Not so many years ago, the typical consumer thought of visiting the nearby regional mall or neighborhood center to go shopping — possibly for a new pair of jeans or some shoes. Like everything else in this world, the internet has significantly altered this exercise and, today, people tend to think of retail centers as places to “experience” something that cannot be easily acquired or replicated by simply tapping on a keyboard to request it. Developers and retailers alike have adapted to this behavioral change by introducing new concepts that emphasize the delivery of this experience, including new restaurants, entertainment-style concepts and health care services. This trend remains in full swing in the Baltimore metropolitan region, coupled with game-changing projects planned or rising throughout the Charm City region. Food, Medical, Entertainment The continued popularity of fast-casual restaurants is driven in large part by time-depraved families with dual-income households that seek eating options offering both quality and quickness. The “burger war” includes recent entries such as Bobby’s Burger Palace, Clark Burger and Shake Shack. Wahlburgers, operated by actor Mark Wahlberg and his brothers, might soon follow. Pizza remains a crowded, yet vibrant, category with new arrivals &pizza, Blake Pizza, MOD Pizza …
MCDONOUGH, GA. — Wayfair, a Boston-based e-commerce retailer specializing in home furnishings and décor, will locate its newest distribution center in McDonough, a southern suburb of Atlanta in Henry County. Wayfair will lease space within Phase II of King Mill Distribution Park, an 846,496-square-foot distribution center/warehouse located at 130 Distribution Drive. Trammell Crow Co. and Allstate co-developed the property. Wayfair’s new location will create more than 150 jobs in logistics and fulfillment. Founded in 2002, Wayfair offers more than 7 million products from over 7,000 suppliers across five brands: Wayfair.com, AllModern, Birch Lane, DwellStudio and Joss & Main. The company has more than 5,300 employees in North America and Europe. Wayfair worked with the Georgia Department of Economic Development, Henry County Development Authority, Georgia Ports Authority, Metro Atlanta Chamber, Georgia Power and Transwestern on the new project.
ATLANTA — A joint venture between Noble Investment Group and Simon has opened the AC Hotel Atlanta Buckhead at Phipps Plaza in Atlanta’s Buckhead district. Designed by Atlanta-based architectural firm Cooper Carry, the 166-room hotel is situated at the corner of Peachtree Street and Wieuca Road adjacent to Phipps Plaza and Lenox Square Mall. The property is the first new hotel to open in Buckhead in the past eight years. The hotel’s windows will feature View Dynamic Glass technology to automatically tint based on the sun’s intensity, which will maximize natural light and reduce heat and glare. Amenities include the AC Library, AC Lounge, AC Kitchen, a 24-hour fitness center and a heated indoor whirlpool.
GLENARDEN, MD. — Petrie Richardson Ventures and PGIM Real Estate, co-owners and developers of the 700,000-square-foot Woodmore Towne Centre, have broken ground on a new Nordstrom Rack store. Situated on a five-acre parcel within Woodmore Towne Centre in Glenarden, the 30,000-square-foot store will serve as Prince George’s County’s first Nordstrom Rack. The parcel will also include 29,000 square feet of retail and restaurant space for tenants that will be announced in the coming months. Woodmore Towne Centre is currently 90 percent leased to tenants including Wegmans, Costco, JC Penney, Best Buy, Petco, Chipotle Mexican Grill, Subway, KBQ Barbeque, Noodles & Co. and Irie Bar & Grill. Recently opened retailers and restaurants include Hook and Reel Cajun Seafood Restaurant, Honu Hawaiian BBQ and Kumon Learning Center. Kobe Japanese Steak & Food and Wings 21 will open later this year at Woodmore Towne Centre.
