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.
ATLANTA — Live music and dueling piano bar Park Bench has signed a lease to open a new venue at Centennial Yards, a $5 billion mixed-use development underway in downtown Atlanta and the operator’s second venue in the city. The new Park Bench will be situated within the 7.5-acre “Entertainment District,” which will also include a 5,300-seat Live Nation venue, the interactive Cosm attraction that opened this summer and the Virgin Hotel. Park Bench’s newest location will sit between and adjacent to Mercedes-Benz Stadium and State Farm Arena. CIM Group and its affiliate firm Centennial Yards Co. are the master developers behind the project, which is transforming a 50-acre site in the heart of downtown formerly known locally as “The Gulch.” Known for its dueling pianos, live cover bands, DJ sets and themed karaoke nights, Park Bench first established its presence in Buckhead, where it has served patrons for 27 years.
CALIFORNIA — JLL has arranged $154.1 million in financing for a six-property, 1.3 million-square-foot retail portfolio spanning California, Arizona and Georgia. Chris Drew, John Marshall, Wells Waller, Jarrod Howard, Gabriel Davenport and Preston Bacon of JLL Capital Markets secured financing for the borrowers, Kimco Realty Corp. and an institutional joint venture partner, through institutional investors advised by J.P. Morgan Asset Management. The portfolio includes Morena Plaza in San Diego, Rancho San Diego in El Cajon, Calif., Vail Ranch Plaza and Redhawk Towne Center in Temecula, Calif.; North Decatur Station in Decatur, Ga.; and The Summit at Scottsdale in Scottsdale, Ariz. The portfolio is 99 percent occupied with a 4.6-year weighted average lease term and features grocery anchors, including Costco, Walmart, Whole Foods Market, Sprouts Farmers Market and Safeway. National tenants occupy approximately 76 percent of the portfolio’s gross leasable area, with 46 percent of the tenant roster comprising investment-grade credit.
RALEIGH, N.C. — JLL has arranged the $86.7 million sale of Knightdale Marketplace, a 323,113-square-foot super regional shopping center in metro Raleigh. Invesco Real Estate purchased the 43.5-acre property from a joint venture between affiliates of Bailard Inc. and M&J Wilkow Ltd. Tom Kolarczyk, Andrew Kahn, Ella Glover and Katie Sanger of JLL represented the seller in the transaction. Built in 2008 along I-540, Knightdale Marketplace is located at 1006 Shoppes at Midway Drive and 210-304 Hinton Oaks Blvd. in Knightdale. Target and The Home Depot shadow-anchor the center, which was fully leased at the time of sale to tenants including Academy Sports + Outdoors, Best Buy, T.J. Maxx, Burlington, Ross Dress for Less, HomeGoods, Michaels, PetSmart, Barnes & Noble, Starbucks, Five Guys, Jersey Mike’s, Qdoba, Tropical Smoothie Cafe, Subway and Visionworks. The shopping center also includes outparcels leased to Wells Fargo, Arby’s and Saltgrass Steak House.
ST. CLOUD, FLA. — Walmart plans to anchor a new 40-acre retail development underway in St. Cloud, an Orlando suburb in Osceola County. Situated at the intersection of U.S. Highway 192 and Puffin Road, the property will include a 187,000-square-foot Walmart Supercenter, a Walmart convenience store and gas station and seven to 10 outparcels. The master developer of the project is The Ferber Co., a privately held development firm. The Ponte Vedra, Fla.-based company is currently underway on site work and underground utility installation at the site. First tenants are expected to open by early 2028. The project team includes Hanson, Walter and Associates Inc., Traffic & Mobility Consultants, JR Davis and Cogent Bank. Alex Bisbee of Insite Real Estate helped identify the two-parcel assemblage opportunity for Ferber.