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DevelopmentNorth CarolinaRetailSoutheast

Branch, Columbia Acquire Development Site in Fayetteville, North Carolina for Publix-Anchored Shopping Center

by John Nelson

FAYETTEVILLE, N.C. — Branch Properties and Columbia Properties have purchased a 16.7-acre development site in Fayetteville, a city in south-central North Carolina. The Atlanta-based developers plan to break ground on Rockfish Village, a grocery-anchored shopping center that will span 76,237 square feet, including a 48,387-square-foot Publix store. Situated at the signalized intersection of Rockfish and King roads, the property will also feature 27,850 square feet of inline retail space and 2.4 acres of outparcels. Branch and Columbia plan to break ground on the development early next year and deliver the center by the end of 2025. In addition to Kingfish Village, Branch is underway on five other Publix-anchored shopping centers across the Southeast, including One Nexton in the Charleston suburb of Summerville, S.C.

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AcquisitionsRetailSoutheastTennessee

Cushman & Wakefield | Commercial Brokers Sale of 107,000 SF Shopping Center in Manchester, Tennessee

by John Nelson

MANCHESTER, TENN. — Cushman & Wakefield | Commercial Advisors has brokered the sale of Whispering Pines, a 107,000-square-foot shopping center in Manchester, a city in Tennessee midway between Nashville and Chattanooga via I-24. Located at 2161 Hillsboro Blvd., the property was fully leased at the time of sale. Landon Williams and Katie Hargett of Cushman & Wakefield | Commercial Advisors represented the buyer, an entity doing business as BAG3 Holding LLC, in the transaction. Lane Breedlove and Margaret Jones of Cushman & Wakefield represented the seller, an entity doing business as Core Whispering Pines LLC. The sales price was not disclosed.

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AcquisitionsSeniors HousingSouth CarolinaSoutheast

Berkadia Negotiates Sale of Two Seniors Housing Communities in South Carolina

by John Nelson

COLUMBIA AND MYRTLE BEACH, S.C. — Berkadia has arranged the sale of two assisted living and memory care communities in South Carolina. Berkadia Seniors Housing & Healthcare, led by Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders, closed the 156-unit transaction on behalf of a publicly traded REIT. The properties, located in the Columbia and Myrtle Beach MSAs, were purchased by a regional owner-operator. The sales price and specific locations were not disclosed.

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DevelopmentIndustrialNorth CarolinaSoutheastTop Stories

Ozempic Manufacturer Novo Nordisk Breaks Ground on $4.1B Production Facility Near Raleigh

by John Nelson

CLAYTON, N.C. — Novo Nordisk, a Danish pharmaceutical giant, has broken ground on a 1.4 million-square-foot manufacturing facility in the Raleigh suburb of Clayton. The drugmaker plans to invest $4.1 billion in the development in order to boost the production of diabetes treatment Ozempic, weight loss drug Wegovy and other injectable therapies. Operations at the 56-acre site will include filling and packaging syringes and injection pens. According to CNBC, the demand for Wegovy and Ozempic has outstripped supply in the United States over the past year. The disparity has led to “intermittent shortages,” reports the national news outlet. In 2024 alone, Novo Nordisk is investing $6.8 billion into pharmaceutical production, up from approximately $4 billion last year. “It took us a century to reach 40 million patients, but through this expansion and continued investment in our global production, we’re building Novo Nordisk’s ability to serve millions more people living with serious chronic diseases in the future,” says Lars Fruergaard Jørgensen, president and CEO of Novo Nordisk. “This is yet another real signal of our efforts to scale up our production to meet the growing global need for our life-changing medicines and the patients of tomorrow.” The expansion project will double …

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Affordable HousingCivicDevelopmentGeorgiaMultifamilySoutheast

Atlanta BeltLine, Invest Atlanta Approve $172M Budget for Affordable Housing and Trail Construction

by John Nelson

ATLANTA — The board of directors of Atlanta BeltLine Inc. and Invest Atlanta have approved the Atlanta BeltLine budget for the 2025 fiscal year. Totaling $172 million and marking a 12 percent increase over the 2024 budget, the funding will be directed toward the goal set in 2005 of developing 5,600 units of affordable housing by 2030, as well as acquiring land for the completion of trail construction on the planned 22-mile corridor by the end of 2030. Funding sources for the budget include $69 million from the tax-allocation district (TAD); $49 million from donations; $32 million from the BeltLine special service district (SSD); and $20 million from federal grants. “This is a historic and exciting time for Atlanta BeltLine as we get closer to completing the trail while meeting important goals,” says Clyde Higgs, president and CEO of Atlanta BeltLine Inc. “Supported by our new budget, we will exceed our goals for affordable housing, accelerate the pace for trail work and invest in more economic opportunities for all.” The new funding will help The BeltLine to develop more affordable housing than originally set out by the 2005 BeltLine Redevelopment Plan, which is notable since development costs have risen significantly …

