Wednesday, April 29, 2026
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Clay-Town-Center
AcquisitionsFloridaRetailSoutheast

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

by Abby Cox

MIDDLEBURG, FLA. — Marcus & Millichap has brokered the $8.4 million sale of a 17,400-square-foot retail center located in Middleburg, roughly 26 miles southwest of downtown Jacksonville. Situated at 1690 Jeremiah St. within the Clay Town Center mixed-use development, the retail property is fully leased to a mix of eight tenants including Mattress Warehouse, Firehouse Subs, Domino’s Pizza and Wingstop. The center was built in 2025 on approximately 3.2 acres. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a Delaware-based limited liability company, and procured the buyer, a New York-based limited liability company. Both parties requested anonymity. Ryan Nee was Marcus & Millichap’s broker of record in Florida.

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the-bower
Build-to-RentDevelopmentSingle-Family RentalSouth CarolinaSoutheast

Henderson Park, GRP Break Ground on 266-Unit Build-to-Rent Community in Hardeeville, South Carolina

by Abby Cox

HARDEEVILLE, S.C. — Henderson Park, an international private equity real estate firm, and Green Room Partners (GRP), a Charleston-based real estate development and investment firm, has broken ground on The Bower, a 266-unit build-to-rent community located in Hardeeville, about 17 miles north of Savannah. Situated off US-278 in the state’s Lowcountry region, the community will include amenities such as a centrally located clubhouse with a library, coworking space, community kitchen, lounge and fitness center. Outdoor amenities will include a swimming pool, kitchen and bar, cabana, grilling stations, pickleball courts, a putting green, fire pit and dog park, as well as an interconnected walking trail system. The amenity space will be completed by July 2027, while the first residences at The Bower are expected to deliver in November 2027.

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AlabamaMarket ReportsRestaurantRetailSoutheastSoutheast Market Reports

Selective Growth, Strategic Redevelopment Shape Birmingham’s Retail Market

by John Nelson

Birmingham’s retail market continues to show steady momentum as it moves into a new phase, defined by limited supply, strong tenant demand in key corridors and a growing focus on open-air, lifestyle environments. While higher interest rates and construction costs slowed new development activity over the past couple of years, Birmingham’s most established retail corridors have remained active. Well-located centers continue to lease space quickly, and redevelopment opportunities are beginning to reshape several of the MSA’s outdated retail properties. One of the defining characteristics of Birmingham’s retail landscape today is the limited availability of high-quality space in prime locations. Much of the vacancy that emerged during the pandemic has been absorbed, particularly in grocery-anchored centers and lifestyle-oriented districts. As a result, retailers looking for space in established corridors often face a fairly competitive leasing environment. Demand remains strong among quick-service restaurants (QSRs), boutique fitness operators, medical and service retailers and fast-casual and high-end dining concepts. Birmingham’s suburban growth corridors and mixed-use environments offer many of these advantages, allowing landlords in the most desirable centers to maintain strong occupancy while gradually pushing rents higher. Lifestyle centers Open-air lifestyle environments continue to set the standard for Birmingham’s retail landscape. The best example …

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DevelopmentFloridaHospitalityLoansSoutheast

Newmark Arranges $94.4M Loan for Refinancing, Repositioning of Downtown Tampa Hotel

by John Nelson

TAMPA, FLA. — Newmark has arranged a $94.4 million loan for the refinancing of Hotel Cala, formerly known as Hotel Tampa Riverwalk. The 281-room is located along the 2.6-mile Tampa Riverwalk overlooking the Hillsborough River in downtown Tampa. Jordan Roeschlaub, Nick Scribani, Ricky Braha, Tyler Dumon and Tate Keir of Newmark arranged the financing through Bain Capital and Smith Hill Capital on behalf of the borrower, a partnership between Newbond Holdings and Apollo. The ownership is executing a comprehensive repositioning strategy at Hotel Cala, including a full renovation and rebranding of the property into a luxury hotel under the Curio Collection flag. Renovations will include upgrades to guest rooms, meeting spaces and amenity offerings, including a flagship food-and-beverage concept. The construction timeline for the repositioning was not disclosed.

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DevelopmentGeorgiaHospitalitySoutheast

Noble Opens 148-Room Tempo by Hilton Savannah Historic District Hotel

by John Nelson

SAVANNAH, GA. — Noble Investment Group has opened Tempo by Hilton Savannah Historic District, a 148-room hotel located at 220 E. Bryan St. in downtown Savannah. Situated off Reynolds Square and steps from the Savannah River, the hotel represents the first Tempo by Hilton property in Georgia. McKibbon Hospitality manages the hotel on behalf of Noble. Each hotel room offers spa-inspired bathrooms with Bluetooth speaker mirrors and Apotheke bath products; Sealy Accelerate mattresses; Peloton bikes; yoga mats; and resistance bands. Amenities include a lobby with gathering spaces, 3,000 square feet of meeting spaces and a 24-hour fitness center. Food-and-beverage offerings include Waving Girl Rooftop, a rooftop bar, and Bluestone Lane Café, an Australian-style café overlooking Reynolds Square.

