CHATTANOOGA, TENN. — Ziff Real Estate Partners has sold East Brainerd Shopping Center, an 18,156-square-foot retail strip center located at the intersection of East Brainerd and Jenkins roads in Chattanooga. The buyer and sales price were not disclosed. The property’s tenant roster includes East Brainerd Wine & Spirits, Marco’s Pizza, Tobacco Mart of Chattanooga and Good World Goods. The center includes a gas station and Food City grocery store that Ziff is not including in the sale.
WASHINGTON, D.C. — Monument Realty, along with investment partners JRE Partners and Ghitis Property Co., has opened Sonya, a 14-story apartment community in Washington, D.C.’s NoMa district. The property’s name pays homage to the surrounding South of New York Avenue neighborhood. The 321-unit community is located at 40 Patterson St. and is bounded by First Street NE and Capital Street NE. KGD Architecture designed the property to achieve LEED Silver certification. Sonya offers a mix of studio, one-, two- and three-bedroom apartments, as well as more than 16,000 square feet of amenity space, including a rooftop pool, social club and entertainment spaces, hospitality bars and a fitness center. Rents start at $1,895 per month, according to the property website.
ATLANTA — Electric Owl Studios plans to open a 312,000-square-foot film and TV studio in Atlanta’s DeKalb County next month. Located at 3963 Redan Road near the Indian Creek MARTA station, the production facility is the only ground-up LEED Gold-certified studio campus in the world, according to Electric Owl. With six purpose-built sound stages and ancillary and parking space, the studio is large enough to support a tentpole feature film or two large-scale TV series. Electric Owl Studios was founded by former Third Rail Studios executives Dan Rosenfelt and Michael Hah. The Atlanta property is the debut studio for Electric Owl, which is currently developing a second studio on an 18-acre site in New York that is set to open in summer 2025.
CHATTANOOGA, TENN. — Locally based Vision Hospitality Group Inc. has broken ground on Embassy Suites by Hilton Chattanooga Downtown, a 184-room hotel located at the corner of Broad and 4th streets. Upon completion, the hotel will offer a rooftop bar, street-level bar and coffee area, restaurant and 5,000 square feet of meeting space. The site is blocks from the Tennessee Aquarium, Hunter Museum of American Art, National Medal of Honor Heritage Museum and Tennessee Riverpark. Humphreys and Associates Contractors LLC is planning for the $54 million project to debut in summer 2025. The hotel is one of 15 projects in the development pipeline for Vision Hospitality, which currently owns 16 hotels in the greater Chattanooga area.
ALEXANDRIA, VA. — Berkadia has brokered the $52 million sale of Del Ray Central, a 141-unit apartment community located at 3501 Mount Vernon Ave. in Alexandria. Walter Coker, Brian Crivella, Yalda Ghamarian and Bill Gribbin of Berkadia represented the undisclosed seller in the transaction. The buyer is a partnership led by Caruthers Cos. The property, which was 97 percent occupied at the time of sale, is situated approximately a half-mile from the Potomac Yard Metro Station and near the Old Town Alexandria and National Landing neighborhoods of metro Washington, D.C. Del Ray Central features a unit mix of studio, one- and two-bedroom apartments, as well as 2,670 square feet of ground-floor retail space, a pool, clubhouse, business center, bike storage, roof terrace, walking/biking trails and a courtyard, according to Apartments.com.
JACKSONVILLE, FLA. — RealOp Investments, a private equity firm based in Greenville, S.C., has purchased two Class B warehouse buildings in Jacksonville totaling 507,590 square feet. As part of the sale-leaseback arrangement, the properties are 100 percent leased to Southeastern Toyota Distributors. At expiration of the three-year lease, RealOp plans to launch a comprehensive $7 million capital improvement and redevelopment program at the park. Located near the I-95 and Baymeadows Road interchange, the property represents RealOp’s seventh acquisition in Florida.
GARNER, N.C. — Beacon Partners has broken ground on 2000 Citation Drive, a 115,831-square-foot, Class A industrial building in the Raleigh suburb of Garner. Ann-Stewart Patterson and Austin Nagy of CBRE | Raleigh are handling leasing for Beacon. The project team also includes general contractor Choate Construction, Merriman Schmitt Architects and Advanced Civil Design. Atlantic Union Bank is providing an undisclosed amount of construction financing. Situated near the intersection of I-40 and Jones Sausage Road and two miles south of I-440, 2000 Citation Drive will feature 30-foot clear heights, full concrete truck courts and 180-foot building depths. The site is directly across I-40 from Beacon Commerce Park, a 48-acre, master-planned industrial park under development by Beacon Partners and HM Partners that features 631,000 square feet of distribution space.
CHARLOTTE, N.C. — JLL has arranged $29.5 million in financing for Whitehall Tech Center, a three-building industrial park totaling 279,150 square feet in Charlotte’s Southwest submarket. The third building in the development, Whitehall III, will break ground this quarter. Kevin MacKenzie, Peter Thompson and Taylor Alison of JLL arranged the three-year, floating-rate loan through an undisclosed life insurance company on behalf of the borrower, CIP Real Estate. Whitehall Tech Center is situated on nearly 27 acres close to I-77 and I-485. At full completion, the park will feature a combined 493 parking stalls, clear heights ranging from 20 to 28 feet and 57 dock-high doors.
CHARLOTTE, N.C. — The Milestone Group has delivered the second phase of Courtney Ridge Apartments, a garden-style multifamily community located in Charlotte’s LoSo (Lower South End) neighborhood. Phase II is a 13-acre expansion that comprises 180 units across seven new buildings. The project team includes Atlanta-based general contractor TuckerCraft, architect SGA|NW and engineer Design Resource Group. PNC Bank provided construction financing for Phase II, which features a mix of one-, two- and three-bedroom floor plans. Phase II also features a new clubhouse equipped with individual workstation consoles, a main conference room, 24/7 package delivery center, coffee bar, kitchen area and patio overlooking a pond. Milestone purchased the existing, 280-unit Courtney Ridge Apartments in 2018.
ARLINGTON, VA. — Jamestown has signed three new office tenants to join Ballston Exchange, a mixed-use campus located in the Washington, D.C., suburb of Arlington. The newcomers include Management Sciences for Health (MSH), EPIGEN and COMTO. Cresa represented MSH and COMTO in their lease negotiations, and Cushman & Wakefield represented Jamestown in all three deals, as well as EPIGEN. All together the three new tenants will occupy 30,000 square feet of space. Other tenants at Ballston Exchange include Booz Allen Hamilton, Insurance Institute for Highway Safety (IIHS) and CENTRA Technology. Retailers and restaurants include Shake Shack, Orangetheory Fitness, CorePower Yoga, Greenheart Juice Shop, Dunkin’, Cava, The UPS Store and Bearded Goat Barber, among others.
