Tuesday, June 17, 2025
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DevelopmentFloridaMultifamilySoutheast

Alliance Residential Opens 391-Unit Prose Lakeside Apartments in Lakeland, Florida

by John Nelson

LAKELAND, FLA. — Alliance Residential Co. has opened Prose Lakeside, a 391-unit apartment community located at 1320 Caprice Drive in Lakeland. Situated one mile from Lakeland Linder Airport and near I-4, the property features one- and two-bedroom apartments, as well as three-bedroom townhomes that come with private two-car garages. Monthly rental rates range from $1,664 to $2,914, according to Apartments.com. Amenities include a 24-hour fitness center, lounge space featuring an entertainment island and kitchen, mailroom, coworking space, pool with two in-pool sun shelves and a fenced dog park.

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AcquisitionsAlabamaRetailSoutheast

FNRP Purchases 67,662 SF Shopping Center in Montgomery, Alabama

by John Nelson

MONTGOMERY, ALA. — First National Realty Partners (FNRP) has purchased Country Club Centre, a 67,662-square-foot shopping center located at 1702-1796 Carter Hill Road in Montgomery. The property sits on a 4.8-acre site and was 85 percent leased at the time of sale to tenants including anchors Winn-Dixie (35,922 square feet) and Dollar Tree (9,140 square feet). Other tenants include Staying Classy Boutique, Wingstop, China Sea Kitchen, Subway, Naz’s Boutique & Spa, Pro Nails, Mutt Cuts and Martin’s Restaurant. Gary Chou of Berkeley Capital Advisors represented the undisclosed seller in this transaction. The sales price was also not released. Country Club Centre represents FNRP’s fifth acquisition in Alabama.

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AcquisitionsKentuckyMultifamilySoutheast

Kirkland Brokers Sale of 128-Unit Multifamily Community in Louisville

by John Nelson

LOUISVILLE, KY. — The Kirkland Co. has brokered the sale of The Avenue in the Highlands, a 128-unit apartment community in Louisville’s Highlands neighborhood. Brandon Wilson, Brian Devlin and John Seale of Kirkland brokered the transaction. The buyer, seller and sales price were not disclosed, but The Lane Report reported that the property traded hands for $18 million. Built in 1966, The Avenue in the Highlands features a mix of studio, one- and two-bedroom apartments, as well as a resort-style swimming pool, dog park, coffee bar and a grilling area.

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AcquisitionsGeorgiaRetailSoutheast

Ziff Real Estate Partners Sells 63,607 SF Shopping Center in Columbus, Georgia

by John Nelson

COLUMBUS, GA. — Ziff Real Estate Partners has sold St. Francis Marketplace, a 63,607-square-foot shopping center located at 4519 Woodruff Road in Columbus. The retail property’s tenant roster includes Planet Fitness, Rent-A-Center, Kool Smiles, Franklin Dental & Braces and Jersey Mike’s Subs, among others. The Mt. Pleasant, S.C.-based investor originally acquired the center in 2015 and completed various upgrades at the property over the past 10 years. Steve Collins and Brent Hadden of The Palomar Group represented Ziff in the transaction. The sales price and buyer were not released.

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Rainbow-Village
Affordable HousingDevelopmentFloridaMultifamilySoutheastTop Stories

Housing Trust Group Breaks Ground on $185M Affordable Housing Development in Miami

by Katie Sloan

MIAMI — Housing Trust Group has broken ground on Rainbow Village, a $185 million affordable housing development located at 2000 N.W. Third Ave. in Miami.  Spanning 698,000 square feet, the community will feature 310 units alongside 12,000 square feet of retail space, 50,000 square feet of amenities and 442 parking spaces.  Units will be offered in studio, one-, two-, three- and four-bedroom configurations for income-qualifying residents who earn at or below 30 percent to 80 percent of the area median income (AMI). Monthly rents for one-, two- and three-bedroom apartments will range from $793 to $2,634, according to Housing Trust Group.  “As Miami continues to face a growing demand for affordable housing, Rainbow Village will offer much-needed relief to working families throughout the community,” says Matthew Rieger, president and CEO of Housing Trust Group.  Shared amenities at the property will include a resort-style swimming pool, business center, lounge area, daycare, playground, covered and open courtyards, a theater room, community center, juice bar, bike storage room, fitness center, study and play areas and a fire pit. Housing Trust Group expects to complete construction in first-quarter 2027, with leasing to begin in late 2026. Funding for Rainbow Village includes $70 million in …

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AcquisitionsCompany NewsKentuckyRetailSoutheast

