MOUNT JULIET, TENN. — GBT Realty Corp. and Robinson Properties have announced plans for Everett Downs, a mixed-use development in Mount Juliet, roughly 20 miles east of Nashville. GBT Realty will develop the retail portion of the project, which will comprise a 41,255-square-foot retail center. A 23,256-square-foot Sprouts Farmers Market will anchor the shopping center, which will also feature approximately 18,000 square feet of small shop and outparcel retail space. Completion of the retail component, which is currently 75 percent preleased, is scheduled for October 2025. Robinson Properties will develop Phase II of Everett Downs, which include a multifamily component.
CHARLOTTE, N.C. — Locally based development firm Crescent Communities has broken ground on Novel River District, a 318-unit apartment community in west Charlotte. The property will serve as the first multifamily component within The River District, a 1,400-acre master-planned community that will eventually house approximately 2,350 apartment options and 2,300 single-family homes. UMB Bank provided an undisclosed amount of construction financing for Novel River District, which is set to welcome first residents in early 2026. The community will be the cornerstone of the future Westrow town center and feature a mix of studio, one- and two-bedroom apartments. The project is designed to achieve National Green Building Standard’s (NGBS) Silver level of sustainability. Crescent’s design-build partners for Novel River District include Cooper Carry (architect), Crescent Communities Construction (general contractor), Ellinwood + Machado (structural engineer), ENGR3 (MEP engineer), BB+M Architecture (interior design) and Land Design (landscape design and civil engineering).
CHARLOTTE, N.C. — The Fallon Co., along with locally based general contractor Edifice Construction, has broken ground on The Colwick, a 234-unit apartment community in Charlotte’s Cotswold neighborhood. The property will feature one-, two- and three-bedroom apartments. Designed by Axiom Architecture, The Colwick’s amenities will feature a coworking lounge with video conferencing rooms, resort-style saltwater pool, onsite pet spa and dog park, fitness center with a private yoga studio, outdoor grill stations and a pizza oven, bike storage, garden courtyard with activity lawn and fireside lounge, resident lounge and game room, golf simulator and an outdoor gaming lawn with bistro lighting. Santander Bank provided an undisclosed amount of construction financing for the project, which is set for completion in late 2026.
CLEMSON, S.C. — Athens, Ga.-based Landmark Properties has acquired The Ridge Clemson, a 616-bed student housing community located at 205 Tiliwa Court near the Clemson University campus in South Carolina. Built in 2018, the property offers 184 fully furnished units in a mix of two-bedroom apartments and four-bedroom townhomes. Shared amenities include a resort-style swimming pool, lazy river, hot tub, jumbotron, clubhouse, full basketball court, dog park, fitness center, study lounges and a coffee bar. TSB Capital Advisors coordinated financing for the acquisition, the terms of which were not disclosed. The community was 97 percent occupied at the time of sale.
GLASGOW, KY. — Marcus & Millichap has arranged the $3.8 million sale of Hillview Apartments, a 72-unit multifamily community located at 200 Shalimar Drive in Glasgow, a city in south Kentucky. Situated approximately 42 miles west of Bowling Green, Ky., the property features one- and two-bedroom apartments and was built in 1974. Zack Hubiak of Marcus & Millichap’s Nashville office represented the seller and procured the buyer in the transaction. Both parties requested anonymity. Grant Fitzgerald, Marcus & Millichap’s broker of record in Kentucky, assisted in closing the transaction.
Commercial property owners in the District of Columbia are crawling out of a post-pandemic fog and into a new, harsh reality where office building values have plummeted, but property tax assessments remain perplexingly high. Realization comes slowly Immediately following the pandemic, many office property owners adopted a wait-and-see attitude toward the volatility permeating the sector, clinging to hopes that the rising popularity of remote work and similar office worker practices would prove temporary. Once the Federal Reserve began raising interest rates to combat generational inflation in 2022, however, hopes for a “return to normal” vanished and a grim reality set in. Recent transactions involving office properties in the District clearly indicate that investors recognize the negative impact these market forces have exerted on office building valuations and are now pricing those changes into the amounts they are willing to bid for acquisitions. These recent sales show office building values have declined by more than 50 percent from pre-pandemic levels. The other shoe began to drop on office market pricing in early 2023 with a rise in distress transactions, in which the office owner sells or forfeits the property to resolve some form of trouble, typically financial. These turnovers in ownership …
PLANTATION, FLA. — JLL has arranged a $68.2 million loan for the refinancing of Royal Palm I and II, a two-building office complex totaling more than 460,000 square feet in Plantation, a city in South Florida’s Broward County. Paul Stasaitis and Maddy McMillen of JLL arranged the fixed-rate loan through Barclays on behalf of the borrower, Dallas-based Lincoln Property Co. Constructed between 2001 and 2007, Royal Palm consists of two towers standing eight and nine stories tall and a four-level, 1,927-space parking garage. The 25.4-acre campus was recently renovated and includes an amenity package comprising modern conference rooms, a full fitness center, a wellness room and other tenant services.
SPRINGFIELD, VA. — Cushman & Wakefield has negotiated the sale of Springfield Commons, a 119,085-square-foot shopping center located near the I-95/I-495 interchange in Springfield, approximately 15 miles southwest of Washington, D.C. Built in 1998, the property’s tenant roster includes Old Navy, PureGym and Staples. Virginia’s highest trafficked Home Depot shadow-anchors Springfield Commons, according to Cushman & Wakefield. DLC, in partnership with Cohen & Steers, purchased the center from AEW Capital Management for an undisclosed price. Cushman & Wakefield represented the seller in the transaction.
KENNESAW, GA. — Marcus & Millichap has brokered the $8.2 million sale of Noonday Business Center, a 66,000-square-foot flex industrial facility located at 771 Shallowford Road in Kennesaw, a northwest suburb of Atlanta. Ani Paulson and Mason Bierster of Marcus & Millichap marketed the property for sale and also procured the buyer in the transaction. Both parties requested anonymity. Paulson says the buyer’s winning bid was for $230,000 over the asking price and came in at a 5.12 percent cap rate. Built in 2001 near State Route 92 and I-575, Noonday Business Park was fully leased to a diverse tenant mix at the time of sale.
RICHMOND, VA. — Girl Scout Commonwealth Council of Virginia Inc. has purchased an 18,375-square-foot flex building located at 3214 Skipwith Road in Richmond. The former tenant, Self-Help Credit Union, sold the commercial building for $3.6 million. Will McGoogan of Cushman & Wakefield | Thalhimer represented the seller in the transaction, and Amy Broderick and Kate Hosko, also with Thalhimer, represented the buyer. The Girl Scouts plan to move its current offices and retail center from nearby Willow Lawn to the new location. The organization plans to use the space as a storefront and install its administrative offices. The space will also feature collaborative areas for local Girl Scouts troops to have meetings.