Saturday, February 7, 2026
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AcquisitionsAlabamaRetailSoutheast

IPA Brokers $17.6M Sale of Eastwood Village Retail Center in Birmingham

by John Nelson

BIRMINGHAM, ALA. — Zach Taylor of Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $17.6 million sale of Eastwood Village, a 130,056-square-foot shopping center in Birmingham. Situated near a new Amazon facility, the center is anchored by Walmart, which was not part of the transaction. Other tenants of Eastwood Village include Ross Dress for Less, Office Depot, Michael’s and Party City. Taylor represented the seller, a partnership based in Louisiana, and sourced the buyer, a private syndicator based in California that paid all-cash. “The key to this transaction was selecting a buyer that was truly all-cash,” says Taylor. “This took the uncertainty of rising interest rates off the table and allowed us to trade at an aggressive cap rate.”

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AcquisitionsFloridaRetailSoutheast

Graphite Real Estate Acquires Publix-Anchored Shopping Center in Metro Tampa for $9.9M

by John Nelson

HOLIDAY, FLA. — Maryland-based Graphite Real Estate has purchased Holiday Centre, a Publix-anchored shopping center located at 4637-4701 Sunray Drive in Holiday, a northern suburb of Tampa. The undisclosed seller sold the 67,035-square-foot retail property for $9.9 million. Ari Ravi of RIPCO Investment Sales represented the seller in the sale, and RGA Reinsurance Co. originated acquisition financing on behalf of Graphite. In addition to the Publix, Holiday Centre was 98 percent leased at the time of sale to tenants including Planet Fitness, Publix Liquors and Bright Now Dental.

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DevelopmentIndustrialKentuckyRestaurantRetailSoutheast

Staghorn to Open $250M Bourbon Distillery, Visitor Center Near Lexington, Kentucky

by John Nelson

LANCASTER, KY. — Atlanta-based spirits company Staghorn is underway on the development of its first distillery, named Garrard County Distilling Co., situated on a 210-acre site in Lancaster, roughly 40 miles south of Lexington in Garrard County.  Upon completion, the $250 million project will feature a 50,000-square-foot distillery, as well as two rickhouses and a visitor center with a tasting room and restaurant, with plans for up to 24 aging warehouses by 2030. The distillery is expected to create more than 60 permanent jobs and produce up to 150,000 barrels of bourbon each year. A construction timeline was not disclosed.

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DevelopmentFloridaMultifamilySoutheast

Garden Communities Florida Delivers Two Buildings at New Tampa Palms Multifamily Development

by John Nelson

TAMPA, FLA. — Garden Communities Florida, an affiliate of New Jersey-based Garden Communities, has delivered the first two buildings at New Tampa Palms, the developer’s new apartment community underway at 7970 Tampa Palms Blvd. in Tampa. Upon completion, the property will feature 402 units ranging from 1,264 to 1,571 square feet in one- and two-bedroom layouts. Amenities at the community will include a swimming pool, playground, fire pits, a pet park and a clubhouse with a fitness center, catering kitchen and coffee station. The property’s leasing office is now open, and monthly rental rates at the community begin at $1,075.

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AcquisitionsMultifamilySoutheastVirginia

Berkadia Brokers Sale of 651-Unit Multifamily Community in Richmond

by John Nelson

RICHMOND, VA. — Berkadia has brokered the sale of Belmont Hills, a 651-unit multifamily community located at 4037 Lamplighter Drive in Richmond. A joint venture led by locally based Levco Management acquired the property for an undisclosed price. Carter Wood, Drew White and Cole Carns of Berkadia represented the seller, Virginia-based Weinstein Properties, in the transaction. The property features apartments in one-, two- and three-bedroom floorplans. Amenities include a swimming pool, dog park, fitness center, clubhouse and a business center. Patrick McGlohn, Brian Gould, Miles Drinkwalter and Hunter Wood of Berkadia also secured Freddie Mac financing and sourced limited partner equity from an undisclosed party on behalf of the buyer.

