Tuesday, June 10, 2025
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DevelopmentHospitalityMixed-UseRestaurantRetailSoutheastVirginia

Bruce Smith Enterprise, Cordish Cos. Selected to Develop $1.4B Gaming and Entertainment District in Petersburg, Virginia

by John Nelson

PETERSBURG, VA. — The City of Petersburg has selected Bruce Smith Enterprise and The Cordish Cos. to co-develop a $1.4 billion gaming and entertainment district at the intersection of Wagner Road and I-95 in Petersburg, roughly 24 miles south of Richmond. The Petersburg City Council unanimously approved the joint venture partnership, which responded to a request for proposal (RFP) issued by the city as the preferred development partner on the mixed-use project. Upon completion, Live! Casino & Hotel Virginia will comprise more than 400,000 square feet of gaming, hotel and dining space, as well as 35,000 square feet of meeting and convention space; a 200-room hotel; 1,600 slot machines; 46 table games; a sportsbook; 3,000-seat entertainment venue; and eight food-and-beverage options. The property will be developed, owned and managed by an entity doing business as Petersburg Community Development Investors LLC. According to the developers, the project will create an expected 7,500 new jobs and generate $2.8 billion in economic stimulus within the first 10 years. Projections also include $504 million in tax revenues, including $240 million to the City of Petersburg; $802 million in economic benefits during construction; and $201 million in annual economic benefits each year after opening.

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DevelopmentKentuckyMixed-UseRetailSoutheast

RD Property Group to Break Ground on 122,000 SF Kroger Marketplace at Newton Springs in Lexington, Kentucky

by John Nelson

LEXINGTON, KY. — RD Property Group is underway on the development of a 34-acre mixed-use development located in Lexington. The City of Lexington recently certified plans for the construction of a 122,000-square-foot Kroger Marketplace at the project, dubbed Newton Springs. Plans for the store include a drive-thru pharmacy, adjoining wine and spirits shop and 476 parking spaces. The development also features a recently opened Everhome Suites hotel, as well as two four-story buildings, a restaurant space and three additional buildings. Tenants at the property include Estepp’s Shell, Jimmy Johns, Hot Head Burritos, The UPS Store, Tire Discounters and Starbucks Coffee.

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DevelopmentGeorgiaMixed-UseOfficeRetailSoutheast

Jamestown Completes 115,000 SF Mass Timber Mixed-Use Building at Ponce City Market in Atlanta

by John Nelson

ATLANTA — Atlanta-based Jamestown has completed 619 Ponce, a 115,000-square-foot mass timber building located on the corner of Ponce de Leon Ave. and Glen Iris Drive within the Ponce City Market campus in Atlanta. Pottery Barn has opened within an 18,000-square-foot retail space on the ground floor, and business tech firm Sage has leased 57,000 square feet of office space within the building for its North America headquarters. Amenities at the property — which will target net-zero carbon operations, LEEDv4 Core & Shell certification and Fitwel certification — include onsite daycare and medical facilities, as well as direct access to the Atlanta BeltLine. The design-build team for the project included Handel Architects, JE Dunn and StructureCraft. Marking the first Georgia-grown mass timber building, the property features outdoor space on every level, natural wood columns and ceilings and floor-to-ceiling windows with operable panels. Jamestown owns and manages more than 100,000 acres of timberlands across Georgia, Alabama, South Carolina, New York, Pennsylvania and Indiana. 

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AcquisitionsIndustrialSoutheastTennessee

Strato Capital Acquires 771,000 SF Warehouse in Western Tennessee

by John Nelson

JACKSON, TENN. — Strato Capital has acquired a 771,000-square-foot warehouse located in Jackson, a western Tennessee city that sits between Nashville and Memphis via I-40. Strato Capital purchased the asset in a joint venture with an institutional family office. Located on 80 acres within an industrial park, the property features 32-foot clear heights, ESFR sprinklers, a 400-foot truck court and developable land on the site. A publicly traded entity has occupied the building, which was originally a build-to-suit, for 20 years.

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AcquisitionsGeorgiaRetailSoutheast

Marcus & Millichap Brokers $8.4M Sale of Retail Center in Metro Atlanta

by John Nelson

JOHNS CREEK, GA. — Marcus & Millichap has brokered the $8.4 million sale of Jones Bridge Triangle, a retail center located in Johns Creek, roughly 30 miles northeast of Atlanta. The unanchored property, which totals 33,133 square feet, was fully leased to 15 tenants at the time of sale. Eric Abbott and Zach Taylor of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.

