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AcquisitionsFloridaIndustrialSoutheast

Cushman & Wakefield Arranges $55.4M Sale of Industrial Portfolio in South Florida

by John Nelson

DEERFIELD BEACH AND POMPANO BEACH, FLA. — Cushman & Wakefield has arranged the $55.4 million sale of The Broward Collection, a two-building industrial portfolio totaling 221,045 square feet in South Florida. The first property includes 1111 SW 30th Ave., a 158,000-square-foot distribution center in Deerfield Beach that is fully leased to an undisclosed e-commerce user. The second property, which is located at 1121-1141 N.W. 31st Ave. in Pompano Beach, totals 63,045 square feet and is fully leased to two tenants. Mike Davis, Dominic Montazemi, Rick Brugge, Rick Colon and Greg Miller of Cushman & Wakefield’s Industrial Advisory Group, along with Matthew McAllister and Christopher Thomson of the firm’s industrial leasing team, represented the seller, Elion Partners, in the transaction. EQT Exeter Real Estate was the buyer.

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AcquisitionsFloridaMultifamilySoutheast

Pearlmark, Ashcroft Capital Acquire 300-Unit Multifamily Community in Metro Orlando

by John Nelson

WINTER GARDEN, FLA. — A joint venture between Pearlmark and Ashcroft Capital has acquired Birchstone Waterleigh, a 300-unit multifamily community in the Horizon West master-planned community near Winter Garden. Birchstone Residential, Ashcroft’s in-house property management and construction management company, will operate the community. DHI Residential sold the property for an undisclosed price. Built in 2023, Birchstone Waterleigh, formerly known as Ascend Waterleigh Club, offers one-, two- and three-bedroom units ranging from 880 square feet to 1,563 square feet, according to Apartments.com. Amenities at the property include a resort-style, saltwater pool with a poolside pavilion, wet bar and grills; a 24-hour gym with a Peloton room; an entertainment club room with arcade; and a cybercafé with private offices and a conference room with a coffee and beverage station. The property also features an activity lawn with table tennis, a dog park, pet spa and electric vehicle charging stations.

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AcquisitionsNorth CarolinaRetailSoutheast

CenterSquare Purchases 11,835 SF Retail Strip Center in Charlotte

by John Nelson

CHARLOTTE, N.C. — CenterSquare Investment Management has acquired Gold Hill Commerce Park, an 11,835-square-foot retail strip center located in Charlotte. Built in 2000, the center is situated roughly 11 miles from the Charlotte Douglas International Airport. The property was fully leased to tenants including Marco’s Pizza, UrgentVet, Select Physical Therapy and Allen Tate Realty at the time of sale. This transaction marks CenterSquare’s 20th acquisition in the Southeast. The seller and sales price were not disclosed.

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Marvel-City-Business-Park
AcquisitionsAlabamaIndustrialSoutheastTop Stories

Range Light Investment Acquires Mall at Westlake in Suburban Birmingham, Plans Industrial Redevelopment

by Abby Cox

BESSEMER, ALA. — Range Light Investment Partners has acquired the former Mall at Westlake, a 323,000-square-foot shopping and dining destination located southwest of Birmingham in Bessemer, Ala. The Ohio-based investment firm plans to redevelop the property into an industrial flex complex that will be known as Marvel City Business Park. The former mall, which originally opened in 1969, permanently closed 40 years later in 2009 after retail activity migrated elsewhere, according to Range Light, leaving the property available for alternative purposes. “Shopping malls built from the 1960s through the 1990s were the distribution centers of that era,” says Pat Foran, founder of Range Light Investment Partners. “All of the features that made them great malls years ago are the same features light industrial and flex tenants are looking for today.” “There are many more tenants looking for 30,000 to 50,000 square feet than 300,000 to 500,000 square feet in the Birmingham area, and there are virtually no options for them,” adds Foran. “Marvel City Business Park will cater to those smaller bay-sized tenants that don’t need 36-foot-high ceilings and want more affordable rent than what the newer big box developments demand.” Situated on a 40-acre site at the intersection of interstates …

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FloridaLoansOfficeSoutheast

Grover Corlew Obtains $61M Refinancing for Two Adjacent Office Properties in Downtown Boca Raton

by John Nelson

BOCA RATON, FLA. — Grover Corlew has obtained a $61 million CMBS loan from Wells Fargo for the refinancing of two adjacent office properties in downtown Boca Raton. The assets include Palmetto Park City Center at 120 E. Palmetto Park Road and Bank of America Tower at 150 E. Palmetto Park Road. Both properties are nearing full occupancy and have the highest lease rates among comparable office buildings in Boca Raton, according to Grover Corlew. The South Florida-based investment firm has invested more than $16 million in upgrades in the past few years at both properties, including a full-floor tenant buildout for Waypoint and the addition of the Mia Rosebud at Bank of America Tower.

