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FeaturesGeorgiaMultifamilySeniors HousingSoutheastSoutheast Feature Archive

InterFace Panel: Seniors Housing Developers Can Cut Costs by Eliminating ‘Wasted Space’

by Kristin Harlow

ATLANTA — In today’s high-cost environment where obtaining development financing remains tricky, seniors housing builders are focused on cutting expenses — whether it be shrinking spaces or eliminating underutilized amenities altogether. That was the major takeaway from the development panel at the 12th annual InterFace Seniors Housing Southeast conference, which took place at the InterContinental Hotel in Atlanta on Wednesday, Aug. 27. The panel, which was titled “When Will Development Rebound? Outlook & Strategies for 2026,” included Richard Ackerman, managing partner of Big Rock Partners; Joe Jasmon, CEO of American Healthcare Management Group; Tod Petty, chief investment officer of Mainstay Senior Living; Leland Rice, president of QSL Management; Bear Mahon, president and CEO of Oaks Senior Living; and Alan Moise, chief investment officer of Thrive Senior Living. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Moise, the panel’s moderator, kicked off the discussion by asking participants for their definition of “rebound.” For Rice, the answer was a return to a mature market with stabilized assets selling at full price. “For a long time, we had seen …

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DevelopmentSoutheastStudent HousingTennessee

Middle Tennessee State University, Annex Group Plan 554-Bed Residence Hall Project

by John Nelson

MURFREESBORO, TENN. — A public-private partnership between Middle Tennessee State University (MTSU) and The Annex Group has announced plans for Wommack Lane Commons, a 554-bed residence hall project on the MTSU campus in Murfreesboro. The community would replace the existing Wommack Lane Apartments, which were built nearly 50 years ago at the corner of Homecoming Drive and Blue Raider Circle. The partnership will be seeking approval for a ground lease to begin development with the State Building Commission in November. If approved, the community will offer semi-suite and suite-style units with a combination of shared and private bedrooms. Shared amenities will include an entry lounge and lounge space on each floor; a community kitchen and laundry room; private and small group study spaces; and a landscaped courtyard. The development will also include office space. Construction is expected to begin in January 2026 with completion scheduled for fall 2027. The development team includes Smith Gee Studios and SCB. The Annex Group will act as developer, general contractor, facility manager and asset manager for the community, with MTSU providing residence life and leasing services upon completion.

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AcquisitionsKentuckyRetailSoutheast

Berkeley Capital Advisors Negotiates $39M Sale of Westport Village Shopping Center in Louisville

by John Nelson

LOUISVILLE, KY. — Berkeley Capital Advisors has negotiated the sale of Westport Village, a 170,249-square-foot shopping center located at 1315 Herr Lane in Louisville. An affiliate of Richmond-based Hackney Real Estate Partners purchased the center from an affiliate of Savannah, Ga.-based Wicker Park Capital Management LLC for $39 million. David Webb, Alex Quarier and Alex McDonald of Berkeley Capital Advisors represented the seller in the transaction. Situated on 13.4 acres roughly 10 miles west of downtown, Westport Village houses 45 tenants, including Apricot Lane Boutique, Bend and Zen Hot Yoga, BoomBozz Pizza & Watch Party, Deka Lash, F45, North Lime Coffee & Donuts, Q’doba Mexican Grill, Steak & Bourbon, StretchLab, The Comfy Cow, The Wedding Studio, Westport Whiskey & Wine and Wild Eggs, among others.

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AcquisitionsIndustrialSoutheastTennessee

LRC Properties, Alpaca Real Estate Acquire 246,000 SF Industrial Facility in Smyrna, Tennessee

by John Nelson

SMYRNA, TENN. — A joint venture between New York City-based LRC Properties and private equity firm Alpaca Real Estate has acquired a nearly 246,000-square-foot industrial facility located at 802 Swan Drive in Smyrna, about 16 miles southeast of Nashville International Airport. The seller and sales price were not disclosed. The facility features three demised spaces, 58,377 square feet of which will be delivered vacant and ready for immediate occupancy. LRC Properties will undertake capital improvements at the remaining two spaces, which span 86,586 square feet and 91,669 square feet. The renovations will include demolishing 15,000 square feet of obsolete offices and a connector building to open up and repave the truck court, add new loading docks, install an ESFR sprinkler system and build-out new speculative offices.

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AcquisitionsGeorgiaRestaurantRetailSoutheast

Coro Realty Sells Chick-fil-A-Occupied Restaurant in Atlanta’s Buckhead District

by John Nelson

ATLANTA — Coro Realty has sold a newly constructed restaurant located at 3234 Peachtree Road NE in Atlanta’s Buckhead district. Chick-fil-A occupies the property on a 15-year, corporate-guaranteed ground lease. The buyer and sales price were not disclosed. Chris Bosworth and Matt Karempelis of CBRE brokered the transaction. The 5,200-square-foot restaurant is situated on 1.4 acres near the intersection of Peachtree and Piedmont roads. The Chick-fil-A, which opened in May, serves as an outparcel at Buckhead Place, a mixed-use campus that houses Marshalls, LA Fitness, Five Below, Salon Studios Beauty Mall, Amalfi Pizza and Red Phone Booth. Upcoming components at Buckhead Place include the 20-story Tower on Piedmont apartments, 171-room Hyatt Place hotel, 186-room Hampton Inn hotel and the recently delivered, 291-unit Beverly by Alta apartment community that features a three-story parking deck.

