IRMO, S.C. — The Palomar Group has negotiated the sale of Irmo Station, a 99,384-square-foot shopping center in the Columbia suburb of Irmo. Located at 7467 St. Andrews Road, the center is situated on 13.8 acres. Kroger anchors the center. Additional tenants at the property include Orangetheory Fitness, Pizza Hut, Pet Supplies Plus and Palm Beach Tan. A publicly traded REIT acquired the property for an undisclosed price. The seller was also not disclosed.
MONTGOMERY, ALA. — Berkadia has arranged a $35 million construction loan for The ONE at Montgomery, a new 264-unit multifamily development in Montgomery. Brad Williamson, Patrick Johnson, Mitch Sinberg, Scott Wadler and Matt Robbins of Berkadia’s Miami office arranged the financing on behalf of the Miami-based borrower, One Real Estate Investment (OREI). Synovus Bank provided the floating-rate loan at an approximately 65 percent loan-to-cost ratio. Located at 10510 Chantilly Parkway, the garden-style development will offer a mix of 96 one-bedroom units, 132 two-bedroom units and 36 three-bedroom units. Units will range in size from 827 square feet to 1,254 square feet. Amenities at the property will include a swimming pool with a cabana and sauna, fitness and yoga studio, multiple dog parks and a golf simulator. Construction on The ONE at Montgomery is currently underway and is slated to complete in mid-2026.
DAVIE, FLA. — SRS Real Estate Partners has brokered the $4.9 million ground lease (land ownership) sale of a gas station and convenience store located at 2500 Davie Road in Davie. Pennsylvania-based chain Wawa fully occupies the 5,636-square-foot property on a corporate-guaranteed lease. The property was built in 2019 and is situated on 1.4 acres nearly 28 miles north of Miami. A South Florida-based development and investment firm sold the asset to a private investor, also from South Florida, in a 1031 exchange. Patrick Nutt and William Wamble of SRS Capital Markets represented the seller in the transaction.
WASHINGTON, D.C. — The U.S. Bureau of Labor Statistics (BLS) has reported that U.S. employment growth totaled 151,000 in February, falling below the 170,000 figure projected by Dow Jones economists, according to CNBC. February job growth exceeded the previous month’s total, which was revised down by 18,000 jobs to 125,000. The BLS also revised December’s job growth upward, from 307,000 jobs to 323,000. The U.S. unemployment rate increased slightly to 4.1 percent. The healthcare sector led the way in job creation in February with 52,000 jobs, including gains in ambulatory healthcare services (+26,000), hospitals (+15,000) and nursing and residential care facilities (+12,000). The financial sector contributed 21,000 overall jobs, including gains to real estate, rental and leasing (+10,000) and insurance carriers (+5,000). Commercial banking lost 5,000 jobs. Additional sectors that contributed employment increases were transportation and warehousing (+18,000) and social assistance (+11,000). The BLS also reports that federal government employment declined by 10,000 while government payrolls simultaneously increased overall by 11,000. Additionally, retail employment declined by 6,000 jobs. Employment in the food-and-beverage industry declined by 15,000, largely due to strike activity by workers at restaurant chains such as Starbucks. On the contrary, warehouse clubs, supercenters and other general merchandise retailers …
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 …
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.
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.
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.
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.
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.
