Wednesday, July 9, 2025
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IndustrialLeasing ActivitySouth CarolinaSoutheast

SkyREM Signs 129,600 SF Industrial Lease in Fort Lawn, South Carolina

by John Nelson

FORT LAWN, S.C. — SkyREM has signed a 129,600-square-foot industrial lease at 2251 Catawba River Road in Fort Lawn, about 43 miles south of Charlotte via I-77. The tenant, a global advanced engineering and construction solutions firm, brings the 236,210-square-foot building to full occupancy. The facility offers warehouse and manufacturing space, access to major transportation networks and 77 acres of development-ready land. SkyREM has planned a multimillion-dollar capital improvement program to further modernize the property. Tommy Turner and Zack Daltorio of Newmark represented SkyREM in the lease transaction along with Clifford Blanquicet Jr. of Blanq Real Estate.

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Leasing ActivityMarylandRetailSoutheast

Crunch Fitness Opens 40,000 SF Gym at Westridge Square in Frederick, Maryland

by John Nelson

FREDERICK, MD. — Crunch Fitness has signed a 40,000-square-foot lease at Westridge Square, a regional shopping center located at 1005 W. Patrick St. in Frederick, approximately 40 miles northwest of Washington, D.C. MCB Real Estate purchased the 252,000-square-foot center in 2022 and has invested more than $6 million to attract a new anchor tenant. MCB connected the single-story former Gold’s Gym space with the existing upper-level courtyard, giving Crunch Fitness the ability to occupy two levels at the shopping center. Other improvements include the complete renovation of the exterior, new signage, wood-style finishes, landscaping and a new color palate. The new gym features cardio and strength training equipment, personal training options, a group fitness and boxing studio, hot yoga, cycling classes, Olympic lifting platforms, HydroMassage beds, cryotherapy, full-service locker rooms with showers and a sauna and a 2,500-square-foot outdoor space. Additionally, the gym also offers a Kids Crunch childcare center.

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The Ritz-Carlton New Orleans
AcquisitionsHospitalityLouisianaSoutheastTop Stories

Gencom Buys Ritz-Carlton, Courtyard by Marriott Hotels in New Orleans’ French Quarter

by Channing Hamilton

NEW ORLEANS — Gencom, a Miami-based investment firm, has acquired a portfolio of two connected hotels located in the historic French Quarter of New Orleans. The 758-room hospitality portfolio includes The Ritz-Carlton, New Orleans and the Courtyard by Marriott New Orleans French Quarter/Iberville. Situated along the city’s historic Canal Street, The Ritz-Carlton New Orleans comprises 528 hotel rooms and suites. The hotel features about 48,000 square feet of event space, a fitness center, indoor pool and a 25,000-square-foot spa. The Ritz-Carlton also offers Davenport Lounge, a jazz bar and lounge, and the M Bistro eatery. The property opened in 2000. The adjacent Courtyard by Marriott French Quarter/Iberville offers 230 rooms, as well as a coffee shop. The building was originally constructed in 1878 as a department store and was converted into a hotel in 2012. The property is located within walking distance of Bourbon Street, the Caesars Superdome and the New Orleans Ernest N. Morial Convention Center. Both hotels have recently undergone multi-year renovation programs. The Ritz-Carlton was refurbished with updates to guest rooms and public areas, including a $15 million upgrade to its Maison Orleans Club Level. Additionally, all guest accommodations and public spaces at The Courtyard by Marriott …

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DevelopmentFloridaHospitalityMixed-UseSoutheast

Gateway Jax to Redevelop Historic Ambassador Hotel in Jacksonville as Part of $2B Pearl Square Project

by John Nelson

JACKSONVILLE, FLA. — Locally based development firm Gateway Jax plans to redevelop the historic Ambassador Hotel located at 420 N. Julia St. in downtown Jacksonville. The developer, along with hotelier The Indigo Road Hospitality Group, will restore the 1924-era property into a hotel with at least 100 guestrooms, a high-end restaurant and bar, conference space and other amenities for business and leisure travelers. In addition to the hotel, Gateway Jax purchased an adjacent land parcel where the company plans to deliver a 487-space parking garage, as well as the historic 404 N. Julia St. building that will be redeveloped in the future. The new hotel will be part of Gateway Jax’s eight-block, $2 billion Pearl Square mixed-use development. Gateway Jax, which is sponsored by DLP Capital and JWB Real Estate Capital, manages a private equity fund focused on downtown Jacksonville developments.

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DevelopmentDistrict of ColumbiaHospitalitySoutheast

TPG Hotels, Douglas Development Open 107-Room Canal House of Georgetown Hotel in DC

by John Nelson

WASHINGTON, D.C. — A partnership between TPG Hotels & Resorts and Douglas Development has delivered Canal House of Georgetown, a 107-room hotel located along the Chesapeake & Ohio Canal in Washington, D.C.’s Georgetown district. Operating as a Tribute Portfolio hotel, the property represents the 1 millionth room in Marriott’s U.S. portfolio. The hotel is an adaptive reuse of a former office building and two historic townhomes and features a library lounge, private courtyard, fitness center and onsite restaurant C&O Lounge.

