FREDERICK, MD. — The Common Market Co-op, a community-owned grocer with one store in Frederick, has announced plans to open a second Frederick location at the site of a former Safeway. The organic and natural foods grocery store will move into its new home on 7th Street following significant renovations. Details of the planned renovations were not disclosed. In addition to food options, the new store will offer amenities such as grocery pick-up, a cafe and a pet care center that offers organic pet supplies. Randy and Francy Williams founded The Common Market in 1974 and it has grown to have more than 6,600 owners. The company expects to hire 110 people at the new location and will move its corporate headquarters to the site.
CLARKSVILLE, TENN. — Rise Partners has purchased a vacant 95,000-square-foot retail property in Clarksville that formerly housed Kmart. The investment firm said construction will begin immediately on Clarksville Commons so that five national retailers can move in by late fall. Gary Shanks of The Shopping Center Group is handling leasing of the center. The names of the retailers have not yet been announced. The asset, which also has a vacant fuel center, is situated at 2300 Madison St., about 43 miles northwest of downtown Nashville. The fuel center will be replaced with restaurant and retail space. The seller and sales price were not disclosed.
ATLANTA — Whole Foods Market will celebrate its 500th store on Friday, April 5 with the opening of Whole Foods Market Midtown, a 70,000-square-foot, four-story location situated at 22 W. 14th St. in Midtown Atlanta, about four miles north of downtown Atlanta. According to Atlanta Business Chronicle, the development team comprises developer Related Group, general contractor Balfour Beatty and architect Phillips Partnership. The newest location will be the 12th in Atlanta and the flagship store of the Southeast region. The Whole Foods will offer four fast-casual eateries across the four levels, as well as a rooftop bar. Atlanta Business Chronicle also reports the new store will include new locations of Farmburger and Dtox Juice.
BETHESDA, MD. — ZOM Living and Mitsui Fudosan America will break ground on Maizon Bethesda, a 229-unit apartment building in Bethesda. The community will offer studio, one-, two- and three-bedroom floor plans. Amenities will include a rooftop deck, swimming pool, package services, grilling areas and a fitness center. The asset will be situated two blocks from the Bethesda Metro Station and about seven miles north of downtown Washington, D.C., and about three miles east of Capital Crescent Trail. SK+I is the designer and architect, and Balfour Beatty will serve as the general contractor. Anticipated completion is slated for October 2020.
DUNWOODY, GA. — Batson-Cook Development Co. (BCDC) and Adevco Corp. have broken ground on a 112,000-square-foot Extra Space Storage facility in Dunwoody. The planned three-story, climate-controlled building will offer 804 storage units. Anticipated completion is set for early 2021. The asset is situated at 4444 N. Shallowford Road, about 16 miles north of downtown Atlanta. Georgia’s Own Credit Union is providing construction financing, BCDC and Adevco are providing equity and Extra Space Storage will provide leasing and property management.
GLEN ALLEN, VA. — Atlanta-based Pollack Shores has entered the Mid-Atlantic market with the acquisition of The Flats at West Broad Village, a 339-unit apartment community in Glen Allen. Pollack Shores has planned $4.5 million in renovations to the asset, which is situated above ground-floor retail between a Whole Foods Market and Trader Joe’s. Anticipated renovations include the addition of new stainless steel appliances, modern cabinetry and doors, new plumbing and lighting fixtures, granite countertops and plank flooring. The purchase includes 8,300 square feet of ground-floor retail space that the buyer will transform into the leasing office and a fitness center. The Flats at West Broad Village is located at 3930 Wild Goose Lane, about 14 miles northeast of downtown Richmond. The sales price and seller were not disclosed.
NASHVILLE, TENN. — FD Stonewater has purchased Aramark Global Business’ operations property, an 89,000-square-foot office building fully leased to Aramark. The asset is situated at 5880 Nolensville Pike, about 12 miles south of downtown Nashville. Aramark, a global food services, facilities management and uniform services provider, has occupied the space since 2013. This is FD Stonewater’s fourth acquisition in Nashville in seven years. The seller and sales price were not disclosed, but The Tennessean reported that New York-based Gramercy Property Trust purchased the asset in 2014 for $16.5 million.
WASHINGTON, D.C. — Los Angeles-based Saban Real Estate has purchased One Independence Square, a 334,000-square-foot office building located at 250 E. St. in Washington, D.C.’s Southwest submarket. Piedmont Office Realty Trust (NYSE: PDM) sold the nine-story office asset to Saban for approximately $170 million. Built in 1991 near the National Mall and the Smithsonian, One Independence was 94 percent leased at the time of sale to multiple government tenants. The property’s average weighted lease term is 10 years, according to Brent Smith, president and chief investment officer of Piedmont. “The sale of One Independence reduces Piedmont’s exposure to the Southwest D.C. submarket and disposes of a fully stabilized asset,” explains Smith. “The net sales proceeds will be used in the short-term to pay down our line of credit as we evaluate our pipeline of acquisition candidates.” After undergoing a major renovation in 2013, One Independence now features a rooftop terrace, modern fitness center, café and an updated lobby. Saban Real Estate and its affiliates own real estate assets in three sectors: student housing, government office and self-storage. The company owns a portfolio of 30 student housing properties containing 20,000 beds, seven office buildings spanning 1.4 million square feet and 34 …
The short answer: absolutely. You don’t need to be a savvy commercial real estate professional to notice the impact multifamily has on Raleigh’s urban landscape. Areas like North Hills/Midtown, Downtown and Hillsborough Street are typically at the forefront of everyone’s mind when they think of new Raleigh developments, but it’s not just Class A development in the city’s urban core that has seen a boom. Class B and C suburban product have seen the most significant rent growth through the cycle that continues to increase each quarter. Moreover, we are seeing new construction intensify along our suburban corridors. It’s also no secret that Raleigh has one of the healthiest economies in the country. The Milken Institute reported recently that Raleigh ranks No. 2 in the nation for creating and keeping quality jobs. Economic factors like wage and employment growth, quality of life, proximity to higher education and a bustling tech sector have created a perfect storm of dynamic economic activity. Much to their chagrin, Raleigh natives haven’t done a very good job of keeping this a secret, and the number of fresh new faces coming to the Triangle continues to rise. In fact, the Raleigh-Durham market grew by nearly 60,000 …
JACKSONVILLE, FLA. — Graham Commercial Properties (GCP) has acquired Northport Logistics Center, an 872,627-square-foot industrial building in Jacksonville, for $49 million. The asset is situated less than three miles from the Jacksonville Port Authority (JAXPORT) and is leased to Gildan Activewear and Grimes Logistics. Wells Fargo provided acquisition financing. Colorado-based Real Capital Solutions was the seller.