Saturday, February 7, 2026
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Southeast

Leasing ActivityOfficeSoutheastTennessee

Brookfield Properties Signs Law Firm to 37,429 SF Office Lease at Fifth + Broadway in Nashville

by John Nelson

NASHVILLE, TENN. — Brookfield Properties has inked a 37,429-square-foot office lease at Fifth + Broadway, a mixed-use development in downtown Nashville. The tenant, law firm Polsinelli, is relocating from nearby Truist Plaza to the 501 Commerce office building. Stewart Lyman of Cushman & Wakefield and Rob Lowe of Stream Realty Partners represented Brookfield Properties in the lease negotiations. Harrison Johnson, Kevin McLennan, Ian Murphy and Brad Serot of CBRE represented Polsinelli. In addition to the 367,000-square-foot 501 Commerce building, Fifth + Broadway also includes a residential tower with over 380 units, approximately 200,000 square feet of retail and dining, including the Assembly Food Hall, and the National Museum of African America Music. Developed by OliverMcMillan before being acquired by Brookfield Properties, Fifth + Broadway opened in 2020.

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NAI property management Elizabeth Barnes
Content PartnerFeaturesLeasing ActivityMidwestNAINortheastOfficeRetailSoutheastTexasWestern

Property Management Post-COVID? It’s All About Taking Care of the Client

by Sarah Daniels

Elizabeth Barnes, COO of NAI Plotkin, knows property management is always a labor- and people-intensive profession, no matter the day or time of year. In that regard, the pandemic did not change the best practices for the Springfield, Mass.-based full-service brokerage and management company. “The number-one best practice has always been — and remains to this day — to manage the property as if you own it, with the awareness that you don’t,” Barnes says. Treat the Asset as Your Own For Barnes, this means focusing on the asset’s value at all times. “Common area maintenance (CAM) reconciliation, capital planning, value engineering options — they need to be front and center,” she continues. “It’s not just about cutting expenses. Look at how you can add value or reduce upfront costs.” All this should be done, she states, with the owner’s goals for the property in mind. Those goals may differ based on whether the owner is, for example, looking to divest the asset. Or if the tenant’s space has gone dark. Or if a pandemic is occurring. “There is a definite focus on health and safety now, regardless of the product type,” Barnes says. “Many owners wanted HVAC and air-handling …

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AcquisitionsLife SciencesNorth CarolinaSoutheastTop Stories

CBRE Acquires Park Point Life Sciences Campus in Durham, North Carolina for $288M

by Jeff Shaw

DURHAM, N.C. – CBRE Investment Management, on behalf of a separate account client, has acquired Park Point, a 662,607-square-foot life sciences campus located within Research Triangle Park in Durham. Although the seller and price were not disclosed, Triangle Business Journal reports that Starwood Capital sold the asset for $288 million. Starwood, along with Trinity Capital and Vanderbilt, acquired Park Point in 2019 as a vacant, single-tenant industrial building, implementing a $190 million adaptive reuse project at the 95-acre site. The property now offers flexible space solutions for office, life sciences and manufacturing tenants. Located at 4001 NC Highway 54, campus amenities include a fitness center, cafe, indoor/outdoor common areas, athletic fields, walking trails, 2,546 parking spaces and a conference and training center. Park Point also has new, efficient systems that reduce energy and water consumption and enhance indoor air quality. Electric vehicle charging stations are slated to be installed at the property. “Today’s life sciences end-users have very specific and sophisticated needs for lab and research spaces,” said Sondra Wenger, head of Americas commercial operator division for CBRE Investment Management. “We believe that Park Point meets those needs and fits well with our investment strategy. This uniquely amenitized asset benefits …

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FloridaMarket ReportsRetailSoutheastSoutheast Market Reports

Impressive Metrics for Orlando’s Retail Market May Mask Looming Storm Clouds

by John Nelson

The retail market in the Orlando MSA is doing well, on the surface. According to the numbers, the region has recovered from the effects of the COVID-19 pandemic. Orlando’s economy is heavily driven by tourism and when travel stopped and the initial state-wide shutdown orders went into effect on April 3, 2020, the impacts were profound and widespread, since four of the top 10 employers in Central Florida are in hospitality or retail, as well as Orlando International Airport. Since then, life in Central Florida has largely returned to normal. Tourism is back, hotel occupancy is up and people are dining out again. Retail numbers for the second quarter are actually better than in the first quarter of 2019, according to CoStar Group. The availability percentage at the beginning of 2019 was 5.9 percent, compared to 4.7 percent at the end of the second quarter. The average rent is up as well, rising from $21.94 per square foot to $25.52. Consumer habits have changed as e-commerce is still enormously popular, although it’s now more about convenience than mitigating risks. For those who can, working from home has become the preferred mode. As a consequence of the remote work trend, local …

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Life SciencesMarket ReportsNorth CarolinaSoutheastSoutheast Market Reports

