Monday, March 10, 2025
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AcquisitionsMarylandRetailSoutheast

Marcus & Millichap Arranges Sale of Retail Strip Center in Towson, Maryland

by John Nelson

TOWSON, MD. — Marcus & Millichap has arranged the sale of a 14,175-square-foot retail strip center located at 1270 E. Joppa Road in Towson. An affiliate of Wilmington, Del.-based Buccini Pollin Group sold the property for an undisclosed price. Dean Zang and David Crotts of Marcus & Millichap’s Washington, D.C., office represented the seller and procured the buyer, an unnamed private investor. Built in 2018, the property’s tenant roster includes Aspen Dental, ATI Physical Therapy, Dogtopia and School of Rock. The center is situated on 1.9 acres as an outparcel to a Wawa gas station and 1271 at Towson, a luxury apartment community.

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DevelopmentHealthcareSoutheastVirginia

Capital Growth Medvest Breaks Ground on $105M Healthcare Project in Lynchburg, Virginia

by John Nelson

LYNCHBURG, VA. — Capital Growth Medvest has broken ground on a $105 million healthcare project in Lynchburg, a city in central Virginia at the foothills of the Blue Ridge Mountains. The project comprises two adjacent outpatient hospitals: Centra Rehabilitation Hospital (50 beds, 62,500 square feet) and Centra Behavioral Health Hospital (72 beds, 61,000 square feet). JE Dunn Capital Partners and Sila Realty Trust are capital partners on the project, and Carter Bank is providing senior construction financing. Operating partners on the project include Centra Health, LifePoint Rehabilitation and Lifepoint Behavioral Health, both of which are affiliates of LifePoint Health. The two Lynchburg projects represent Capital Growth Medvest’s sixth and seventh development partnerships with Lifepoint across six states. JE Dunn is serving as the general contractor for both hospitals, and Earl Swensson Associates and Stengel Hill Associates are the architects for the rehabilitation and behavioral health hospitals, respectively. Both facilities are slated for completion in late 2025.

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AcquisitionsGeorgiaLoansMultifamilySoutheast

CBRE Arranges $30.2M Acquisition Loan for Aqua at Sandy Springs Apartments in Metro Atlanta

by John Nelson

SANDY SPRINGS, GA. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $30.2 million acquisition loan for Aqua at Sandy Springs, a 219-unit apartment community located at 100 Greyfield Lane in Sandy Springs, a northern suburb of Atlanta. The borrower and buyer is New York-based T30 Capital. Blake Cohen and Reed McGarity of CBRE’s Atlanta office arranged the loan through Equitrust. Aqua at Sandy Springs was built in two phases in 1985 and 2000 and features one-, two- and three-bedroom apartments, as well as an outdoor pool.

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AcquisitionsFloridaIndustrialLoansSoutheast

Redfearn Capital Secures $18.7M Acquisition Loan for Industrial Facility in South Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Redfearn Capital has secured an $18.7 million acquisition loan for a 363,000-square-foot industrial facility located at 12751 Gran Bay Parkway in south Jacksonville. South Point Capital Management provided the loan. Redfearn Capital acquired the property from Brookfield for $27.2 million. The property was fully leased at the time of financing to Saddle Creek Logistics, an omnichannel supply chain provider. Constructed in 1997, the facility features 24-foot clear heights and 30 dock doors.

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AcquisitionsAlabamaRetailSoutheast

Matthews Brokers Sale of 57,441 SF Shopping Center in Montgomery

by John Nelson

MONTGOMERY, ALA. — Matthews Real Estate Investment Services has brokered the sale of Promenade North Shopping Center, a 57,441-square-foot retail center located at 2423 Eastern Blvd. in Montgomery. Pierce Mayson and Kyle Stonis of Matthews represented the seller, an affiliate of Hackney Real Estate Partners, in the transaction. The buyer and sales price were not disclosed. Promenade North was 97.3 percent leased at the time of sale to tenants such as Harbor Freight Tools, AutoZone and ArchWell Health. The Home Depot shadow-anchors the center.

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AcquisitionsNorth CarolinaRetailSoutheast

CenterSquare Acquires 18,550 SF Retail Strip Center in Charlotte

by John Nelson

CHARLOTTE, N.C. — CenterSquare has acquired Riverbend Village Shops, an 18,550-square-foot retail center located in Charlotte. Comprising four buildings, the development marks the final phase of Riverbend Village, a master-planned community totaling 62,000 square feet. Tenants at the property include First Watch, Jeremiah’s Italian Ice, GoHealth Urgent Care, Vitamin Shoppe, Nana Morrison’s Soul Food and Nothing Bundt Cake. The seller and sales price were not disclosed.

