Wednesday, July 23, 2025
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Perimeter Marketplace
GeorgiaLeasing ActivityRestaurantRetailSoutheast

Branch Properties Signs New Retailers to Join Perimeter Marketplace in Dunwoody, Georgia

by Julia Sanders

DUNWOODY, GA. — Branch Properties has signed several new restaurants and healthcare tenants at Perimeter Marketplace in Dunwoody. The upcoming Publix-anchored development, located on Ashford-Dunwoody Road, is expected to open this October. The new tenants at Perimeter Marketplace will include burger chain BurgerFi, salad restaurant chain Chop’t, Panda Express, Aspen Dental, One Medical and First Watch, a daytime café. Perimeter Marketplace will also include a QuikTrip gas station. Upon completion, Perimeter Marketplace will feature 68,077 square feet of retail and restaurant space. In the summer of 2020, Publix signed on to occupy a 25,147-square-foot space. Following these recent lease deals, the center is currently 77 percent preleased. Atlanta-based Branch Properties LLC is a private real estate investment firm.

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Altaire-Apartments-Arlington
LoansMultifamilySoutheastTop StoriesVirginia

JLL Arranges $135M Refinancing for Altaire Apartments in Arlington, Virginia

by Taylor Williams

ARLINGTON, VA. — JLL has arranged a $135 million loan for the refinancing of Altaire Apartments, a 451-unit luxury high-rise community located in Arlington. The property is located on the border of the Crystal City and Pentagon City neighborhoods near major landmarks and institutions such as Arlington National Cemetary, the Pentagon and Ronald Reagan International Airport. Pentagon City is the neighborhood where Amazon is building its $2.5 billion second headquarters. Constructed in 2018, Altaire Apartments is a two-building development that features studio, one- and two-bedroom floor plans. Units are furnished with stainless steel appliances, kitchen islands, wood-style flooring, walk-in closets, individual washers and dryers and keyless entry mechanisms. Rents start at approximately $1,800 per month for a studio unit, according to Apartments.com.  Communal amenities include a sky lounge, rooftop terrace, fitness center, courtyard, fire pits, grilling area, pool, game room, penthouse lounge and pet washing area. The property is LEED Gold certified. Residents are offered concierge package handling services along with Luxer package lockers. Jamie Leachman and Paul Spellman of JLL arranged the five-year, floating-rate loan through an undisclosed lender on behalf of the borrower, LCOR, an investment and management firm with offices throughout the mid-Atlantic. Proceeds will be used to …

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Market ReportsNorth CarolinaRestaurantRetailSoutheastSoutheast Market Reports

Raleigh-Durham Retail Bolstered By Grocery Growth, Offsetting Store Closures

by John Nelson

This time last year, we were commenting on the changing retail market, but we were overall very optimistic about 2020. What a difference a year makes! Across the United States, 2020 brought us the closing of the following: 279 SteinMart stores; 1,100 Ann Taylor stores; 950 Pier 1 Imports stores; 350 Gap stores; 248 GNC stores; 145 A.C. Moore stores; 230 Tuesday Morning stores; and 178 Forever 21 stores. Additionally, Macy’s closed 29 stores in 2020 and expects to close another 45 in 2021. This trend of retail store closings will slow down in 2021, but it will not change. On the positive side, retailers such as Walmart, Target, The Home Depot, Lowe’s Home Improvement and Walgreens have seen positive sales numbers and continue to expand. In the supermarket sector, Kroger, Food Lion and Publix have had record numbers and, along with Aldi and Lidl, are expanding. In the Raleigh-Durham market, our 2020 vacancy rate has increased to 8.24 percent and rental rates have hovered in the $18 to $20 per square foot range, but those numbers are skewed due to rent concessions and abatements. Raleigh-Durham has approximately 86.6 million square feet of retail space with around 640,000 square feet …

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Forsyth Medical Center
HealthcareNorth CarolinaSoutheastTop Stories

