FLOWERY BRANCH, GA. — Avison Young has arranged the sale of 66.8 acres across four land parcels in Flowery Branch, a city near the upcoming Northeast Georgia Inland Port. The buyer, Alliance Industrial Co., plans to develop two speculative facilities on the newly acquired land, which is situated directly off I-985. The properties, collectively known as Alliance 985 Business Park, will include Building 100 (113,536 square feet) and Building 200 (426,872 square feet). Alliance plans to break ground on the project this quarter and deliver in early 2026. Chris Hoag, Jason Holland and Andrew Joyner of Avison Young represented the buyer in the transaction. Stephen Lovett and Zach Tibbs of Norton Commercial brokered the sale of one of the parcels. Alliance has tapped the Avison Young team to lease Alliance 985 Business Park moving forward.
WASHINGTON, D.C. — The U.S. Justice Department (DOJ), along with 10 state attorneys general, has filed an amended complaint in its antitrust lawsuit against RealPage. The complaint targets six of the nation’s largest property managers, alleging that the companies used RealPage’s pricing algorithms to share sensitive data and coordinate pricing strategies, which the DOJ states resulted in artificially inflated rents. The DOJ stated that the landlords had colluded with one another by directly communicating with competitors’ senior managers about sensitive topics such as rents and occupancy; conducting “call arounds” to discuss sensitive information and pricing strategies; and participating in “user groups” hosted by RealPage, where landlords would allegedly discuss how to modify the software’s pricing methodology as well as their own pricing strategies. The DOJ’s co-plaintiffs are the Attorneys General of California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, North Carolina, Oregon, Tennessee and Washington. The six landlords included in the amended complaint are Greystar Real Estate Partners LLC; Blackstone’s LivCor LLC; Camden Property Trust; Cushman & Wakefield Inc. (formerly operating independently as Pinnacle); Willow Bridge Property Co. (formerly Lincoln Residential); and Cortland Management LLC (Cortland). Altogether, the six companies manage approximately 1.3 million apartment units across 43 states and Washington, D.C., …
WASHINGTON, D.C. — BXP, a publicly traded office REIT that was previously known as Boston Properties Inc., has closed on its purchase of 725 12th Street, a 12-story office building in Washington, D.C.’s East End. The Boston-based firm acquired the 300,000-square-foot property for $34 million. The seller was not disclosed. BXP plans to demolish the office building and redevelop the site to make way for a new 320,000-square-foot, Class A office property. The REIT recently signed law firm McDermott Will & Emery to occupy approximately 150,000 square feet across the top five levels of the new office development. Lou Christopher, Jordan Brainard, Rob Copito and Clay Hammerstein of CBRE represented McDermott Will & Emery in the lease negotiations. Evan Behr of JLL represented the landlord. BXP expects to deliver the new office building in late 2028.
ORLANDO, FLA. — JLL has brokered the sale of a 513,560-square-foot industrial park located in Orlando’s Northwest Orange County submarket. LaSalle Investment Management purchased the property from an affiliate of PGIM Real Estate for an undisclosed price. Luis Castillo, Cody Brais and Taylor Osborne of JLL brokered the transaction. Built in 2018-2019, the five-building park represents Phase I of Princeton Oaks and was fully leased to 15 tenants at the time of sale. Justin Ruby and Joey Woodman of Foundry Commercial spearhead the leasing assignment at Princeton Oaks.
NASHVILLE, TENN. — Olympus Property has acquired The Griff, a 255-unit apartment community in Nashville’s Germantown neighborhood. The seller and sales price were not disclosed. Built in 2019, The Griff offers studio, one- and two-bedroom apartments ranging in size from 589 to 1,251 square feet. Amenities include a sky lounge with panoramic views, fitness center, private recording studio, riverfront courtyard, pet park and multiple levels of structured parking. The acquisition brings Olympus Property’s Tennessee portfolio to more than 1,200 units owned and managed.
LARGO, FLA. — Plaza Advisors has negotiated the sale of Central Park Plaza, a 47,653-square-foot shopping center in Largo, a city in the Tampa metro area. Jeff Berkezchuk and Jim Michalak of Plaza Advisors represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed. Situated on 4.3 acres along Missouri Avenue, Central Park Plaza was 95 percent leased at the time of sale to tenants including NAPA Auto Parts, Rent-A-Center, Boost Mobile and AMA Medical Group (Humana).
RESTON, VA. — CARFAX, an automobile history reporting platform based in Centreville, Va., has signed an 87,000-square-foot office lease at Reston Station, a mixed-use development about 20 miles west of Washington, D.C. CARFAX will occupy three floors of the office building at 1906 Reston Metro Plaza, which will serve as the company’s new corporate headquarters. The landlord, Comstock Holding Cos. Inc., says CARFAX plans to move into its new space by the end of the year. Reston Station spans 90 acres near the Wiehle-Reston East Station on Metro’s Silver Line features more than 500 residential units, shops, restaurants and offices for companies including Google, ICF International and Spotify.
VIRGINIA BEACH, VA. — Cohen Investment Group has obtained a $51.5 million financing package for the refinancing of Castleton Commerce Center, a 470,618-square-foot industrial complex in Virginia Beach. Eastern Union arranged the financing through Bank of America, which refinanced a $58.2 million bridge loan that Eastern Union originated when Cohen Investment Group purchased the property in 2021. Castleton Commerce Center features 409 self-storage units, 375 warehouse units totaling nearly 330,000 rentable square feet and 190 boat and RV parking spaces.
PLANTATION, FLA. — CBRE has arranged a $30.2 million loan for Cornerstone One, a nearly 170,000-square-foot office building located at 1200 S. Pine Island Road in the Fort Lauderdale suburb of Plantation. Amy Julian and Andrew Chilgren of CBRE arranged the bank balance sheet loan. The names of the borrower and direct lender were not disclosed, but multiple media outlets report that The Brookdale Group purchased the property in 2023. Julian says that the owner has executed nearly 90,000 square feet of leasing activity at Cornerstone One over the past two years. The landlord also plans to overhaul the office building’s lobby, upgrade the patios and install move-in ready spec suites.
BETHESDA, MD. — CP Group has executed nearly 35,000 square feet of leasing activity at CapRock, a three-building office campus in Bethesda spanning 709,313 square feet. The deals include four new tenants relocating from their Maryland and Northern Virginia offices, including insurance firm NFP (18,074 square feet), Montgomery County Employee Retirement Plans (10,564 square feet), endocrinology practitioner Ryse Health (2,929 square feet) and nonprofit medical tenant Hydrocephalus Association (2,328 square feet). Bernie McCarthy, Amanda Davis, Danny Sheridan and Patrick Hall of JLL represented CP Group in all four lease transactions at CapRock, which was formerly known as Democracy Center. CP Group rebranded the complex in 2023 as part of an ongoing capital improvement program at the development.