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GeorgiaLeasing ActivityOfficeSoutheast

Newell Brands Signs 180,000 SF Office Lease at Queen Building in Atlanta

by John Nelson

ATLANTA — Newell Brands, a manufacturer of consumer products including Sharpie, Contigo and Rubbermaid, has signed a 180,000-square-foot office lease at the Queen Building within Concourse Office Park in Atlanta. According to Cushman & Wakefield, which arranged the lease, this marks the largest office lease within Atlanta’s Central Perimeter submarket since 2018. The tenant will relocate from its current headquarters in nearby Sandy Springs. Building & Land Technology is the landlord. Leases at the Queen Building (and its sister property, the King Building) over the past 12 months have totaled 361,133 square feet. Other new tenants include NICE Systems, IMA Financial Group, Snellings Walters and Atlanticus.

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CivicDevelopmentSoutheastVirginia

Hoar Construction Breaks Ground on 25,000 SF Recreation Center at George Mason University in Northern Virginia

by John Nelson

FAIRFAX, VA. — Hoar Construction has broken ground on a new, 25,000-square-foot recreation center at George Mason University in Fairfax, roughly 20 miles outside Washington, D.C. Dubbed the Activities Community Wellness Building, the facility will serve as the home of the school’s pep band, as well as host student programming and events. Completion is scheduled for spring 2025. The building will feature a full-size NCAA basketball court, additional courts for basketball and volleyball games, yoga and exercise class space, conference rooms, storage and office suites. Powers Brown Architecture is the project architect, and IMEG Corp. is serving as the civil engineer.

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AcquisitionsFloridaMultifamilySoutheast

JLL Arranges Sale of 352-Unit AMLI Doral Multifamily Community in Metro Miami

by John Nelson

DORAL, FLA. — JLL Capital Markets has arranged the sale of AMLI Doral, a 352-unit multifamily community located at 11481 N.W. 41st St. in Doral, about 18 miles west of Miami. AMLI Residential sold the property to Pantzer Properties for an undisclosed price. Developed in 2013, AMLI Doral comprises nine four-story buildings with apartments in one-, two- and three-bedroom layouts that average 1,058 square feet in size. Amenities at the community include a pool, fitness center, grilling stations, business center, lounge, clubhouse, playground, electric car charging stations and bike parking. Maurice Habif, Simon Banke and Nick Lavin of JLL represented the seller in the transaction. Additionally, Jamie Leachman, Amit Kakar and Sean O’Brien of JLL secured an undisclosed amount of acquisition financing on behalf of the buyer.

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AcquisitionsMarylandRetailSoutheast

Marcus & Millichap Brokers $7.4M Sale of Penn Forest Shopping Center in Metro D.C.

by John Nelson

FORESTVILLE, MD. — Marcus & Millichap has brokered the $7.4 million sale of Penn Forest Shopping Center, a 37,425-square-foot retail center located in Forestville, about 14 miles east of Washington, D.C. Tenants at the property include Dollar General and CSL Plasma. Dean Zang, David Crotts and Jeffrey Pensak of Marcus & Millichap represented the seller, an affiliate of Woodmont Properties, in the transaction. Eastern Union and an undisclosed bank lender provided acquisition financing to the buyer.

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DevelopmentFloridaLoansMultifamilySoutheast

Meridian Capital Group Arranges $67.5M Construction Loan for Natura by Murbeck Multifamily Community in Gainesville, Florida

by Hayden Spiess

GAINESVILLE, FLA. — Meridian Capital Group has arranged a $67.5 million loan for the construction of Natura by Murbeck, a multifamily community that will be situated at 6224 S.W. 20th Street in Gainesville. Murbeck Investments is the borrower and developer. Greystone provided the two-year, non-recourse loan, which will transition to a permanent loan. Upon completion, the property will feature 315 apartments in one-, two- and three-bedroom layouts. Amenities at the community will include a pool, pickleball courts, gym and garages. Monthly rental rates at the property will range from $1,780 to $2,800. A construction timeline was not disclosed. 

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