CARY, N.C. — The development team behind the 92-acre Fenton mixed-use development in Cary, which includes Hines, Columbia Development and Affinius Capital, has announced a new 186-room hotel coming to the development. The master developers are bringing on Mainsail Lodging & Development and Ross Hotel Partners to co-develop the seven-story hotel, with Mainsail also signed on to operate the property upon completion. The developers will break ground in first-quarter 2025 and open the hotel in first-quarter 2027. Designed by BRPH, the hotel will be a member of the Tribute Portfolio Hotels by Marriott International family of brands and will feature a second-floor signature restaurant and bar; a lobby bar and coffee shop; 6,000 square feet of event space spanning six meeting rooms; a ballroom to accommodate groups up to 300 people; and a 1,500-square-foot culinary studio for cooking demonstrations and ticketed experiences. Other amenities will include a fitness center and an outdoor heated pool with an expanded sundeck. Additionally, the master developers have signed office leases with two new tenants. The deals include a nearly 17,000-square-foot lease with Burns & McDonnell, an engineering, construction and architecture firm, and an approximately 4,400-square-foot lease with Surety Systems, an enterprise resource planning, human …
NASHVILLE, ARK. — Phoenix Investors has purchased three industrial properties in Nashville, a city in southwest Arkansas. Swedish power tool manufacturer Husqvarna sold the properties, which total roughly 816,000 square feet, for an undisclosed price. Husqvarna had previously decided to shutter its Nashville plants in July 2023 with the goal to phase out the properties by the end of 2024. The acquisition includes a 351,763-square-foot facility located at 630 Highway 27 Bypass; a 299,885-square-foot property at 1 Poulan Drive; and a 165,046-square-foot facility at 139 Old Airport Road. Phoenix Investors plans to implement a capital improvement plan to attract high-quality industrial users to the area. The acquisition also included a solar farm of an undisclosed size.
BRANDON AND TAMARAC, FLA. — A joint venture between ShopOne Centers REIT, Pantheon and a global institutional investor has acquired two shopping centers in Florida totaling 287,407 square feet. Located in Tamarac, Midway Plaza comprises 218,400 square feet. Publix anchors the property, which was 84 percent occupied at the time of sale. Walmart anchors Lithia Square in Brandon. The 69,007-square-foot property was 79 percent occupied at the time of sale. The sellers and sales price were not disclosed. This acquisition brings the joint venture’s portfolio to 1.8 million square feet of grocery-anchored retail space.
NORTH LITTLE ROCK, ARK. — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Sherwood Park, a 242-unit apartment community located at 1707 Arrowhead Road in North Little Rock. The buyer, seller and sales price were not disclosed. Paul Yazbeck of TMG represented the seller in the transaction, and Chase Davis, also with TMG, procured the buyer. Built in 1977, Sherwood Park includes amenities such as a package service, laundry facility, storage space, swimming pool, playground and picnic tables. The property has seven floor plans, including some townhomes, and more than half of the units are two-bedroom apartments.
WASHINGTON, D.C. — The U.S. Bureau of Labor Statistics (BLS) has reported that the U.S. economy has added 114,000 jobs in July, far below the 215,000 monthly average over the previous 12 months. The total is also below the 185,000 jobs that Dow Jones economists estimated for the month, according to CNBC. Additionally, the BLS revised down the May and June totals by a collective 29,000 jobs. The U.S. unemployment rate increased to 4.3 percent, its highest level since October 2021 and a 20-basis-point increase from June. Healthcare saw the largest monthly increase with 55,000 jobs added in July, a little below the sector’s monthly average of 63,000 over the prior 12 months. Sectors that saw nominal growth included construction (25,000 jobs), government (17,000), transportation and warehousing (14,000) and social assistance (9,000). Information employment declined by 20,000 jobs. Other sectors, including manufacturing, professional and business services and leisure and hospitality, saw minimal change from June.
