MARTINSBURG, W.VA. — Berkadia has brokered the sale of The Meadows at Berkeley Ridge, a newly constructed build-to-rent (BTR) residential community located at 368 Pineda Lane in Martinsburg. The 148-unit townhome property serves as the first BTR development in the market, according to Berkadia. The Meadows at Berkeley Ridge was built in 2023 and features three-story townhomes with three- and four-bedroom floor plans averaging 1,912 square feet in size. Each unit features private two-car driveways and attached car garages. Brett Moss, Tyler Swidler, Drew White, Carter Wood and Cole Carns of Berkadia brokered the sale. The sales price and seller were not disclosed. Phil Branigan, Miles Drinkwalter and Natalie Revers of Berkadia originated a 10-year, fixed-rate Fannie Mae acquisition loan on behalf of the buyer, a joint venture between Virginia-based DSP Real Estate Capital and Virginia-based Rockbridge Investment Group.
West Virginia
Cornerstone Community Development to Break Ground on $51M Adaptive Reuse Project in Huntington, West Virginia
by John Nelson
HUNTINGTON, W.VA. — Cornerstone Community Development Corp. plans to convert the historic Prichard Hotel in downtown Huntington into an affordable seniors housing property. The $51 million renovation will comprise converting the former hotel rooms into 108 residential living spaces, as well as repositioning the first two floors for healthcare services and additional community resources. Cornerstone Community Development’s partners on the project include Christ Temple Church, Winterwood Development and CVS Health, which is investing more than $17 million in the project. The timeline for construction was not disclosed.
Maverick Arranges $5.4M Loan for Student Housing Community Near West Virginia University
by John Nelson
MORGANTOWN, W.VA. — Maverick Commercial Mortgage Inc. has arranged a $5.4 million loan for the refinancing of a 114-bed student housing property situated adjacent to the campus of West Virginia University in Morgantown. The 34-unit property is located at 251 Stewart St. and features controlled access, 24-hour maintenance and a fitness center. Maverick Commercial arranged the 10-year, fixed-rate loan with a 25-year amortization schedule through an unnamed national bank on behalf of the borrower, a national developer based in Indianapolis.
JANE LEW, W.VA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Crestview Manor Nursing Home, a 72-bed skilled nursing facility in Jane Lew, approximately 115 miles south of Pittsburgh. The property has been family-owned since 1987 and is the only skilled nursing facility in Lewis County. The seller was a private, out-of-state owner that owned Crestview Manor for over three decades. The buyer is a publicly traded REIT utilizing an existing operating partner relationship that has collectively rapidly grown its presence throughout West Virginia. Both parties requested anonymity, and the sales price was also not disclosed. Dave Balow and Patrick Burke handled the transaction for SLIB.
KeyBank Arranges $33M Acquisition Financing for Meadow Creek Apartments in Bridgeport, West Virginia
by John Nelson
BRIDGEPORT, W.VA. — KeyBank Real Estate Capital (KBREC) has arranged a $33 million loan for the acquisition of Meadow Creek Apartments, a multifamily community located in Bridgeport. Built in 2017 on 31.5 acres, the property comprises 29 buildings ranging from two to four stories. Alan Isenstadt, Pranav Sarda and John Ward of KBREC structured the fixed-rate Fannie Mae loan. Moshe Feiner of Sevenstone Capital arranged the financing on behalf of the undisclosed borrower.
Marcus & Millichap Capital Corp. Arranges $5.8M Loan for Self-Storage Portfolio in West Virginia
by John Nelson
FALLING WATERS AND HEDGESVILLE, W.VA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5.8 million loan for a four-property self-storage portfolio in West Virginia. The properties span 770 units and are located at 21 Crawford Quarry Road, 1820 Broad Lane and 9724 Williamsport Pike in Falling Waters, as well as 73 Roaring Lion Drive in Hedgesville. Jared Cassidy of MMCC’s Bethesda, Md., office arranged the 10-year loan on behalf of the borrower, a private self-storage operator, through an unnamed balance sheet lender. The loan was underwritten with a fixed interest rate of 4.1 percent and a loan-to-value ratio of 75 percent. Additionally, the loan features 12 months of interest-only payments.
