Wednesday, June 4, 2025
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AcquisitionsRetailSoutheastTennessee

Last Mile Investments Acquires 26,114 SF Retail Center in Metro Nashville

by John Nelson

BRENTWOOD, TENN. — Cincinnati-based Last Mile Investments has acquired The Shops at Mallory, a 26,114-square-foot, unanchored retail center located at 1731 Mallory Lane in Brentwood, about 10 miles south of Nashville. Jim Foley of Foley Real Estate represented the undisclosed seller in the transaction. Jordan Powell of Avison Young represented Last Mile Investments, which now has assets in 16 separate MSAs. The sales price was not disclosed. The Shops at Mallory was leased to service and convenience retailers including Massage Envy, Sola Salon Studios and Genesis Diamonds at the time of sale.

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AcquisitionsAlabamaMultifamilySoutheast

Oakley Group Sells 96-Unit Apartment Community in Gulf Shores, Alabama

by John Nelson

GULF SHORES, ALA. — An affiliate of Birmingham-based Oakley Group has sold Marbella, a 96-unit apartment community located at 1910 E. First St. in Gulf Shores, a city near the Alabama-Florida border. Atlanta-based Arcan Capital LLC purchased the property from an entity doing business as OG Marbella LLC for an undisclosed price. The buyer also assumed a HUD-insured loan previously executed by Berkadia. Andrew Brown and Craig Hey of Cushman & Wakefield represented the seller in the transaction. Situated on a 4.8-acre site, Marbella features one- and two-bedroom residences, as well as a clubhouse, pool, outdoor gathering spaces and grill stations.

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RetailSoutheastTop StoriesVirginia

Dollar Tree to Close 1,000 Stores Nationwide

by Kristin Harlow

CHESAPEAKE, VA. — In its fourth-quarter fiscal 2023 results released today, Dollar Tree Inc. (NASDAQ: DLTR) announced that it plans to close approximately 970 underperforming Family Dollar stores. In addition, Chesapeake-based Dollar Tree identified approximately 30 underperforming Dollar Tree stores for closure. Roughly 600 Family Dollar stores are slated to close in the first half of fiscal 2024, with about 370 Family Dollar locations and the 30 Dollar Tree locations set for closure at the end of each store’s current lease term. Years of mismanagement and poor conditions in stores have hurt Family Dollar’s brand, reports CNN. The discount chain is known for catering to low-income customers predominately in cities. Dollar Tree, which focuses more on middle-income shoppers in suburbs, bought Family Dollar in 2015 for $8.5 billion. While Family Dollar has struggled, rival Dollar General has opened about 1,000 stores per year, making it the fastest-growing retailer in the United States, according to CNN. Dollar General’s portfolio totals around 18,000 stores. For the quarter that ended Feb. 3, Dollar Tree reported a net loss of $1.71 billion compared with a profit of $452.2 million during the same period last year. Part of the loss is attributed to “a comprehensive …

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AcquisitionsFloridaRetailSoutheast

JLL Brokers $74.5M Sale of Publix-Anchored Shopping Center in Key West, Florida

by John Nelson

KEY WEST, FLA. — JLL has brokered the $74.5 million sale of Key Plaza Shopping Center, a 230,970-square-foot retail center located at 1107 Key Plaza in Key West. Publix anchors the center, along with junior anchors OfficeMax and Dollar Tree. Manny DeZarraga, Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented the undisclosed seller in the transaction.

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DevelopmentFloridaIndustrialSoutheast

Stonemont Delivers 1.3 MSF Speculative Industrial Park in Fort Pierce, Florida

by John Nelson

FORT PIERCE, FLA. — Stonemont Financial Group has completed South Florida Logistics Center 95, a 1.3 million-square-foot industrial park in Fort Pierce, a city in Southeast Florida’s St. Lucie County. The complex is located at the intersection of South Kings Highway and Orange Avenue, near I-95 and the Florida Turnpike. At 1.1 million square feet, Building 1 at the complex is the largest speculative building in Southeast Florida, according to Stonemont, while Building 2 spans 245,000 square feet. The design-build team includes construction firm Evans General Contractors, architect Ware Malcomb and civil engineer Engineering Design & Construction Inc. Sky Groden of JLL’s Fort Lauderdale office is handling leasing at South Florida Logistics Center 95, both buildings of which are available for lease.