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DevelopmentFloridaIndustrialSoutheast

FRP Development Completes 200,000 SF Industrial Facility in Delray Beach, Florida

by John Nelson

DELRAY BEACH, FLA. — FRP Development Corp. has completed the first phase of Logistics Center at Delray, a 40-acre industrial park underway in west Delray Beach. Situated along Route U.S. 441 in South Florida’s Palm Beach County, Phase I of the park comprises a 200,000-square-foot facility with 36-foot ceiling heights, 215 parking spaces and 45 dock doors. Christopher Thomson, Matthew McAllister and Eric Cantor of Cushman & Wakefield are handling the leasing assignment for the facility, which is divisible to 30,000 square feet. FRP Development is developing the park in partnership with PCCP LLC. At full build-out, Logistics Center at Delray will span three buildings totaling approximately 600,000 square feet.

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DevelopmentMultifamilySoutheastTennessee

Novare, BCDC Welcome Residents to 271-Unit Apartment Community in Knoxville

by John Nelson

KNOXVILLE, TENN. — A joint venture between Novare Group and Batson-Cook Development Co. (BCDC) has begun tenant move-ins at Elmstead West Knoxville, a 271-unit apartment community located at 962 Mabry Hood Road in Knoxville. The property features a mix of one-, two- and three-bedroom residences, as well as a resort-style pool, private garages, coworking lounge, fitness center, clubroom, grilling stations, fire pits, a dog park and pet spa. Monthly rental rates at Elmstead West Knoxville start at $1,557, according to the property website. The design-build team includes architect Dynamik Design and general contractor Summit Contracting Group. SouthState Bank provided construction financing to Novare and BCDC.

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AcquisitionsSeniors HousingSoutheastTennessee

NHI Agrees to Sell Skilled Nursing Portfolio to National HealthCare Corp. for $560M

by John Nelson

MURFREESBORO, TENN. — National Health Investors (NHI) has executed an agreement to sell a seniors housing portfolio to National HealthCare Corp. (NHC) for a total of $560 million. The portfolio includes 32 skilled nursing facilities and three independent living facilities. NHC currently operates the properties on behalf of NHI. In 2025, the portfolio generated cash lease revenue of roughly $39.7 million for NHI. According to NHI, the Murfreesboro-based company expects this move to increase its concentration in the category of private-pay seniors housing. Following the transaction, NHI’s senior housing operating portfolio segment will represent roughly 22 percent of its total investments, with skilled nursing exposure to represent 12.2 percent of total investments. In a statement, NHI also noted that this sale will “eliminate potential conflicts of interest between NHI and NHC.” Closing of the transaction is expected on July 1, subject to customary closing conditions. NHI expects to incur transaction costs between $6 million and $8 million. Blueprint Healthcare Real Estate Advisors is serving as the transaction advisor for NHI. Houlihan Lokey Capital is acting as financial advisor to a special committee of non-interested directors that was appointed to review the sale, and Venable LLP is serving as the committee’s …

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DevelopmentGeorgiaHospitalityMixed-UseSoutheast

Virgin Hotels to Anchor $5B Centennial Yards Development in Downtown Atlanta

by John Nelson

ATLANTA — Los Angeles-based CIM Group and affiliate Centennial Yards Co. have announced that Virgin Hotels is coming to Centennial Yards, the $5 billion mixed-use district underway in downtown Atlanta. Drew Co. is co-developing the 261-room hotel, which is set to open in 2027 between Mercedes-Benz Stadium and State Farm Arena. The hotel will anchor the “Entertainment District” of the 50-acre project that will also include a 5,300-seat Live Nation venue and the interactive Cosm attraction announced in 2024. The hotel will include the Virgin brand’s signature “Chambers” room concept with a penthouse suite and “Richard’s Flat” on the upper floors. The hotel will also feature meeting space, a pool deck and a Chops Lobster Bar on the ground level, as well as bars in the lobby, pool deck area and rooftop, plus a seasonal patio bar. Other recently announced concepts coming to Centennial Yards include Shake Shack, The Irish Exit, Khao Thai Isan, The Busy Bee Café and Zephyr Southern Brasserie.

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AcquisitionsFloridaRetailSoutheast

Fund Acquires Shopping Center on Florida’s Space Coast for $16M

by John Nelson

MERRITT ISLAND, FLA. — A tenancy-in-common (TIC) entity including MHCommercial Real Estate Fund II, a private equity fund launched by South Florida-based commercial real estate services firm NAI Merin Hunter Codman, has acquired the Shoppes at Victoria Square on Florida’s Space Coast for $16 million. Situated approximately 50 miles east of Orlando in Merritt Island near the Kennedy Space Center, the Shoppes at Victoria Square totals 109,000 square feet and is anchored by Burlington, Five Below and Ulta Beauty. The property was 98 percent leased at the time of sale. This acquisition marks the second Merritt Island investment for MHC Fund II, following the purchase of Merritt Crossing, a 90,000-square-foot grocery-anchored retail center, in July 2025. John Crotty, Michael Fay, David Duckworth, Brian de la Fe and Philip Shapiro of Avison Young represented the seller, an entity doing business as Victoria Square Partners, in the transaction. Stuart Kapp and Jake Seiler of Kapp Morrison Aker LLP law firm represented the TIC buyers, an entity doing business as Ocala North Partnership, which includes Ted Lightman and James O’Connor of Charles Wayne Properties; Jim Scalo and Brian Walker of NAI Burns Scalo; and MHCommercial Fund II. BankUnited provided financing. NAI Merin Hunter Codman …

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