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AcquisitionsIndustrialSoutheastTennessee

Bixby Capital Management Purchases 222,382 SF Industrial Facility in Lebanon, Tennessee

by John Nelson

LEBANON, TENN. — California-based Bixby Capital Management has purchased a newly constructed industrial facility located at 212 Alligood Way in Lebanon, about 22 miles east of Nashville International Airport. Completed in 2024 and currently vacant, the 222,382-square-foot property features a rear-load configuration, 32-foot clear heights, an ESFR sprinkler system, 21 dock-high doors, two drive-in doors, 32 trailer parking spaces, 2,500 square feet of speculative office space and a 135- to 185-foot truck court. George Fallon, Frank Fallon and Trey Barry of CBRE brokered the transaction. The seller and sales price were not disclosed.

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AcquisitionsMultifamilySoutheastVirginia

Bonaventure Buys 250-Unit Solace Apartments in Virginia Beach

by John Nelson

VIRGINIA BEACH, VA. — Alexandria, Va.-based Bonaventure has purchased Solace Apartments, a 250-unit multifamily community located at 400 S. Military Highway in Virginia Beach. The acquisition was made as an UPREIT transaction, an investment strategy where property owners contribute real estate to a REIT’s operating partnership in exchange for ownership interest in that partnership. Robert Prodan served as a contributor with Bonaventure’s REIT, Bonaventure Multifamily Income Trust (BMIT), in the UPREIT acquisition. The seller and sales price were not disclosed. Built in 2014, Solace features one- and two-bedroom apartments, as well as a pool, fitness center, grilling stations and a community clubhouse.

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AcquisitionsNorth CarolinaRetailSoutheast

Legacy Realty Arranges Sale of 159,259 SF Shopping Center in Smithfield, N.C.

by John Nelson

SMITHFIELD, N.C. — Legacy Realty Group Advisors LLC has arranged the sale of Centre Pointe Plaza, a 159,259-square-foot shopping center in Smithfield, approximately 30 miles southeast of Raleigh. An undisclosed buyer purchased the property for $11.6 million. Originally built in 1989, the shopping center is anchored by Belk. Additional tenants at the property include Bealls, Dollar Tree, Hibbett Sports, Subway and T-Mobile. Daniel Baruch of Legacy Realty represented the buyer, and Steve Shields of CBRE represented the undisclosed seller in the transaction.

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AcquisitionsFloridaSoutheastStudent Housing

Centurion Property Group Acquires 770-Bed Student Housing Community Near University of Florida

by John Nelson

GAINESVILLE, FLA. — Centurion Property Group has acquired CANOPY, a 770-bed student housing community located near the University of Florida campus in Gainesville. Originally built in 2008, the property offers a mix of two-, three- and four-bedroom floorplans. Amenities include a resort-style swimming pool, fitness center, study lounge, dog park, clubhouse, business center and a sand volleyball court. The new ownership plans to immediately begin making improvements to CANOPY. Newmark brokered the transaction. The seller and additional terms of the deal were not disclosed.

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GeorgiaLeasing ActivityRetailSoutheast

Wayfair to Open 150,000 SF Store in West Midtown Atlanta

by John Nelson

ATLANTA — Online retailer Wayfair will open a 150,000-square-foot store within The District at Howell Mill in Atlanta’s West Midtown district. Located at 1801 Howell Mill Road NW, the new Wayfair store will offer a range of furniture, home décor, housewares, appliances and home improvement products. This venue will mark Wayfair’s second large-format location — as well as its second physical retail store overall — following its first store in Wilmette, Ill., that opened in May 2024. JLL Income Property Trust, a division of LaSalle Investment Management, and Atlanta-based Selig Enterprises, own The District at Howell Mill shopping center. Fraser Gough and Benton Green of Retail Planning Corp. led lease negotiations in the transaction.

