaces. The communities will be developed in partnership with Monarch Alternative Capital and are scheduled for completion in fall 2027. Ian Walker and Ben Roelke of Newmark secured debt and construction financing for the communities. Teddy Leatherman and Jayme Nelson of JLL secured additional equity for the projects.

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AcquisitionsDistrict of ColumbiaOfficeSoutheast

Onward Investors Takes Full Ownership of 12-Story Office Building in DC

by John Nelson

WASHINGTON, D.C. — Onward Investors has taken full ownership of 100 M Street SE, a 12-story, 240,500-square-foot office building in Washington, D.C.’s Navy Yard district. The Minneapolis-based investment firm acquired the property’s senior loan last April. The previous owner and terms of the transaction were not disclosed, but Washington Business Journal reported that Houston-based Lionstone Investments sold the property for nearly $54 million as part of its initiative to offload its $5.5 billion portfolio. Situated near the Navy Yard-BallPark Metro station, the office building is currently 78 percent leased and features about 16,000 square feet of contiguous availability, as well as newly installed amenities including a rooftop terrace, tenant lounge and conference center.

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FloridaLoansMultifamilySoutheast

NewPoint Provides $50M Refinancing for Pointe Grand Plant City Apartments in Metro Tampa

by John Nelson

PLANT CITY, FLA. — NewPoint Real Estate Capital LLC has provided a $50 million loan for the refinancing of Pointe Grand Plant City, a newly built, 300-unit apartment community in the metro Tampa area. Trevor Ritter of NewPoint originated the two-year, floating-rate, interest-only bridge loan on behalf of the borrower, Hillpointe LLC. The community, which features two-bedroom units with open floor plans and smart home access, is early in its lease-up phase. Monthly rental rates at Pointe Grand Plant City range from $1,764 to $1,914, according to Apartments.com. Community amenities include a resort-style swimming pool with private cabanas, 24-hour fitness center, clubhouse with coffee and tea bar, business center with a conference room, picnic area with barbecue grills, community firepit, bark park with agility equipment and pet spa and electric vehicle charging stations.

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