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DevelopmentIndustrialNorth CarolinaSoutheast

Beacon Partners, HM Partners Break Ground on Final Phase of Industrial Park in Suburban Raleigh

by Abby Cox

GARNER, N.C. — Beacon Partners and HM Partners have broken ground on the third and final phase of Beacon Commerce Park, a 924,691-square-foot industrial development located in the Raleigh suburb of Garner along the I-40 corridor. Jeff Stephens, Jackson Rives and Jordan Rives of Foundry Commercial are leading leasing efforts for Phase III. The project team includes general contractor Myers & Chapman, architect HagerSmith and Advanced Civil Design. CIBC Bank USA is providing construction financing. Situated immediately north of three existing buildings at Beacon Commerce Park, Phase III will add 294,000 square feet of industrial space across two buildings, which total 156,033 square feet and 138,625 square feet, respectively. The facilities will feature 32-foot clear heights, build-to-suit office space, full concrete truck courts and ESFR sprinkler systems. Shell completion is slated for September 2026.

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Aureum
LoansMultifamilySoutheastTennessee

Embrey Secures Construction Financing for 296-Unit Luxury Apartment Community in Franklin, Tennessee

by Abby Cox

FRANKLIN, TENN. — San Antonio-based Embrey has secured financing for Thatcher at Aureum, a 296-unit luxury apartment complex located within the master-planned development of Aureum in Franklin, a suburb in Nashville’s Cool Springs neighborhood. Garrett Karam and Brad Knolle of Embrey internally originated the loan through Texas Capital. Construction of the development will begin immediately, with first occupancies anticipated for third-quarter 2027. Thatcher at Aureum will span roughly 3.8 acres and will offer studio, one-, two- and three-bedroom floorplans. Residents will have access to a private clubhouse and lounge with micro-offices and conference space, a podcast studio, game room and grab-and-go market. Other amenities will include a resort-style swimming pool with a spa, private cabanas and grilling areas, as well as a rooftop terrace, gaming lawn, fitness center and yoga studio. The community will also feature a pet spa, pet park, bike storage, repair shop and a 24-hour package room with refrigeration. Additionally, the project will restore and preserve a historic stone wall on the site to commemorate the City of Franklin’s heritage.

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Company NewsSeniors HousingSoutheastTennessee

Brookdale Senior Living, Largest U.S. Seniors Housing Operator, Names Nick Stengle as CEO

by John Nelson

BRENTWOOD, TENN. —Brookdale Senior Living Inc. (NYSE: BKD), the country’s largest seniors housing operator, has named Nick Stengle as its new chief executive officer. Stengle will assume the role, as well as join the Brookdale board of directors, effective Oct. 6. Denise Warren, who has served as interim CEO beginning in April of this year following the departure of president and CEO Lucinda “Cindy” Baier, will step down and reassume her role as non-executive chairman of the board. According to Brookdale, Stengle’s selection was the result of a comprehensive search led by the board’s search committee. Stengle previously served as president and chief operating officer of Gentiva, a role he assumed in 2022. Gentiva, which employs more than 12,000 associates, provides hospice, palliative and home health services at 550 locations across 38 states. Prior to his tenure at Gentiva, Stengle served as executive vice president and chief operating officer for Sunrise Senior Living, leading community operations, sales, marketing and clinical operations for roughly 250 seniors housing communities. His experience also includes an 11-year career with the U.S. Air Force. “While I have enjoyed my time as interim CEO, I am confident Nick has the strategic acumen, vision and leadership skills …

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AcquisitionsGeorgiaMixed-UseRestaurantRetailSoutheast

Report: 26th Street Partners Acquires Krog Street Market, Adjacent Properties in Atlanta

by John Nelson

ATLANTA — Locally based 26th Street Partners has acquired Krog Street Market, a 30,000-square-foot adaptive reuse food hall and market in Atlanta’s Inman Park district, according to the Atlanta Business Chronicle. Charlotte-based Asana Partners sold the property, along with the adjacent Atlanta Stove Works, SPX Alley and Butler and Gravel buildings. The sales price was not reported, but Asana purchased the Krog District buildings in 2018 for $45.8 million. Paces Properties originally redeveloped the 1920s-era warehouse that was also formerly used as the home of Tyler Perry Studios into Krog Street Market in 2014. The property’s tenant roster includes Hop City, Fred’s Meat & Bread, Jeni’s Splendid Ice Creams, Superica, Ticonderoga Club, The Collective and The Merchant. Additionally, Patagonia has a large store at Krog District and Yeti will soon open a shop at the property, according to the Chronicle.

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AcquisitionsFloridaMultifamilySoutheast

Mast Capital, AEW Sell 342-Unit Remi on the River Apartments in Miami

by John Nelson

MIAMI — Mast Capital and AEW Capital Management have sold Remi on the River, a new 342-unit apartment community in the Miami River District. Valeris Capital purchased the property for an undisclosed price, though multiple media outlets are reporting the community traded for $108 million. Robert Given, Troy Ballard and Michael Mulkern of CBRE brokered the transaction. Situated along the Miami River, Remi on the River features studios, one-, two- and three-bedroom apartments ranging in size from 465 to 1,334 square feet. Designed by Corwil Architects, the community opened in 2024 and features a resort-style swimming pool, aqua lounge, fitness center, clubroom, access-controlled parking and a resident lounge with coworking spaces.