HUNTINGTON, W.VA. — Time Equities Inc. (TEI) has purchased a 363,000-square-foot industrial facility located at 550 27th St. in Huntington. Sierra Corp. sold the property to the New York City-based firm for $9 million. The property was fully leased at the time of sale to a combination of national, regional and local tenants. The facility is located adjacent to the CSX Transportation rail hub and the Port of Huntington, which is situated along the Ohio River. Sal Ramundo of Marcus & Millichap represented the seller in the transaction. Max Pastor and Brian Soto led the TEI acquisitions team internally.
MARTINSBURG, W.VA. — Columbia, S.C.-based Red Rock Developments and Cresset Real Estate Partners have broken ground on an 829,948-square-foot, speculative industrial facility in Martinsburg. The firms want to secure a tenant before the site’s completed construction, which is slated for early 2023. Gerry Blindbury and Colin Potter of Cushman & Wakefield will handle leasing once the project is completed. The development will feature space ideal for a distribution and fulfillment center. Once complete, the building will be equipped to facilitate cross-dock distribution operations. The project’s features will include 40-foot clear heights, 156 exterior docks, four drive-in doors, 516 parking spaces for cars and 349 trailer parking spaces.
MARTINSBURG, WV. — Hines, along with an investor advised by MetLife Investment Management, MetLife, Inc.’s institutional asset management business, has broken ground on the first phase for Tabler Station Logistics Park, which will feature a total of over 730,000 square feet in Martinsburg. Located close to Interstate 81 on a 145-acre site, the first phase of Tabler Station Logistics Park will include two Class A, industrial buildings with each building consisting 365,400 square feet. Both buildings will feature 40-foot clear heights at first column, cross-dock configuration with 450-foot building depths, 185-foot-deep truck courts and full-building circulation with segregated car and trailer traffic. Construction on Phase I of the project is slated for completion by the fourth quarter of 2022. The overall project will feature three buildings with approximately 1.6 million square feet of industrial space. Powers Brown Architects and Pennoni Engineering designed the project. RS Mowery will construct Phase I of the development. Wells Fargo is providing an undisclosed amount of construction financing. Chuck Watters, Tom Griggs, John Carroll, Julia Craig and Eric Mitman of Hines worked on the development team for the project.
Equus Capital Signs Clorox to 580,000 SF Build-to-Suit Warehouse Lease in Martinsburg, West Virginia
MARTINSBURG, W.VA. — Equus Capital Partners Ltd. has signed a 10-year, build-to-suit lease agreement with subsidiaries of The Clorox Co. for a 580,000-square-foot warehouse space within the Mid-Atlantic 81 Logistics Park in Martinsburg. The new warehouse is expected to come on line in spring 2022. Clorox is currently constructing a manufacturing facility for its Fresh Step cat litter brand approximately one-third of a mile from Mid-Atlantic 81 Logistics Park. Additionally, there are two Kingsford manufacturing plants located in West Virginia. Clorox will store and distribute the products from the new Martinsburg facility. Mid-Atlantic 81 Logistics Park is situated on 150 acres off Tabler Station Road along the Interstate 81 corridor in Berkeley County, approximately 85 miles west of Washington, D.C. The warehouse and distribution building will feature 36-foot clear heights, cross docks, all-concrete truck courts, an ESFR sprinkler system, LED lighting, a 7-inch concrete floor and will be expandable to 868,000 square feet. Brad Metzger and Liz Roberts of Cresa represented Clorox in the lease transaction, and John Lesinski and Ben Luke of Colliers International represented Equus, a Philadelphia-based developer and private equity real estate fund managing firm. In 2018, Equus developed a 356,000-square-foot warehouse for Proctor & Gamble at …
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