LITTLE ROCK, ARK. — Stoic Equity Partners has acquired Parkwood Center, a 65,000-square-foot, multi-tenant flex industrial property located at 6801 W. 12th St. in Little Rock. This increases the Daphne, Ala.-based investor’s holdings in Little Rock to three properties spanning more than 150,000 square feet. The seller and sales price were not disclosed. Parkwood Center features suites ranging in size from 975 to 6,298 square feet and offers proximity to I-630 and I-430.
FAIRHOPE, ALA. — Don McMinn and Andrew Koriwchak of Marcus & Millichap’s Taylor McMinn Retail Group brokered the sale of the first completed Wawa in Alabama, a 6,119-square-foot gas station and convenience store located at 18968 Greeno Road in Fairhope. Situated 20 miles southeast of Mobile, the property features a new 20-year corporate ground lease in place with scheduled rent increases and renewal options. The seller, a preferred Wawa developer, delivered the property earlier this year. An undisclosed, locally based 1031 buyer purchased the Fairhope store for an undisclosed price. “In the current net lease market with a surplus of inventory and a constrained buyer pool, accessing local investors continues to be an essential ingredient to deal execution,” says McMinn. Atlanta-based Taylor McMinn Retail Group is currently marketing a new Wawa in Robertsdale, which is the second Wawa station in Alabama. The Pennsylvania-based gas station giant plans to open 10 stores in surrounding Mobile markets. Wawa has 1,058 locations in eight states with plans to reach 1,800 stores by 2030.
GREENVILLE, S.C. — Furman University has completed the development of Lakeview Hall, a new student housing community at the South Housing area of the university’s campus in Greenville. Amenities at the property, which totals 210 beds, include study spaces, common areas, a laundry facility, full kitchen and offices for the Center for Interpersonal Connections (CIC). McMillan Pazdan Smith and Mackey Mitchell Architects served as architects for the development, with Harper General Contractors acting as the general contractor. Engineers included RMF Engineering, Professional Engineering Associates and ADC Engineering. The new residence hall marks the first phase of a multi-phase project that will also include renovations to older residential buildings within the South Housing portion of the campus. Upon completion, South Housing will total 718 beds for first-year students.
BROOKHAVEN, GA. — JLL has brokered the sale of Brookhaven Station, a 44,966-square-foot retail center located in the Atlanta suburb of Brookhaven. SITE Centers acquired the property from Hendon Properties for an undisclosed price. Originally built in 1985, Brookhaven Station was renovated between 2022 and 2023. Tenants at the property include Chick-fil-A, Fox Bros. Bar-B-Q, Chop’t and Mellow Mushroom. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the seller in the transaction.
VIRGINIA BEACH, VA. — Cushman & Wakefield | Thalhimer has arranged the $12 million sale of Cypress Point Shopping Center, a 118,200-square-foot retail center located at the intersection of Wesleyan Drive and Diamond Springs Road in Virginia Beach. An entity doing business as BH Cypress Point MF Development acquired the property, with plans to redevelop the center. Catherine Spangler of Cushman & Wakefield | Thalhimer represented the undisclosed seller in the transaction. Dean Martin and Clay Willis of Thalhimer managed leasing at the property on behalf of the previous ownership.
NASHVILLE, TENN. — Residential hospitality operator Sentral has been selected by master developer Southwest Value Partners to manage The Everett, the first of two residential towers to be developed at Nashville Yards, a 19-acre mixed-use project currently underway in Nashville. Amenities at the tower, which totals 361 units in one- and two-bedroom layouts, will include a third-floor deck with a pool, spa, lounge and grilling stations; a pet wash and dog park; fitness center and yoga area; game room; resident bar and coworking space. Move-ins at The Everett are scheduled to begin in December. Upon completion, Nashville Yards will also feature a 591-room Grand Hyatt Nashville hotel, concert venue, office buildings and retail and restaurant space, as well as plazas, courtyards and green spaces.
WASHINGTON, D.C. — The U.S. economy has added a total of 142,000 nonfarm payroll jobs in August, according to the U.S. Bureau of Labor Statistics (BLS). Though this marks an uptick relative to July’s revised figure of 89,000, CNBC reports that the number falls below expectations and reflects a slowdown in the labor market. Dow Jones economists previously predicted that the economy would add 161,000 jobs in August. Healthcare and construction saw notable gains in August, increasing by 31,000 and 34,000 jobs, respectively. Healthcare’s average monthly over the prior 12 months was 60,000. Employment gains in the social assistance sector slowed with 13,000 jobs added, which falls below the average monthly gain of 21,000. Employment in the manufacturing sector decreased by 24,000 positions, and other major industries saw little change. The unemployment rate changed little in August, falling to 4.2 percent. This aligns with predictions and marks a minimal decrease relative to the previous month, when the unemployment rate sat at 4.3 percent. Additionally, the BLS revised down the number of jobs added in June and July by a total of 86,000 fewer jobs. June was revised down from 179,000 to 118,000, and July was revised down from 114,000 to …
The commercial real estate market, particularly in the retail leasing sector, has been navigating a complex and dynamic landscape over the past few years. With a blend of high demand, limited supply and fluctuating economic variables, the Orlando market presents both challenges and opportunities for developers, landlords and tenants alike. High demand, limited supply One of the most prominent trends in the Orlando retail leasing market is the high demand for quality retail spaces. Retailers are eager to establish and expand their presence in this thriving market, driven by a growing population and increasing consumer spending. However, the inventory of quality existing retail bays is incredibly scarce. This scarcity has created a competitive environment where desirable locations are quickly snapped up, often at premium prices. The supply-demand imbalance has pushed developers to sharpen their pencils and critically analyze the feasibility of new projects. Despite the strong demand, many deals struggle to pencil out due to the high costs of construction materials and labor. These costs have remained elevated, making it challenging for developers to achieve a satisfactory return on investment. As a result, some projects are delayed or shelved, further constraining the supply of retail space. Housing spurs development The …
SUFFOLK, VA. — Rockefeller Group and Matan Cos. have broken ground on the first phase of Port 460 Logistics Center, an industrial development that will comprise 5 million square feet in Suffolk, approximately 20 miles southwest of Norfolk with direct access to the Port of Virginia. The co-developers are completing the project in a joint venture with Mitsubishi Estate New York, Chuo Nittochi and Taisei USA LLC. The first phase will comprise 2.4 million square feet of industrial space across five buildings, with the first two buildings scheduled for completion next year. A second phase will deliver 2.6 million square feet of space. Gregg Christoffersen and Kristopher Kennedy of JLL are managing leasing at Port 460.
NASHVILLE, TENN. — The Preiss Co. (TPCO) has completed the development of Signature Music Row, a 105-unit multifamily community on Nashville’s Music Row. Located at 1005 16th Ave. S, the property was developed in partnership with Speedwagon Capital Partners. JLL arranged construction financing for the project through First Horizon. Signature Music Row offers apartments in one-, two- and three-bedroom layouts, with 3,000 square feet of amenity space. Monthly rental rates range from $1,450 to $3,846, according to Apartments.com. The property also includes 2,000 square feet of retail space, which will be occupied by Silver Fox Coffee, beginning in 2025. Amenities at the community include an outdoor pool, sky lounge, fitness center and electric vehicle charging stations.
