Wednesday, July 9, 2025
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AcquisitionsGeorgiaRetailSoutheast

TSCG Brokers Sale of 25,300 SF Douglasville Day Centre in Metro Atlanta

by John Nelson

DOUGLASVILLE, GA. — TSCG has brokered the sale of Douglasville Day Centre, a 25,300-square-foot shopping center located in the Atlanta suburb of Douglasville. The sales price was undisclosed. Situated at the intersection of Chapel Hill and Timber Ridge roads, the center was originally built in 2005. The property was fully leased at the time of sale to tenants including Starbucks Coffee, Verizon Wireless, Orangetheory Fitness, Tropical Smoothie Café and Shane’s Rib Shack. Douglasville Day Centre also features four separate outparcels — McDonald’s, Panda Express, Texas Roadhouse and Carrabba’s Italian Grill — that were not included in the sale. Anthony Blanco, Mallory Silva and Serge Du Lau D’Allemans of TSCG represented the seller, a private partnership, in the transaction. A joint venture managed by Crow Holdings Capital was the buyer.

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AlabamaMarket ReportsRestaurantRetailSoutheastSoutheast Market Reports

Birmingham Retail Market: Stability Amid Changing Dynamics

by John Nelson

Birmingham’s retail market continues to demonstrate resilience despite national economic challenges. With a vacancy rate of 3.8 percent — slightly below the national average of 4.1 percent — and rental rates holding steady at $13.13 per square foot, the city remains an attractive destination for both investors and tenants.  However, rising interest rates have slowed development and softened transaction volumes, reshaping the investment landscape. Macroeconomic trends  The intersection of economic pressures and shifting consumer habits is redefining Birmingham’s retail landscape. Across the nation, big-box retailer bankruptcies have contributed to negative net absorption of 346,200 square feet over the past year, and Birmingham has felt similar effects. The closure of Conn’s HomePlus, among other retailers, has contributed to this contraction. Despite these challenges, suburban retail demand remains robust. Homewood, Hoover and Alabaster are experiencing continued growth, and Crestwood Festival Shopping Center has added new tenants like Fun City Adventure and Armor Gym occupying 100,000 square feet. These trends highlight the increasing popularity of experiential retail, as consumers gravitate toward destinations that offer more than just traditional shopping. Development slows New retail construction has slowed significantly, with only 130,000 square feet delivered in the past year — well below historical averages. However, …

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AcquisitionsFloridaIndustrialLoansSoutheast

JLL Facilitates $68.3M Acquisition Loan for Cold Storage Facility in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — JLL Capital Markets has facilitated a $68.28 million loan for the acquisition of Arcadia Jacksonville, a 333,725-square-foot cold storage facility in Jacksonville. Melissa Rose, Michael Klein, Wells Waller, Nicole Barba and Preston Bacon of JLL secured the five-year, fixed-rate loan through an insurance company on behalf of the borrower, Manulife Investment Management. Completed in 2024, Arcadia Jacksonville is located within Imeson Industrial Park, which is 10 miles from Jacksonville International Airport. The facility is fully leased to Arcadia Cold Storage & Logistics, a major third-party logistics provider in North America. Arcadia Jacksonville features flexible temperature zones ranging from -20 to 35 degrees Fahrenheit, 50-foot clear heights and 210-foot truck court depths.

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DevelopmentGeorgiaLeasing ActivityMixed-UseOfficeSoutheast

Boehringer Ingelheim Relocates Animal Health Headquarters to Medley in Johns Creek, Georgia

by John Nelson

JOHNS CREEK, GA. — Boehringer Ingelheim, a biopharmaceutical firm that manufactures medicine for humans and animals, has relocated to a 73,000-square-foot lifestyle office space at Medley, a 43-acre mixed-use development underway in the north Atlanta suburb of Johns Creek. Toro Development Co. (TDC) is the developer and owner of Medley, which will become the new U.S. Animal Health headquarters for Boehringer Ingelheim and its 500 employees in summer 2026, ahead of Medley’s opening in October 2026. Boehringer Ingelheim will occupy two full floors of a reimagined office building that totals 150,000 square feet. This deal marks the largest Class A office lease north of the Atlanta Perimeter in roughly five years, according to TDC. Bryan Heller and Parker Welton of Stream Realty Partners represented TDC in the lease negotiations.

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AcquisitionsFloridaSeniors HousingSoutheast

Continuum Advisors Arranges Sale of Five-Property Seniors Housing Portfolio in Florida

by John Nelson

TAMPA, FLA. — Continuum Advisors has arranged the sale of a five-property senior living portfolio totaling 340 units in Clermont, Ocala, Brandon, Lecanto and Niceville, Fla. The sales price was not disclosed. David Kliewer and Jay Jordan of Continuum represented the seller, Healthcare Management Partners (HMP), in the transaction, where three separate buyers acquired the five communities.

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AlabamaDevelopmentHospitalitySoutheast

Choice Hotels Opens 98-Room Everhome Suites Hotel in Huntsville, Alabama

by John Nelson

HUNTSVILLE, ALA. — Choice Hotels Internationals Inc. has opened a new Everhome Suites Hotel in Huntsville. The project team includes architect Woolpert and general contractor Integrated Construction. An entity doing business as EHS Huntsville LLC was the developer. Located at 5581 Holmes Ave., Everhome Suites Huntsville offers access to the University of Alabama in Huntsville, the U.S. Space & Rocket Center and the city’s medical district. The hotel features 98 rooms, including amenities such as fully equipped kitchens, spa-style bathrooms, weekly housekeeping services, a multipurpose lobby, an outdoor communal space with barbeque grills, firepits and green spaces, 24/7 fitness center and 24/7 laundry facilities. Additionally, the hotel offers a 24/7 self-serve Homebase Market with food, beverages and groceries. Everhome Suites Huntsville is one of three Everhome Suites opened by Choice Hotels recently, with other locations in Chandler, Ariz., and Temecula, Calif. Everhome Suites is on track to have 25 hotels open by the end of the year, with 20 currently under construction and more than 65 hotels in the development pipeline.

