RUSTBURG, VA. — Campbell County Economic Development plans to develop a 100,000-square-foot industrial facility in Rustburg, a city in central Virginia. The $11 million project will be situated on 7.5 acres within Seneca Commerce Park along U.S. Route 29 and Wards Road. The facility represents the largest undertaking for the department in a decade. The design and oversight of the construction project is currently being procured by Campbell County Economic Development, with site development scheduled to be advertised for bidding in the fall. The selected architect and engineering firms will work with the county to design the building and provide ongoing construction management throughout the project. The Tobacco Regional Revitalization Commission has awarded grant funding for the site, which has also been recommended for funding by the Southeast Crescent Regional Commission. The projected timeline has the tenant-ready building delivering in spring 2026.
LAFAYETTE, LA. — GBT Realty Corp. has executed leases with new retailers at River Marketplace, a 168,000-square-foot shopping center in Lafayette. J. Crew Factory, Sephora and lululemon have signed leases to occupy a freestanding, 16,700-square-foot building within the shopping center that once housed Books-A-Million, which shuttered earlier this year. All three retailers are expected to open in early 2025. A final 3,450-square-foot space remains available for lease in the building. Situated on a 43-acre site, River Marketplace is anchored by a Super Target. The property is currently 99 percent leased to tenants including Ross Dress for Less, Total Wine & More, Rack Room Shoes, Cato, 2nd & Charles, Toasted Yolk Café, Buckle, Crumbl Cookies and Games Workshop.
ATLANTA — Newmark has brokered the sale of Reflection, a student housing high-rise in Midtown Atlanta totaling 741 beds across 247 units. The Class A property is located at 111 John Wesley Dobbs Ave. NE, which is within walking distance of Georgia State University. Ryan Lang, Jack Brett, Ben Harkrider and Bert Sanders of Newmark represented the sellers, Atlantic Capital Properties and ELV Associates, in the transaction. The Scion Group and Brookfield Asset Management purchased the property for an undisclosed price. Built in 2022, Reflection features bed-to-bath parity, designer furniture package, stainless steel appliances and in-unit washers and dryers. Community amenities include a temperature-controlled saltwater pool with in-water tanning loungers, a jumbotron screen on an elevated deck, outdoor lawn and grilling area, fitness center, modern study and conference spaces and designated entertainment rooms that include gaming systems and table games. Additionally, the property features two retail spaces leased to Center Parc Credit Union and Mochinut, a donut shop. Reflection was 99.6 percent occupied at the time of sale.
ATHENS, ALA. — U-Haul plans to build a new retail, moving and self-storage property on a 5.3-acre site at 16298 Athens-Limestone Blvd. in Athens, about 27 miles east of Huntsville, Ala. Set to open in 2026 along I-65, the three-story property will feature 1,100 indoor self-storage units, more than half of which will be climate-controlled. Amenities will include access to moving trucks, trailers, towing devices, U-Box containers, professional hitch installation, propane refills and propane exchange. The property will also feature a retail showroom that will sell boxes and moving supplies, bike racks, towing accessories and locks. Additionally, U-Haul Moving & Storage in Athens will feature a U-Box warehouse that will hold up to 1,000 portable moving and storage containers. The new facility will represent the first location in Athens for U-Haul.
BIRMINGHAM, ALA. — Audubon has purchased Scholar Birmingham, a 198-unit student housing high-rise in Birmingham’s Five Points neighborhood. The tower was developed as an off-campus student housing property in 2020 due to its proximity to University of Alabama at Birmingham (UAB). The seller and sales price were not disclosed. Audubon plans to transition the property to market-rate housing in a retrofit that includes modernizing the interiors and enhancing community amenities. According to the Scholar Birmingham property website, the community offers fully furnished, pet-friendly studio, one-, two-, three- and four-bedroom apartments. Amenities include package lockers, a fitness center, sauna, gaming room, theater and a rooftop amenity deck with a pool, covered lounge and barbecue grills.
RESTON AND FALLS CHURCH, VA. — The Fresh Market plans to anchor two mixed-use developments in the Northern Virginia region of metropolitan Washington, D.C. The Greensboro, N.C.-based grocer has committed to approximately 27,000 square feet of space at Reston Station, a mixed-use development in Reston by Comstock Cos., and 29,000 square feet at West Falls, a 10-acre mixed-use development in Falls Church by Hoffman & Associates. The Reston Station grocery store will be situated within Midline at Reston Station, and the West Falls store will be located at the ground level of an upcoming residential development. Both new stores are expected to open within the next three years, with the West Falls store set to open by mid-2026. The Fresh Market has two existing locations in nearby Alexandria and Vienna, Va.
PORT ST. LUCIE, FLA. — SRS Real Estate Partners has arranged the $10.3 million sale of Tradition Retail Center, a 28,820-square-foot shopping center located at 10190-10218 SW Village Parkway in Port St. Lucie. The multi-tenant property is situated within Tradition, an 800-acre master-planned community in southeast Florida. Built in 2020, Tradition Retail Center was fully leased at the time of sale to 10 tenants, including Faith Animal Hospital, Farmers Insurance, Scott’s Golf Carts and the Little Gym. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, an undisclosed development firm based in New York. A private investor based in Florida purchased the retail center in an all-cash 1031 exchange at a 6.75 percent cap rate, according to SRS.
NORTH BETHESDA, MD. — Fivesquares Development and Apartment Investment and Management Co. (Aimco) have opened two multifamily residential buildings in North Bethesda, roughly 13 miles outside downtown Washington, D.C. Dubbed Ravel and Royale, the properties are located at 10511 Strathmore Hall St., adjacent to the Strathmore Music Center, Rock Creek Park and a Washington Metropolitan Area Transit Authority (Metro) station. Ravel and Royale mark the first residential buildings to be delivered at Strathmore Square, a master-planned transit-oriented development that will total 2.2 million square feet upon completion. Ravel, named for French composer and pianist Maurice Ravel, comprises 49 units across nine stories, with two- and three-bedroom layouts. Amenities at the property include 24-hour concierge service. Royale spans 10 stories and features 171 units in one-, two- and three-bedroom layouts. Amenities at the building include workspaces, a fitness center, yoga studio, pool, rooftop deck and a pet spa. The two buildings are also connected by a central courtyard with lounge areas and a firepit. Residents will also have access to bike storage, commercial washers and dryers, high-speed elevators and an onsite property management team.
SAVANNAH, GA. — Peach Hill Capital and RK2 Property Group have acquired Georgetown Crossing, an apartment community located in Savannah, for $25.6 million. Built in 1994 at 1015 King George Blvd., the property features 168 units in one- and two-bedroom layouts across seven three-story buildings. Amenities at the community include a clubhouse, pool, picnic areas, barbecues and a dog park. Mark Boyce and Blake Coffey of Berkadia represented the undisclosed seller in the transaction.
ROSWELL, GA. — JLL Capital Markets has arranged the sale of Roswell Market Center, an 82,029-square-foot retail center located in the northern Atlanta suburb of Roswell. Tenants at the property, which was built in 1990, include AutoZone, Dollar Tree, Subway and AT&T. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the seller, Sterling Organization, in the transaction. The buyer and sales price were not disclosed.