Novant Health Plans $222M Hospital Expansion in Winston-Salem, North Carolina

by Julia Sanders

WINSTON-SALEM, N.C. — Novant Health, an integrated network of physician clinics, outpatient centers and hospitals, has invested $222 million for a new critical care building in Winston-Salem. The development is a part of expansions and renovations at Novant Health Forsyth Medical Center campus, located at 3333 Silas Creek Parkway. The new building will be constructed on the current site of the rehabilitation center, which is being demolished. The expansion will feature 60 critical care beds and 36 intermediate beds in the surgical suite. The patient rooms will be bigger than previously, providing more privacy and flexible space. In 2019, Novant Health invested over $180 million in the medical facility for development of Phase I, which is currently under construction and includes renovation of patient rooms and improvements on the women’s and children’s center. The critical care building is part of Phase II, which will raise the amount of pre- and post-operation space, as well as reduce travel time within the hospital. “Once complete, the critical care building will combine medical expertise and an optimally designed space that prioritizes patient experience and healing,” says Lari Harding, chair of the Novant Health Triad Region Board of Trustees. — Julia Sanders

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Fredericksburg, VA. Outpatient Clinic
DevelopmentSoutheastVirginia

Partnership Purchases Land in Fredericksburg, Virginia to Develop 450,000 SF VA Outpatient Clinic

by Julia Sanders

FREDERICKSBURG, VA. — Carnegie Management and Development Corp. have purchased a 48.8-acre parcel in Fredericksburg from SH-Thompson LP and JDH LLC for $8.5 million. The development teams plans to construct one of the largest Veterans Affairs (VA) facility in the United States. The property is located at 5317 Jefferson Davis Highway in southern Spotsylvania County. The new 450,000-square-foot outpatient clinic will feature 2,600 parking spaces and create more than 550 jobs. The VA will fully occupy the four-story property. Construction will begin this year and is estimated to be finished in late 2023. Jamie Scully of Cushman & Wakefield | Thalhimer represented the buyers in the transaction. Adam Nelson and Virgil Nelson, also with Cushman & Wakefield | Thalhimer, represented the sellers.

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Grove Central
DevelopmentFloridaMixed-UseMultifamilyRetailSoutheast

Terra, Grass River Break Ground on Grove Central Mixed-Use Project in Miami

by Julia Sanders

MIAMI — Terra and Grass River Property Co. have broken ground on a new mixed-use project in Miami called Grove Central. Located at 2780 SW 27th Court, the transit-oriented development will include a new 23-story residential tower comprising 402 market-rate, workforce and co-living units; a 1,250-space public parking garage; and approximately 170,000 square feet of retail space anchored by Target. Terra and Grass River expect to complete Grove Central in 2023. As part of a Miami-Dade County initiative to improve mass transit offerings, the project will include a new bus terminal for Miami-Dade Transit. Terra and Grass River Property entered into a 90-year ground lease with the County, which enables the partnership to build, manage and lease the property. The developers are building Grove Central in line with the City of Miami’s sustainability, efficiency and green building requirements with Gold Level certification under the National Green Building Standard (NGBS) program. Sustainability features include water-resilient plantings that will be used to absorb storm water, as well as a large cistern that will capture roof runoff or reuse. Additionally, the project includes future capacity for solar energy and battery storage. The development of Grove Central is expected to create more than 1,500 …

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Sanctuary at Doral Apartments
DevelopmentFloridaMultifamilySoutheast

Suffolk Opens 226-Unit Sanctuary at Doral Apartments in South Florida

by Julia Sanders

DORAL, FLA. — Suffolk, a Florida-based general contractor,  has opened Sanctuary at Doral, a 226-unit apartment community located at 9400 NW 41st St. in Doral. Shoma Group selected Suffolk as the builder and MSA Architects as the designer. The development exceeds 500,000 square feet and features two five-story parking garages, two standalone retails buildings with grade parking, a three-story clubhouse, eight acres of outdoor amenities and a ground-floor pool. According to Apartments.com, Sanctuary at Doral’s rental rates range from $2,289 to $3,815 per month. Community amenities include a fitness center, sauna, spa, pool with a sundeck and cabana, playground, bike storage, walking trails, game room, Zen garden and a picnic area.

