Sunday, October 25, 2026
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AcquisitionsFloridaMultifamilySoutheast

Olympus Property Acquires Apartment Community in Downtown St. Petersburg for $81M

by John Nelson

ST. PETERSBURG, FLA. — Olympus Property has acquired 930 Central Flats, a 218-unit apartment community located in downtown St. Petersburg. The seller and sales price were not disclosed, but Tampa Bay Business Journal reports the property traded for $81 million. Developed in 2019, the six-story property is situated within the Central Avenue entertainment corridor and adjacent to the $6.5 billion Gas Plant District redevelopment. This transaction marks Olympus Property’s second acquisition in the Tampa Bay area, bringing the owner-operator’s Florida portfolio to 5,500 units. “The property’s unmatched location and upscale amenities align seamlessly with our long-term investment approach,” says Chase Bennett, chief acquisitions officer at Olympus Property.

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AcquisitionsRetailSouth CarolinaSoutheast

IPA Brokers $18.8M Sale of Shopping Center in Bluffton, South Carolina

by John Nelson

BLUFFTON, S.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $18.8 million sale of Bluffton Target Center, a shopping center located in Bluffton, approximately seven miles west of Hilton Head Island. Built in 2001, the property totals 100,314 square feet and was fully leased at the time of sale to tenants including Dick’s Sporting Goods, Staples and Starbucks Coffee. Zach Taylor of IPA represented the seller, an entity doing business as Stafford Bluffton LLC, in the transaction and procured the buyer, Tarantino Properties Inc.

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DevelopmentLeasing ActivityMixed-UseRetailSoutheastTennessee

Crunch Fitness Opens at Hamilton Place Mall in Chattanooga

by John Nelson

CHATTANOOGA, TENN. — Crunch Fitness has opened a new location at Hamilton Place, a shopping mall and mixed-use campus in Chattanooga. The property is owned by locally based and publicly traded CBL Properties. The new fitness venue is one of the final components of the mall’s Sears redevelopment project, which commenced in 2019. Other tenants that have backfilled the former Sears department store include The Cheesecake Factory, Mean Mug Coffeehouse, Malone’s, Dave & Buster’s, Dick’s Sporting Goods and an Aloft by Marriott hotel. Since March, CBL Properties has welcomed eight new concepts at Hamilton Place, including Taco Mamacita, Texas Roadhouse, Mr. Cow, Malone’s, Miniso, Vintage Stock, Dry Goods, Shoe Station, as well as a newly remodeled and expanded Buckle store. Additional openings are expected in 2025.

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AlabamaDevelopmentLeasing ActivityMixed-UseRetailSoutheast

Ballard Designs Debuts First Alabama Store at Hardwick Building in Downtown Birmingham

by John Nelson

BIRMINGHAM, ALA. — Ballard Designs has opened its first Alabama location in downtown Birmingham. Situated along the city’s Rotary Trail, Ballard’s newest location occupies the street level of the historic Hardwick Building, with restaurants and offices filling the remaining floors and spaces of the former steel factory. Locally based Bayer Properties owns the Hardwick Building and will soon welcome restaurants Epice and Lapeer Steak and Seafood to the property, according to Bham Now. The new Ballard Designs store is set up with several vignettes staged with the brand’s living room and dining room furniture, lighting, rugs, bedding and home décor. The store also includes a fully staffed design center where patrons can meet with one of the retailer’s design consultants. Additionally, Ballard designed and furnished the Hardwick Building’s shared entryway to serve as a waiting area for restaurant goers.

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FloridaLoansMultifamilySoutheast

CBRE Arranges Refinancing for Three Multifamily Properties in Florida Totaling $99.7M

by John Nelson

LYNN HAVEN AND TALLAHASSEE, FLA. — CBRE Capital Markets’ Debt & Structured Finance team has arranged three loans totaling $99.7 million for the refinancing for two apartment communities in Lynn Haven and one property in Tallahassee. David Borge of CBRE’s Orlando office secured three 10-year, fixed-rate, non-recourse loans on behalf of the borrower, Tallahassee-based Arbor Properties Inc. The loans included a Fannie Mae loan for Arbor Trace Apartment Homes, a 336-unit multifamily community in Lynn Haven that was built in 2007; a Fannie Mae loan for Arbor Crossing at Buck Lake, a 208-unit multifamily community in Tallahassee that was built in 2017; and a Freddie Mac loan for the construction loan take-out for Arbor Landing at Mill Bayou, a new 178-unit property in Lynn Haven. The loans had full-term interest-only payments and fixed interest rates in the mid-5s, according to CBRE.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Spandrel Development Opens Two North Carolina Apartment Communities Totaling 562 Units