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AcquisitionsDevelopmentMultifamilySoutheastVirginia

Ease Capital Provides $32M Financing for Acquisition, Renovation of Dove Landing Apartments in Virginia Beach

by John Nelson

VIRGINIA BEACH, VA. — Ease Capital has provided $32 million in financing for the acquisition and renovation of Dove Landing Apartments, a 318-unit multifamily community located in Virginia Beach. Community Investment Group (CIG) is the borrower. Barclay Lynch of Ease Capital originated and structured the three-year, full-term interest-only, non-recourse debt. Patrick McGlohn and Brian Gould of Berkadia secured the financing on behalf of CIG. Situated on 16.7 acres about six miles from Norfolk International Airport, Dove Landing Apartments comprises 240,880 square feet across 12 buildings. CIG plans to implement a $3.2 million capital improvement program at the property, with renovations to 155 units and upgrades throughout the community. Planned improvements include repairs to parking lots and building exteriors, as well as upgrades to landscaping and common areas including the pool area and playgrounds. Prior to the purchase, 71 units at the property were renovated. The seller and sales price were not disclosed.

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HospitalityLoansSoutheastVirginia

Greysteel Arranges $18.3M Refinancing for Residence Inn Hotel in Blacksburg, Virginia

by John Nelson

BLACKSBURG, VA. — Greysteel has arranged an $18.3 million loan for the refinancing of Residence Inn Blacksburg-University in Blacksburg. The borrower, Newport Hospitality Group, built the hotel in 2017. Situated adjacent to Virginia Tech University, the hotel comprises 126 rooms. Stephen Haase of Greysteel secured the five-year, fixed-rate financing through a regional bank on behalf of the sponsor.

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Jackson-Health-Miami
DevelopmentFloridaHealthcareSoutheastTop Stories

Jackson Health System Plans $300M Renovation, Expansion at Miami Hospital Campus

by Taylor Williams

MIAMI — Regional healthcare provider Jackson Health System has announced plans for a $300 million renovation and expansion project at its Miami hospital campus. According to the project team, the facility is the busiest emergency department within Miami-Dade County, receiving an average of 120,000 visits per year. The project will expand the campus’ existing emergency department by about 130,000 square feet and add 207 new rooms, including 50 observation rooms and seven patient rooms. In addition, about 45,000 square feet of space within the existing emergency department will be renovated. The initial phase of the project will involve the demolition of two buildings to create additional space for the planned expansion, which will triple the size of the facility. The project team will also relocate and reinstall underground utilities to support the larger medical building. The goal of the changes is to triage patients faster and reduce wait times for emergency services. Global architecture firm HKS is leading the design of the project. Skanska USA has secured a $90 million contract with Jackson Health for the initial phases of construction work. The expansion component of the project is scheduled for completion in 2025, and the renovation piece is slated for a …

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IndustrialMarket ReportsMarylandSoutheastSoutheast Market Reports

Despite Industrial Market Slowdown in Baltimore, Industry Pros Remain Optimistic

by John Nelson

While there has been a discernible dip in the volume of industrial leasing activity occurring in the greater Baltimore metropolitan area this past year, optimism remains high among owners and investors of this asset class given the diminishing volume of new product under construction, the still low 7.4 percent overall vacancy rate, record high — yet stabilizing — average asking rents of $10.54 per square foot net and the fact that 10 million people are not likely to soon move away from the Baltimore-Washington, D.C. corridor, the fourth-largest combined metropolitan statistical area in the country.  Oh yes, spirits remain high following the Baltimore Orioles’ underdog ride to the top of the American East standings this summer. Never underestimate the power of a professional sports franchise to energize an entire region. The metro Baltimore industrial market consists of more than 3,600 buildings, totaling more than 266 million square feet of space that includes flex and industrial Class A, B and C buildings. Year-to-date, the market has yielded negative absorption of approximately 1 million square feet of space, including nearly 300,000 square feet this past quarter.  The bad news of GXO Logistics shuttering a 571,000-square-foot distribution center in Harford County and laying …

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DevelopmentHealthcareKentuckyMixed-UseSoutheast

Cowgill to Develop 44-Acre Hamburg East Mixed-Use Development in Lexington, Kentucky

by John Nelson

LEXINGTON, KY. — Cowgill Inc. has announced plans to develop a new, 44-acre mixed-use project in Lexington. Dubbed Hamburg East, the property will feature restaurants, a hotel, apartments, shops and green space. Hamburg East will also include a 41-acre parcel that was acquired by the University of Kentucky in September and designated as the site of a new medical facility. Construction on the development is scheduled to begin immediately. The project team includes ATS Construction, Davis H. Elliott Co., Design Works and Vision Engineering. Cowgill, a locally based family company, currently owns and manages 15 apartment communities in Lexington.

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