CONWAY, ARK. — Westrock Coffee, a coffee and tea supplier based in Little Rock, and development partner Tempus Realty Partners have plans to develop a 530,000-square-foot distribution center in Conway. The companies recently acquired a 30-acre site off William J. Clark Drive near I-40, roughly 30 miles from Little Rock. Colliers represented Tempus Realty in the land sale, and Ted Dickey of Lighthouse Asset Advisors represented Westrock, which is the No. 1 supplier of private-label coffee and tea to U.S. restaurants by volume. Westrock will fully occupy the tilt-wall facility upon delivery in the fourth quarter of this year. The property will support Westrock’s product and packaging operation in a nearby facility, as well as handle additional distribution needs. The facility will feature a clear height of 36 feet, 72 dock doors and an ESFR sprinkler system.
KNOXVILLE, TENN. — Capital Square plans to break ground soon on Livano Knoxville, a 348-unit apartment community in south Knoxville. To fund the $116 million development, the firm is launching CSRA Opportunity Zone Fund VIII LLC, a project-specific opportunity zone fund that seeks to raise $46.7 million in equity from accredited investors. Capital Square has previously secured a $70.4 million construction loan from Truist Bank, as well as a $6.5 million commitment from the City of Knoxville due to the project including 35 workforce housing apartments, which will be affordable to households earning 80 percent of the area median income. Capital Square has also formed a joint venture with LIV Development for the project. Situated at 451 W. Blount Ave. adjacent to University of Tennessee’s Neyland Stadium, Livano Knoxville will include studio, one-, two- and three-bedroom apartments averaging approximately 930 square feet. The development team, including general contractor Southern Building Group Inc., plans to break ground on the community in February.
CUMBERLAND, MD. — Contegra Construction has delivered a 192,000-square-foot distribution center at 12000 Mexico Farms Road in Cumberland. Kansas City-based Jones Development is the developer of the property, which features tilt-up concrete panels, 10,000 square feet of office space, 32-foot clear height, 56 dock doors, a PVC roof, LED lighting and parking for 48 trailers and 262 automobiles. The site also features a 35-foot-tall retaining wall that runs for a half-mile around three sides of the building. The tenant was not disclosed.
ATLANTA — Accel-KKR, a private equity tech firm based in Silicon Valley, has signed an office lease expansion at Galleria 300, a 20-story office building in Atlanta’s Cumberland-Galleria submarket. Andrew Walker of Colliers represented the tenant in the lease negotiations with the owner, Piedmont Office Realty Trust. Situated within walking distance of The Battery and Truist Park, Accel-KKR’s new office footprint will total approximately 24,000 square feet. The firm will occupy the entire 19th floor and will triple its staff at the property, which serves as the company’s East Coast headquarters. Other tenants of Galleria 300 include Cumberland Group, TSCG, Childress Klein and PowerPlan.
NORTH CHARLESTON, S.C. — Jamestown, along with local real estate developers Weaver Capital Partners and WECCO Development, has broken ground on the first buildings at Navy Yard Charleston, the 79-acre mixed-use redevelopment of a former naval base in North Charleston. This first phase of the redevelopment involves converting two historic storehouses — Storehouse 8 and Storehouse 9 — on the project site into a total of 107,000 square feet of mixed-use space for restaurants, retail, office space and apartments. The buildings are scheduled to open in 2024. The 40,000-square-foot, two-story building known as Storehouse 8 will be restored and repurposed as a restaurant, event space and offices. To preserve the history and character of the building, which was constructed in 1906 as naval administrative offices, the renovation will salvage architectural details such as the original hallways, trim, railings, flooring, slate roof and copper soffits. The adjacent Storehouse 9, a 67,000-square-foot, four-story building constructed in 1918 as naval administration offices and storage facility, will be converted into restaurant and retail space on the ground floor, a rooftop bar and restaurant with views of the Cooper River and 86 multifamily units offering flexible live/work layouts. In addition to the redevelopment of Storehouses …
