Monday, March 3, 2025
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DevelopmentLeasing ActivityRetailSoutheastVirginia

Academy Sports + Outdoors to Open 65,297 SF Store in Virginia Beach

by John Nelson

VIRGINIA BEACH, VA. — Academy Sports + Outdoors has leased a 65,297-square-foot retail space in Virginia Beach. Located at 2701 N. Mall Drive, the Katy, Texas-based sporting goods and outdoor equipment retailer will be situated within Lynnhaven East Shopping Center. This marks the first store in the Hampton Roads region for Academy Sports and its fifth overall in the state of Virginia. Connie Jordan Nielsen of Cushman & Wakefield | Thalhimer manages the Virginia expansion efforts for Academy Sports + Outdoors and represented the retailer in the lease transaction.

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Woodland-Flats-Gresham-OR
DevelopmentLoansMultifamilyOregonWestern

PH Development Receives $15.9M Loan for Hotel-to-Multifamily Conversion Project in Gresham, Oregon

by Amy Works

GRESHAM, ORE. — PH Development has obtained $15.9 million in financing for Woodland Flats, a hotel-to-multifamily conversion project in Gresham. Tom Wilson, Steve Petrie and Jake Davidson of JLL Capital Markets Debt Advisory secured the two-year bridge loan through AGP Capital for the borrower. PH Development plans to convert an existing hotel, located at 2752 NE Hogan Drive, into Woodland Flats, a 120-unit multifamily property with 6,400 square feet of ground-floor retail space. The community will offer a mix of studios, one- and two-bedroom units, with rents ranging from $1,200 to $1,600 per month. Community amenities will include a swimming pool, fitness center and exterior courtyard. The project will require $6.1 million in capital improvements and is slated to take 10 months to complete.

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AcquisitionsFloridaMultifamilySoutheast

Carter Multifamily Acquires Apartment Community in Melbourne, Florida for $37.7M

by John Nelson

MELBOURNE, FLA. — Carter Multifamily, a Carter Funds company, has acquired Mode at Melbourne, a 166-unit garden-style multifamily community on Florida’s Space Coast, for $37.7 million. The seller was not disclosed. Originally built in 2020, Mode at Melbourne spans approximately 218,592 rentable square feet and was 94 percent occupied at the time of sale. The complex features one-, two- and three-bedroom floorplans ranging in size from 1,219 square feet to 1,853 square feet. Amenities include a resort-style pool and sundeck, fitness center, resident clubroom, playground, electric vehicle charging stations, car care center, dog park and select units with water views. Carter Multifamily plans to renovate the property with interior and exterior upgrades, operational efficiency improvements and a revitalization of branding. Allegiant-Carter Management, the in-house property manager of Carter Funds, will oversee day-to-day operations at Mode at Melbourne.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Community Builders Completes $44M Affordable Housing Development in Chicago

by Kristin Harlow

CHICAGO — The Community Builders has completed development of Canvas at Leland Plaza, a $44 million affordable housing property in Chicago’s Lincoln Square neighborhood. The equitable transit-oriented development (ETOD) features 63 units with commercial space, outdoor seating and parking. The Chicago Housing Authority (CHA) is providing funding for 16 of the units through its project-based voucher program, representing an investment of more than $13.3 million over the next 30 years. Amenities at the property include package and bike rooms, storage space, a resident lounge and terrace. Financial partners include the City of Chicago, the CHA, CIBC, Stratford Capital Group, Benefit Chicago and ComEd. DesignBridge was the architect, and Leopardo Cos. and KMW Communities served as general contractors.

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AcquisitionsMidwestMultifamilyNorth Dakota

Gindi Equities Acquires Amber Crossing Apartment Homes in Fargo, North Dakota

by Kristin Harlow

FARGO, N.D. — Gindi Equities has acquired Amber Crossing Apartment Homes in Fargo for an undisclosed price. The 117-unit multifamily community is situated at 5170 Amber Valley Parkway. Property Resources Group was the seller. The transaction marks Gindi’s third investment in the Fargo market. Gindi plans to make interior refurbishments, such as updating kitchen and bathroom features as well as revamping common spaces and outdoor amenities. Constructed in 2002, Amber Crossing features one- to three-bedroom units and is located just off I-29.

