MORROW AND DORAVILLE, GA. — JLL has negotiated the sale of two infill industrial properties in the Atlanta suburbs of Morrow and Doraville totaling 253,545 square feet. Jim Freeman, Matt Wirth, Dennis Mitchell and Britton Burdette of JLL represented the undisclosed seller in the transaction. Faropoint purchased both facilities for an undisclosed price. The properties include a 163,524-square-foot, cross-dock facility located at 48-50 Best Friend Road in Morrow that was fully leased at the time of sale to Currey & Co. Inc., as well as a 90,012-square-foot, rear-load facility located at 1056 Personal Place in Doraville that is fully leased to MWD Logistics Inc.
PORT RICHEY, FLA. — Cushman & Wakefield has brokered the sale of Regency Crossings, an 85,865-square-foot shopping center located in Port Richey, roughly 40 miles northwest of Tampa. Publix anchors the property, which was 90 percent leased at the time of sale. The center was originally built in 1985 and renovated in 2021. PMAT Cos. sold the property to Essential Growth Properties for an undisclosed price. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller in the transaction.
PIKESVILLE, MD. — Colliers has secured a $24.5 million loan for the refinancing of Milford Station, a multifamily community located at 19 Warren Park Drive in Pikesville, approximately 15 miles northwest of Baltimore. Bob Beckman of Colliers arranged the non-recourse financing, which features a 30-year term and fixed interest rate of 5.1 percent, on behalf of the borrowers, Gelfund RE Opportunities and GY Properties. Milford Station totals 199 apartments within controlled-access buildings and features complimentary parking.
A combination of short sales, declining occupancy rates, loan concerns and migration to suburban offices contribute to uncertainty in the New Orleans office market. As we approach the fourth quarter of this year and begin to reflect back on the market in 2024, the challenges unfortunately outweigh the opportunities. Two notable cases include The DXC Technology Center and The Energy Centre. The DXC Technology Center, located at 1615 Poydras St. in the Central Business District (CBD), a once-prized office tower anchored by Freeport McMoRan, sold for less than $37 per square foot. The building, over 500,000 square feet, traded for $18.5 million, significantly below the remaining debt on the property. The New Orleans Police Department recently signed a lease to occupy approximately 45,000 square feet in the building, which lessens the steep decline in the building’s value. The Energy Centre, located at 1100 Poydras St., is one of the most desirable and best-performing Class A towers in the CBD. It entered receivership, but the building is back on track and is rumored to be nearing a sale. The building owner, The Hertz Group, controls four additional Class A office towers on Poydras St. (400, 650, 701 & 909 Poydras St.), …
SHELBYVILLE, KY. — Colliers has brokered the sale of I-64 Commerce Center, a 1 million-square-foot industrial building located in Shelbyville, approximately 30 miles outside Louisville. W. P. Carey Inc. acquired the facility from Flint Development for an undisclosed price. Canadian Solar, the world’s largest solar and renewable energy company, fully occupies the property, which is situated at 139 Logistics Drive. Delivered in 2023, the building facility features 40-foot clear heights, an ESFR sprinkler system, 348 car parking spaces, 230 trailer parking spaces and full circulation. Canadian Solar plans to invest up to $500 million into the property to develop its principal United States battery assembly facility. Alex Cantu, Alex Davenport, Jeff Devine and Steven Disse of Colliers represented the seller in the transaction.
DOUGLASVILLE, GA. — Crescent Communities has announced plans for RENDER Douglasville, a new, 300-unit apartment community in Douglasville, approximately 20 miles west of Atlanta. Situated within The Foxfield Cos.’ The Trails mixed-use development, the multifamily development is scheduled for completion in early 2026. RENDER Douglasville will feature amenities including a swimming pool, clubhouse, outdoor spaces and entertainment programming. Project partners include CIBC, Great Southern Bank and Crescent Communities Construction. Phoenix Capital Management is providing financing. In addition to RENDER Douglasville, The Trails also features 60,000 square feet of townhome, hospitality and office space.
POWDER SPRINGS, GA. — A joint venture between Novare Group, BCDC and PointOne Holdings has delivered Springside, a 226-unit multifamily community in Powder Springs, roughly 20 miles northwest of Atlanta. Situated directly across from Thurman Springs Park, Springside offers apartments in studio, one- and two-bedroom layouts. Amenities at the community include a fitness center, swimming pool and sundeck, pet park, outdoor entertainment areas, dog spa and outdoor grilling stations. Select units also feature private garages. RAM Partners will manage and lease the property on behalf of the owners. Monthly rental rates at Springside range from $1,429 to $3,102, according to Apartments.com.
PENSACOLA, FLA. — Cushman & Wakefield has arranged the $7 million sale of a shopping center located at 6235 N. Davis Highway in Pensacola. Hobby Lobby and Books-A-Million are tenants at the property, which was built in 1987 and comprises 103,485 square feet across two tenant spaces. Hobby Lobby and Books-A-Million occupy 70,100 and 33,385 square feet at the center, respectively. Sean Glickman and Chris Smith of Cushman & Wakefield represented the seller, Triple A Properties, in the transaction. The buyer, Destiny Worship Center, plans to convert the center into a church. Books-A-Million will either shutter its store altogether or reduce its footprint at the center, according to Cushman & Wakefield.
MELBOURNE AND SARASOTA, FLA. — Nordstrom Rack has announced plans to open two new stores in Florida. Located in Melbourne and Sarasota, the stores will comprise 24,000 and 27,000 square feet, respectively. The Melbourne store will be situated within The Avenue Viera and is scheduled to open next fall. Scheduled to open spring 2026, the Sarasota store will be situated within Sarasota Pavilion. InvenTrust Properties owns and manages Sarasota Pavilion, and WS Development owns and manages The Avenue Viera. Nordstrom Rack is a discount apparel retailer and subsidiary of Nordstrom Inc. The Seattle-based retailer operates more than 350 Nordstrom, Nordstrom Local and Nordstrom Rack stores.
ATLANTA — Chicago-based Waterton has purchased 903 Peachtree, a 32-story apartment tower located at 903 Peachtree St. in Midtown Atlanta. The seller and sales price were not disclosed, but Atlanta Business Chronicle reported that the asset traded for $118.6 million. Additionally, REBusinessOnline reported last summer that Chicago-based CA Ventures fully delivered the tower in partnership with Diamond Realty Investments Inc. and Cartel Properties. The acquisition brings Waterton’s metro Atlanta multifamily portfolio to 3,026 units under management. Situated near Piedmont Park and the Eastside Trail of the Atlanta BeltLine, 903 Peachtree features 427 apartments and 7,843 square feet of retail space, as well as 46,000 square feet of resort-style indoor and outdoor amenities. Outdoor amenities at 903 Peachtree include a rooftop pool and lounge area, grilling stations, private cabanas and fire pits. Indoor offerings include a sauna and massage room, yoga studio, demonstration kitchen, recreation lounge and game room, screening room, coworking lounge, pet spa and dog run, bicycle storage and a large lobby and concierge level. The apartment tower features a variety of studio, one-, two- and three-bedroom floor plans, with monthly rental rates ranging from $1,670 to $5,170, according to Apartments.com.