The retail market across the Raleigh-Durham region, also known as the Triangle, soared to new heights in 2022 despite significant global economic headwinds. Spurred by population growth and major economic development announcements, 2022 was filled with the groundbreaking and opening of new retail and mixed-use projects across the region. For the second consecutive year, North Carolina witnessed record-breaking economic development activity. New and expanding companies announced more than 12,700 jobs and more than $11 billion in new investments in the Triangle region alone. While the urban sectors lagged through 2020 and 2021, they saw a resurgence in 2022 with major tenant announcements for Smoky Hollow (Kane Realty Corp.) such as Midwood Smokehouse, The Crunkleton, Madre, Dose and New Anthem Beer Project. Downtown Raleigh also featured the delivery of 301 Hillsborough at Raleigh Crossing (Barings), Tower Two of Bloc 83 (City Office REIT) and construction of Seaboard Station (Hoffman & Associates). Downtown Durham boasted major groundbreaking, retailer and restaurant announcements as well, including the groundbreaking of Novus (Austin Lawrence Partners), encompassing 23,000 square feet of ground-floor retail space and 27 floors of high-end residential. American Tobacco Campus reimagined its restaurant mix to announce Five Star, Press, Queen Burger and the soon-to-open …
COLUMBUS, OHIO — Marcus & Millichap has arranged the sale of a self-storage portfolio comprising 10 Boardwalk Storage facilities located in Alabama, Georgia and Tennessee. The properties total 3,369 units across 569,530 square feet. Gabriel Coe, Nathan Coe and Brett Hatcher of Marcus & Millichap arranged the sale on behalf of the undisclosed seller and procured the buyer, which was also not disclosed. At the time of sale, the portfolio, which includes a mix of climate-controlled and non-climate-controlled units, was 64 percent leased. The Alabama property is located in the city of Opelika, with the Georgia properties located in Dahlonega, Clermont, Loganville, Perry and Jasper. In Tennessee, the facilities are situated in Ooltewah, Chattanooga and Soddy-Daisy. Marcus & Millichap’s brokers of record in Alabama, Georgia and Tennessee are Eddie Greenhalgh, John Leonard and Jody McKibben, respectively.
BEL AIR, MD. — ARLS Properties LLC is underway on the construction of Bel Air Village, a 35-acre mixed-use community located in Bel Air, roughly 30 miles northeast of Baltimore. Upon completion, the development will feature 115,000 square feet of office and retail space, 252 multifamily units and 24 townhomes. Four freestanding buildings, ranging in size from 7,000 to 11,000 square feet, will comprise the retail component, along with five pad sites of one to two acres each. A 50-unit multifamily building will be completed first, with the additional multifamily buildings to be built next year. Completion of the first phase of the project is scheduled for later this year. Sean Langford and Tom Fidler of MacKenzie Commercial Real Estate Services LLC will handle retail leasing for the development.
CHARLESTON, S.C. — Atlas Real Estate Partners and FIDES Development have acquired a site in Charleston for the development of The Darby, a 331-unit multifamily community. Located at 1590 Meeting St., the asset will be situated in Charleston’s NoMo corridor. Full entitlements and site plan approval have been obtained for the project, which will include units in studio, one- and two-bedroom layouts. Upon completion, the community will feature two courtyards, a pool, pickleball court, dog park and 9,000 square feet of indoor amenity space, including a coworking facility. The sales price for the land was not disclosed.
ST. AUGUSTINE, FLA. — JLL Capital Markets has arranged the $24.1 million sale of Parkway Village at St. Johns, a 52,070-square-foot retail center located at the intersection of International Golf Parkway and Commerce Lake Drive in St. Augustine, roughly 40 miles southeast of Jacksonville. Danny Finkle, Alex Sharrin, Eric Williams, Jorge Portela, Jeff Cicurel and Kim Flores of JLL brokered the sale on behalf of the developer and seller, a joint venture between Stiles Corp. and Cantrell & Morgan. Built in 2022, the property was fully leased at the time of sale. A 52,070-square-foot Publix anchors the center. Other tenants include Supercuts, Orangetheory Fitness and The Loop, with Starbucks Coffee and Heartland Dental occupying two outparcels. An undisclosed private buyer acquired the property.