Life Sciences Reign Supreme in Research Triangle

by John Nelson

While the Research Triangle Park (RTP) is the heartbeat of all things life sciences in the Southeast, the outlying areas of the Raleigh-Durham market, commonly referred to as the Triangle, haven’t been ignored by expansive growth in the sector. Corporate announcements and expansions in Holly Springs, Sanford, Four Oaks and Hillsborough have been more prevalent in recent years, as well as in the home base of Raleigh. Amgen, a California based company, is constructing a $550 million biomanufacturing facility in Holly Springs, and Becton Dickinson recently selected Four Oaks in Johnston County for its new manufacturing site, with plans to invest approximately $25 million in the development. After many years of focusing on the manufacturing industry, Lee County, approximately 40 miles from Raleigh, is becoming a burgeoning hub for life sciences after the expansions of Pfizer’s 230-acre site. A subsidiary of Abzena chose Sanford following a nationwide search for its 325-job manufacturing facility. Also in Sanford, Astellas Gene Therapies delivered a $109 million facility in the second quarter, its first outside California. It is evident that investors and developers see great opportunity in both the heart of the Triangle’s urban cores and rapidly growing outlying counties. Developers are responding to …

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DevelopmentFloridaRetailSoutheast

Entrepreneurs Invest $180M to Build 15 Indoor Pickleball Courts in Florida

by John Nelson

SARASOTA, FLA. — A trio of entrepreneurs — Brian and Valerie McCarthy and Matthew Gordon — plans to invest $180 million to build at least 15 indoor pickleball courts in Florida. All locations, which will be branded The Pickleball Club, will be members-only and privately owned, for-profit sports clubs. The first venture is The Pickleball Club at Lakewood Ranch in Sarasota, which has broken ground and is set to open in December. The 33,000-square-foot Sarasota location will feature 12 indoor courts, two outdoor courts, Dink’s Pro Shop, Pickles Café and an outdoor activity center dubbed Food Truck Alley. The entrepreneurs have purchased land in Bonita Springs and Port St. Lucie for two more locations, and are in negotiations for four more, including in Fort Myers. Each The Pickleball Club location will utilize high-definition PlaySight technology to integrate real-time video into lessons and clinics. The Pickleball Club currently has 47 shareholders and has raised nearly $5 million in equity over the past 18 months.

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AcquisitionsMultifamilySouth CarolinaSoutheast

IMG Purchases Millennium Apartments in Greenville for $64.4M

by John Nelson

GREENVILLE, S.C. — Investors Management Group Inc. (IMG) has purchased Millennium Apartments, a 305-unit multifamily community in Greenville, for $64.4 million, or $211,000 per unit. The seller was not disclosed. Andrea Howard of Northmarq brokered the transaction. Additionally, Northmarq provided a non-recourse, fixed-rate Freddie Mac loan that carries a seven-year term and a four-year interest-only period. In addition to the debt financing, IMG raised $35 million in equity from over 200 investor clients across 20 states to finance the acquisition. Built in 2008, Millennium features one-, two- and three-bedroom units. IMG plans to invest $2.5 million in capital improvements at the property.

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DevelopmentGeorgiaIndustrialSoutheast

Seefried Properties Breaks Ground on 447,753 SF Industrial Facility in Adairsville, Georgia

by John Nelson

ADAIRSVILLE, GA. — Seefried Properties has broken ground on a 447,753-square-foot industrial facility in Adairsville, a city in North Georgia equidistant between Atlanta and Chattanooga. The project, dubbed Adairsville 75, is located near I-75 on a 36-acre site at 2334 Trimble Hollow Road, about 36 miles from the newly completed Appalachian Regional Port. Upon completion in June 2023, the new speculative distribution center will feature 36-foot clear heights, 50- by 53.4-foot column spacing, 94 dock doors (four drive-in), parking for 185 vehicles and an additional 71 spaces for trailers. Joseph Kriss and Tripp Ausband of Seefried, along with Austin Kriz and Tom Cromartie of JLL, will handle the marketing and leasing for the project. The design-build team includes general contractor The Conlan Co., civil engineer Eberly & Associates and architect of record Atlas Collaborative.

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DevelopmentMixed-UseSoutheastVirginia

Northland Buys 22-Acre Mixed-Use Development Site in Metro Richmond for North End Project

by John Nelson

GLEN ALLEN, VA. — Northland has purchased a 22-acre mixed-use development site in the Innsbrook neighborhood of Glen Allen, a suburb of Richmond. The New England-based private equity investment firm is planning to build a live-work-play development with main street-style retail space at the site, which is dubbed North End. The site is currently zoned for up to 700 multifamily units, 55,000 square feet of retail space and a 150-room hotel. Northland will begin early stages of design and master planning efforts this year. Additionally, Highwoods Properties is planning to develop a Class A, 315,000 square-foot office building adjacent to the site. North End marks Northland’s entry to the metro Richmond market.

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AcquisitionsFloridaHospitalitySoutheast

Radco Acquires Three Hotels in Panama City Beach, Florida Totaling 281 Rooms

by John Nelson

PANAMA CITY BEACH, FLA. — The Radco Cos., an opportunistic real estate investment firm based in Atlanta, has purchased three hotels in Panama City Beach totaling 281 rooms. The properties include a Home2 Suites, adjacent Fairfield Inn & Suites and a Hampton Inn. All three hotels will be managed by LBA Hospitality. Hospitality Real Estate Counselors (HREC) served as brokers for the Home2 Suites and Fairfield Inn properties, with Hunter Hotel Advisors brokering the Hampton Inn deal. The sellers and sales price were not disclosed. The new ownership plans to make capital improvements to the three hotels. Radco launched a hotel investment division in early 2021 in response to disruptions to the hospitality industry caused by the COVID-19 pandemic.

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