Saturday, June 14, 2025
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AcquisitionsIndustrialSoutheastWest Virginia

Marcus & Millichap Negotiates $4.8M Sale of Industrial Facility in Martinsburg, West Virginia

by John Nelson

MARTINSBURG, W.VA. — Marcus & Millichap has negotiated the $4.8 million sale of a 67,200-square-foot industrial facility located at 5158 Williamsport Pike in Martinsburg. PepsiCo recently vacated the facility after its lease expired on May 31. Situated on 7.6 acres, the tilt-up concrete building includes a recently replaced roofing system, 28- to 32-foot clear heights, a 34-foot full deck height, seven trailer dock doors, two trash removal doors, nine levelers, single and double-wide drive-in doors and a 15-ton interior gantry crane. Kyle Malin and Brian Chupek of Marcus & Millichap’s Baltimore office represented the Los Angeles-based seller and procured the Maryland-based buyer. Both parties requested anonymity. Grant Fitzgerald served as Marcus & Millichap’s broker of record in West Virginia for the deal.

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AcquisitionsMississippiRetailSoutheast

CrownPoint Partners Brokers $3.6M Sale of Kroger-Leased Store in Laurel, Mississippi

by John Nelson

LAUREL, MISS. — CrownPoint Partners has brokered the $3.6 million sale of a 44,046-square-foot retail property in Laurel leased to Kroger, which has operated at that location for more than 40 years. The acquisition also includes a Kroger Fuel Center. The store is located on a 4.2-acre parcel at 2340 Highway 15 N, about 31 miles north of Hattiesburg, Miss. Julius Swolsky and Shannon Bona of CrownPoint Partners represented the buyer, a subsidiary of Cincinnati-based Essential Growth Properties, in the transaction. Marcus & Millichap represented the seller, San Francisco-based Pacific Bay Investments Inc. Niko Buntich of Trinity Capital Corp. originated acquisition financing for the buyer.

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DevelopmentIndustrialSoutheastVirginia

Lingerfelt, Davis Cos. Acquire 95-Acre Site in Richmond, Plan to Develop 7 Hills Distribution Center

by John Nelson

RICHMOND, VA. — A joint venture between Lingerfelt and The Davis Cos. has acquired 95 acres in Richmond for the development of 7 Hills Distribution Center. Located south of Richmond International Airport, the warehouse and distribution space will span 820,800 square feet across four buildings at full build-out. Phase I of the project is expected to break ground in late summer 2025 and will include an extension of 7 Hills Blvd. throughout the property and speculative construction of the first building, which will total 267,849 square feet. Construction of the second, third and fourth buildings will begin upon completion of Phase I and will offer flexibility for build-to-suit or pre-lease arrangements, depending on leasing activity of the tenant(s). Delivery of the first building at 7 Hills is anticipated for fall 2026. The Lingerfelt-Davis Cos. joint venture previously delivered Carmel Church Business Center, which brought 325,500 square feet of Class A warehouse space to the northern Richmond region.

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AcquisitionsDevelopmentFloridaIndustrialSoutheast

Parkway Sells 705,000 SF Industrial Building at Lakeland Central Park in Central Florida, Plans Phase II Expansion

by John Nelson

LAKELAND, FLA. — Parkway has sold LCP 200, a 705,000-square-foot industrial building located within Lakeland Central Park. The buyer was not disclosed, but The Ledger reports that Ashley Furniture purchased the facility for $70.5 million. Jared Bonshire, David Perez, Taylor Zambito, Ryan Hubbard, Lisa Ross and Trey Carswell of Cushman & Wakefield represented Parkway in the transaction. Since breaking ground in 2021, Parkway has completed the first phase of Lakeland Central Park, including the delivery of multiple pad-ready sites and the construction of LCP 200. Phase II of Lakeland Central Park will feature an extension to Winston Park Boulevard for direct interstate access, a 260,000-square-foot cross-dock industrial building and additional pad-ready sites that can accommodate 162,000 square feet to 1.6 million square feet.

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AcquisitionsMississippiSoutheastStudent Housing

TSB Realty Brokers Sale of 802-Bed Student Housing Community Near Mississippi State University

by John Nelson

STARKVILLE, MISS. — TSB Realty has brokered the sale of HELiX Starkville, an 802-bed student housing community located near the Mississippi State University (MSU) campus in Starkville. Columbus Pacific sold the property to a joint venture between Pumphouse Residential Group and WeldenField for an undisclosed price. SPM, an affiliate of PRG and WeldenField, will provide comprehensive property and construction management services for the community. Delivered in 2016, HELiX Starkville offers fully furnished units in a mix of one-, two- and four-bedroom floorplans on the southeastern edge of the MSU campus. Amenities include a two-story fitness center, resort-style pool, clubhouse with billiards, study enclaves and community TVs, tanning, gaming and coffee lounges and an outdoor grilling area. The property was 95 percent occupied at the time of sale.

