JACKSONVILLE, FLA. — Merritt Properties has broken ground on Phase III of Imeson Landing Business Park in north Jacksonville. The new phase will comprise three shallow-bay industrial buildings totaling 126,500 square feet. The new buildings will be situated across the road from the first two phases of Imeson Landing, which total 266,200 square feet across five buildings. Buildings 600, 700 and 800 will feature 16- and 18-foot clear heights, rear-loaded docks, 90- to 100-foot truck courts and move-in ready incubator spaces to support small, growing businesses. Merritt and general contractor ARCO/Design Build plan to deliver Phase III in second-quarter 2027. The Baltimore-based developer has tapped Ross Crabtree and Luke Pope of JLL to handle leasing at Imeson Landing’s third phase.
NASHVILLE, TENN. — Blackfin Real Estate Investors LLC and Enterprise Community Partners plan to acquire Brookridge Apartments, a 177-unit community located at 100 Brookridge Trail in Nashville. The seller and sales price were not disclosed. Enterprise is acquiring its equity stake in the venture via its Enterprise Preservation Fund VI. Situated on the city’s south side, Brookridge Apartments is a garden-style property that was delivered in 1986 and comprises primarily two-bedroom apartments with units averaging 1,023 square feet in size.
NEW YORK — JLL Capital Markets has arranged a $102 million loan to finance a four-property industrial portfolio spanning Georgia, Florida and South Carolina. Peter Rotchford, Steven Binswanger and Lucas Borges of JLL secured the loan through Canadian Imperial Bank of Commerce (CIBC) on behalf of the borrower, SkyREM. The portfolio, which totals 1.9 million square feet, is currently fully leased to six tenants with a weighted average lease term of more than six years.
DOUGLASVILLE, GA. — Crescent Communities has opened NOVEL Douglasville, a 300-unit multifamily community located in Douglasville, roughly 20 miles west of Atlanta. The new complex is situated within The Trails mixed-use development and sits adjacent to Great Point Studios’ 500,000-square-foot film studio anchored by Lionsgate. NOVEL Douglasville consists of five four-story buildings that feature one-, two- and three-bedroom floorplans. Monthly rental rates begin at $1,500, according to Apartments.com. Amenities include a resort-style swimming pool; pond overlook with grills, a fire pit and seating; open-air event and game lawn; clubroom with a TV, full kitchen and covered porch with an outdoor fireplace; fitness center; coffee café and coworking space; and a dog park, dog wash stations and private, dog-friendly areas. As part of The Trails, NOVEL Douglasville also offers residents access to 60,000 square feet of commercial, office, retail and hotel space, all connected by walking paths. Financial partners for NOVEL Douglasville include Canadian Imperial Bank of Commerce (CIBC), Great Southern Bank and Phoenix Capital Management LLC. Affiliate firm Crescent Communities Construction served as the general contractor for the project.
GALLATIN, TENN. — GBT Realty Corp. plans to develop The Crossroads of Gallatin, a nearly 300,000-square-foot shopping center located in Gallatin, a middle Tennessee city approximately 30 miles northeast of Nashville. Current development plans include roughly 30,000 square feet of divisible shop space, multiple large-format retail spaces ranging up to 55,000 square feet and six outparcels. The Brentwood, Tenn.-based developer is currently in discussion with multiple dining, retail, health and fitness and service-based retailers and restaurants. Further details of the project were not disclosed. Upon full build-out, The Crossroads of Gallatin will be the largest shopping destination constructed in the Nashville MSA since 2015, according to GBT Realty.
PEARL, MISS. — Three retailers are opening new stores at The Outlets of Mississippi, a 325,000-square-foot, open-air outlet mall located in Pearl, roughly five miles outside Jackson. Toys “R” Us will open a 4,645-square-foot store this month, while footwear brand and specialty shoe retailer Clarks will launch its 3,000-square-foot space in the fourth quarter of this year. Seasonal pop-up retail chain Spirit Halloween has already opened its 7,556-square-foot store at the center. The new leases are part of an ongoing revitalization of the center that has welcomed other national and regional brands including Ulta Beauty and Southern Marsh, along with Bath & Body Works, Michael Kors, Nike Factory Store, PUMA, Levi’s and Marshalls, among others. Jackson, Miss.-based Spectrum Capital LLC owns The Outlets at Mississippi, which opened in 2013.
For years, Richmond occupied an interesting position in the Mid-Atlantic multifamily landscape: large enough to attract institutional capital, but often overshadowed by bigger markets such as Washington, D.C., and Northern Virginia. That is changing. Richmond has moved considerably higher on investors’ target lists over the past several years, initially propelled by the migration patterns that emerged during the pandemic. People flocked to Richmond for its relatively affordable housing and quality of life. While that migration isn’t occurring at COVID-era levels today, those fundamentals remain. Increasingly, investors are recognizing that Richmond offers something particularly valuable in the current environment: attractive yield in a market where pricing has not necessarily caught up with the underlying fundamentals. Fundamentals hold up Richmond’s multifamily market is absorbing a meaningful amount of new supply while continuing to generate rent growth. Effective rents reached $1,658 at midyear, representing 4.1 percent growth, while occupancy stood at approximately 94 percent, according to Pyxis. The market absorbed 2,733 units over the previous 12 months, according to research from CoStar Group. Those numbers are particularly noteworthy given the recent construction cycle. Nearly 7,000 units were completed during the past 12 months. Another 5,736 are expected during the coming year, according to …
SPARTANBURG, S.C. — Munich-based Manova Partners has acquired Spartanburg 221, a roughly 1 million-square-foot logistics facility located at 2536 Chesnee Highway in Spartanburg. New York-based Rockefeller Group sold the property for an undisclosed price. Delivered in 2024 on 87 acres, Spartanburg 221 was fully leased at the time of sale to an undisclosed tenant, which operates on a triple-net lease. The industrial property features 344 car parking spaces, 346 trailer parking spaces, 140 dock-high loading doors, four drive-in loading doors and 40-foot clear heights.
ATLANTA — Sagard Real Estate has acquired 5070 Phillip Lee Drive SW, a 400,800-square-foot industrial property located in Atlanta. The seller was SkyREM, according to multiple media sources. The purchase price was not disclosed. The four-building industrial property is fully leased to Kittrich, which manufactures and distributes rug underlays, non-slip products, bath mats and related home goods. The tenant has occupied the property for more than 20 years. Situated on the city’s westside between I-20 and I-285, the property features 48 dock-high doors, two ramped drive-in doors, deep truck courts and multiple points of ingress and egress.
CENTERTON, ARK. — Capstone Building Corp. has broken ground on The Emerald, a 256-unit multifamily development located in the northwest Arkansas city of Centerton. The $45 million apartment complex is slated for completion in October 2028. Situated at the intersection of East Centerton Boulevard and Womack Road, The Emerald will encompass 312,414 square feet across nine residential buildings. Amenities at the complex will include a resort-style swimming pool, pickleball courts, fire pits and gathering areas, as well as retail spaces integrated within the apartment buildings. Capstone Building Corp. is serving as the general contractor for The Emerald, with The Kalikow Group and EYC Cos. serving as developers. S. Robert Andron is the project architect, and Chris Bakunas is the civil engineer.