by John Nelson

CHARLOTTE AND RALEIGH, N.C. — Charleston-based Spandrel Development Partners has delivered two apartment communities in North Carolina totaling 562 units. The properties include Enclave at Radius Dilworth, an eight-story multifamily high-rise in Charlotte’s Dilworth district spanning 274 units, and Mira Raleigh, a 288-unit luxury mid-rise community in the state’s capital. Enclave at Radius Dilworth is the first community to open within the Radius Dilworth development, with the other project including a 26-story high-rise called The Overlook. Spandrel’s development partners on the project include Atalaya Capital Management and Partners Group. The firm has begun leasing Enclave and plans to have first move-ins begin in the fourth quarter. Mira Raleigh is situated on the southern border of the city’s central business district, with first move-ins occurring in June. Monthly rental rates range from $1,534 to $3,153 at Enclave and $1,349 to $3,926 at Mira Raleigh, according to Apartments.com.

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AcquisitionsGeorgiaIndustrialSoutheast

JLL Negotiates Sale of Two Infill Industrial Properties in Metro Atlanta Totaling 253,545 SF

by John Nelson

MORROW AND DORAVILLE, GA. — JLL has negotiated the sale of two infill industrial properties in the Atlanta suburbs of Morrow and Doraville totaling 253,545 square feet. Jim Freeman, Matt Wirth, Dennis Mitchell and Britton Burdette of JLL represented the undisclosed seller in the transaction. Faropoint purchased both facilities for an undisclosed price. The properties include a 163,524-square-foot, cross-dock facility located at 48-50 Best Friend Road in Morrow that was fully leased at the time of sale to Currey & Co. Inc., as well as a 90,012-square-foot, rear-load facility located at 1056 Personal Place in Doraville that is fully leased to MWD Logistics Inc. 

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AcquisitionsFloridaRetailSoutheast

Cushman & Wakefield Brokers Sale of Publix-Anchored Shopping Center in Port Richey, Florida

by John Nelson

PORT RICHEY, FLA. — Cushman & Wakefield has brokered the sale of Regency Crossings, an 85,865-square-foot shopping center located in Port Richey, roughly 40 miles northwest of Tampa. Publix anchors the property, which was 90 percent leased at the time of sale. The center was originally built in 1985 and renovated in 2021. PMAT Cos. sold the property to Essential Growth Properties for an undisclosed price. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller in the transaction.

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LoansMarylandMultifamilySoutheast

Colliers Secures $24.5M Refinancing for Milford Station Multifamily Community in Metro Baltimore

by John Nelson

PIKESVILLE, MD. — Colliers has secured a $24.5 million loan for the refinancing of Milford Station, a multifamily community located at 19 Warren Park Drive in Pikesville, approximately 15 miles northwest of Baltimore. Bob Beckman of Colliers arranged the non-recourse financing, which features a 30-year term and fixed interest rate of 5.1 percent, on behalf of the borrowers, Gelfund RE Opportunities and GY Properties. Milford Station totals 199 apartments within controlled-access buildings and features complimentary parking.

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LouisianaMarket ReportsOfficeSoutheastSoutheast Market Reports

Challenges Unfortunately Outweigh Opportunities for New Orleans Office Market

by John Nelson

A combination of short sales, declining occupancy rates, loan concerns and migration to suburban offices contribute to uncertainty in the New Orleans office market. As we approach the fourth quarter of this year and begin to reflect back on the market in 2024, the challenges unfortunately outweigh the opportunities. Two notable cases include The DXC Technology Center and The Energy Centre.  The DXC Technology Center, located at 1615 Poydras St. in the Central Business District (CBD), a once-prized office tower anchored by Freeport McMoRan, sold for less than $37 per square foot. The building, over 500,000 square feet, traded for $18.5 million, significantly below the remaining debt on the property. The New Orleans Police Department recently signed a lease to occupy approximately 45,000 square feet in the building, which lessens the steep decline in the building’s value. The Energy Centre, located at 1100 Poydras St., is one of the most desirable and best-performing Class A towers in the CBD. It entered receivership, but the building is back on track and is rumored to be nearing a sale. The building owner, The Hertz Group, controls four additional Class A office towers on Poydras St. (400, 650, 701 & 909 Poydras St.), …

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