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AcquisitionsArkansasSelf-StorageSoutheast

Spartan Purchases Three Northwest Arkansas Self-Storage Facilities Totaling 1,890 Units

by John Nelson

SPRINGDALE, ARK. — Spartan Investment Group has acquired three self-storage facilities totaling 1,890 units in Northwest Arkansas for an undisclosed price. The purchases include a 39,450-square-foot facility in Bentonville, a 158,630-square-foot facility in Rogers and a 125,70-square-foot facility in Springdale. Spartan plans to invest more than $1 million in renovations to the portfolio, including improvements to security, signage and operational systems.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Crescent Communities, GID Open 336-Unit Multifamily Property in Morrisville, North Carolina

by John Nelson

MORRISVILLE, N.C. — A joint venture between Crescent Communities and GID has opened Novel Morrisville, a 336-unit multifamily community located at 218 Southport Drive in Morrisville. Situated about 14 miles west of Raleigh, the property is a walkable master-planned community that houses the Wake Competition Center, a practice hockey complex for the NHL’s Carolina Hurricanes. Novel Morrisville features a mix of studio, one-, two- and three-bedroom floorplans, as well as 10 carriage-style townhomes. Unit sizes range from 532 square feet to 2,128 square feet. Monthly rental rates at the complex begin at $1,415, according to Apartments.com. Amenities include a saltwater swimming pool with cabanas, two-story fitness center, community library, clubroom, full-scale indoor rock-climbing wall, walking and biking trails and an onsite Land of a Thousand Hills coffee shop. Crescent Communities Construction was the general contractor. The project architect and interior designer was Hord Coplan Macht, and the civil engineer and landscape architect was Kimley-Horn. U.S. Bank was the project lender.

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AcquisitionsIndustrialOfficeSouth CarolinaSoutheast

CBRE Arranges $13.8M Sale of Flex Property in Columbia, South Carolina

by John Nelson

COLUMBIA, S.C. — CBRE has arranged the $13.8 million sale of 20/21 Business Center, a 98,386-square-foot flex property located in Columbia. Red Bank, N.J.-based Denholtz was the buyer. Matt Smith, Patrick Gildea, Robert Hardaway, Aaron Dupree and Marie Diekmann of CBRE represented the seller, CB Equities, in the transaction. Situated on 17.6 acres, the property — which was 98 percent leased at the time of sale — comprises three buildings and three vacant land parcels. Additional features of the center include interstate visibility and expansion opportunities, as well as 17 dock doors and 10 drive-in doors. CBRE originally arranged CB Equities’ acquisition of the property in May 2022 for $10.5 million.

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Market ReportsMarylandRestaurantRetailSoutheastSoutheast Market Reports

From the Suburbs to the City: The Retail Revolution is Reshaping Baltimore

by John Nelson

Baltimore’s retail market is alive and well and has experienced something of a boom in retail activity, driven in large part by the thriving retail hubs in the city and in the surrounding suburbs. Demand for space continues to be robust and prospective tenants and investors alike are excited to be part of the Baltimore market.  But the reasons why are more nuanced than simply piggybacking off the overall growth that brick-and-mortar retail is seeing across the country.   Baltimore is a bargain One of the causes is the terrific value that Charm City offers when comparing prices to the major metropolises of Washington, D.C., to the south and Philadelphia to the north. The Baltimore MSA offers attractive demographics and strong retail fundamentals, making it a prime target for local, regional and national investors.  A great example is the sale by KLNB’s Retail Capital Markets team of Arbutus Shopping Center in fall 2024, a 88,000-square-foot, grocery-anchored center that attracted significant demand due to its Baltimore County location, sub-$20 million price point and the broader market’s interest in grocery-anchored retail assets. Due to these robust conditions and factors, among other reasons, owners are hesitant to sell — despite the substantial interest …

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DevelopmentFloridaMixed-UseRetailSoutheast

City of St. Petersburg Halts $1.3B Proposed Development for New Tampa Bay Rays Ballpark After Baseball Team Exits Project

by John Nelson

ST. PETERSBURG, FLA. — Tampa Bay Rays owner Stuart Sternberg has announced that the Major League Baseball team will not move forward with the proposed $1.3 billion stadium in St. Petersburg, which was part of the $6.5 billion redevelopment of the Historic Gas Plant property. Sternberg cited hurricane damages and financing delays in the decision behind exiting the project. Concepts for construction of the new 30,000-seat stadium — which would anchor the broader redevelopment project — were released more than a year ago. Under the previously approved agreement, local governments of St. Petersburg would cover roughly half the cost of the $1.3 billion stadium, while the Rays had a March 31, 2025, deadline to gain public financing for the project, including proof that they could meet their $700 million obligation, according to national media outlets. The Rays were anticipated to play three more seasons at Tropicana Field, but damages from Hurricane Milton in October 2024 rendered Tropicana Field unplayable for the 2025 season. The Rays will now use the New York Yankees’ spring training site in Tampa as their home field this season, while the City of St. Petersburg is advancing on plans to restore Tropicana Field in time for the 2026 …

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