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AcquisitionsHospitalityMidwestOhio

Laurel Real Estate Arranges Sale of 152-Room Days Inn Hotel in Reynoldsburg, Ohio

by Kristin Harlow

REYNOLDSBURG, OHIO — Laurel Real Estate Co. has arranged the sale of the Days Inn Columbus East Airport hotel in Reynoldsburg for an undisclosed price. Lauren D’Souza-Faze of Laurel Real Estate represented the undisclosed seller. The buyer was a first-time hotelier based outside of the United States. Located at 2100 Brice Road, the property features 152 units as well as an outdoor pool, meeting space and full bar and restaurant. Scientific Capital arranged acquisition financing.

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AcquisitionsArkansasMultifamilySoutheast

Cushman & Wakefield Arranges $24.8M Sale of Benton Apartments in Pea Ridge, Arkansas

by John Nelson

PEA RIDGE, ARK. — Cushman & Wakefield has arranged the $24.8 million sale of The Benton, a 150-unit multifamily community in Pea Ridge, roughly 30 miles outside Fayetteville. Martin Bynum, Cole Herget and Craig Hey of Cushman & Wakefield represented the seller, an entity doing business as Aria Holdings LLC, in the transaction. The buyer was South Bend, Ind.-based HPP Equity. Built in 2024, The Benton features one- and two-bedroom floorplans ranging from 771 square feet to 1,020 square feet in size, according to Apartments.com. Amenities at the property include a 24/7 fitness center, lounge, clubhouse, grill, dog park and cabana.

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CivicDevelopmentMidwestMissouri

Crossland Construction Breaks Ground on New Police Department Headquarters in Chillicothe, Missouri

by Kristin Harlow

CHILLICOTHE, MO. — Crossland Construction Co. has broken ground on the new 11,600-square-foot police department headquarters for the City of Chillicothe, located in northern central Missouri. Hoefer Welker designed the facility, which is located at 624 Cherry St. The new headquarters replaces the existing police station. Upon completion, the building will feature spacious training facilities to support officer development as well as private and open office areas. Officer resource areas will be complete with mailboxes, copy machines, radio charging stations and space for evidence processing and storage. To enhance safety, the property will feature a fully enclosed sallyport, which provides direct access to the station and holding areas. There will be dedicated space for taking public reports and conducting private interviews as well as advanced communication technologies integrated throughout. Staff will have access to an exercise room, outdoor patio space, quiet room and communal break room. Additional project partners include BHC Engineering, J&S Structural Engineers and Landworks Studio.

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AcquisitionsSelf-StorageSoutheastTennessee

SmartStop Purchases 471-Unit Self-Storage Facility in Metro Nashville

by John Nelson

MURFREESBORO, TENN. — SmartStop Self Storage REIT Inc. has expanded its presence in the Tennessee market after acquiring a storage facility at 1323 N.W. Broad St. in Murfreesboro, roughly 35 miles southeast of downtown Nashville. The seller and sales price were not disclosed. The newly acquired facility spans 62,100 rentable square feet and features 471 storage units, including 384 drive-up units and six RV units distributed across 12 single-story buildings. California-based SmartStop has an owned or managed a portfolio of 217 operating properties in 23 states, Washington, D.C., and Canada, comprising approximately 155,700 units and 17.5 million rentable square feet.

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Leasing ActivityMidwestOhioRestaurantRetail

Noble Chicken to Open Flagship Restaurant This March in Cincinnati

by Kristin Harlow

CINCINNATI — Noble Chicken, a new fast-casual restaurant concept from the creators of Wings and Rings, is set to open its flagship location in Cincinnati in March. The idea for Noble Chicken began in 2019 as an entry into a local wing competition in Cincinnati. The concept evolved via a ghost kitchen and a licensed, non-traditional food court location that opened in 2020. Noble Chicken is now backed by a franchise with over 40 years of experience in growing restaurants and supporting franchisees. In addition to chicken sandwiches, tenders and wings, Noble Chicken’s menu includes Nashville hot slaw, hatch chile queso mac & cheese, hush puppies and carnival-inspired deep-fried cookie dough. All main and side items are designed with portions significantly larger than those found at competitors. For franchisees, the initial investment ranges from $449,750 to $698,342. Restaurant sizes range from roughly 1,400 to 1,800 square feet. The brand is targeting growth in the Midwest, South and Southwest, with immediate focus on Ohio, Indiana, Kentucky, Florida and Texas.  

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