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Millbrook Apartments
AcquisitionsMultifamilyNorth CarolinaSoutheast

IMG Sells Two Multifamily Communities in Raleigh for $29.8M

by Julia Sanders

RALEIGH, N.C. — Investors Management Group Inc. (IMG) has sold a two-property multifamily portfolio in Raleigh to Abacus Capital Group for $29.8 million. The communities include Millbrook Apartment Homes and Lynn Lake Apartment Homes. Millbrook Apartment Homes is a 117-unit community located at 2121 Paces Forest Court, and Lynn Lake Apartment Homes is a 101-unit community located at 6500 Paces Arbor Circle. IMG acquired the two apartments in 2018 for $23.2 million. More than $2 million was invested to upgrade the properties, including upgrades to the clubhouses and improving the outdoor spaces with new dog parks, playgrounds, a hammock park and pool area upgrades. Unit interiors were modernized with energy-efficient lighting, low-flow plumbing fixtures, new paint, flooring, cabinets and cabinet hardware. IMG and its investors will reallocate proceeds from the sale into several multifamily communities as part of its multifamily investment plan. The firm currently owns three multifamily communities in Raleigh encompassing 576 units.

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Papa Johns
Company NewsKentuckySoutheast

Papa John’s Sales Up 12.5 Percent in Fourth-Quarter 2020

by Julia Sanders

LOUISVILLE, KY. — Louisville-based Papa John’s International Inc. (NASDAQ: PZZA) reported that net sales for the company’s fiscal fourth-quarter 2020 totaled $469.8 million, a 12.5 percent increase from its fourth-quarter 2019 revenue and better than what Wall Street experts predicted, according to CNBC. Total revenue in fiscal 2020 exceeded $1.8 billion, a 12 percent improvement from 2019 amid what president and CEO Rob Lynch dubbed “one of the most challenging years in history.” (Papa John’s fiscal 2020 ended on Dec. 27.) CNBC reports that the pizza chain’s quarterly earnings fell short of expectations based on a survey conducted by Refinitiv, a subsidiary of the London Stock Exchange Group. Papa John’s may have missed the mark for the quarterly estimates due to higher food production costs, a new corporate office and employee bonuses, according to the news outlet. Papa John’s opened a new Atlanta office in the fourth quarter, and also gave $2.7 million to its front-line team members as an end-of-the-year bonus. Refinitiv survey takers predicted Papa John’s should have made 46 cents per share instead of the actual 40 cents it earned in the fourth quarter. Worldwide, Papa John’s comparable store sales increased 15.5 percent in the fourth quarter. …

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Gregg Gerken, Head of Commercial Real Estate for TD Bank
Affordable HousingFeaturesFinance InsightLoansMidwestMultifamilyNortheastSoutheastTexasWestern

TD Bank: Why We Need to Address Affordable Housing Needs Now

by Sarah Daniels

By Gregg Gerken, Head of Commercial Real Estate for TD Bank Even prior to the COVID-19 pandemic, it was a struggle to build or find affordable housing. But since the pandemic broke out, finding affordable housing may be even harder for those who now need it most. A Problem Made Worse by a Global Pandemic The lack of affordable housing was an urban, suburban and rural problem even before COVID-19. Rent-burdened families and seniors living on a budget reside in almost every small and large city in America. While the $600 per month unemployment payments, stimulus checks and extension of eviction moratoriums have helped, the bottom line is that those most affected by COVID-19 financially still have the longest road to recovery and need more assistance – especially affordable housing – to get back on their feet. The Tenant Versus Landlord Narrative Multifamily housing renters are trying hard to make rent, but some just can’t, and that hardship then tilts onto landlords who are trying to cover payroll, taxes, utilities, upkeep and mortgages. The looming crisis now is that millions of renters are behind on their rent with approximately $70 billion due in back payments that could create a wave …

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