West Virginia Archives - REBusinessOnline

Lument Securities Arranges $140M Sale of Four Long-Term Healthcare Communities in West Virginia

John Nelson — Thu, 20 Nov 2025 15:54:45 +0000

NEW YORK CITY — Lument Securities has arranged the $140 million sale of four long-term healthcare communities in West Virginia. Marx Development Group (MDG) purchased the 511-bed portfolio and has selected its subsidiary, Majestic Care, to operate the communities. Laca Wong-Hammond of Lument Securities represented the seller, the State of West Virginia, in the transaction. The properties include Hopemont Hospital in Terra Alta, Jackie Withrow Hospital in Beckley, John Manchin Sr. Health Care Center in Fairmont and Lakin Hospital in West Columbia. In addition to funding the purchase, the closing provides for a minimum of another $80 million that MDG has committed to using for the construction of three to five new long-term care communities in the coming years.

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Cambridge Realty Capital Provides $4.3M HUD-Insured Loan for Skilled Nursing Property in Elizabeth, West Virginia

John Nelson — Thu, 23 Oct 2025 13:47:49 +0000

ELIZABETH, W.VA. — Cambridge Realty Capital has provided a $4.3 million HUD 223(f) loan for the refinancing of Elizabeth Care Center, a 36-bed skilled nursing facility located at 83 Little Kanawha Parkway in Elizabeth. The lender used HUD’s new Express Lane program, which facilitated the loan to receive its firm commitment to be accepted 18 days after submission. The borrower was not disclosed, but Coplin Health Systems announced that it sold Elizabeth Care Center to the operator, Providence Health Group, in late 2024.

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Centurion Property Group Acquires 534-Bed Student Housing Community Near West Virginia University

John Nelson — Thu, 25 Sep 2025 11:28:41 +0000

MORGANTOWN, W.VA. — Centurion Property Group has acquired U Club Sunnyside, a 534-bed student housing community located near the West Virginia University campus in Morgantown. The new ownership plans to rebrand the property as The View at Morgantown and implement capital improvements following the acquisition. The seller and terms of the transaction, which was brokered by JLL, were not released. Developed in 2016, the property offers units in a mix of two- and four-bedroom configurations. Shared amenities include a resort-style pool, hot tub, fitness center, community kitchen, barbecue grills and dedicated study spaces.

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BWE Provides $37M Agency Loan for Seniors Housing Community in Charleston, West Virginia

John Nelson — Thu, 31 Jul 2025 14:40:03 +0000

CHARLESTON, W.VA. — BWE has provided a $37 million Fannie Mae loan for Harmony at Southridge, a seniors housing community in Charleston that is operated by Harmony Senior Services. Ryan Stoll and Taylor Mokris of BWE originated the 10-year loan on behalf of the borrower, Smith-Packett, Wessex Capital. The loan features five years of interest-only payments and a fixed interest rate. Built in 2020, Harmony at Southridge features independent living, assisted living and secured memory care units, as well as chef-prepared dining options, a therapy gym, movie theater, beauty salon, library and concierge services. The borrower converted 12 independent living units to assisted living in late 2024, according to BWE.

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Marcus & Millichap Negotiates $4.8M Sale of Industrial Facility in Martinsburg, West Virginia

John Nelson — Tue, 03 Jun 2025 14:42:45 +0000

MARTINSBURG, W.VA. — Marcus & Millichap has negotiated the $4.8 million sale of a 67,200-square-foot industrial facility located at 5158 Williamsport Pike in Martinsburg. PepsiCo recently vacated the facility after its lease expired on May 31. Situated on 7.6 acres, the tilt-up concrete building includes a recently replaced roofing system, 28- to 32-foot clear heights, a 34-foot full deck height, seven trailer dock doors, two trash removal doors, nine levelers, single and double-wide drive-in doors and a 15-ton interior gantry crane. Kyle Malin and Brian Chupek of Marcus & Millichap’s Baltimore office represented the Los Angeles-based seller and procured the Maryland-based buyer. Both parties requested anonymity. Grant Fitzgerald served as Marcus & Millichap’s broker of record in West Virginia for the deal.

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Cooper Commercial Negotiates $2.7M Sale of Dollar Tree-Anchored Retail Center in Huntington, West Virginia

John Nelson — Wed, 02 Oct 2024 14:29:49 +0000

HUNTINGTON, W.VA. — Cooper Commercial Investment Group has negotiated the $2.7 million sale of a shopping center in Huntington. Dollar Tree anchors the retail center, which is located six blocks from Marshall University and adjacent to St. Mary’s Medical Center hospital. Dan Cooper of Cooper Commercial’s Cleveland office represented the seller, a private investment firm based in the Midwest, in the transaction. The undisclosed, privately held buyer purchased the center at 93 percent of list price, according to Cooper Commercial.

