In the summer of 2012, fresh out of college and starting my career in retail brokerage at KLNB, a seasoned retail broker-turned-developer warned me to consider other careers. “Retail is dying,” he said. “Why would people go to stores when it’s so easy to order online?” Well, it’s been 12 years since that moment, and I’m still waiting for the retail boogeyman to appear. As I write this, I’m happy to report he hasn’t arrived — and the data suggests he’s nowhere in sight. The Washington, D.C., metropolitan statistical area (MSA) is now in its tightest fundamental position on record due to limited new supply and continued demand from national, regional and franchised concepts. In the Washington, D.C. market, we have the second-lowest retail square footage per capita among major MSAs, with new retail supply representing just 0.4 percent of total inventory. This places the Capital Region in the bottom quartile of retail real estate inventory growth among national MSAs that have more than 100 million square feet of existing inventory. The result? Retail availability in the D.C. metro has decreased to 4.8 percent (compared to the national average of 4.7 percent), down from 5.1 percent year-over-year and 5.3 percent …
NASHVILLE, TENN. — A partnership between Hensler Development Group, Stiles and PGIM Real Estate will open Olive at Peabody Union, a 345-unit apartment community located between downtown Nashville and the Cumberland River. The community is situated in the center of the larger 125-acre mixed-use development of Peabody Union, which offers residents direct access to 50,000 square feet of combined retail and restaurant space, as well as 250,000 square feet of office space. Designed by Hastings Architecture, the 27-story tower will feature studios, one-, two- and three-bedroom penthouses — ranging from 1,179 to 2,585 square feet in size. Amenities will include a wellness center with a sauna and cold plunge, speakeasy sky lounge, pool deck and hot tub, coworking lounges and a gym. The development team, along with newly appointed property management firm Bozzuto Group, will begin preleasing in February, with initial move-ins slated for April of this year.
KENNESAW, GA — McShane Construction Co. has completed The Lacy at South Main, a 318-unit apartment complex located in downtown Kennesaw. The developer is Highpoint Development. Designed by Niles Bolton Associates, the four-story complex offers one-, two- and three-bedroom floor plans that range from 708 to 1,505 square feet in size, according to Apartments.com. Apartments are available for lease, with monthly rental rates beginning at $1,625. Amenities include a 24/7 fitness center, lounge, coffee bar, swimming pool, two courtyards, grilling stations, coworking spaces and a pet park. Additionally, the site offers controlled-access parking and electric vehicle charging stations. Situated on 19 acres, the complex is part of a larger mixed-use community that features 44 townhomes, a retail outparcel and a linear park space.
HOUSTON — Investment & Development Ventures (IDV) has broken ground on Patriot Business Park, a 462,000-square-foot industrial project in North Houston. The site is located along Veterans Memorial Drive, and the development will comprise three front-load buildings with dock-high and drive-in ramps, as well as ESFR sprinkler systems. Completion is slated for the third quarter. Stream Realty Partners has been appointed as the leasing agent.
FORT WALTON BEACH, FLA. — Marcus & Millichap has facilitated the $25.4 million sale of a 46,992-square-foot, multi-tenant medical office building in the Florida Panhandle city of Fort Walton Beach. Built in 2008, the three-story property is fully occupied by Orthopaedic Associates and Surgical Specialists ASC on a 15-year triple-net lease basis. Frank Roti, Brett Rodgers and Alex Sacks of Marcus & Millichap represented the seller, Emerald Coast Diversified Properties LLC, and procured the buyer, Montecito Medical Real Estate, in the transaction. Ryan Nee served as Marcus & Millichap’s broker of record in Florida for the deal.
GLEN BURNIE, MD — Continental Realty Corp. (CRC) has sold Governors Commons, a 129,242-square-foot shopping center in suburban Baltimore, for $9.6 million. The center is situated in the Baltimore suburb of Glen Burnie at 7311 Governor Richie Highway. Dean Zang and David Crotts of Marcus & Millichap represented CRC in the transaction. The buyer was not disclosed. CRC previously sold off three outparcels at Governors Crossing, giving the total gross sales price of the shopping center $20.6 million. CRC originally acquired the property in 2019 via its Continental Realty Fund V LP for $16.2 million. Founded in 1960, CRC currently owns and manages more than 8 million square feet of retail space across 13 states.
RICHARDSON, TEXAS — DVO Real Estate has purchased Sweetwater at Buckingham, a 312-unit apartment community in the northeastern Dallas suburb of Richardson. The property offers one-, two- and three-bedroom units with an average size of 889 square feet. Amenities include a pool, fitness center, business center and a playground. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, William Hubbard, Cameron Purse and Shelby Clark of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, REM Finance, in the transaction. The team also procured DVO as the buyer.
DORAL, FLA. — Codina Partners has announced that the University of Miami health system (UHealth) will occupy an 11,243-square-foot wing at Downtown Doral, a 250-acre mixed-use community in metro Miami. The tenant is part of the property’s 25,000-square-foot retail expansion, which is located at the intersection of N.W. 87th Avenue and N.W. 53rd Terrace and will include 929 parking garage spaces. UHealth’s new facility, which will feature Bascom Palmer Eye Institute and physical therapy services, will join other tenants at the property including Sweat 440, South Miami OB/GYN Associates, Sage Dental, Muse Beauty Salon, Crema Gourmet Espresso Bar and Pura Vida. Codina plans to break ground on the retail expansion in first-quarter 2025 and wrap up construction in first-quarter 2026.
LONGVIEW, TEXAS — Dallas-based Younger Partners Investments has acquired Longview Towne Crossing, a 150,775-square-foot shopping center located about 120 miles east of Dallas. PetSmart, Five Below and Old Navy anchor the center, which was built in 2008 and was 95.6 percent leased at the time of sale. Other tenants include James Avery, Cowboy Chicken, Sport Clips, Ulta Beauty, Crumbl Cookies, Sleep Number and Lane Bryant. Development firm Weber & Co. was the seller.
HOUSTON — JLL has brokered the sale of Ten Plaza West, a 105,493-square-foot office building in West Houston. The six-story, recently renovated building was 76 percent leased at the time of sale to tenants in industries such as oil and gas, construction, financial services and law. Marty Hogan led the JLL team that represented the seller, Los Angeles-based Parkview Financial, in the transaction. The buyer was an undisclosed private investor.