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FloridaLoansMultifamilySoutheast

JLL Secures $48M Refinancing for Westshore Palm Bay Apartments on Florida’s Space Coast

by John Nelson

PALM BAY, FLA. — JLL has secured a $48 million loan for the refinancing of Westshore Palm Bay, a 248-unit luxury apartment community located at 2331 Commerce Park Drive NE in Palm Bay, a city on Florida’s Space Coast. Brian Gaswirth, Ted Taylor, Kyle Butler, Aaliyah St. Louis and Noli Muratovic of JLL arranged the floating-rate loan through ACORE Capital LP on behalf of the borrower, Northshore Development. Built in 2023, Westshore Palm Bay features a 24-hour fitness center with on-demand virtual classes, resort-style pool with sun shelves, clubhouse and an 8-acre lake within a nature preserve. The property was 94 percent occupied at the time of financing.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Berkadia Brokers $43.8M Sale of Highline North Apartments in Asheville, North Carolina

by John Nelson

ASHEVILLE, N.C. — Berkadia has brokered the $43.8 million sale of Highline North, a 168-unit apartment community located at 602 Highline Drive in Asheville. The seller, North Carolina-based Carlisle Residential Properties, delivered the property in 2023. Caleb Troop, Thomas Colaiezzi and Matt Robertson of Berkadia represented the seller in the transaction. Jeremy Lynch and Jake Adoni of Berkadia’s Philadelphia office originated a Freddie Mac acquisition loan on behalf of the buyer, Greenville-based Graycliff Capital. Highline North features one-, two- and three-bedroom apartments, as well as three-bedroom townhomes, with units ranging in size from 822 to more than 1,500 square feet. Amenities include a fitness center with cardio and weight lifting equipment; clubhouse featuring a TV lounge, wet bar and shuffleboard; pet spa and park; salt-water swimming pool; Amazon package lockers; detached garages; and electric vehicle charging stations.

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AcquisitionsRetailSoutheastVirginia

Greysteel Negotiates $9M Sale of Laburnum Park Shopping Center in Richmond

by John Nelson

RICHMOND, VA. — Greysteel has negotiated the $9 million sale of Laburnum Park Shopping Center, a 61,060-square-foot retail center located at 4320, 4356 and 4396 S. Laburnum Ave. in Richmond. Oklahoma-based The Criterion Fund purchased the property from the seller, a private individual. Ben Wilson of Greysteel represented the seller in the transaction and procured the buyer. The seller received 10 competitive offers during marketing, according to Greysteel. Laburnum Park Shopping Center features two in-line retail buildings, a standalone retail pad and a bank pad.

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AcquisitionsRetailSouth CarolinaSoutheast

Marcus & Millichap Arranges $7.1M Sale of Two Vacant Retail Properties in Columbia

by John Nelson

COLUMBIA, S.C. — Marcus & Millichap has arranged the $7.1 million sale of two vacant retail buildings located on a 3.2-acre site at 3818 Devine St. in Columbia. The 38,816-square-foot property was home to a Piggly Wiggly for more than 40 years before the grocer closed in April. Harrison Creason and Andrew Margulies of Marcus & Millichap brokered the transaction between the seller, an out-of-state owner, and the buyer, locally based Cason Development Group.

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GITC
AcquisitionsGeorgiaIndustrialMassachusettsNortheastSouth CarolinaSoutheastTop Stories

Hines Acquires Three East Coast Industrial Assets for $309M

by Hayden Spiess

HOUSTON — Hines Global Investment Trust (HGIT), a real estate investment trust (REIT) sponsored by Houston-based global asset manager Hines, has acquired three industrial assets located on the East Coast for a total $309 million.  The acquired properties include two distribution facilities situated within the Georgia International Trade Center (GITC) in the Savannah market and two warehouse/distribution facilities located in Upton Crossing, a warehouse campus in Wilmington, Mass. The Davis Cos., a real estate investment and development firm based in Boston, sold both assets, which total 2.5 million square feet. Additionally, HGIT acquired I-85 Logistics Center, an industrial property in the Greenville-Spartanburg metro in South Carolina’s Upstate region. The seller of I-85 Logistics Center was not disclosed. The properties in Savannah total 2.2 million square feet and were fully leased at the time of sale. A joint venture between Davis and Atlanta-based Stonemont Financial Group developed GITC, which comprises a total 7.7 million square feet of manufacturing and warehouse space across 10 buildings. The site is located roughly 10 miles from the Port of Savannah.  Totaling 215,000 square feet, the properties at Upton Crossing in Wilmington were 81 percent leased at the time of acquisition. Davis acquired Upton Crossing in …

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