Monday, March 10, 2025
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AcquisitionsIndustrialMarylandSoutheast

KLNB Brokers $8.3M Sale of Industrial Facility in Frederick, Maryland

by John Nelson

FREDERICK, MD. — KLNB has brokered the $8.3 million sale of a 56,000-square-foot, high-bay warehouse in Frederick, about 40 miles northwest of Washington, D.C. Hercules Custom Iron (HCI), a division of Hercules Fence, purchased the 5.6-acre site at 4607 Wedgewood Blvd., which was formerly home to Flying Dog Brewery. The new Frederick warehouse will triple the size of HCI’s operations and double its shop and office footprint. Marc Balamaci, Ken Fellows, Scott Mendelson and Robert Pugh of KLNB represented the buyer in the transaction. HCI has also tapped KLNB to sell its existing 26,000-square-foot warehouse located at 36 W. Pennsylvania Ave. in nearby Walkersville, Md.

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District of ColumbiaHealthcareHospitalityIndustrialLoansMultifamilyOfficeRetailSoutheast

MBA: Third-Quarter Commercial, Multifamily Borrowing Increased 59 Percent Year-Over-Year

by John Nelson

WASHINGTON, D.C. — Commercial and multifamily mortgage loan originations increased 59 percent in the third quarter of 2024 compared to a year ago, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. The third-quarter volume also represents a 44 percent increase from the second quarter. There was a 510 percent year-over-year increase in the dollar volume of loans for healthcare properties, a 99 percent increase for hotel properties, 82 percent increase for retail properties, 57 percent increase for industrial properties and a 56 percent increase for multifamily properties. Office real estate originations decreased 3 percent from a year ago. Among investor types, the dollar volume of loans originated for commercial mortgage-backed securities (CMBS) increased by 260 percent year-over-year. There was a 69 percent increase for depository (i.e. bank) loans, a 62 percent increase for investor-driven lender loans, 31 percent increase in loans for life insurance companies and a 28 percent increase in loans from government-sponsored enterprises (GSEs, namely Fannie Mae and Freddie Mac). Jamie Woodwell, MBA’s head of commercial real estate research, says that lower interest rates due in part to the Federal Reserve’s 50-basis-point decrease in September were “a key driver” for the uptick …

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DevelopmentGeorgiaLoansMixed-UseSoutheast

Toro Development Obtains Construction Financing for $560M Mixed-Use Medley Development in Metro Atlanta

by John Nelson

JOHNS CREEK, GA. — Toro Development Co. has obtained construction financing for Medley, a $560 million planned mixed-use development in Johns Creek, an affluent northern suburb of Atlanta. The developer plans to break ground on the 43-acre project in December, with an anticipated opening in late 2026. The financing includes an undisclosed amount of equity from Ascentris, a Denver-based real estate private equity firm, and a $158 million construction loan from Mexico City-based Banco Inbursa. At full build-out, Medley will feature 150,000 square feet of retail, restaurant and entertainment space; a 175-room boutique hotel; 110,000 square feet of lifestyle offices; 750 multifamily residences and 133 townhomes; and an activated 25,000-square-foot plaza. Toro Development purchased a former suburban office park on Medley’s site in March for $44 million.

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DevelopmentFloridaIndustrialSoutheast

Rockpoint, Greystar to Develop 331,803 SF Industrial Property in Metro Tampa

by John Nelson

ST. PETERSBURG, FLA. — Boston-based Rockpoint and Charleston-based Greystar have formed a partnership to develop Phase II of Gateway Logistics Center, an industrial park in the Tampa suburb of St. Petersburg. Situated on 17.5 acres in Pinellas County, the second phase will span 331,803 square feet and include a 92,841-square-foot building and two 119,481-square-foot buildings. Rockpoint Industrial, Rockpoint’s industrial platform, will provide additional development and management support for the development. Gateway Logistics Center is part of Greystar’s broader 93-acre project, which includes a 412-unit, garden-style apartment community along with the two-phase, six-building industrial park. The construction timeline for Phase II was not disclosed.

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GeorgiaHospitalityLoansSoutheast

Mesa West Capital Provides $50M Refinancing for Thompson Savannah Hotel

by John Nelson

SAVANNAH, GA. — Mesa West Capital has provided a $50 million loan for the refinancing of Thompson Savannah, a 193-room upscale hotel in Savannah that opened in August 2021. The hotel sits on the southern bank of the Savannah River at 201 Port St. The borrower, a joint venture led by co-developers Regent Partners and Mariner Group, are using the five-year, non-recourse financing to take out the original construction loan. Hyatt Hotels operates Thompson Savannah, which features a signature restaurant, bakery, two bars, pool with private cabanas, fitness and wellness center and 11,000 square feet of meeting space. Russell Frahm, Pamir Niaz and Jacob Rosen led Mesa West Capital’s New York-based origination team for the financing. Jared Kelso, Steve Michels and Lauren Greenberg of Berkadia’s Hotel and Hospitality Group in New York arranged the financing on behalf of Regent and Mariner, which developed the hotel in partnership with Cadre.