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AcquisitionsMarylandSeniors HousingSoutheast

Solera Acquires 113-Unit Assisted Living, Memory Care Community in Bethesda, Maryland

by John Nelson

BETHESDA, MD. — Solera Senior Living has acquired Brightview Bethesda Woodmont, an assisted living and memory care community located in Bethesda, a suburb of Washington, D.C. Brightview Senior Living sold the eight-story property for an undisclosed price. Solera will rebrand the community, which totals 113 units, as Modena Reserve at Bethesda. Amenities include rooftop decks, a formal dining room, upscale pub, multipurpose room for entertainment and gatherings, private dining room, library, fitness center, beauty and barber shop, movie theater and 24-hour concierge services. Solera also plans to reopen the community’s café, which will feature craft-brewed coffee and local gourmet pastries. Denver-based Solera owns and operates independent living, assisted living and memory care communities across seven states.

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AcquisitionsFloridaRetailSoutheast

CORE Purchases Orlando Shopping Center for $37.5M

by John Nelson

ORLANDO, FLA. — Core Investment Management (CORE) has acquired Dellagio Town Center, a 109,489-square-foot retail center in Orlando, for $37.5 million. Located along the Dr. Phillips retail corridor, the multi-tenant center features 30 different brands including AdventHealth Medical Group, Nola’s Ice Cream, Fleming’s Prime Steakhouse & Wine Bar, Fred Astaire Dance Studios and Fifth Third Bank. CORE plans to enhance the property with an improved tenant mix and aesthetic renovations.

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AcquisitionsFloridaIndustrialSoutheast

Cushman & Wakefield Brokers Sale of 587,815 SF Industrial Property in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Cushman & Wakefield has brokered the sale of a 587,815-square-foot industrial facility located on a 28-acre parcel at 5245 Commonwealth Ave. in Jacksonville’s Westside submarket. Rick Brugge, Mike Davis, Rick Colon and Dominick Montazemi of Cushman & Wakefield represented the seller, a fund managed by DRA Advisors, in the transaction. Treetop Cos. acquired the property for an undisclosed price. Situated near I-10 and I-295, the property includes a vacant 560,688-square-foot warehouse and a 27,127-square-foot outparcel building fully leased to Conlan Tire.

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Sharon Géno
District of ColumbiaFeaturesMultifamilySoutheast

NMHC: High Insurance Costs Worsen U.S. Housing Affordability Crisis

by Channing Hamilton

WASHINGTON, D.C. — Rising insurance costs are standing in the way of building more affordable housing. According to a survey from the National Multifamily Housing Council (NMHC), about 77 percent of owner/developer firms reported rate increases of up to 20 percent or more compared with 2023 costs. NMHC’s 2024 State of Multifamily Risk Report attributes the high costs to a variety of factors, including increased cost valuation, limited capacity within the reinsurance market, shrinking underwriting capacity and restricted availability of guaranteed cost/zero deductible programs.  Previous NMHC research, such as the 2023 State of Multifamily Risk Report, indicated that supply chain issues and high inflation led to higher construction and replacement costs. As insurance costs rise, insurance companies increase the minimum amount a property must earn in revenue to remain financially viable. These costs can be especially detrimental to affordable housing providers who develop rate-capped units. However, while insurance rates remain significantly elevated compared with historical norms, the report also found that there was some stabilization in the property insurance market in 2024. Last year marked the first decline in rates since 2017, after 27 consecutive quarters of growth. The report attributes this temporary stability to increased capacity and competition in the property insurance …

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DevelopmentHospitalityLoansMixed-UseMultifamilySoutheastTennesseeTop Stories

Walker & Dunlop Arranges $253M Construction Loan for Pendry Nashville Hotel and Condominium Tower

by John Nelson

NASHVILLE, TENN.  — Walker & Dunlop (NYSE: WD) has arranged a $253 million construction loan for the development of the Pendry Nashville and Pendry Residences Nashville, a luxury 30-story hotel and condominium tower located in the city’s Gulch district. Pendry Hotels & Resorts, in partnership with investment and development firms SomeraRoad and Trestle Studios, plan to immediately break ground on the project. Upon completion, Pendry Nashville will include 180 guestrooms and suites, while 146 for-sale residences will be offered at Pendry Residences. The Pendry Nashville Hotel & Residences development is part of Phase III of the Paseo South Gulch master-planned micro-neighborhood, a 1 million-square-foot mixed-use district developed by SomeraRoad. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz, Sean Bastian and Jackson Irwin of the Walker & Dunlop New York Capital Markets team arranged the loan. Bank OZK and InterVest Capital Partners provided the financing package on behalf of SomeraRoad and Trestle Studio. Jay Morrow and Carter Gradwell of the Walker & Dunlop Hospitality team represented SomeraRoad throughout the financing process, working in collaboration with the firm’s New York Capital Markets team. “Having worked with SomeraRoad to capitalize prior phases of their Paseo South Gulch master-planned development, we are …

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