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DevelopmentFloridaHospitalityLoansSoutheast

Newmark Arranges $94.4M Loan for Refinancing, Repositioning of Downtown Tampa Hotel

by John Nelson

TAMPA, FLA. — Newmark has arranged a $94.4 million loan for the refinancing of Hotel Cala, formerly known as Hotel Tampa Riverwalk. The 281-room is located along the 2.6-mile Tampa Riverwalk overlooking the Hillsborough River in downtown Tampa. Jordan Roeschlaub, Nick Scribani, Ricky Braha, Tyler Dumon and Tate Keir of Newmark arranged the financing through Bain Capital and Smith Hill Capital on behalf of the borrower, a partnership between Newbond Holdings and Apollo. The ownership is executing a comprehensive repositioning strategy at Hotel Cala, including a full renovation and rebranding of the property into a luxury hotel under the Curio Collection flag. Renovations will include upgrades to guest rooms, meeting spaces and amenity offerings, including a flagship food-and-beverage concept. The construction timeline for the repositioning was not disclosed.

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DevelopmentGeorgiaHospitalitySoutheast

Noble Opens 148-Room Tempo by Hilton Savannah Historic District Hotel

by John Nelson

SAVANNAH, GA. — Noble Investment Group has opened Tempo by Hilton Savannah Historic District, a 148-room hotel located at 220 E. Bryan St. in downtown Savannah. Situated off Reynolds Square and steps from the Savannah River, the hotel represents the first Tempo by Hilton property in Georgia. McKibbon Hospitality manages the hotel on behalf of Noble. Each hotel room offers spa-inspired bathrooms with Bluetooth speaker mirrors and Apotheke bath products; Sealy Accelerate mattresses; Peloton bikes; yoga mats; and resistance bands. Amenities include a lobby with gathering spaces, 3,000 square feet of meeting spaces and a 24-hour fitness center. Food-and-beverage offerings include Waving Girl Rooftop, a rooftop bar, and Bluestone Lane Café, an Australian-style café overlooking Reynolds Square.

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DevelopmentFloridaIndustrialSoutheast

FRP Development Completes 200,000 SF Industrial Facility in Delray Beach, Florida

by John Nelson

DELRAY BEACH, FLA. — FRP Development Corp. has completed the first phase of Logistics Center at Delray, a 40-acre industrial park underway in west Delray Beach. Situated along Route U.S. 441 in South Florida’s Palm Beach County, Phase I of the park comprises a 200,000-square-foot facility with 36-foot ceiling heights, 215 parking spaces and 45 dock doors. Christopher Thomson, Matthew McAllister and Eric Cantor of Cushman & Wakefield are handling the leasing assignment for the facility, which is divisible to 30,000 square feet. FRP Development is developing the park in partnership with PCCP LLC. At full build-out, Logistics Center at Delray will span three buildings totaling approximately 600,000 square feet.

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DevelopmentMultifamilySoutheastTennessee

Novare, BCDC Welcome Residents to 271-Unit Apartment Community in Knoxville

by John Nelson

KNOXVILLE, TENN. — A joint venture between Novare Group and Batson-Cook Development Co. (BCDC) has begun tenant move-ins at Elmstead West Knoxville, a 271-unit apartment community located at 962 Mabry Hood Road in Knoxville. The property features a mix of one-, two- and three-bedroom residences, as well as a resort-style pool, private garages, coworking lounge, fitness center, clubroom, grilling stations, fire pits, a dog park and pet spa. Monthly rental rates at Elmstead West Knoxville start at $1,557, according to the property website. The design-build team includes architect Dynamik Design and general contractor Summit Contracting Group. SouthState Bank provided construction financing to Novare and BCDC.

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AcquisitionsSeniors HousingSoutheastTennessee

NHI Agrees to Sell Skilled Nursing Portfolio to National HealthCare Corp. for $560M

by John Nelson

MURFREESBORO, TENN. — National Health Investors (NHI) has executed an agreement to sell a seniors housing portfolio to National HealthCare Corp. (NHC) for a total of $560 million. The portfolio includes 32 skilled nursing facilities and three independent living facilities. NHC currently operates the properties on behalf of NHI. In 2025, the portfolio generated cash lease revenue of roughly $39.7 million for NHI. According to NHI, the Murfreesboro-based company expects this move to increase its concentration in the category of private-pay seniors housing. Following the transaction, NHI’s senior housing operating portfolio segment will represent roughly 22 percent of its total investments, with skilled nursing exposure to represent 12.2 percent of total investments. In a statement, NHI also noted that this sale will “eliminate potential conflicts of interest between NHI and NHC.” Closing of the transaction is expected on July 1, subject to customary closing conditions. NHI expects to incur transaction costs between $6 million and $8 million. Blueprint Healthcare Real Estate Advisors is serving as the transaction advisor for NHI. Houlihan Lokey Capital is acting as financial advisor to a special committee of non-interested directors that was appointed to review the sale, and Venable LLP is serving as the committee’s …

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DevelopmentGeorgiaHospitalityMixed-UseSoutheast

Virgin Hotels to Anchor $5B Centennial Yards Development in Downtown Atlanta

by John Nelson

ATLANTA — Los Angeles-based CIM Group and affiliate Centennial Yards Co. have announced that Virgin Hotels is coming to Centennial Yards, the $5 billion mixed-use district underway in downtown Atlanta. Drew Co. is co-developing the 261-room hotel, which is set to open in 2027 between Mercedes-Benz Stadium and State Farm Arena. The hotel will anchor the “Entertainment District” of the 50-acre project that will also include a 5,300-seat Live Nation venue and the interactive Cosm attraction announced in 2024. The hotel will include the Virgin brand’s signature “Chambers” room concept with a penthouse suite and “Richard’s Flat” on the upper floors. The hotel will also feature meeting space, a pool deck and a Chops Lobster Bar on the ground level, as well as bars in the lobby, pool deck area and rooftop, plus a seasonal patio bar. Other recently announced concepts coming to Centennial Yards include Shake Shack, The Irish Exit, Khao Thai Isan, The Busy Bee Café and Zephyr Southern Brasserie.