CHARLOTTE, N.C. — Avison Young has arranged a nearly 100,000-square-foot industrial lease within Westlake Business Park in Charlotte. Printful, a Los Angeles-based print-on-demand e-commerce retailer, will occupy the entire building located at 11025 Westlake Drive, which will serve as the home of the company’s East Coast operations. Christopher Skibinski and Alex Spears of Avison Young’s Charlotte office represented Printful in the lease deal. Warren Snowden and David Hanna of Foundry Commercial represented the landlord.
JACKSONVILLE, FLA. — Alostar has provided a $14.2 million loan for the refinancing of a 225,000-square-foot office building in Jacksonville. Located at 8787 Baypine Road, the office building is home to the Florida Coast School of Law. Alostar provided the loan to AGNL FCSL LLC, an affiliate of AG Net Lease Realty Fund II.
FORT LAUDERDALE, FLA. AND SEATTLE — Avanath Capital Management has acquired The Lodge at Peasley Canyon in Seattle and Harbour Pointe in Fort Lauderdale for a total of $84.8 million. Both properties are multifamily communities targeting middle-income families. The Lodge features 339 units while Harbour Pointe features 34 units. Oak Tree Residential was Avanath’s joint-venture partner on the Florida transaction. “Each of these assets presents an opportunity to leverage market growth while also preserving much-needed workforce housing in cities that have experienced some of the highest rent increases in the nation,” says John Williams, president and chief investment officer of Avanath. “Amidst this rent growth, there is a severe shortage of quality workforce housing that caters to middle-income families in major urban cores throughout the nation.” Built in 2004, The Lodge at Peasley Canyon’s amenities include a pool and spa, fitness center, modern kitchens with maple cabinetry and washers and dryers in most units. Avanath bought the property for $73.3 million and plans to enhance the clubhouse, lighting, kitchens and bathrooms. The seller was an institutional owner. Constructed in 1976 and renovated in 2006, Harbor Pointe is currently 100 percent occupied and features marble floors and boat slips. Avanath and …
WASHINGTON, D.C. — Berkshire Group has purchased Berkshire 15, a newly built, 96-unit high-rise apartment tower located at 2011 15th St. N.W. in Washington, D.C.’s historic U Street corridor. The Boston-based multifamily investment firm purchased the asset from Bozzuto Homes Inc. for an undisclosed price. Globe Street reports the property traded for $53.6 million, or $558,33 per unit. The high-rise’s units feature European-style cabinets, quartz countertops and wood flooring. Community amenities include a ground-level patio, rooftop deck, parking garage, extra storage units and bicycle storage.
HOPKINSVILLE, KY. — Thompson Thrift Development has begun construction on Hopkinsville Towne Center, a 185,000-square-foot, junior-anchored retail center in Hopkinsville. Situated on the northwest corner of Fort Campbell Boulevard and Lovers Lane, the asset’s tenant roster includes Hobby Lobby, TJ Maxx, Ross Dress for Less, rue 21, Ulta Beauty, Burke’s Outlet, Hibbett Sporting Goods, Rack Room Shoes, Maurice’s, Cato and Panera Bread. Hopkinsville Towne Center’s first tenants are expected to open in late 2017 or early 2018. Kevin Schreiber and Kevin Mayhugh of The Shopping Center Group are leasing the property on behalf of Thompson Thrift. The Shopping Center Group and Thompson Thrift have worked with city and county officials since 2012 to assemble and develop the 20-acre site.
HOLLY SPRINGS, N.C. — Duke Realty has begun construction on a 45,000-square-foot expansion of the UNC REX Healthcare campus in Holly Springs. Located at 617 Avent Ferry Road, the new three-story structure will be attached to an existing 30,370-square-foot medical office building via a three-story glass atrium. Duke Realty will develop, finance, own and manage the new space, which will be fully leased to UNC REX, a Raleigh-based healthcare system. The design team includes architect BSA LifeStructures and general contractor Brasfield & Gorrie. Duke Realty plans to deliver the new medical office building in December 2017. UNC REX also plans to build a new 50-bed community hospital on the Holly Springs campus beginning next year.