ST. PETERSBURG, FLA. — The City of St. Petersburg has selected Skanska USA as the owner’s representative for the $6.5 billion redevelopment of the Historic Gas Plant property in St. Petersburg, including the design and construction of the new Major League Baseball stadium for the Tampa Bay Rays. The 86-acre redevelopment was announced nearly a year ago and will transform the site, which houses the Rays’ current home ballpark Tropicana Field, into an 8 million-square-foot mixed-use campus. In addition to the new stadium, plans call for new affordable housing, hotels, offices, shops, restaurants and the new home of the Woodson African American Museum of Florida. As the city’s owner’s representative, Skanska USA Building Inc. will provide project management services, including design reviews, project accounting, management of the redevelopment schedule, permitting assistance, onsite quality assurance, ensuring compliance with the development agreements and communication with area stakeholders. The Pinellas County Commission approved the project on Tuesday, July 30 — the final votes needed for the plan to move forward. The St. Petersburg City Council approved plans for the ballpark and the accompanying Historic Gas Plant District development on July 18.
LYNCHBURG, VA. — LifeSpire of Virginia has announced plans for an $80 million expansion of The Summit, a continuing care retirement community in Lynchburg, about 55 miles east of Roanoke, Va. Although the number of units was not disclosed, the company says the project will “create dozens of new residences” via 18 cottage homes and multiple villa options, as well as a new memory care neighborhood. The nonprofit LifeSpire of Virginia, which acquired The Summit in late 2021, plans to complete the expansion over the next 24 months. The Summit sits on a 125-acre campus, which comprises scenic trails; a 10-acre lake for fishing, kayaking and canoeing; and forested areas.
Northmarq Secures $32M Refinancing for Build-to-Rent Residential Community in Coastal South Carolina
OKATIE, S.C. — Northmarq has secured a $32 million bridge loan for the refinancing of Saddlewood at Pepper Hall, a 121-unit build-to-rent (BTR) residential community in Okatie, a city 11 miles west of Hilton Head Island. The borrowers, RP Communities and Argosy Real Estate Partners, delivered the BTR property last year within the Pepper Hall master-planned development. Grant Harris, David Vinson and Faron Thompson of Northmarq arranged the five-year loan on behalf of the borrowers through Atlanta-based ACRE. Saddlewood at Pepper Hall features one-, two- and three-bedroom townhomes and carriage homes with private porches and detached garages. Amenities include a pool, dog park, green spaces and a clubhouse with a fitness center. Additionally, the site will feature a planned state waterfront park that will include a kayak launch and walking trails.
CLEARWATER, FLA. — Colliers has arranged the $23 million sale of a 111,694-square-foot retail property in the Tampa Bay area. Located at 2495 Gulf to Bay Blvd. in Clearwater, the store has been leased to The Home Depot for the past 25 years, and the home improvement retailer has several years remaining on its current lease term. Eric Carlton and Jereme Snyder of Colliers represented the seller, a private institutional investor, in the transaction. The buyer was an undisclosed individual investor.
SHREVEPORT, LA. — A partnership between Reynolds Asset Management and Slabotsky Family Office has purchased Riverside Oaks Apartments, a 185-unit community located at 109 Southfield Road in Shreveport. The undisclosed seller sold the property to the partnership for $9.5 million. John Hamilton of Marcus & Millichap brokered the transaction, with Tom Didio, Max Custer and Michael Mataras of JLL procuring acquisition financing. Built in 1972, Riverside Oaks features one-, two- and three-bedroom floor plans, as well as a swimming pool, playground, laundry facilities, bicycle storage, picnic area and a dog park. Reynolds and Slabotsky are planning to invest $4 million to overhaul Riverside Oaks, including installing new roofs, driveways, site lighting, landscaping and fencing, as well as upgrading the pool and dog park, improving security features and renovating interiors. Renovations are anticipated to begin immediately and continue over the next two years.