REBusinessOnline

Bed Bath & Beyond to Close 200 Stores Over Next Two Years Following 49 Percent Decline in Sales Due to Pandemic

UNION, N.J. — Bed Bath & Beyond (NASDAQ: BBBY) plans to close 200 stores over the next two years. The Union-based company made the announcement during its earnings statement for its fiscal first quarter, which runs from March through May. The report shows sales plummeted in the quarter due to the novel coronavirus pandemic and subsequent shutdowns affecting non-essential retailers. For the three-month period, net sales were approximately $1.3 billion, a 49 percent year-over-year …

Simpson Organization to Develop $65M Mixed-Use Project in Cayce, South Carolina

CAYCE, S.C. — The Simpson Organization Inc. plans to develop a $65 million mixed-use project at the intersection of Interstate 77 and 12th Street in Cayce. The Atlanta-based developer acquired 36 acres of Dominion Energy’s 260-acre Otarre Pointe development for the project, which is slated to include apartments, restaurants, retail space, a hotel, office space and an entertainment area. ODA Architecture is the designer, Paris Projects is the general contractor and EB Development will handle …

Sunstone Hotel Investors Sells Renaissance Baltimore Harborplace Hotel for $80M

BALTIMORE — Sunstone Hotel Investors has sold Renaissance Baltimore Harborplace, a Marriott-affiliated, 622-room hotel in downtown Baltimore. The Buccini/Pollin Group acquired the asset for $80 million, or $129,000 per room. The hotel is situated along the Inner Harbor at 2020 E. Pratt St. The hotel features 30,000 square feet of flexible meeting and event space, three food and beverage outlets including a waterfront restaurant called Watertable, a 24-hour fitness center and a business …

Alliance Residential to Build 260-Unit Apartment Complex in North Charlotte

CHARLOTTE, N.C. — Alliance Residential has purchased 10.8 acres to develop Broadstone Highland Creek, a planned 260-unit multifamily community in north Charlotte’s Highland Creek neighborhood. The community will offer one-, two- and three-bedroom floor plans averaging 991 square feet. Communal amenities will include a pool, clubroom, dog park and a fitness center, as well as 8,000 square feet of ground-level retail space. The property is located at 5050 Ridge Road, 14 miles north of …

NitNeil Partners to Construct 100,000 SF Self-Storage Facility in Huntsville

HUNTSVILLE, ALA. — NitNeil Partners will develop a four-story, 100,000-square-foot self-storage facility in Huntsville. The Atlanta-based developer acquired 2.1 acres at 2312 Memorial Parkway SW for the project, which is two miles southwest of downtown Huntsville. NitNeil expects to break ground in August and anticipates opening the property in summer 2021. The development will also feature a one-acre outparcel along Memorial Parkway for a future restaurant or retail

ApexOne Investments Acquires 135-Unit Multifamily Property in Metro Birmingham

HOMEWOOD, ALA. — ApexOne Investments has acquired The Moretti at Vulcan Park, a 135-unit multifamily community in Homewood. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, car wash area, clubhouse, fitness center and a conference room. The asset is located at 101 Moretti Circle, three miles south of downtown Birmingham. Stephen West, Matt Wallach and Will Baker of Walker & Dunlop originated a Freddie Mac acquisition loan on behalf of the …

Radco Sells Multifamily Community in Atlanta for $49.5M

ATLANTA — The Radco Cos. has sold Ashford 2788, a 297-unit multifamily community in Atlanta, for $49.5 million. The firm acquired the property in 2014 and renovated the community to include a new clubhouse, fitness center and dog park. Other communal amenities include a pool, grilling area, playground and a business center. The Atlanta-based company also renovated unit interiors and property exteriors. Ashford 2788 features two- and three-bedroom floor plans. The community is situated in …

Development Group to Build New Earth Fare Grocery Store in Christianburg, Virginia

CHRISTIANBURG, VA. — A group of developers will build a new prototype of the specialty grocer in Christianburg. Walt Rector, founding principal of Flagstaff, Ariz.-based Bromont Investments, and investment partner Chris Carlsen, are leading the development of the Earth Fare, which will be located within  Christianburg Marketplace. The new store will feature a smaller footprint than previous Earth Fare stores. Fletcher, N.C.-based Earth Fare closed all of its 46 stores and filed for …

Armada Hoffler, WeWork Agree to Terminate 69,000 SF Office Lease in Baltimore

BALTIMORE — Armada Hoffler Properties and WeWork have mutually agreed to terminate WeWork’s 69,000-square-foot office lease at Wills Wharf in Baltimore’s Harbor Point neighborhood. The New York City-based coworking company was slated to occupy the top two stories of the office portion of Wills Wharf. A Canopy by Hilton hotel will be situated on the top four floors of the 12-story, 325,000-square-foot building. Armada Hoffler has begun marketing the space again to join other office …

SRS Negotiates Sale of 60,835 SF Retail Property in Starkville, Mississippi

STARKVILLE, MISS. — SRS Real Estate Partners has negotiated the sale of a 60,835-square-foot retail property in Starkville. Vowell’s Marketplace, a regional grocery store, fully occupies the building with two years remaining on its corporate-guaranteed lease. The property was built in 1992 and is located at 118 Mississippi Highway 112, less than one mile from downtown Starkville and less than two miles west of Mississippi State University. Britt Raymond, Kyle Fant, Matthew Mousavi, Patrick …

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