ORLANDO, FLA. — Target plans to open a 150,000-square-foot store at Lake Nona West, marking the first anchor tenant at the 405,000-square-foot open-air shopping center project in Orlando’s Lake Nona district. Tavistock Development is Lake Nona West’s developer and landlord. Situated on 54 acres near the Brightline Station and Orlando International Airport, the development is scheduled for completion in fall 2025. Tavistock is currently in advanced discussions with a variety of tenants, aiming to feature a mix of national brands alongside local shops, restaurants and service operators.
COLUMBIA, S.C. — CapitaLand Ascott Trust (CLAS) has acquired the Standard at Columbia, a student housing community located near the University of South Carolina campus in Columbia. CLAS acquired the property in phases over the past three years. In June 2021, CLAS jointly acquired a 90 percent stake in the development alongside The Ascott Limited. The company acquired Ascott’s 45 percent stake in the property in November 2022. The remaining 10 percent stake not owned by CLAS was recently acquired, bringing the company to full ownership of the community. The 678-bed property was completed in August 2023 and offers studio through five-bedroom units. Shared amenities include a fitness center, academic lounge, private study rooms, a computer lab, rooftop swimming pool, jumbotron, fire pit, grilling station, bike storage, multi-sport simulator and a resident clubroom.
WHITE MARSH, MD. — Merritt Properties has signed three new tenants to join Phase I of White Marsh Interchange Park, an industrial park underway in the Baltimore suburb of White Marsh. Phase I, which totals 235,900 square feet across three buildings, was delivered in late May. Restaurant Depot, a national wholesale foodservice supplier, has signed a 60,000-square-foot lease; Dill Dinkers, a pickleball operator, has signed a 24,400-square-foot lease; and Sensi Auto, an automotive solutions provider, has secured a 6,560-square-foot lease. Situated on 56 acres near I-95, Phase I of White Marsh Interchange Park features buildings with clear heights ranging from 20 to 32 feet, truck courts, rear-loaded docks and drive-in capabilities. Merritt Construction Services, Merritt’s construction division, will be responsible for the build-out of all three tenants’ spaces. At completion, White Marsh Interchange Park will span 750,000 square feet across nine buildings.
FAIRFIELD BAY, ARK. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Indian Rock Village, a 121-bed independent living, assisted living and memory care community in Fairfield Bay. Located along Greers Ferry Lake approximately 80 miles north of Little Rock, the community was built in 1990. A regional seniors housing owner-operator looking to exit the skilled nursing industry sold the asset to a regional owner. The sales price was not disclosed. Daniel Geraghty and Bradley Clousing handled the transaction for SLIB.
CHARLOTTE, N.C. — The NFL’s Carolina Panthers have unveiled plans for a renovation of its Bank of America Stadium in Charlotte totaling $1.3 billion. Highlights of the renovation include a park-like setting and exterior video boards for watch parties at the stadium’s entrance. Once inside, fans would experience a new sound system, scoreboard and video boards. Plans call for social areas with skyline views, improved concessions with regional offerings and an expanded team store. Additional improvements include new seats installed throughout the bowl; improved accessibility throughout the facility; stadium safety and security enhancements; a reimagined South Lawn Pavilion area; upgraded restrooms; enhancements to the stadium exterior; and modernization of the building systems. The renovation would be an ongoing partnership between the City of Charlotte and Tepper Sports & Entertainment (TSE), which owns and operates the Carolina Panthers, Bank of America Stadium and Major League Soccer’s Charlotte Football Club. Details of the proposed partnership include a fixed investment of $650 million from the City of Charlotte and a total investment of $688 million by TSE, including $117 million that was invested prior to June 2024. The city’s investment does not require any new or increased taxes, according to a release …
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How Developers Use Mix of Technology, Amenities to Attract Residents
The multifamily industry faces a major challenge. Final construction costs have grown 33 percent since 2019 interest rates and operational expenses are sky high; and rents may need to increase, where possible, to make deals feasible — an off-putting reality for residents. One developer solution is smaller apartments, which make units cheaper. There is also a push to add more common-space amenities that are both valuable and less costly to include. These features include rooftop spaces, green areas and decks. However, to make these spaces truly usable for today’s multifamily residents, it is important to make them technologically flexible and to offer easy internet connection. “The floor plans of most new-construction multi-dwelling units (MDUs) today are shrinking, and their amenities are expanding,” says Bryan Rader, president of MDU at networking and internet service company Pavlov Media. According to RentCafe, the average size of newly constructed apartment units fell by almost 6 percent in a decade, with half of that change occurring in the last year. Rader likens it to the “resort-style community” approach, where hotel rooms are small, and guests are encouraged to spend time everywhere else on the property. Similarly, multifamily developers create shared amenities such as comprehensive fitness …
GAINESVILLE, VA. — Federal Realty Investment Trust has acquired Virginia Gateway, a 665,000-square-foot retail center situated on 110 acres in Gainesville, about 35 miles west of Washington, D.C.. The purchase price was $215 million, and the seller was not disclosed. Tenants at the property, which is organized into five sections and was 95 percent occupied at the time of sale, include Giant Food, HomeGoods, Ulta Beauty, Total Wine & More and Hobby Lobby. The campus includes a Super Target that was not included in the transaction.
LANHAM, MD. — DSC Partners, in partnership with Harbert Management Corp. (HMC), has purchased Forbes Center, a 17-property, 785,000-square-foot portfolio comprising industrial, flex and office buildings in Lanham, about 12 miles northeast of Washington, D.C. The seller was not disclosed. Tenants at the property include distribution companies, government contractors, local and national service providers and medical groups. Rob Pugh, Ken Fellows, Keiry Martinez and Aaron Carroll of KLNB will lease the properties on behalf of the buyers, and Transwestern will provide property management services.
CHARLOTTESVILLE, VA. — Dominion Realty Partners (DRP), in partnership with Stony Point Development Group (SPDG), has announced plans to break ground on Rio Point Apartments, a multifamily development in Charlottesville. United Bank will provide construction financing and Quad Capital Partners is providing equity for the project, which is scheduled to begin construction in the coming days. Upon completion, the property will total 328 units, with 15 percent of residences designated as affordable housing for residents earning 80 percent of the area median income (AMI). Apartments will feature one-, two- and three-bedroom layouts. Amenities will include a pool with grilling stations, fitness center and an interior park with a separate dog park. The first units of Rio Point are scheduled for completion in summer 2025.
FLORENCE, ALA. — Birmingham-based Oakley Group has acquired Deerfield Place, a 110-unit apartment community located at 137 Deerfield Place in Florence. Built in 2018 and totaling 137,500 net rentable square feet, the property comprises 13 one- and two-story buildings. Pinehurst Investments, the original developer, sold the community to Oakley Group for an undisclosed price. David Sizemore of CommerceOne Bank arranged acquisition financing on behalf of the buyer in the form of a fixed-rate, five-year loan. The property was 95 percent occupied at the time of sale. Oakley Group plans to implement improvements to the community, including the addition of a fitness center and outdoor gathering place. Arlington Properties will continue to serve as the onsite management firm on behalf of the new owner.