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Bahia-Mar-Pool
DevelopmentFloridaMixed-UseSoutheastTop Stories

Joint Venture Unveils Plans for $2B Waterfront Mixed-Use Development in Fort Lauderdale, Florida

by Katie Sloan

FORT LAUDERDALE, FLA. — A joint venture between Related Group, Tate Capital and Rok Acquisitions has unveiled plans for Bahia Mar, a $2 billion waterfront mixed-use development located in Fort Lauderdale. The joint venture is developing the 40-acre project in collaboration with Marriott International. Bahia Mar will be anchored by two 23-story condominium towers and a 197-room luxury hotel, all operating under the St. Regis brand.   Condominiums will be offered in three- and four-bedroom configurations ranging from 2,600 to 3,550 square feet, in addition to penthouse residences across both the condominium towers and a portion of the hotel. Units will feature a private elevator foyer and sweeping views of the Atlantic Ocean.  Shared amenities in the condo towers will include a spa with steam rooms, saunas, hot and cold plunges, treatment rooms and a wellness terrace; a salon offering beauty services; an indoor/outdoor fitness center; a children’s entertainment room; library/media room; private dining and billiards rooms; and outdoor terraces with summer kitchens, a private outdoor pool, pickleball court and a multisport simulator.  The resort will also feature amenities including two pools, a fitness center, spa, outdoor amenity spaces and a signature restaurant, all of which will be available to condo …

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CivicDevelopmentDistrict of ColumbiaIndustrialMarylandSoutheast

Biden Administration Announces $3B Investment in Port Infrastructure

by John Nelson

WASHINGTON, D.C. — The Biden Administration has announced a $3 billion investment from the Inflation Reduction Act to improve port infrastructure and support an estimated 40,000 “good-paying and union jobs” at 55 ports across 27 states. According to The White House press, U.S. ports employ more than 100,000 union workers. The initiative, named The Clean Ports Program, is headlined by a $147 million investment for the Maryland Port Administration via grants and awards that will support 2,000 jobs, as well as fund the installation of zero-emission equipment, charging infrastructure and power improvements. Biden made the announcement yesterday at the Port of Baltimore, site of the Francis Scott Key Bridge collapse in March. The Clean Ports Program is expected to increase the demand for American manufactured electric cargo handling equipment and eliminate more than 3 million metric tons of carbon pollution over the first 10 years of implementation, which is equivalent to 391,220 homes’ energy use for one year. The program will fund new battery-electric and hydrogen-powered cargo handling equipment, drayage trucks, locomotives and vessels, as well as charging/fueling infrastructure and solar power installation.

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AcquisitionsFloridaMultifamilySoutheast

Olympus Property Acquires Apartment Community in Downtown St. Petersburg for $81M

by John Nelson

ST. PETERSBURG, FLA. — Olympus Property has acquired 930 Central Flats, a 218-unit apartment community located in downtown St. Petersburg. The seller and sales price were not disclosed, but Tampa Bay Business Journal reports the property traded for $81 million. Developed in 2019, the six-story property is situated within the Central Avenue entertainment corridor and adjacent to the $6.5 billion Gas Plant District redevelopment. This transaction marks Olympus Property’s second acquisition in the Tampa Bay area, bringing the owner-operator’s Florida portfolio to 5,500 units. “The property’s unmatched location and upscale amenities align seamlessly with our long-term investment approach,” says Chase Bennett, chief acquisitions officer at Olympus Property.

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AcquisitionsRetailSouth CarolinaSoutheast

IPA Brokers $18.8M Sale of Shopping Center in Bluffton, South Carolina

by John Nelson

BLUFFTON, S.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $18.8 million sale of Bluffton Target Center, a shopping center located in Bluffton, approximately seven miles west of Hilton Head Island. Built in 2001, the property totals 100,314 square feet and was fully leased at the time of sale to tenants including Dick’s Sporting Goods, Staples and Starbucks Coffee. Zach Taylor of IPA represented the seller, an entity doing business as Stafford Bluffton LLC, in the transaction and procured the buyer, Tarantino Properties Inc.

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