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District of ColumbiaSoutheast

US Economy Adds 228,000 Jobs in March, Nearly Doubling February Gains

by John Nelson

WASHINGTON, D.C. — The U.S. Bureau of Labor Statistics (BLS) has reported that employment growth totaled 228,000 in March, rising above the 140,000-figure projected by Dow Jones economists, according to CNBC. March job growth nearly doubled the previous month’s total, which was revised down by 34,000 to 117,000. The BLS also revised January’s job growth down by 14,000, from 125,000 to 111,000. The U.S. unemployment rate in March was 4.2 percent, up slightly from 4.1 percent in February. In March, job gains were concentrated in the healthcare, social assistance and transportation and warehousing sectors. More specifically, the healthcare sector added 54,000 jobs, including gains in ambulatory health services (+20,000), hospitals (+17,000) and nursing and residential care facilities (+17,000). Social assistance increased by 24,000 jobs, higher than the average monthly gain of 19,000 over the previous 12 months. Retail trade added 24,000 jobs in March — as workers returned from strike — to contribute to a gain in food-and-beverage retailers (+21,000). On the contrary, general merchandise retailers lost 5,000 jobs since February. The transportation and warehousing sector contributed 23,000 overall jobs, roughly double the prior 12-month average gain of 12,000. Meanwhile, a job loss in warehousing and storage (-9,000) partially offset …

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Residences at The Streets of St. Charles
AcquisitionsIllinoisIndianaKentuckyMichiganMidwestMissouriOhioOklahomaSoutheastTennesseeTexasTop Stories

Morgan Properties Acquires 11-Property Midwest Multifamily Portfolio for $501M

by Channing Hamilton

CONSHOHOCKEN, PA. — Morgan Properties has acquired a portfolio of 3,054 apartment units across 11 communities in eight states. Chicago-based Trilogy Real Estate Group was the seller in the deal, which was valued at $501 million. The communities — which are located in Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, Oklahoma and Tennessee — were built between 1989 and 2018. Adam Doneger and Josh King of Newmark brokered the sale of 10 of the communities in the portfolio, while Walker & Dunlop brokered the sale of one property. Morgan Properties states that the firm plans to implement a value-add strategy to increase the marketability and comfort of the properties. Interior upgrades will include the installation of new flooring, appliances, cabinets and countertops, as well as smart home features. The new owner will also expand and refresh the onsite amenities. The acquisition expands Morgan Properties’ apartment holdings to more than 100,000 units across the nation. The Conshohocken-based development and investment firm now owns and operates roughly 360 communities in 22 states. “As we continue to strategically expand our national portfolio, we remain selective and opportunistic in this environment,” said Jonathan Morgan and Jason Morgan, co-presidents of Morgan Properties. “Morgan Properties has a proven …

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AcquisitionsCompany NewsGeorgiaRestaurantRetailSoutheast

Hooters Files for Bankruptcy, Plans to Sell All Company-Owned Restaurants to Franchisees

by John Nelson

ATLANTA — HOA Restaurant Group, parent company of restaurant chain Hooters, has filed for Chapter 11 bankruptcy protection, entering into a Restructuring Support Agreement (RSA) that will facilitate the continued operation of the company’s restaurants under new ownership. Hooters restaurants will continue to operate as usual throughout the bankruptcy process. A partnership between two existing Hooters franchisees, Hooters Inc. and Hoot Owl Restaurants, reached an agreement with Hooters of America (HOA) to acquire more than 100 HOA-owned Hooters restaurants, which, when added with the franchisees’ existing holdings, will account for approximately 70 percent of Hooters’ domestic locations. Upon completion of the Chapter 11 process, all Hooters locations will be franchisee-owned. Hooters Brand Management (HBM) will provide most of the franchise support for the company, including oversight of the national ad fund, the central purchasing organization and franchise development and support. North Point Mergers & Acquisitions represented the buying group, Hooters Inc. and Hoot Owl Restaurants, while Morrison & Foerster LLP is serving as their legal counsel.

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DevelopmentGeorgiaOfficeSoutheast

Shorenstein Begins Renovations at 14th & Spring Office Building in Midtown Atlanta

by John Nelson

ATLANTA — Shorenstein Investment Advisors has begun capital improvements at 14th & Spring, a 12-story, 324,000-square-foot office building located at 1150 Spring St. NW in Midtown Atlanta. The renovations include a complete repositioning of the lobby and expanded first-floor amenities, including an onsite café and bar, fitness center, conference center and the connected outdoor terrace. The overhaul will also include the build-out of a full floor of speculative office suites on the third floor totaling 28,500 square feet. Locally based law firm Cushing, Morris, Armbruster, & Montgomery LLP has preleased one of the new spec suites, with plans to relocate from its current downtown office this summer. Additionally, Shorenstein has partnered with George Banks for a new eatery at 14th & Spring. Shorenstein has owned the office building since July 2024 and has since executed 100,000 square feet of leases, including HTNB Corp.’s three-floor lease last fall. The office building was delivered in 2022. ASD | SKY is serving as the design architect for the lobby repositioning and first-floor amenity package, while Murphy Meyers is the design architect for the spec suites. Jeff Keppen, Kyle Kenyon and Nicole Goldsmith of CBRE are the exclusive leasing agents for the property.

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