Monday, August 25, 2025
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Home Depot Plans Four New Distribution Centers for Professional Customers

by Jeff Shaw

DETROIT, LOS ANGELES, SAN ANTONIO AND TORONTO — The Home Depot Inc. (NYSE: HD) has announced plans for four new distribution centers in Detroit, Los Angeles, San Antonio and Toronto. The new facilities are a key component of the company’s efforts to cater to professional customers such as developers, general contractors, remodelers and property managers. The new distribution centers will stock large, bulky merchandise such as lumber, insulation and roofing shingles. The new distribution centers are expected to open in the first half of this year. Home Depot has opened similar hubs across the U.S. and expects to have 17 facilities equipped with new capabilities for pros by the end of 2024. In addition to the new distribution centers, Home Depot plans to expand its offerings to professional customers with localized product assortment tailored to each market, digital tools to manage complex orders, and special credits and pricing for professional customers. “Over the last several years, we have been investing to deliver a faster, more convenient, differentiated experience for our pros,” says Chip Devine, senior vice president of outside sales for Home Depot. “Our distribution network is one piece of the comprehensive pro ecosystem we’re building to better meet the needs …

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ArizonaMarket ReportsOfficeWesternWestern Market Reports

Phoenix’s Office Sector is Fundamentally Sound

by Jeff Shaw

— By Kyle Seeger, Vice President, JLL — Like office markets across the U.S., Phoenix continues to navigate its post-pandemic “normal.” But with red-hot population growth, a comparatively low cost of doing business, a dynamic office inventory and a stellar quality of life, it also remains a prime contender for new office locations, relocations and expansions. Metro Phoenix’s overall office vacancy rate had ticked up slightly to 25.6 percent at the close of 2023. Average annual rent growth had decelerated moderately to 0.8 percent year over year, but remained positive. The overall direct asking rent had stabilized at just over $29 per square foot. Although negative absorption remained markedly high at more than 3.5 million square feet through 2023, there was less quarterly loss in the fourth quarter compared to the third quarter. Amid all of this, Phoenix’s cost and demographic advantages — along with its ample inventory — pushed leasing momentum forward. In some cases, it even created positive net absorption, such as in prime office corridors and in newer, highly amenitized Class A projects.  The Grove, a 180,000-square-foot, Class AA office building in the Camelback Corridor, is a prime example of this. Within 16 months of its mid-2021 …

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DevelopmentFloridaMultifamilySoutheast

Mast Capital Begins Preleasing for 248-Unit Harlow Apartments in Tampa

by John Nelson

TAMPA, FLA. — Mast Capital has begun preleasing at The Harlow, a garden-style apartment development in Tampa’s Wesley Chapel neighborhood. Located at 5101 Bruce B. Downs Blvd., The Harlow comprises 248 units on a 16-acre site. Mast Capital and Rockpoint collectively entered the Tampa market in November 2021 with the acquisition of the development site. Construction began in late 2022, and the property is slated to open this month. Designed by Dwell Design Studio, The Harlow offers one-, two- and three-bedroom units that range in size from 751 to 1,501 square feets. Amenities include a central clubhouse with a fitness studio, game room, coworking lounge with private offices, lounge areas, pool, outdoor pavilion, pet park, children’s playground and surface parking with detached garages. Rental rates at the property range from $1,750 to $3,050 per month.

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Affordable HousingDevelopmentMultifamilySoutheastVirginia

Standard Communities Breaks Ground on 240-Unit Affordable Housing Development in Woodbridge, Virginia

by John Nelson

WOODBRIDGE, VA. — Standard Communities has broken ground on Jefferson Plaza Apartments, a 240-unit affordable housing community located at 1305 Jefferson Plaza in Woodbridge, a city in Northern Virginia’s Prince William County. The development, which is capitalized at approximately $67.5 million, was funded from sources including Virginia Housing, Freddie Mac and Hudson Housing Capital. All units at Jefferson Plaza will be income-restricted to households earning 60 percent of the area median income. Amenities will include 354 parking spaces for residents, a 3,000-square-foot club room, coworking space, fitness center, bike storage, playground and recreational area, green space and a dog park.