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Live Oak Bank Closes $39M Loan for Seniors Housing Community in Morgantown, West Virginia

John Nelson — Fri, 20 Sep 2024 13:55:57 +0000

MORGANTOWN, W.VA. — Live Oak Bank has closed a $39 million unitranche loan — a hybrid financing structure that combines senior debt and subordinated debt into one loan — on behalf of a Charleston, S.C.-based owner and operator of seniors housing communities. Loan proceeds were used to retire existing bank debt along with partnership debt associated with the sponsor’s 2021 purchase of a 175-unit independent living, assisted living and memory care community located in Morgantown, home city of West Virginia University. The three-year loan provides a bridge-to-agency option and includes 24 months of interest-only payments and no exit fee. Berkadia Commercial Mortgage’s Seniors Housing & Healthcare Group funded the subordinate debt.

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Berkadia Brokers Sale of Build-to-Rent Residential Community in Martinsburg, West Virginia

John Nelson — Wed, 08 May 2024 15:19:07 +0000

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.

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Cornerstone Community Development to Break Ground on $51M Adaptive Reuse Project in Huntington, West Virginia

John Nelson — Tue, 19 Dec 2023 16:04:49 +0000

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.

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Maverick Arranges $5.4M Loan for Student Housing Community Near West Virginia University

John Nelson — Tue, 20 Jun 2023 14:24:42 +0000

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.

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SLIB Brokers Sale of 72-Bed Seniors Housing Property in Jane Lew, West Virginia

John Nelson — Tue, 09 May 2023 14:52:05 +0000

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.

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KeyBank Arranges $33M Acquisition Financing for Meadow Creek Apartments in Bridgeport, West Virginia

John Nelson — Fri, 28 Apr 2023 16:36:52 +0000

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.

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Marcus & Millichap Capital Corp. Arranges $5.8M Loan for Self-Storage Portfolio in West Virginia

John Nelson — Mon, 13 Jun 2022 13:25:52 +0000

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.

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Time Equities Acquires 363,000 SF Industrial Building in Huntington, West Virginia

John Nelson — Tue, 03 May 2022 14:27:13 +0000

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.

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Red Rock, Cresset Break Ground on 829,948 SF Industrial Facility in Martinsburg, West Virginia

Julia Sanders — Fri, 11 Mar 2022 15:45:22 +0000

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.

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Joint Venture Breaks Ground on 730,000 SF Tabler Station Logistics Park in Martinsburg, West Virginia

Julia Sanders — Thu, 11 Nov 2021 17:00:14 +0000

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.

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Equus Capital Signs Clorox to 580,000 SF Build-to-Suit Warehouse Lease in Martinsburg, West Virginia

Julia Sanders — Thu, 20 May 2021 14:34:49 +0000

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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Heidenberg, JV Partner to Add Mix of Uses to Potomac Marketplace in Ranson, West Virginia Following Zoning Change

Julia Sanders — Mon, 12 Apr 2021 13:54:25 +0000

RANSON, W.VA. — A joint venture between Heidenberg Properties Group and Strategic Real Estate Partners has announced plans to add a mix of uses to Potomac Marketplace in Ranson. In March of this year, the City of Ranson’s Planning Commission approved the rezoning of Potomac Marketplace to allow for the creation of a mixed-use and walkable neighborhood. Potomac Marketplace is located within an opportunity zone and can support up to 50,000 square feet of future development, including complimentary uses such as multifamily, office, medical and/or hospitality. The rezoning allows for higher density development at the site that would accommodate new apartments and offices, according to Heidenberg Properties Group. The shopping center opened in 2006 and is prominently located along Route 9. Current tenants include Marshalls, The Home Depot, Kohl’s, regional grocer Weis Markets, Petco and a variety of fast-casual restaurants such as Panera Bread, Glory Days Grill and Dunkin’.

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Hibbett Sports Opens 5,600 SF Store at Mall in Morgantown, West Virginia

Alex Tostado — Tue, 15 Sep 2020 15:14:46 +0000

MORGANTOWN, W.VA. — Hibbett Sports has opened a 5,600-square-foot store within Morgantown Mall. The Birmingham, Ala.-based sports retailer offers brands such as Nike, Under Armour, Jordan, The North Face and Adidas. The new location implements the company’s new store design, which features an open concept, phone charging stations and other amenities for customers to experience. The mall location also offers online, pick-up in-store and curbside pick-up shopping options. Morgantown Mall is located at 9235 Mall Road, three miles southwest of downtown Morgantown and three miles south of West Virginia University.

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Marcus & Millichap Arranges $10M Sale of Multifamily Property in Martinsburg, West Virginia

Alex Tostado — Tue, 08 Sep 2020 15:00:58 +0000

MARTINSBURG, W.VA. — Marcus & Millichap has arranged the $10 million sale of Elmtree Townhouse Apartments, a 97-unit multifamily community in Martinsburg. The property, which is two stories tall and was built in 2006, offers two- and three-bedroom floor plans. The asset is situated at 125 Winslow Drive, four miles north of downtown Martinsburg and five miles from the West Virginia-Maryland border. Marcus & Millichap’s Dana Newton and Mike Maxwell, along with the firm’s broker of record Francis McGuire, represented both the buyer and seller, undisclosed private investors, in the transaction.

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