APEX, N.C. — JLL Income Property Trust has acquired West Raleigh Distribution Center, a five-building, 985,000-square-foot industrial park located in the Raleigh suburb of Apex. The seller was not disclosed. Situated near I-540, West Raleigh Distribution Center was 87 percent leased at the time of sale to a mix of eight tenants, the largest of whom is a major distributor to the biotech and healthcare sectors. The buildings were constructed in 2024 and 2025.
FAIRHOPE, ALA. — Birmingham, Ala.-based Oakley Group has acquired Flats at East Bay in Fairhope for $49.8 million. Stoa Group was the seller. Craig Hey of Cushman & Wakefield arranged the sale. Oakley has appointed Arlington Properties to manage the 240-unit community, which is located at 9376 Twin Beech Road on the eastern shoreline of Mobile Bay, about 26 miles south of Mobile. Flats at East Bay was completed in 2024 and features 10 three-story buildings with one-, two- and three-bedroom units and amenities such as a resort-style pool with cabanas, a fitness center, dog park, walking trails, grills, coworking space with conference rooms, fire pit and electric vehicle charging stations.
CUMMING, GA. — Atlantic Residential has made progress on Phase I of the retail plaza at The Crossing at Coal Mountain, a 140-acre mixed-use development underway in Cumming, a northern suburb of Atlanta. The project sits in the Coal Mountain region of north Forsyth County and will feature apartments, retail space and for-sale homes being developed in partnership with Toll Brothers. Atlantic Residential broke ground in July on the 47,000 square feet of shops, restaurants and entertainment space at the development, with plans to complete construction in summer 2026. Food-and-beverage concepts at The Crossing at Coal Mountain will make up 60 percent of the retail offerings, while the remaining 40 percent will include soft goods and services such as spas, salons, fitness concepts and a 20,000-square-foot pad ideal for a small-format grocery or market anchor, as well as other service-based businesses. Atlantic Residential has selected Jennifer Steffen and Matt Maloney of JLL to handle the retail leasing assignment at the development. Construction progress to date includes framing of the project’s mixed-use building up to its fifth level, two of the multifamily buildings and installation of roads and infrastructure.
Columbia Residential Completes $35M Redevelopment of Affordable Seniors Housing Community in Atlanta
ATLANTA — Locally based Columbia Residential, in partnership with Atlanta Housing and other public and private stakeholders, has completed a $35 million redevelopment at Legacy at East Lake in Atlanta. Originally built in the 1970s, the newly reopened property features 149 studio and one-bedroom apartments across eight stories. Units are reserved for residents age 55 and older and households earning at or below 30, 50 and 60 percent of the area median income (AMI). Rents are capped at 30 percent of household income through project-based vouchers. Financing for the redevelopment included $12.4 million in equity from Truist Community Capital via 9 percent low-income housing tax credits (LIHTC) allocated by the Georgia Department of Community Affairs; a $10.5 million construction-to-permanent loan from Atlanta Housing; an $8 million construction loan and $5.6 million permanent mortgage from Truist Bank; $4 million in National Housing Trust Funds from the Georgia Department of Community Affairs; $1 million in housing opportunity bond financing from Invest Atlanta, the City of Atlanta’s economic development agency; a $1 million seller note from Atlanta Housing; and $400,000 in deferred developer fees by Columbia Residential. Dash & Dwell coordinated resident relocations during construction, and a partnership with Matter Health now provides …
CLERMONT, FLA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.9 million loan for the refinancing of a 15,520-square-foot retail strip center located at 9350 U.S. 192 in Clermont, 26 miles southwest of Orlando. Tenants at the property include several restaurants, a healthcare office and a tattoo parlor. Garrett Fierstein of MMCC’s Orlando office secured the financing through a national credit union on behalf of the privately based borrower. The loan features a 10-year term with a 25-year amortization period and a 65 percent loan-to-value ratio.
