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DevelopmentIndustrialLife SciencesSoutheastVirginia

Merck Breaks Ground on $3B Pharmaceutical Manufacturing Plant in Elkton, Virginia

by John Nelson

ELKTON, VA. — Merck has broken ground on the Center of Excellence for Pharmaceutical Manufacturing, a $3 billion pharmaceutical manufacturing facility in Elkton. The 400,000-square-foot property will support more than 500 full-time jobs and 8,000 construction jobs, according to Merck. The facility will feature manufacturing and testing space for Merck’s active pharmaceutical ingredient and drug product divisions. In addition to the Elkton plant, Merck has announced nearly $6 billion in manufacturing investments in North Carolina, Delaware and Kansas, as well as $3.5 billion for its Rahway, N.J., headquarters.

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AcquisitionsGeorgiaRetailSoutheast

ShopOne, Partners Acquire Stockbridge Lakes Shopping Center in Metro Atlanta

by John Nelson

STOCKBRIDGE, GA. — A joint venture between ShopOne Centers REIT Inc., Pantheon and an undisclosed global institutional investor has purchased Stockbridge Lakes, a 78,605-square-foot shopping center located at 250 E. Atlanta Road in Stockbridge, roughly 20 miles southeast of Atlanta. The seller and sales price were not disclosed, but the Atlanta Business Chronicle reports Marietta, Ga.-based Retail Planning Corp. was the seller. Publix anchors the shopping center, which also houses Burn Boot Camp, Great Clips, Dr. Brown Pediatric Dentistry and Domino’s Pizza. Stockbridge Lakes has approximately 9,000 square feet of available space.

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Affordable HousingDevelopmentLoansMarylandSeniors HousingSoutheastWalker & Dunlop

Walker & Dunlop Secures $40.5M Construction Financing for Affordable Seniors Development in Metro D.C.

by John Nelson

HYATTSVILLE, MD. — Walker & Dunlop has secured $40.5 million in debt and equity for the construction of The Highlands, an affordable seniors housing development in Hyattsville, about seven miles east of downtown Washington, D.C. The borrower is a partnership between Community Housing Initiative Inc. and First Baptist Church of Highland Park. P.J. McDevitt of Walker & Dunlop originated the debt, which comprised an unfunded forward Freddie Mac TEL that Walker & Dunlop will service. The permanent loan is structured as a 30-month forward commitment with a 15-year term and 40-year amortization schedule. Macy Kisilinsky of Walker & Dunlop arranged the debt placement and equity syndication, a $12.3 million 4 percent LIHTC equity investment with United Bank. Prince George’s County Housing Investment Trust Fund and the Maryland Department of Housing and Community Development will provide additional subordinate financing. Situated on the First Baptist Church of Highland Park campus, The Highlands will feature one- and two-bedroom apartments that will be restricted to tenants age 62 and older. Five units will be reserved for households at 50 percent of the area median income (AMI) while the remaining 132 units will be restricted at 60 percent of AMI. Planned amenities include a dog …

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DevelopmentFloridaIndustrialSoutheast

Stonemont Financial Group Delivers 100,620 SF Industrial Facility in Tampa

by John Nelson

TAMPA, FLA. — Atlanta-based Stonemont Financial Group has delivered TIA Executive Center, a 100,620-square-foot industrial facility located at 6101 Johns Road in Tampa. The property, which is situated two miles from Tampa International Airport, features 32-foot clear heights, spec office suites and space that is divisible down to around 33,000 square feet. Project partners include joint venture partner PCCP, general contractor Frampton Construction, architect Harley Commercial Architecture, engineer Kimley-Horn and leasing agents Peter Cecor and Harrison Pithers of JLL.

