COCOA BEACH, FLA. — Driftwood Capital has broken ground on the Westin Cocoa Beach Resort, Spa, and Conference Center, a 502-room oceanfront hospitality development on Florida’s Space Coast. The $420 million project will be situated on a 15.7-acre site at 1300 N. Atlantic Ave. in Cocoa Beach and is expected to create approximately 1,800 direct and indirect jobs in the region. The property will offer the largest conference center space in the Space Coast and will plug a 160-mile gap of Marriott International hotels on the Atlantic coast. Upon completion, the Westin Cocoa Beach Resort will feature 11 food-and-beverage venues, including themed restaurants; a high-end spa; surfing wave pool; swimming pools; tennis and pickleball courts; a fitness center with cardio and weights; multiple retail options; and a multi-story parking garage to accommodate about 800 vehicles. The property will also feature 72,000 square feet of open-air venues for meetings and events, as well as 51,500 square feet of indoor space designed for gatherings and conferences. Project partners include Kast Construction and North Palm Beach, Fla.-based Driftwood Hospitality Management, which will manage the development once completed. Driftwood Capital expects to deliver the Westin Cocoa Beach Resort in summer 2027.
Southeast
MIAMI — Benderson Development has purchased Shops at Midtown Miami, a 347,740-square-foot infill power shopping center located at 3401 N. Miami Ave. in Miami. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented the seller in the transaction. The seller and sales price were not disclosed, but South Florida Business Journal reports that SITE Centers Corp. is the seller. Built in 2006, Shops at Midtown Miami spans more than 18 acres and is leased to tenants including Target, Ross Dress for Less, Dick’s Sporting Goods, Marshalls and HomeGoods. The property also features 2,860 structured garage parking spaces.
Trinity Capital, Nuveen Sell 441,072 SF Industrial Portfolio in Research Triangle Park to Prologis
by John Nelson
DURHAM, N.C. — Trinity Capital Advisors and partner Nuveen Real Estate have sold Alexander Commerce Park, a three-building industrial property located along TW Alexander Drive in Durham’s Research Triangle Park. San Francisco-based Prologis acquired the park for an undisclosed price. Built in 2023, the development was fully leased at the time of sale to tenants including Upper Deck, Wolfspeed, Wesco and Running Logistics. The properties feature 32-foot clear heights, ESFR sprinklers, LED lighting and abundant auto and trailer parking. Pete Pittroff, Dave Andrews and Zachary Lloyd of JLL represented the seller in the transaction.
POOLER, GA. — Cohen & Steers Income Opportunities REIT (CNSREIT) has acquired Village on Pooler Parkway, a 142,000-square-foot shopping center located in Pooler, roughly 15 miles outside Savannah. CNSREIT purchased the center through a joint venture with Sterling Organization. Built in 2014, the property was fully leased at the time of sale. Tenants at the center include T.J. Maxx, Ross Dress for Less, Michaels, PetSmart, Panera Bread, Buffalo Wild Wings and Jersey Mike’s.
HENDERSON, KY. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a four-property portfolio in Henderson, located in western Kentucky along the Ohio River and approximately 11 miles south of Evansville, Ind. Known as the Colonial Portfolio, the properties in the transaction included Colonial Assisted Living (69 units), Colonial Court Independent Living (22 units), Colonial Senior Living (51 assisted living units) and Colonial Cottages (16 independent living units). The seller was a local owner that developed and operated the assets since their inception. The buyer was a Kentucky-based owner and operator looking to grow its portfolio strategically in western Kentucky. Ryan Saul and Daniel Geraghty led the transaction for SLIB.
BROOKHAVEN, GA. — On Sunday, Children’s Healthcare of Atlanta (CHOA) is set to open Arthur M. Blank Hospital, a 2 million-square-foot children’s hospital located in the northeastern Atlanta suburb of Brookhaven. The Atlanta Journal-Constitution reports that development costs for the facility, which is situated at the heart of CHOA’s new North Druid Hills campus, totaled approximately $1.5 billion. Arthur M. Blank Hospital rises 19 stories on a 70-acre site at the corner of I-85 and North Druid Hills Road. The new facility offers 446 patient beds, a 70,000 square-foot emergency department with 69 emergency exam rooms and a level one pediatric trauma center — the only dedicated one in Georgia, according to CHOA. The new hospital is named after Arthur Blank, one of the founders of The Home Depot and the current owner of the Atlanta Falcons and Atlanta United professional sports teams. The Arthur M. Blank Family Foundation made a $200 million donation to help fund the cost of the new hospital. The property also offers amenities for patients and their families, such as lounges, libraries, child life activity rooms, a business center and laundry facilities and kitchenettes on every floor. The building cafeteria, dubbed The Eatery, will provide patient …
BAYTOWN, TEXAS, BRASELTON, GA., AND MIAMI — Northwood Investors has acquired a $160 million industrial portfolio located in Georgia, Florida and Texas. Totaling 1.8 million square feet, the “Sunbelt Logistics Distribution Portfolio” was fully leased at the time of sale. The portfolio comprises three industrial buildings: Home Depot Cedar Port Distribution Center in Baytown, Texas; Havertys Distribution Center in Braselton, Ga.; and 10000 N.W. 15th Terrace in Miami. Britton Burdette, Trent Agnew and Luis Castillo of JLL represented the undisclosed seller in the sale. Bobby Norwood of JLL secured acquisition financing through affiliates of Apollo on behalf of Northwood Investors.
PORTLAND, TENN. — JLL Capital Markets has brokered the sale of Portland Shoals Manufacturing Facility, a 638,330-square-foot industrial development located at 1500 Shoals Way in Portland, roughly 40 miles northeast of Nashville. Al. Neyer, which developed the property, was the seller. EQT Exeter Real Estate Income Trust (EQRT) acquired the development for an undisclosed price. Shoals Technologies Group fully occupies the property, which features 40-foot clear heights, 107 dock positions, four drive-in doors, 185-foot truck court depths and auto and trailer parking. JLL represented Al. Neyer in the transaction.
SAVANNAH, GA. — Three tenants have signed leases at Phase I of Logistics 16 at Ottawa Farms, an industrial campus currently underway in Savannah. The new leases bring the campus, which currently totals 1 million square feet, to well above 50 percent preleased. Linemart Inc., Homylink Furniture Inc. and BFG Supply will occupy 232,000; 309,000; and 153,000 square feet at the development, respectively. Construction on the project began in the third quarter of 2022. Ryan Hoyt, Bennett Rudder, Chris Tomasulo and Lindsey Wilmot of JLL manage leasing on behalf of the landlord, McCraney Property Co.
CHARLOTTE, N.C. — Legacy Realty Group Advisors has arranged the sale of Catawba Village, a 56,840-square-foot shopping center located in Charlotte. Food Lion anchors the property. Jacob Baruch of Legacy represented both the buyer and seller. Both parties requested anonymity.