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AcquisitionsFloridaRetailSoutheast

Fund Acquires Shopping Center on Florida’s Space Coast for $16M

by John Nelson

MERRITT ISLAND, FLA. — A tenancy-in-common (TIC) entity including MHCommercial Real Estate Fund II, a private equity fund launched by South Florida-based commercial real estate services firm NAI Merin Hunter Codman, has acquired the Shoppes at Victoria Square on Florida’s Space Coast for $16 million. Situated approximately 50 miles east of Orlando in Merritt Island near the Kennedy Space Center, the Shoppes at Victoria Square totals 109,000 square feet and is anchored by Burlington, Five Below and Ulta Beauty. The property was 98 percent leased at the time of sale. This acquisition marks the second Merritt Island investment for MHC Fund II, following the purchase of Merritt Crossing, a 90,000-square-foot grocery-anchored retail center, in July 2025. John Crotty, Michael Fay, David Duckworth, Brian de la Fe and Philip Shapiro of Avison Young represented the seller, an entity doing business as Victoria Square Partners, in the transaction. Stuart Kapp and Jake Seiler of Kapp Morrison Aker LLP law firm represented the TIC buyers, an entity doing business as Ocala North Partnership, which includes Ted Lightman and James O’Connor of Charles Wayne Properties; Jim Scalo and Brian Walker of NAI Burns Scalo; and MHCommercial Fund II. BankUnited provided financing. NAI Merin Hunter Codman …

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AcquisitionsRetailSouth CarolinaSoutheast

Marcus & Millichap Brokers Sale of Upstate South Carolina Retail Property Leased to Chase Bank

by John Nelson

BOILING SPRINGS, S.C. — Don McMinn and Andrew Koriwchak of Marcus & Millichap’s Taylor McMinn Retail Group have brokered the sale of a freestanding retail property in Boiling Springs, a city in Upstate South Carolina’s Spartanburg County. Chase Bank occupies the property on a 15-year, corporate guaranteed ground lease that features 10 percent rent increases in the initial term and extension options. The seller, a repeat developer for Chase Bank retail branches, delivered the property earlier this year. The undisclosed buyer purchased the store in a 1031 exchange. The sales price was also not disclosed. “This sale demonstrates that investment-grade assets continue to attract strong buyer demand, commanding aggressive pricing for low-rent deals in prime locations — despite the surplus of net lease inventory,” says McMinn.

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FeaturesOfficeSoutheastSoutheast Feature Archive

Next Generation of Office Space Is Designed to Perform

by John Nelson

Walk through almost any office today and you will likely see a familiar scene: employees sitting at their desks wearing headphones, speaking into laptops and participating in video calls. Some are presenting to colleagues working remotely. Others are joining quick internal check-ins or connecting with clients across the country. Individually, these conversations are part of the normal rhythm of modern work. Together, they can create a surprising amount of background noise. This reality is one of the biggest forces reshaping office design. For years, workplace design emphasized openness. Walls came down, benching systems replaced private offices and large collaboration areas were introduced to encourage interaction. But as hybrid work has become the norm, organizations are recognizing that offices must support a wider range of activities than they once did. Employees still come to the office to collaborate and connect. At the same time, many arrive with schedules filled with focused individual work and virtual meetings that require quiet and concentration. As a result, workplace design is evolving. Instead of choosing between open offices and private offices, organizations are focusing on balance, creating workplaces that support focus, collaboration and connection within the same space. Privacy returning to offices One of the …

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AbbVie-Durham-Rendering
DevelopmentLife SciencesNorth CarolinaSoutheastTop Stories

AbbVie to Invest $1.4B in New Pharmaceutical Manufacturing Facility in Durham, North Carolina

by Hayden Spiess

DURHAM, N.C. — Biopharmaceutical company AbbVie (NYSE: ABBV) has announced plans for a new pharmaceutical manufacturing campus located in Durham, according to North Carolina Gov. Josh Stein.  AbbVie will invest $1.4 billion in the project over four years, marking the company’s largest capital commitment for a single campus to date and its first investment in the Tarheel State. Last year, AbbVie unveiled plans for a $195 million expansion its manufacturing plan in its hometown of North Chicago. Both projects are part of AbbVie’s $100 billion commitment to grow its U.S. research-and-development and capital investments over the next decade. Upon completion, the Durham campus will total 185 acres and will include drug product manufacturing facilities, next-generation laboratories, a warehouse, administrative offices and employee wellness facilities. AbbVie plans to produce small volume parenteral (i.e. prefilled syringes and vials for injection or infusion) drug products at the facility. Construction of the Durham campus is scheduled to begin this year and be completed by the end of 2028. AbbVie expects the construction process to support 2,000 temporary jobs. Several state and local entities, including The North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, have collaborated with AbbVie on the project. AbbVie …

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