ALEXANDRIA, VA. — Hilco Redevelopment Partners, a division of Hilco Global, has acquired Potomac River Generating Station (PRGS), a 20-acre, shuttered coal power plant in Alexandria. Specific details were not released, but Hilco officials said they intend to redevelop the site into a mixed-use project, featuring housing, office space, retail and public open spaces. The site is situated along the Potomac River at 1400 N. Royal St., seven miles south of downtown Washington, D.C. Potomac Electric Power Co. (Pepco) sold the site for an undisclosed price. Pepco will retain a property interest and will continue to own and operate an electrical substation at the site. PRGS was decommissioned in 2012.
ATLANTA — Papa John’s International Inc. has selected Three Ballpark Center at The Battery Atlanta for its new regional headquarters. The Louisville, Ky.-based pizza chain expects to add 200 jobs at the 60,000-square-foot office space, which is expected to open summer 2021. Papa John’s will move its menu innovation; marketing; customer experience; human resources; diversity, equity and inclusion; communications; and development departments to The Battery. The corporate headquarters, IT, supply chain and legal teams will remain in Louisville. Located in Atlanta’s Cumberland/Galleria submarket, The Battery Atlanta is a 1.5 million-square-foot mixed-use development in Cobb County that surrounds Truist Park, home ballpark of the Atlanta Braves that opened in April 2017 as SunTrust Park. Papa John’s will be the third office headquarters within the development, joining Comcast and Thyssenkrupp North American. Braves Group, a subsidiary of Liberty Media, owns The Battery Atlanta.
KNOXVILLE, TENN. — Mallory & Evans Development and its property management company Caliber Living will open Flagship Kerns, a two-building, 310-unit co-living project in Knoxville. Leases will start at three months and prospective tenants can lease by the unit or the bedroom. Co-living properties are designed as affordable housing options for renters seeking flexible leasing arrangements and shared common areas with other residents. Flagship Kerns’ units will include granite countertops, walk-in closets, stainless steel appliances, in-unit washers and dryers, smart home units with smart locks, smart TVs and Ecobee thermostats. Communal amenities will include a pool, 24-hour fitness center, work/study pods and a conference area. Atlanta-based Mallory & Evans expects to open the community in January. Flagship Kerns will mark Phase I of three to open at the historic Kern’s Bakery. The other phases will comprise a 75,000 square-foot redevelopment of Kern’s Bakery to include a food hall, retail and office spaces, event venues and a brand-name hotel. Kern’s Bakery was originally built in 1929 and has been added to the National Register of Historic Places.
WAKE FOREST AND CHAPEL HILL, N.C. — Wegmans will open two new grocery stores in 2021 in Wake Forest and Chapel Hill. The New York-based grocer plans to add 500 full-time jobs and nearly 900 total jobs at the two stores. The store in Wake Forest will span 104,000 square feet and will house 200 full-time employees. The property, located at 11051 Ligon Mill Road, is expected to open in May. The asset in Chapel Hill is expected to open in late February and will house 300 full-time jobs. The store will span 99,000 square feet and is situated at 1810 Fordham Blvd. Also, in North Carolina, a Wegmans in Cary recently sold for $34.9 million.
IRVING, FARMERS BRANCH AND GRAPEVINE, TEXAS — Locally based developer JPI has sold three apartment communities totaling 1,174 units in the Dallas-Fort Worth (DFW) metroplex to an affiliate of Dallas-based Lone Star Funds. The properties include Jefferson Promenade in Irving, Jefferson 1900 in Farmers Branch and Jefferson Silverlake in Grapevine. All of the communities offer pools, fitness centers, resident lounges and high-end interior finishes. The sales price was not disclosed.
NEW BRAUNFELS, TEXAS — Chicago-based investment firm Sherman Residential has acquired Avenues at Creekside Apartments, a 395-unit multifamily community located just outside San Antonio in New Braunfels. The 32-building property was constructed in 2013 and features one-, two-, three- and four-bedroom units with attached garages or assigned carports and personal patios/balconies. Amenities include a pool, fitness center, business center, playground and a pet park. The seller was not disclosed.
KATY, TEXAS — Alliance Residential has opened Prose West Cypress, a 336-unit apartment community located in the western Houston suburb of Katy. Prose West Cypress features one- and two-bedroom units with island kitchens, wood plank-style flooring and granite countertops. Amenities include a fitness center, game room and a playground. Rents start at $1,030 per month for a one-bedroom unit with a move-in special of one month of free rent, according to Apartments.com.
HOUSTON — Midland, Texas-based developer Insignia Hospitality Group has completed the 128-room Courtyard by Marriott hotel in the Bunker Hill area of Houston. The 85,803-square-foot building rises six stories and offers a fitness center and a business center, as well as complimentary breakfast. Mayse & Associates Inc. designed the project, and Lubbock-based Greenstreet Inc. served as the general contractor.
AMARILLO, TEXAS — Marcus & Millichap has brokered the sale of 3501 MedCenter, a 145,096-square-foot medical office property in Amarillo. The property is situated on 11 acres and was originally built as a retail center in 1986 before being converted to healthcare in 1995. Alex Vidal of Marcus & Millichap represented the seller, a locally based partnership led by McCartt Commercial Real Estate Services, in the transaction. Vidal also sourced the buyer, Equity Velocity Fund, which acquired the asset at an occupancy rate of 91 percent.
OAK BROOK, ILL. — Hines has received construction financing from New York Life Real Estate Investors and has broken ground on One Oak Brook Commons, a 17-story apartment development in Oak Brook within suburban Chicago. The Class A project will include 250 luxury apartment units and 420 parking stalls within a private parking deck. One Oak Brook Commons is situated within the larger 16.5-acre Oak Brook Commons, a $500 million mixed-use project also being developed by Hines on the site of the former McDonald’s campus. The residences will average 1,055 square feet. Amenities will include a heated pool, fitness center, clubroom, library, dog room, package facility and bike storage. Antunovich Associates is the architect and W.E. O’Neil will serve as general contractor. Occupancy is expected to begin in early 2022. Development partners include Levy Family Partners, Duchossois Capital Management and Las Americas.