BRUNSWICK, GA. — Big V Property Group, in partnership with Equity Street Capital, has acquired Glynn Isles, a 193,039-square-foot retail center located in the coastal Georgia city of Brunswick. Shadow-anchored by Target and Lowe’s Home Improvement, the center has averaged 98 percent occupancy. Tenants include Dick’s Sporting Goods, PetSmart, Ross Dress for Less, Michaels, Ulta Beauty and Old Navy. The seller and sales price were not disclosed.
MIAMI — Law firm Bilzin Sumberg has renewed its office lease at 1450 Brickell office tower in Miami’s Brickell district. Barbara Black, Matthew Goodman and Jeff Gordon of JLL represented Bilzin Sumberg. The firm occupies 84,000 square feet of space at the 625,000-square-foot tower. Tere Blanca and Danet Linares of Blanca Commercial Real Estate represented the building owner, an entity doing business as 1450 Brickell LLC.
ATLANTA — Third & Urban and FCP have announced the addition of four tenants to the 15-acre Westside Paper development located along the Atlanta BeltLine in Westside Atlanta. Currently under development and scheduled to open in early 2023, Westside Paper, which is centered around a historic 1950s paper warehouse, features 245,000 square feet of mixed-use space. King of Pops, Elsewhere Brewing, Ancestral Bottle Shop + Market and taqueria concept El Santo Gallo will join the retail lineup. Westside Paper’s retail space is now 90 percent leased, with previously announced tenants including Pancake Social, Glide Pizza, Girl Driver and Boxcar Betty’s.
SARASOTA, FLA. — HomeSense will open a 30,000-square-foot store at University Town Center (UTC) in Sarasota, marking the home furnishing retailer’s first location in the state. Benderson Development’s UTC is a mixed-use property comprising over 250 specialty stores, more than 80 restaurants, three hotels and over 250,000 square feet of office space. HomeSense, part of the TJX Cos. portfolio, is scheduled to open its store on Nov. 10. Other soon-to-open retailers at the 4 million-square-foot UTC property include Christmas Tree Shops, Rocco’s Tacos and Tequila Bar, Yard House, Foxtail Coffee Co., 3Natives Acai and Juicery, Anna Maria Oyster Bar, Kelly’s Roast Beef, Post Kitchen & Bar and The Breakfast Company.
WASHINGTON, D.C. — Foulger-Pratt has broken ground on Paxton, an affordable housing development located at the intersection of Benning Road and 16th Street in northeast Washington, D.C.’s Kingman Park district. The $101 million project will feature eight studio, 87 one-bedroom, 16 two-bedroom and 37 three-bedroom rental apartments upon completion, which is set for April 2024. A majority (133 units) will be reserved for households earning at or below 50 percent of the area median income (AMI). The remaining will be reserved for households earning at or below 30 percent of AMI and are designated as “permanent supportive housing.” All residents will have access to services through Hope Multiplied, a locally based nonprofit providing community development, health-and-wellness and socio-economic programs. Residents in the permanent supportive housing units will receive support services through Community of Hope, a local organization working to end family homelessness and improve health. Financing partners for Paxton include the District of Columbia Housing Finance Agency, which issued $46.9 million in tax exempt bonds and underwrote $42 million in D.C. and federal Low Income Housing Tax Credit (LIHTC) equity, in addition to a $29 million Housing Production Trust Fund loan from the D.C. Department of Housing and Community Development. …
NASHVILLE, TENN. — Alliance Residential Co. has opened Broadstone SoBro, a 226-unit apartment community located at 800 4th Ave. S. in Nashville. The property comprises studio, one- and two-bedroom luxury apartment units that are renting at $1,851 per month, according to the community’s website. Designed by Brock Hudgins Architects, Broadstone SoBro’s community amenities include a resort-style saltwater pool; an outdoor courtyard with grilling stations, fire pit, dining and lounge space; a fitness room featuring a local artist-commissioned mural; a terrace-level library featuring private and coworking spaces; dog spa; and a sky lounge wine bar including private seating areas, fireplace, record lounge and oversized balcony. The development is Alliance Residential’s sixth in the Nashville market.
CHATTANOOGA, TENN. — Colliers has arranged the sale of a 689,614-square-foot, single-tenant distribution center located at 960 Wauhatchie Pike in Chattanooga. New York-based W. P. Carey purchased the single-tenant property from locally based logistics firm Kenco Group for an undisclosed price. Tyler Ziebel, Jack Rosenberg, Fred Regnery, Todd Steffan and Andy Cates of Colliers brokered the deal. The property is fully leased to Chattem Chemicals Inc., a subsidiary of the French multinational pharmaceutical company Sanofi Aventis. The company recently signed a long-term lease extension at the facility, which W. P. Carey plans to expand by 120,000 square feet. The warehouse currently features 79 docks, 30-foot clear height ceiling and 10,000 square feet of office space. Once the $18 million expansion is complete, the facility will be Sanofi Aventis’ largest distribution facility in the world, according to Colliers.
MANASSAS, VA. — First National Realty Partners LLC has acquired Promenade at Manassas, a 287,000-square-foot shopping center that was built in 1995 in Manassas. A 107,000-square-foot Home Depot anchors the property, which is situated 31 miles west of Washington, D.C., at the intersection of I-66 and Sudley Road. Other tenants include a 43,000-square-foot local international grocer, Oh! Market, as well as Ashley Home Furniture, Planet Fitness, The Tile Shop and Sherwin-Williams. Ryan Sciullo of CBRE represented the undisclosed seller in the transaction. The sales price was not disclosed.
HOPKINSVILLE, KY. — Fimiani Development Corp. has acquired Pennyrile Marketplace, an 85,000-square-foot shopping center located at 3010 Fort Campbell Blvd. in Hopkinsville. Seritage KMT Finance sold the property to the Boca Raton-based retail investment firm for $3.8 million. Built in 1978, Pennyrile Marketplace sits on 12 acres near Fort Campbell Army base and houses tenants including Harbor Freight Tools, Bargain Hunt and Farmers Home Furniture. Mike Fimiani represented the buyer in the transaction on an internal basis, and Marc Ozburn and Ross Robison of Berkeley Capital Advisors represented the seller. Fimiani Development plans to make renovations to Pennyrile Marketplace, including landscaping, improved signage and resurfacing of the parking lot.
SHORT PUMP, VA. — Erickson Senior Living has opened the first phase of Avery Point, a $500 million continuing care retirement community in Short Pump, a suburb of Richmond. The community is situated on a 94-acre campus and currently features 216 independent living units. A second phase currently under construction will add 107 more independent living units. Upon full buildout, plans call for 1,160 independent living units in addition to an onsite continuing care neighborhood offering assisted living, memory care and skilled nursing services. The property is Erickson Senior Living’s third in Virginia. The design-building team includes Moseley Architects and Brinkmann Constructors.