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Leasing ActivityOfficeSoutheastVirginia

Divaris Arranges 24,476 SF Office Lease Renewal in Downtown Norfolk

by John Nelson

NORFOLK, VA. — Divaris Real Estate has arranged a 24,476-square-foot office lease renewal in downtown Norfolk for Wall, Einhorn & Chernitzer PC (WEC). The locally owned accounting and advisory firm has been a tenant in downtown Norfolk for more than three decades. WEC will continue to occupy the 12th floor of the office building at 150 W. Main St. Michael Divaris of Divaris Real Estate represented WEC in the lease transaction. Persifor Frazer of Colliers represented the undisclosed landlord.

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AcquisitionsOfficeSoutheastTennessee

Shorenstein Purchases 20-Story Office Tower in Nashville’s Gulch District

by John Nelson

NASHVILLE, TENN. — San Francisco-based Shorenstein Investment Advisers has purchased 1222 Demonbreun, a 20-story, Class A office tower located in Nashville’s Gulch district. The 330,474-square-foot property was 97 percent leased at the time of sale and represents Phase I of the Gulch Union mixed-use development. The seller and sales price were not disclosed, but the property was delivered in 2020 by a joint venture between Austin-based Endeavor Real Estate Group and Dallas-based Granite Properties. 1222 Demonbreun’s amenities include an indoor-outdoor sky lounge, 48-seat training room, fitness center, micro-market and more than 900 covered parking spaces.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Alliance Residential to Develop 270-Unit Broadstone RTP Apartments in Durham

by John Nelson

DURHAM, N.C. — Arizona-based Alliance Residential Co. has acquired approximately 14 acres of land in Durham for Broadstone RTP, a 270-unit project about four miles north of Research Triangle Park. The site is located at 2610 S. Miami Blvd. The project’s Raleigh-based team includes McAdams Co. (civil engineering), Cline Design (architecture) and MAD Studio Interiors (interior design). Broadstone RTP will include one three-story residential building, three four-story residential buildings and a freestanding clubhouse. Units will feature granite countertops, stainless steel appliances, wood-style flooring, walk-in closets and full-sized washers and dryers. Amenities include a clubhouse with a leasing center, private offices for residents, a 24-hour fitness center and a mailroom equipped with secure package lockers. Residents will also have access to a resort-style pool, an outdoor kitchen and grilling area and a dog park. Completion is slated for late 2026.

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AcquisitionsMultifamilyNorth CarolinaSeniors HousingSoutheast

Principal Asset Management Acquires Two Active Adult Communities in Raleigh-Durham Totaling 373 Units

by John Nelson

MORRISVILLE AND CHAPEL HILL, N.C. — Principal Asset Management has acquired two active adult communities in the Raleigh-Durham region totaling 373 units. The properties include Overture Cary, located at 1055 Hatches Pond Lane in Morrisville, and Overture Chapel Hill, situated near the Highway 54 and I-40 interchange and the University of North Carolina at Chapel Hill. The communities were developed in 2021 and 2020, respectively, and stand at five stories. The seller and sales price were not released.

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AcquisitionsFloridaSeniors HousingSoutheast

Fortress Investment Group Sells Two Florida Seniors Housing Communities Totaling 178 Units

by John Nelson

BOCA RATON AND VERO BEACH, FLA. — Funds managed by affiliates of Fortress Investment Group have sold two seniors housing communities located in Florida. Totaling 178 units, the communities include Sonata Boca Raton and Sonata Vero Beach. JLL Capital Markets brokered the sale on behalf of the seller. Agewell Solvere Living will remain in place as the operator at both communities. The buyer and sales price were not disclosed.

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AcquisitionsFloridaIndustrialSoutheast

Simi Capital Group Buys 75,000 SF Industrial Property in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Miami-based Simi Capital Group has purchased a 75,000-square-foot industrial property located at 4549 St. Augustine Road in Jacksonville. The seller was a family entity that owned the property for more than 50 years. The sales price was not disclosed. Simi Capital Group is repositioning the asset into a small bay industrial park with modern suites ranging in size from 1,500 to 4,500 square feet. Upgrades will include upgraded offices, LED lighting, exterior finishes and a fully secured site with an automated gate and 24/7 camera surveillance. The park was originally developed in 1973, according to LoopNet Inc.

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