Tempur Sealy to Rebrand as Somnigroup International Following $5B Acquisition of Mattress Firm

by John Nelson

LEXINGTON, KY. AND HOUSTON — Tempur Sealy International Inc. has completed its previously announced $5 billion acquisition of Mattress Firm Group Inc., the largest mattress specialty retailer in the United States. The Lexington-based mattress manufacturer purchased the Houston-based retailer using approximately $2.7 billion in cash considerations and about $1.3 billion in stock. Tempur Sealy will change its name to Somnigroup International Inc., effective Feb. 18, and trade on the New York Stock Exchange under the ticker symbol “SGI.” Mattress Firm, Dreams and Tempur Sealy will operate as decentralized business units under Somnigroup International, with Mattress Firm and Dreams continuing to operate as multi-branded retailers and Tempur Sealy, primarily a manufacturer, continuing to serve third-party retailers as well as Mattress Firm, Dreams and its own direct-to-consumer channel. Additionally, Tempur Sealy expects to complete the previously announced sale 73 Mattress Firm retail locations and the company’s Sleep Outfitters subsidiary, which includes 103 specialty mattress retail locations and seven distribution centers, to MW SO Holdings Co. LLC (Mattress Warehouse) in the second quarter.

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AcquisitionsGeorgiaIndustrialSoutheast

JLL Arranges Sale of 491,329 SF Industrial Facility in Savannah

by John Nelson

SAVANNAH, GA. — JLL has arranged the sale of 50 Innovation Drive, a 491,329-square-foot industrial facility in Savannah. LBA Logistics purchased the property, which sold vacant, for an undisclosed price. Britton Burdette, Dennis Mitchell, Jim Freeman, Bob Currie and Tim McCarthy of JLL represented the undisclosed seller in the transaction. Situated approximately six miles from the Port of Savannah’s Garden City Terminal, the industrial facility features 32-foot clear heights, 200-foot truck courts, 106 dock-high doors and 149 trailer parking spaces.

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AcquisitionsFloridaRestaurantRetailSoutheast

Colliers Negotiates Sale of Narcoossee Cove Retail Complex in Orlando Totaling $31M

by John Nelson

ORLANDO, FLA. — Colliers has negotiated the sale of Narcoossee Cove, a newly built complex comprising six single- and multi-tenant retail outparcels in Orlando. Michael Brewster and Tommy Isola of Colliers’ Orlando office represented the seller and developer, WMG Development, in the transactions. Five separate buyers purchased the various components of the 7.7-acre property for a total of $31 million. The transactions include Miller’s Ale House, Fifth Third Bank, Discount Tire, Raising Cane’s and two multi-tenant retail strip centers. Additionally, a roughly one-acre parcel of land located between Miller’s Ale House and Discount Tire was sold. Alexie Fonseca, David Gabbai and Jeff Johnson of Colliers secured tenants for the property prior to the sale, including Crumbl Cookies, The Joint Chiropractic, Wild Fork Foods and Blaze Pizza.

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AcquisitionsDevelopmentRestaurantRetailSouth CarolinaSoutheast

NAI Columbia Brokers $5.3M Sale of Vacant Restaurant Property in North Myrtle Beach, South Carolina

by John Nelson

NORTH MYRLE BEACH, S.C. — NAI Columbia has brokered the $5.3 million sale of a vacant restaurant located at 4530 Highway 17 S in North Myrtle Beach. Preston’s Seafood & Country Buffet previously occupied the property for 35 years. The undisclosed buyer plans to redevelop the restaurant. Jack Springs of NAI Columbia brokered the deal. The seller and plans for the redevelopment were not disclosed.

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GeorgiaLeasing ActivityRetailSoutheast

Halpern Signs Ulta Beauty to Retail Lease at 128,730 SF Shopping Center in Calhoun, Georgia

by John Nelson

CALHOUN, GA. — Halpern Enterprises has signed Ulta Beauty to an 8,514-square-foot lease at Indian Hills, a 128,730-square-foot shopping center located at 429 Highway 53 E in Calhoun, about 65 miles northwest of Atlanta. Shelley Jordan Bell of Atlantic Realty represented Ulta Beauty in the lease transaction. Dan Gagne of Halpern represented the landlord internally. The Atlanta-based landlord also recently executed a 23,000-square-foot lease with Marshalls to anchor the center. Situated within a half-mile of I-75, Indian Hills was 98 percent leased to tenants including Tractor Supply Co., Ross Dress for Less, Five Below, Mattress Firm, Hibbett Sports, GNC, PT Solutions, Cato and The UPS Store. The shopping center also features separately owned parcels occupied by Taco Bell, Chick-fil-A and Captain D’s.

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