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DevelopmentHospitalityLoansMixed-UseSoutheastTennessee

Concord Summit Capital Secures $25M Loan for Park Place Equinox Hotel Tower in Downtown Nashville

by John Nelson

NASHVILLE, TENN. — Concord Summit Capital has secured a $25 million bridge loan for Park Place Equinox, a hotel tower located within the 2.1-acre Park Place master-planned community in downtown Nashville. The loan will refinance an existing acquisition facility and provide pre-development funding for the project that will support final design and entitlement work. Kevin O’Grady, David Larson and Keegan Burger of Concord Summit’s Miami office arranged the financing on behalf of the co-developers, The Congress Group and Taurus Investment Holdings. The hospitality tower will be one of the first new developments branded and operated by Equinox Hotels. Plans for Park Place Equinox will include an 18,000-square-foot Equinox Club and spa, rooftop pool and lounge and exclusive resident amenities. At full build-out, the three-tower Park Place development will feature a 239-unit luxury condominium tower, 245-room hotel, 480-unit apartment building, more than 25,000 square feet of ground-floor retail space, a 962-space underground parking garage and 50,000 square feet of elevated park and open green space. Park Place is currently in pre-development phases, with vertical construction anticipated to begin in 2026.

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DevelopmentHealthcareNorth CarolinaRetailSoutheast

UNC Health Pardee Breaks Ground on 39,000 SF Adaptive Reuse Clinic in Downtown Brevard, North Carolina

by John Nelson

BREVARD, N.C. — UNC Health Pardee, a health system managed by UNC Health that operates hospitals and clinics in Western North Carolina, has broken ground on a 39,000-square-foot adaptive reuse project in downtown Brevard. The developers behind the project include Riddle Development LLC, Layr LL and Osprey Capital. The team acquired the property, a 1960s-era retail strip center, for $2.6 million. Medalist Capital and United Community Bank are providing construction financing for the redevelopment, which is anticipated to cost $15 million in renovations. Upon completion, the new medical office building will feature 48 exam rooms for primary care services, a retail pharmacy, specialty rotation services, a 50-person conference and community room and a 300-person waiting room and event space. UNC Health Pardee plans to take occupancy in January.

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GeorgiaMarket ReportsOfficeSoutheastSoutheast Market Reports

Competition for Prime Office Space Intensifies in Atlanta

by John Nelson

Tenants are battling it out for Atlanta’s top-tier office space as trophy availability tightens and new office construction draws to a halt. With no end to the flight-to-quality trend in sight, Class B assets accounted for a whopping 70 percent of the market’s overall negative absorption (-736,682 square feet total net) in the first quarter of 2025, while Trophy assets recorded positive absorption (+114,579 square feet). Furthermore, office buildings that delivered between 2016 and 2021, which amount to almost 14 million square feet of space, currently average 92 percent occupancy. This underscores the growing divide between the haves and have-nots in Atlanta’s office market. Premium space in demand As office leasing activity reaches its highest level since 2019, decision-makers face a rapidly evolving landscape where securing the right space requires a highly motivated and strategic approach. With rising attendance mandates, workforce expansion and a limited supply of premium office space, competition for the best locations is intensifying. In Atlanta, submarkets like Midtown and Central Perimeter continue to outperform. Mini submarkets surrounding mixed-use districts like Avalon and The Battery (i.e. “urban-edge” in the suburbs) are also in high demand among tenants craving walkability and upscale amenities in the metro’s most sought-after …

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DevelopmentGeorgiaLife SciencesMixed-UseOfficeSoutheast

Georgia Tech Repositions Biltmore Building in Midtown Atlanta as Strategic Hub in Tech Square

by John Nelson

ATLANTA — The Georgia Institute of Technology (Georgia Tech) has launched The Biltmore at Tech Square, a 286,931-square-foot mixed-use building located within the larger 2.5 million-square-foot Tech Square innovation district of Midtown Atlanta. The Biltmore building originally opened in 1924 as a grand hotel before transitioning to office space in the 1990s. The property housed the first radio station in Atlanta. Georgia Tech purchased the property in 2016. The school has tapped Collaborative Real Estate, helmed by David Tyndall, an original co-developer of Tech Square, to oversee the Biltmore’s redevelopment. The reimagined Biltmore houses more than 100,000 square feet of Georgia Tech’s innovation sector, including the CREATE-X headquarters (Georgia Tech’s flagship student startup accelerator); Quadrant-i (Georgia Tech’s gateway for launching research-driven ventures); Office of Technology Licensing; VentureLab (home of the National Science Foundation Innovation Corps Southeast hub); Startup Scaling Platform; Corporate Engagement Office; and the Venture Investment Hub, as well as additional strategic partners. “Atlanta is becoming the startup capital of the South, and this next chapter for The Biltmore strengthens our momentum,” says Atlanta Mayor Andre Dickens. “We are bringing together the people, places and resources to accelerate Atlanta’s growth as a world-class tech and innovation ecosystem.” Upon completion, …

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DevelopmentFloridaLeasing ActivityMixed-UseRestaurantRetailSoutheast

Four New Tenants to Join $1B Nora District Development in Downtown West Palm Beach

by John Nelson

WEST PALM BEACH, FLA. — Four new tenants have signed leases to join Nora District, a $1 billion mixed-use project underway in downtown West Palm Beach. The new tenants include fine jewelry retailer LUCE; women’s fashion retailer Pompanos Boutique; group fitness gym studio SWEAT440; and eyewear brand Warby Parker, which will debut at Nora District this fall. The development team behind Nora District includes NDT Development, Place Projects and Wheelock Street Capital. The project’s first phase — which will be delivered this summer — totals more than 100,000 square feet of retail space and 55,000 square feet of creative office space. Additional confirmed tenants at the property include Loco Taqueria & Oyster Bar, H&H Bagels, Van Leeuwen Ice Cream, Juliana’s Pizza, IGK Hair Salon and Le Labo.

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