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DevelopmentIndustrialSoutheastTennessee

Urban Story Ventures to Invest $28M for New Industrial Facility in Chattanooga

by John Nelson

CHATTANOOGA, TENN. — Urban Story Ventures plans to invest $28 million for the development of a new industrial facility located within the Centre South Riverport Industrial Park in Chattanooga. The property will be situated on a 19-acre site along Amnicola Highway and the Tennessee River. The new industrial/flex facility will include at least 185,000 square feet of light to heavy industrial or logistics space, with the potential for 40,000 square feet of mezzanine space. Urban Story Ventures plans for the facility to feature several loading docks, ample parking and gated entry. The design-build team includes general contractor Grace Construction and architect Method Architecture. The construction timeline was not disclosed, though the locally based developer plans to break ground on Thursday, March 21.

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AcquisitionsBuild-to-RentFloridaMultifamilySingle-Family RentalSoutheast

Shoreham Capital Sells 175-Unit Build-to-Rent Residential Community in Metro Orlando

by John Nelson

POINCIANA, FLA. — Shoreham Capital has sold The Preserve at Poinciana, a 175-unit build-to-rent residential community underway in suburban Orlando. An unnamed state pension fund purchased the property via a separate account managed by Heitman. Tyler Swidler, Brett Moss and Matt Mitchell of Berkadia represented Shoreham Capital in the transaction. The sales price was not disclosed. JNS Homes is building the single-family community and expects to complete the development in the third quarter. Situated on 27 acres, The Preserve at Poinciana will feature three- and four-bedroom homes spanning 2,000 to 2,300 square feet. Amenities will include attached garages, a resort-style pool, green space, children’s playground, dog run and walking trails.

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AcquisitionsGeorgiaRetailSoutheast

Marcus & Millichap Arranges $7.5M Sale of Shopping Center in Monroe, Georgia

by John Nelson

MONROE, GA. — Marcus & Millichap has arranged the $7.5 million sale of Paradise Shoppes, a 23,500-square-foot retail center located at 1986 W. Spring St. in Monroe, about 44 miles east of Atlanta. An unnamed private equity firm based in Tulsa purchased the shopping center in an all-cash transaction from the seller, a private equity partnership. Both parties requested anonymity. The seller’s representative, Marc Irvin of Marcus & Millichap’s Atlanta office, says the company yielded more than 20 offers during marketing. Paradise Shoppes comprises two separate parcels, with one including a 5,300-square-foot building anchored by Truist Bank and Moe’s Southwest Grill. The other parcel comprises an 18,200-square-foot inline retail building leased to a mix of national, regional and local tenants. Additionally, there is a vacant pad between Starbucks and Chick-fil-A included in the sale.

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AcquisitionsMultifamilyTexas

Buckner Retirement Services Acquires 296-Unit Seniors Housing Property in Fort Worth

by Taylor Williams

FORT WORTH, Texas — Nonprofit senior living provider Buckner Retirement Services has acquired The Stayton at Museum Way in Fort Worth. The 11-story continuing care retirement community features 188 independent living units, 42 assisted living units, 20 memory care units and 46 skilled nursing units. The seller, Lifespace Communities, acquired The Stayton in 2019 and has operated it since that time. The anticipated closing date for the purchase is June 2024 but may occur as soon as late April, according to the buyer. 

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Company NewsLeasing ActivityRestaurantRetailTexas

Johnny Rockets to Open 20 New Texas Restaurants Over Next Decade

by Taylor Williams

LOS ANGELES — FAT (Fresh. Authentic. Tasty.) Brands Inc., the Los Angeles-based parent company of 17 restaurant concepts, has inked a new development deal to open 20 new Johnny Rockets restaurants across Texas over the next 10 years. The locations were not disclosed, but the first restaurant is set to open sometime this year. The new locations will open in partnership with Brame Holdings LLC, a San Antonio-based private investment company with a portfolio of franchised restaurants and automotive stores.

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IndustrialLeasing ActivityTexas

Oxford Partners Negotiates 45,590 SF Industrial Sublease in Northwest Houston

by Taylor Williams

HOUSTON — Locally based brokerage firm Oxford Partners has negotiated a 45,590-square-foot industrial sublease in northwest Houston. According to LoopNet Inc., the building at 7350 Langfield Road was constructed in 2012 and totals 120,953 square feet. Jacob Summers and Stephen Hazen of Oxford Partners represented the sublessee, food distributor Very Best of Texas Inc., in the lease negotiations. Savannah Smith and Joseph Smith of CBRE represented the sublessor, Cinch Kit LLC, a provider of cabinet refacing services.

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