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DevelopmentGeorgiaLeasing ActivityMixed-UseRestaurantRetailSoutheast

Shake Shack to Join Tenant Mix at $5B Centennial Yards Project in Downtown Atlanta

by John Nelson

ATLANTA — Burger chain Shake Shack has signed a long-term lease for a new 3,010-square-foot restaurant at Centennial Yards, a $5 billion mixed-use development underway in downtown Atlanta. CIM Group and affiliate Centennial Yards Co. are transforming the 50-acre site that was locally known as the Gulch into a high-end entertainment and hospitality destination near Mercedes-Benz Stadium (home of the Atlanta Falcons and Atlanta United) and State Farm Arena (home of the Atlanta Hawks). The restaurant will be Shake Shack’s first location in downtown Atlanta and is expected to open next year. Other previously announced tenants joining Centennial Yards include a 5,300-square-foot Live Nation entertainment venue and Cosm, an immersive experiential sports and entertainment operator. Other food-and-beverage options include the Wild Leap brewery and Khao Thai Isan, a Thai tapas concept within The Mitchell residential tower. Shake Shack has previously announced plans to open a restaurant in another sports and entertainment district in Atlanta: The Battery, where it will backfill Wahlburger’s.

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AcquisitionsAlabamaHospitalitySoutheast

PHD Hotels Acquires 111-Room Aloft Birmingham Soho Square Hotel in Alabama

by John Nelson

HOMEWOOD, ALA. — Opelika, Ala.-based PHD Hotels Inc. has acquired Aloft Birmingham Soho Square, a 111-room hotel located at 1903 29th Ave. S in Homewood, a suburb of Birmingham. An institutional investor sold the hotel for an undisclosed price. Tim Osborne of Hunter Hotel Advisors’ Chattanooga office brokered the transaction. Aloft Birmingham Soho Square is a hospitality component within the Soho Square mixed-use campus and features meeting space, an indoor pool and a 24-hour fitness center, along with Re:fuel, a grab-and-go snack bar, and the W XYZ Bar, which offers craft cocktails and live music.

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Park-Central-Apartments_Raleigh-N.C
AcquisitionsMultifamilyNorth CarolinaSoutheastTop Stories

KBS Sells High-Rise Multifamily Property in Raleigh for $132.5M

by Hayden Spiess

RALEIGH, N.C. — Commercial real estate owner and operator KBS has completed the disposition of Park Central Apartments, a luxury high-rise multifamily property located in Raleigh. San Diego-based Fairfield Residential acquired the asset for $132.5 million.  KBS developed Park Central Apartments in a joint venture with locally based Kane Realty Corp. Construction on the project began in 2015 and was completed in 2017.  Totaling 286 apartments, the building also features 36,000 square feet of retail space. Current tenants at the property include food-and-beverage concept Happy + Hale, fitness studios Midtown Yoga and Orangetheory, ice cream shop Kilwins and Jabala Coffee.  Amenities at the community include a sky deck with a saltwater pool, clubhouse, sauna, dog spa, fitness center, conference center and a dedicated parking garage.  Situated in the North Hills district, the property features access to I-440 and walkability to a grocery store, multiple fitness concepts and dozens of restaurants, entertainment venues and retailers. Park Central Apartments is also located in proximity to downtown Raleigh and North Carolina State University.  “Each project we’ve developed in North Hills has outperformed our underwriting, reinforcing our conviction to this live-work hub and our strategy,” says Allen Aldridge senior vice president at KBS and asset …

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Build-to-RentDevelopmentGeorgiaMixed-UseMultifamilySingle-Family RentalSoutheast

Mallory & Evans to Develop $95M Mixed-Use Community in Athens, Georgia

by John Nelson

ATHENS, GA. — Atlanta-based Mallory & Evans has plans to develop The Shoals, a mixed-use development located near University of Georgia in Athens. The $95 million Phase I will feature 285 residences, 456 parking spaces (garage and street), green spaces and more than 20,000 square feet of retail and commercial space. Residences will come in studio to four-bedroom configurations in multiple formats — townhomes, duplexes, cottages, live/work units and single-family homes — and are expected to deliver in 2027. Phase I will span 22 acres of the 90-acre site, which will interface with the Athens Firefly & Greenway Trail system. Ultimately, The Shoals will feature more than 600 residences and commercial space across four connected pocket neighborhoods.

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AcquisitionsFloridaMultifamilySoutheast

American Landmark Acquires 420-Unit Apartment Community in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — American Landmark Apartments has acquired Rosemont St. Johns, a 420-unit apartment community located at 12310 Seacrest Lane in Jacksonville’s Southside neighborhood. Built in 2007, the property features a mix of one-, two- and three-bedroom apartments. Amenities include a resort-style swimming pool with a sundeck, clubhouse with resident lounge and entertainment kitchen, 24-hour fitness center, outdoor grilling and picnic areas and a dog park. The seller and sales price were not disclosed.

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