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Market ReportsMarylandMixed-UseRetailSoutheastSoutheast Market Reports

Adaptive Reuse Projects, Value-Oriented Concepts Star in Baltimore’s Retail Story

by John Nelson

Mirroring sentiments expressed at the year-end ICSC conference in New York City, with the national vacancy rate hovering around 5 percent and new concepts anxious to take a foothold in the area, there continues to be tremendous optimism for the retail sector in the greater Baltimore metropolitan region.  Although ground-up development projects remain rare locally, several high-profile adaptive projects are in the works that are placing smiles on brokers’ faces because they have something to lease. Value-oriented retailers, together with quick-service restaurant (QSR) concepts, are showing the most activity.  Adaptive reuse The redevelopment of the iconic Harborplace festival marketplace (more on that later) is grabbing all the headlines in Charm City, but the adaptive reuse of Baltimore’s Penn Station — the epitome of a transit-oriented development and the renovation of a historic industrial building at Riverside in South Baltimore — are happening now.  Beatty Development Group and Cross Street Partners are partnering with Amtrak to transform the train station originally developed in 1911 into a mixed-use project combining 1 million square feet of commercial office, retail and residential space. Destination retail and restaurants are a central core of the program. Urban Pastoral and The Wilhide Family are transforming the 135-year-old …

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DevelopmentGeorgiaIndustrialSoutheast

Brightmark to Develop $950M Recycling Facility in Central Georgia

by John Nelson

THOMASTON, GA. — Brightmark LLC, a recycling solutions company based in San Francisco, has announced plans for a $950 million recycling facility project in Thomaston, about 65 miles south of Atlanta. Upon completion, the “circularity center” will comprise 2.5 million square feet with the capacity to repurpose 400,000 tons of plastic per year. According to the company, the project will create 200 advanced manufacturing jobs in the central Georgia area. Plans include a $20 million investment in additive infrastructure in Thomaston, with upgrades to utilities, roadway improvements, rail access extensions and other improvements.

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Affordable HousingDevelopmentGeorgiaLife SciencesMixed-UseMultifamilySoutheast

Trammell Crow, GATV Complete Phase I of Mixed-Use Science Square Development in Atlanta

by John Nelson

ATLANTA — Trammell Crow Co. (TCC) and Georgia Advanced Technology Ventures (GATV) — an affiliate of the Georgia Institute of Technology (Georgia Tech) — have completed construction of the first phase of Science Square, a mixed-use development situated adjacent to the Georgia Tech campus in Atlanta. Comprising 18 acres, the development features Science Square Labs, a life science building, and The Grace, a 14-story residential tower. Perkins + Will designed Science Square Labs, which totals 368,258 square feet and features lab and clean-up space. The 13-story building features a 38,000-square-foot solar panel array on top of the parking garage and 22 electric vehicle charging stations. Amenities at the property include a fitness center, conference space and private meeting rooms, and a tenant lounge and event space dubbed The Commons that features a 16,000-square-foot sky deck on the fifth floor. Portal Innovations has signed a 33,000-square-foot lease as the first tenant at the property, which includes 33,136 square feet of pre-built speculative lab and office suites, as well as space for custom-built units. The Grace, designed by Rule Joy Trammell + Rubio, comprises 280 units with a mix of market-rate and affordable residences. Amenities include a bike room, club room, outdoor …

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DevelopmentIndustrialNorth CarolinaSoutheast

Johnson Brothers Breaks Ground on 625,000 SF Industrial Facility in Garner, North Carolina

by John Nelson

GARNER, N.C. — Johnson Brothers Mutual Distributing, a wine and beer distributor, has broken ground on a 625,000-square-foot industrial building in Garner, a southern suburb of Raleigh. Upon completion, the property will feature 40-foot clear heights with dock-high, drive-in doors and trailer parking. Johnson Brothers plans to relocate and occupy 420,000 square feet at the development in early 2026. Jim Allaire and Alexis Lambeth of Foundry Commercial will lease the remaining 205,000 square feet. LS3P designed the project, and Evans is the general contractor, with DCI serving as project manager.

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AcquisitionsFloridaHealthcareSoutheast

Marcus & Millichap Arranges $13.2M Sale of Medical Office Property in Fort Myers, Florida

by John Nelson

FORT MYERS, FLA. — Marcus & Millichap has arranged the $13.2 million sale of a medical office property located at 13813 Metro Parkway in Fort Myers. Constructed in 2006, the building totals 38,404 square feet. Alex Sacks, Brett Rodgers and Frank Roti of Marcus & Millichap represented the seller, a private limited liability partnership, in the transaction. The buyer was also not disclosed.

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