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DevelopmentFloridaHospitalitySoutheast

Hyatt to Renovate, Rebrand 354-Room Hotel in Miami Beach

by John Nelson

MIAMI BEACH, FLA. — Hyatt Hotels Corp. plans to renovate The Confidante Miami Beach, a 354-room hotel that comprises three towers overlooking the Atlantic Ocean. The hotel giant is rebranding The Confidante as Andaz Miami Beach and plans to debut the overhauled hotel in the fourth quarter. The hotel’s owner, Sunstone Hotel Investors Inc., will suspend operations from late March through the end of the hotel’s renovation. The improvements will include a redesigned lobby, two reconceptualized pools and outdoor recreation experience and redesigns for the hotel’s spa, guestrooms, suites and 25,000 square feet of event and meeting space. Sunstone and Hyatt are also partnering with a new culinary provider, José Andrés Group, at Andaz Miami Beach, including an outdoor venue on the second level called Andaz Lounge. The hotel will be the first Florida property for the Andaz brand, which has 29 properties globally to date.

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DevelopmentSelf-StorageSoutheastVirginia

Madison Capital, BCDC Break Ground on Five-Story Self-Storage Property in Charlottesville, Virginia

by John Nelson

CHARLOTTESVILLE, VA. — A joint venture between Madison Capital Partners and Batson-Cook Development Co. (BCDC) has broken ground on Go Store It Self Storage Charlottesville, a five-story self-storage facility. The 704-unit property will be located at the intersection of Rio Road West and Seminole Trail, about three miles north of the University of Virginia. The 92,585-square-foot facility will feature climate-controlled units, interior loading areas and 24/7 security. Project partners include general contractor BenCo Construction, architect JMN Architecture and civil engineer Shimp Engineering. United Bank is providing construction financing to Madison Capital and BCDC, which expect to deliver Go Store It Self Storage Charlottesville in early 2025.

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DevelopmentLeasing ActivityMixed-UseMultifamilyRetailSoutheastTennessee

Portman Signs Solidcore to Retail Lease at Starling Residential Tower in Nashville

by John Nelson

NASHVILLE, TENN. — Portman has signed fitness chain [solidcore] to a retail lease at Starling, a 363-unit residential tower underway in Nashville’s Germantown neighborhood. The fitness concept, which focuses on high-intensity, low-impact training in 50-minute group classes, will join a tenant roster that will include Toastique, Social Cantina and Retrograde Coffee. Preleasing efforts at Starling are currently underway, with the first units delivering in May. Portman plans to debut [solidcore] this fall, marking the concept’s second location in Nashville.

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Fannie Mae Freddie Mac Affordability Programs Ian Monk quote
Affordable HousingContent PartnerFeaturesLoansLumentMidwestMultifamilyNortheastSoutheastTexasWestern

Agency Initiatives Entice Traditional Multifamily Owners, Investors to Workforce Housing

by Sarah Daniels

  A trio of social-impact lending programs is enticing enough to convince market-rate multifamily owners and investors to dip their toes into the affordable housing sector. These recently launched initiatives all promote the creation and preservation of workforce housing. Unlike low-income housing tax credits, Section 8 rent vouchers and other longstanding programs centered on helping families with low and very-low incomes to afford housing, the newest offerings primarily aim to assist missing middle renters — or those with modest-to-low incomes. That’s according to Ian Monk, deputy chief production officer for conventional multifamily at Lument — which is educating its borrowers about the competitive pricing, generous proceeds and potential for lengthy amortization periods available from Fannie Mae and Freddie Mac. “By charter, the government-sponsored enterprises (GSEs) have a duty to help provide housing that is affordable to all people, including families with only moderately low incomes,” Monk says. “In the multifamily arena, they may serve those families in fully dedicated affordable communities, but they can also serve them in conventional, market-rate properties that adopt some affordability initiatives using one of these social-impact loan structures.” The GSEs are making a strong push in 2024 to expand participation in the three social-impact loan products, …

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DevelopmentFloridaMultifamilySoutheast

MG Developer Tops Off 559-Unit Metro Parc Apartment Development in Hialeah, Florida

by John Nelson

HIALEAH, FLA. — MG Developer has completed the vertical construction of Metro Parc, a 559-unit transit-oriented apartment community located in Hialeah, approximately 13 miles outside Miami. Upon completion, the two-tower building will feature residences with two bedrooms and two bathrooms ranging from 500 to 800 square feet. Amenities at the community will include coworking space, an outdoor kitchen, pool and a gym. The property will also feature ground-floor retail space, including a Latin-inspired food marketplace. Metro Parc is the first phase of the Metro Center development, which will comprise roughly 2.3 million square feet of multifamily and retail space and is scheduled for completion in 2027.

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