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AcquisitionsKentuckyRetailSoutheast

Marcus & Millichap Brokers $3.6M Sale of Two-Property Retail Portfolio in Bowling Green, Kentucky

by John Nelson

BOWLING GREEN, KY. — Marcus & Millichap has brokered the $3.6 million sale of a two-property Dollar General portfolio in Bowling Green. Each retail property occupies 10,640 square feet on a 15-year corporate guaranteed lease with Dollar General Corp. Don McMinn and Andrew Koriwchak of Marcus & Millichap represented the seller, a Kentucky-based developer, in the transaction. The buyer was not disclosed. Grant Fitzgerald was Marcus & Millichap’s broker of record in Kentucky.

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AcquisitionsGeorgiaIllinoisMidwestRestaurantRetailSoutheastTop Stories

RaceTrac Agrees to Acquire Potbelly Sandwich Shop Chain for $566M

by Kristin Harlow

ATLANTA AND CHICAGO — Convenience retailer RaceTrac Inc. has entered into a definitive merger agreement to acquire all outstanding shares of fast-casual sandwich chain Potbelly Corp. (NASDAQ: PBPB) for $17.12 per share. The all-cash transaction is valued at roughly $566 million, representing a premium of approximately 47 percent to Potbelly’s 90-day volume-weighted average price as of Sept. 9. The acquisition is expected to close in the fourth quarter, subject to customary closing conditions and regulatory approvals. Founded more than 40 years ago in Chicago, Potbelly sells toasted sandwiches, salads, soups and hand-dipped milkshakes. The sandwich shop chain currently maintains more than 445 company and franchise-owned locations across the United States, with a long-term goal of reaching 2,000 shops. “We have positioned Potbelly for accelerated franchise-led growth in recent years, and this transaction fortifies our path while delivering certain and immediate value to our shareholders,” says Bob Wright, president and CEO of Potbelly. Wright, a former Wendy’s executive, led a turnaround of Potbelly during the pandemic, according to Crain’s Chicago Business. Expanding the franchisee base was a major part of the strategy. Atlanta-based RaceTrac, one of the largest privately held companies in the United States, operates more than 800 convenience stores …

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DevelopmentHospitalityMixed-UseNorth CarolinaRetailSoutheast

CBL, Vision Hospitality Open Element by Westin Hotel at Mayfaire Town Center in Wilmington, North Carolina

by John Nelson

WILMINGTON, N.C. — CBL Properties, in a 49/51 joint venture with Vision Hospitality, has opened a new Element by Westin hotel at Mayfaire Town Center, a 610,000-square-foot, open-air shopping mall in Wilmington. Both CBL and Vision are headquartered in Chattanooga, Tenn. The 139-room hotel is situated on International Drive and includes a lobby bar, 24/7 fitness center and complimentary bicycle rentals. Since 2024, CBL has executed retail leases exceeding 100,000 square feet at Mayfaire, including deals with Dave & Busters, Altar’d State Kids, Rowan, Free People, FP Movement, Warby Parker, Claire’s, Vochos Urban Mexican Kitchen, Potbelly Sandwich Shop and Dry Bar. Additionally, existing tenants like lululemon athletica, Rack Room Shoes and Reed’s Jewelers have remodeled and expanded their stores at Mayfaire. CBL purchased the mall in 2015.

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DevelopmentGeorgiaIndustrialSoutheast

Logistics Property Co. Breaks Ground on Second Phase of 1 MSF Industrial Park in Gainesville, Georgia

by John Nelson

GAINESVILLE, GA. — Logistics Property Co. has broken ground on Phase II of Gainesville 85 Business Center, a 1 million-square-foot, four-building industrial park in Gainesville. Phase II will comprise two buildings, 1800 and 1850 Fulenwider, that span 326,040 square feet. The project is situated along I-985 in Atlanta’s Northeast 85 industrial submarket and offers access to U.S. Route 129, I-85 and the upcoming Northeast Georgia Inland Port that will connect to the Port of Savannah via rail. Building 1800 will total 126,360 square feet with 32-foot clear heights and Building 1850 will span 199,680 square feet with 36-foot clear heights. The design-build team includes general contractor FCL Builders, architect POH+W Architects and civil and structural engineer Haines Gipson & Associates. Todd Barton, Joanna Blaesing, Mark Hawks and Matt Higgins of CBRE are marketing Gainesville 85 Business Center on behalf of the developer. The park is Logistics Property’s third development in the metro Atlanta area, joining Covington Commerce Center and Oakwood 985 Business Park. The developer plans to deliver Phase II of Gainesville 85 in second-quarter 2026.

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DevelopmentGeorgiaLeasing ActivityRetailSoutheast

BJ’s Wholesale Club to Open 104,170 SF Grocery Store in Warner Robins, Georgia

by John Nelson

WARNER ROBINS, GA. — BJ’s Wholesale Club plans to open a new grocery store and BJ’s Gas station at 6201 Watson Blvd. in Warner Robins, nearly 100 miles south of Atlanta via I-75. The Telegraph reports that the 21-acre site will house the 104,170-square-foot grocery store and 582 parking spaces, as well as a 2,204-square-foot gas station with eight pumps that opened in late August. The new BJ’s Wholesale Club store is set to open on Friday, Sept. 12. The property represents the first BJ’s Wholesale Club store in middle Georgia and its seventh in the state, according to The Telegraph.

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