GOOCHLAND COUNTY, VA. — Pharmaceutical giant Eli Lilly and Co. (NYSE: LLY) has announced plans for a $5 billion manufacturing facility located in Goochland County, which is situated west of Richmond. Earlier this year, Indianapolis-based Eli Lilly shared plans to build four new pharmaceutical manufacturing plants. The Virginia facility is the first of the four to be formally announced. Since 2020, the company has invested $50 billion in capital expansion commitments. When finished, the development will mark the company’s first dedicated, fully integrated active pharmaceutical ingredient (API) and drug product facility for its bioconjugate platform and monoclonal antibody portfolio, which create ingredients for the treatment of cancer and autoimmune diseases. Completion of the facility is scheduled within the next five years. According to Eli Lilly, the project will create more than 650 permanent jobs in the area, in addition to 1,800 construction jobs. The company projects that for each dollar invested in the development, up to $4 of local economic activity will be generated. Goochland County was selected as the site for the new facility out of hundreds of applications. Plans for the facility include the use of technologies including machine learning, AI and automated systems. To implement these technologies, …
SOCIAL CIRCLE, GA. — Electric vehicle manufacturer Rivian held a groundbreaking ceremony for its $5 billion plant near Social Circle, about 44 miles east of Atlanta via I-20. The project will be situated within the 1,600-acre Stanton Springs North master-planned community. Construction is expected to begin in 2026 with customer vehicle production for the midsize, five-seater R2 SUV and R3 crossover anticipated to start in 2028. Rivian plans to develop the plant in two phases, each resulting in 200,000 units of annual capacity. The plant is expected to create 7,500 direct jobs and 8,000 indirect jobs by 2030, as well as 2,000 construction jobs, according to an analysis conducted by IMPLAN. Rivian received financing from the U.S. Department of Energy’s Advanced Technology Vehicle Manufacturing Loan Program for the manufacturing facility. The groundbreaking ceremony comes on the heels of Rivian announcing its decision to locate its East Coast headquarters at Junction Krog Street in Atlanta’s Inman Park district.
BOCA RATON, FLA. — JLL Capital Markets has brokered the $118.5 million sale of Uptown Boca, a 194,927-square-foot shopping center located at 9536-9704 Glades Road in Boca Raton. Whole Foods Market anchors the property, which was fully occupied at the time of sale to tenants including Life Time Fitness, REI, HomeSense and Sephora. Danny Finkle, Jorge Portela and Kim Flores of JLL represented the seller, a joint venture between Schmier Property Group, Giles Capital Group, Rosemurgy Properties and Wheelock Street Capital. The buyer was Stockbridge Capital Group. Uptown Boca also features 456 luxury apartment units that were not included in the transaction.
ATLANTA — Allen Morris Co. has delivered Stella at Star Metals, a 22-story apartment high-rise within the Star Metals District mixed-use development in Atlanta’s West Midtown neighborhood. Oppenheim Architecture designed the 327-unit community, which features a unit mix ranging from studios to penthouses. Monthly rental rates range from $1,670 to $7,300, according to Apartments.com. Amenities include a 52-foot entry, hotel-style lobby, rooftop pool and lounge, fitness facilities, a screening room and access to restaurants, bars and retail spaces at Star Metals.
NASHVILLE, TENN. — The Clear Blue Co. has opened Highland East, a 238-unit affordable housing community located at 301 Ben Allen Road in east Nashville. The seven-building property has direct access with the Metro Greenway and the city’s expanding trail and greenway network thanks to a partnership with Metro Parks. Highland East features a mix of one-, two- and three-bedroom units available to individuals earning up to 60 percent of the area median income (AMI). Ten units will be reserved for those earning up to 30 percent of AMI, and five units will be dedicated as permanent supportive housing to serve individuals who formerly experienced homelessness. Amenities include a clubhouse, business center, playground, indoor fitness center, outdoor fitness circuit, dog park, art installations and decks with fire pits and grilling areas. Clear Blue broke ground on Highland East in June 2023. The development is supported by Amazon, the Tennessee Housing Development Agency through Low-Income Housing Tax Credits (LIHTC) generating $36.7 million in equity and construction and LIHTC equity investment from JP Morgan. Regions Bank provided a $24.8 million construction loan and a $23.6 million equity bridge loan for the project. Walker & Dunlop is also providing permanent financing. The Metropolitan …
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