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AcquisitionsGeorgiaRetailSoutheast

Sterling Organization Sells Roswell Village Shopping Center in Metro Atlanta

by John Nelson

ROSWELL, GA. — Sterling Organization has sold Roswell Village Shopping Center, a retail center located in Roswell, roughly 25 miles north of Atlanta. Denver-based Revesco Properties purchased the center for an undisclosed price. Tenants at the property, which was 94 percent leased at the time of sale, include Ross Dress for Less, Marshalls and Crunch Fitness. Sterling originally acquired the center in 2014 for $10.6 million when the center’s occupancy rate was 31 percent. Jim Hamilton of JLL brokered the sale on behalf of West Palm Beach, Fla.-based Sterling.

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AcquisitionsFloridaMultifamilySoutheast

Berkadia Negotiates Sale of 123-Unit Cielo at Normandy Apartments in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Berkadia has negotiated the sale of Cielo at Normandy, a 123-unit apartment community located at 1570 Lane Ave. S in Jacksonville. Greg Rainey led the Berkadia team in representing the seller, Atlanta-based Zavala Capital Group, in the transaction. Black Ridge purchased the property for an undisclosed price. Built in 1974, Cielo at Normandy features a mix of one-, two- and three-bedroom layouts with an average size of 933 square feet. Community amenities include a swimming pool, clubhouse, laundry facility and a playground.

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AcquisitionsIndustrialSouth CarolinaSoutheast

JLL Arranges Sale of New 1.1 MSF Industrial Building Near Charleston

by John Nelson

RIDGEVILLE, S.C. — JLL has arranged the sale of Building D within Camp Hall Commerce Center, a 6,800-acre industrial park in the Charleston industrial market. The 1.1 million-square-foot facility is located at 2274 Volvo Car Drive in Ridgeville and was fully leased to an unnamed global car manufacturer at the time of sale. Completed in 2023, the cross-dock building features 40-foot clear heights, 208 dock-high doors, four drive-in doors, 84 dock levelers, 847 auto parking spaces and 804 trailer storage spaces. Rockpoint, a Boston-based real estate private equity firm, and Portman Industrial sold the property to Stockbridge for an undisclosed price. JLL represented the sellers in the transaction.

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AcquisitionsFloridaMixed-UseRetailSoutheast

Linkvest Capital, MMG Equity Acquire Mixed-Use Destination in Downtown Homestead, Florida

by John Nelson

HOMESTEAD, FLA. — Linkvest Capital and MMG Equity Partners have acquired Homestead Station, a mixed-use entertainment destination located on 4.8 acres at 4 S. Krome Ave. in downtown Homestead, about 39 miles south of Miami. LV Lending previously held a first mortgage on the property, and the acquisition was completed through a deed in lieu of foreclosure to Linkvest Capital and MMG Equity. Completed in 2019, Homestead Station is anchored by Evo Entertainment + IMAX, an entertainment venue that features cinemas and bowling, as well as numerous retail and dining establishments. The center also features an 1,100-space parking garage. There is currently 18,000 square feet of vacant space available to lease, according to the new owners.

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DevelopmentMultifamilySoutheastVirginia

Penzance Proposes Three-Tower Multifamily Development in Arlington, Virginia

by John Nelson

ARLINGTON, VA. — Penzance has submitted plans to Arlington County for the development of One Rosslyn, a three-tower multifamily development located in Arlington’s Rosslyn neighborhood. The Baupost Group is serving as a project partner for Penzance on the development. One Rosslyn will comprise a 30-story tower with 461 residential units, a 27-story tower with 319 apartments and an 82-unit condo tower. STUDIOS Architecture and Hickok Cole designed the project to span 900,000 square feet and offer upscale residences, amenities and neighborhood-serving retail space. Located at the intersection of Fort Myer Drive and Langston Boulevard, the project is designed around a 30,000-square-foot private landscaped terrace that will overlook the adjacent Gateway Park, which Arlington County is revamping. With the plans submitted, the county has formally begun the site plan review process. Penzance says One Rosslyn could break ground as soon as late 2026.

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