WASHINGTON, D.C. — The Biden Administration has announced a $3 billion investment from the Inflation Reduction Act to improve port infrastructure and support an estimated 40,000 “good-paying and union jobs” at 55 ports across 27 states. According to The White House press, U.S. ports employ more than 100,000 union workers. The initiative, named The Clean Ports Program, is headlined by a $147 million investment for the Maryland Port Administration via grants and awards that will support 2,000 jobs, as well as fund the installation of zero-emission equipment, charging infrastructure and power improvements. Biden made the announcement yesterday at the Port of Baltimore, site of the Francis Scott Key Bridge collapse in March. The Clean Ports Program is expected to increase the demand for American manufactured electric cargo handling equipment and eliminate more than 3 million metric tons of carbon pollution over the first 10 years of implementation, which is equivalent to 391,220 homes’ energy use for one year. The program will fund new battery-electric and hydrogen-powered cargo handling equipment, drayage trucks, locomotives and vessels, as well as charging/fueling infrastructure and solar power installation.
ST. PETERSBURG, FLA. — Olympus Property has acquired 930 Central Flats, a 218-unit apartment community located in downtown St. Petersburg. The seller and sales price were not disclosed, but Tampa Bay Business Journal reports the property traded for $81 million. Developed in 2019, the six-story property is situated within the Central Avenue entertainment corridor and adjacent to the $6.5 billion Gas Plant District redevelopment. This transaction marks Olympus Property’s second acquisition in the Tampa Bay area, bringing the owner-operator’s Florida portfolio to 5,500 units. “The property’s unmatched location and upscale amenities align seamlessly with our long-term investment approach,” says Chase Bennett, chief acquisitions officer at Olympus Property.
BLUFFTON, S.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $18.8 million sale of Bluffton Target Center, a shopping center located in Bluffton, approximately seven miles west of Hilton Head Island. Built in 2001, the property totals 100,314 square feet and was fully leased at the time of sale to tenants including Dick’s Sporting Goods, Staples and Starbucks Coffee. Zach Taylor of IPA represented the seller, an entity doing business as Stafford Bluffton LLC, in the transaction and procured the buyer, Tarantino Properties Inc.
CHATTANOOGA, TENN. — Crunch Fitness has opened a new location at Hamilton Place, a shopping mall and mixed-use campus in Chattanooga. The property is owned by locally based and publicly traded CBL Properties. The new fitness venue is one of the final components of the mall’s Sears redevelopment project, which commenced in 2019. Other tenants that have backfilled the former Sears department store include The Cheesecake Factory, Mean Mug Coffeehouse, Malone’s, Dave & Buster’s, Dick’s Sporting Goods and an Aloft by Marriott hotel. Since March, CBL Properties has welcomed eight new concepts at Hamilton Place, including Taco Mamacita, Texas Roadhouse, Mr. Cow, Malone’s, Miniso, Vintage Stock, Dry Goods, Shoe Station, as well as a newly remodeled and expanded Buckle store. Additional openings are expected in 2025.
BIRMINGHAM, ALA. — Ballard Designs has opened its first Alabama location in downtown Birmingham. Situated along the city’s Rotary Trail, Ballard’s newest location occupies the street level of the historic Hardwick Building, with restaurants and offices filling the remaining floors and spaces of the former steel factory. Locally based Bayer Properties owns the Hardwick Building and will soon welcome restaurants Epice and Lapeer Steak and Seafood to the property, according to Bham Now. The new Ballard Designs store is set up with several vignettes staged with the brand’s living room and dining room furniture, lighting, rugs, bedding and home décor. The store also includes a fully staffed design center where patrons can meet with one of the retailer’s design consultants. Additionally, Ballard designed and furnished the Hardwick Building’s shared entryway to serve as a waiting area for restaurant goers.
CONROE, TEXAS — A subsidiary of Arizona-based Christopher Todd Capital has acquired The Cottage Green, a 314-unit build-to-rent residential property in Conroe, about 40 miles north of Houston. The site spans 40 acres, and the development offers one-, two- and three-bedroom single-story homes and two-bedroom townhomes in a variety of styles, such as bungalows, cottages and lofts. Amenities include a lakeside beach club with grilling stations, a pool with tanning ledge, fitness center, clubhouse, conference room, electric car charging stations, dog park and an event lawn. The seller was an entity doing business as HMFA Houston Property Owner I LLC. Christopher Todd plans to rebrand the property as Cottage Living.
SHERMAN, TEXAS — Marcus & Millichap has brokered the sale of Sherman Centre, a 170,722-square-foot shopping center located near the Texas-Oklahoma border. The center was 60 percent leased at the time of sale to tenants such as Bomgaars, Nautilus Family Fitness and Texas Roadhouse. The property also includes an undeveloped, 1.9-acre pad site. Chris Gainey and Philip Levy of Marcus & Millichap represented the seller, a private owner-developer based in Texas, in the transaction. The duo also procured the buyer, an out-of-state private investor.
GRAND RAPIDS, MICH. — Microsoft Corp. has acquired 274 acres in Dorr, a southern suburb of Grand Rapids, for an undisclosed price. The property is located at 4400 144th Ave. and 14th Street. Matt Wickstra, Shawn O’Brien and Julie O’Brien of Colliers represented Microsoft in the transaction. Colliers also represented Microsoft in its purchase of 316 acres at 76th Street SE in Caledonia, bringing the company’s total holdings in the region to nearly 590 acres.
CHESTERFIELD, MO. — Keystone Construction Co. has broken ground on the new $60 million CarShield Sportsplex AAA Hockey & Futbol facility in the St. Louis suburb of Chesterfield. Completion is slated for January 2026. The indoor and outdoor sports facility will accommodate the growing CarShield AAA Hockey & Futbol clubs, which serve more than 500 kids and 45 teams in metro St. Louis. The 325,000-square-foot project will be situated on 33 acres at 530 N. Eatherton Road. The development will include four indoor turf soccer fields, two indoor ice rinks, team locker rooms, a pro shop, training and fitness spaces, a restaurant, bar, concessions and classrooms. Outside, there will be three turf soccer fields, concessions, a dining patio and children’s playground. The project team includes civil engineer Stock & Associates and architect Gray Design Group.
LIBERTY, MO. — Colliers has arranged the recapitalization of a 467,708-square-foot industrial asset in Liberty, a northeast suburb of Kansas City. The Class A heavy manufacturing facility is located in Heartland Meadows Industrial Park. Alex Cantu and Alex Davenport of Colliers arranged the joint venture between the property’s developer, Becknell Industrial, and investment funds managed by Morgan Stanley Real Estate Investing. LMV Automotive Systems, a division of Magna International Inc., has fully occupied the property since its completion in February 2023. The building features a clear height of 32 feet, 61 docks, 12,892 square feet of office space and 494 auto parking spaces.