Friday, July 11, 2025
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Leasing ActivityOfficeSoutheastVirginia

Booz Allen Hamilton to Expand Presence in Metro Washington, D.C.

by Alex Tostado

ARLINGTON, VA. — Booz Allen Hamilton, a Fortune 500 firm that specializes in providing consulting, analytics, engineering and digital solutions and employs 25,000 people in 80 locations worldwide, will expand its presence in Arlington’s National Landing submarket. In September, Booz Allen Hamilton will occupy 84,000 square feet of office space at 1550 Crystal Drive, a 480,572-square-foot building owned by JBG Smith Properties. The building is now 92 percent leased. The asset is situated about four miles south of downtown Washington, D.C.

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Leasing ActivityOfficeSoutheastVirginia

NRP Group Breaks Ground on 272-Unit Apartment Community Near Washington, D.C.

by Alex Tostado

CLARKSBURG, MD. — The NRP Group has broken ground on The Axiom at Cabin Branch, a 272-unit apartment complex in Clarksburg. The apartment complex will offer one-, two- and three-bedroom floor plans and community amenities such as a swimming pool, pool deck, fire pits, grills, fitness center, dog park, bike storage and package reception services. The asset is located about 30 miles north of Washington, D.C. The NRP Group is developing Axiom with equity partner Parse Capital. First National Bank of Pennsylvania is providing construction financing. A timeline for completion was not provided.

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Leasing ActivityNorth CarolinaRetailSoutheast

CBRE | Raleigh Negotiates Three New Tenant Leases at Shopping Center in Raleigh

by Alex Tostado

RALEIGH, N.C. — CBRE | Raleigh has signed Petco, Ulta Beauty and Five Below to leases at Pleasant Valley Promenade in Raleigh. Petco signed a 13,600-square-foot lease, Ulta signed a 10,718-square-foot lease and Five Below signed an 8,474-square-foot lease. The new tenants are expected to open this year and will join Dick’s Sporting Goods, Ross Dress for Less, Marshalls, Bed Bath & Beyond and Fitness Connection. Pleasant Valley Promenade offers more than 362,000 square feet of retail space and is situated about seven miles northwest of downtown Raleigh. Cristi Greene and Reagan Crabtree of CBRE | Raleigh represented the landlord, Kimco Realty, in the transactions.

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Leasing ActivityRetailSoutheastTennessee

PEBB Enterprises Announces New Retail Tenants at Mixed-Use Center in Metro Memphis

by Alex Tostado

GERMANTOWN, TENN. — PEBB Enterprises has signed Ulta Beauty and Verizon Wireless to leases at Germantown Village Square, a retail and office complex, in Memphis. With the additions, the shopping center is now 97 percent leased, with one 4,000-square-foot space vacant. The upstairs office space is 90 percent leased, with 2,700-square-foot and 3,800-square-foot spaces available for lease. The center is located about 21 miles east of downtown Memphis.

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DevelopmentGeorgiaIndustrialSoutheast

FCL Builders Delivers 556,000 SF Industrial Facility Near Augusta for Golf Cart Manufacturer

by Alex Tostado

APPLING, GA. — FCL Builders has delivered a 556,000-square-foot industrial building in Appling for Club Car. Prologis is the developer of the build-to-suit for Club Car, which manufactures golf carts for golf courses and individuals. The new warehouse will include 25,000 square feet of office space, 3,500 golf cart stalls and 36-foot clear height ceilings. The building is situated about 22 miles west of downtown Augusta. Prologis has chosen FCL to deliver other build-to-suit projects throughout the eastern half of the United States in the past, including projects for Sephora, Procter & Gamble, Kellogg’s and Kraft Foods. 

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AcquisitionsFloridaMultifamilySoutheast

CGI Strategies Acquires Vacant Multifamily Community in Metro Orlando for $43M

by Alex Tostado

CELEBRATION, FLA. — CGI Strategies has acquired Sola at Celebration, a vacant 306-unit apartment complex in Celebration. Shortly after the seller, Southstar, acquired the property in 2016, construction defects were discovered that resulted in the property being vacated by order of the Osceola Building Department. With repairs for the property already engineered and approved by Osceola County, CGI will immediately begin correcting the deficiencies and anticipates that the community will be back to normal operations by the end of this year. Los Angeles-based CGI will rebrand the community as Astoria at Celebration. The complex will offer one-, two- and three-bedroom floor plans across six four-story buildings. Amenities include an internet café, fitness center, outdoor summer kitchens and a dog park.

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AcquisitionsNorth CarolinaOfficeSoutheast

DRP Acquires 386,844 SF Office Park in Metro Greensboro for $25M

by Alex Tostado

HIGH POINT, N.C. — Dominion Realty Partners (DRP) has acquired Mendenhall Business Park, a six-building, 386,844-square-foot office park in High Point. The business park is situated about 12 miles west of downtown Greensboro and was 69 percent leased at the time of sale. DRP plans to make significant investments in building renovations and capital improvement projects to enhance the overall appeal and marketability of the buildings. The sales price was not disclosed, though Triad Business Journals reports the asset sold for $25 million. The seller was not disclosed.

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District of ColumbiaLeasing ActivityRetailSoutheast

CBRE Negotiates 46,016 SF Lease for Target at CityLine in Washington, D.C.

by Alex Tostado

WASHINGTON, D.C. — CBRE has arranged a lease for Target to occupy 46,016 square feet of space at CityLine, a historic retail destination located at 4500 Wisconsin Ave. N.W. in Washington, D.C. The asset is the site of the first Sears in the city, is on top of Tenleytown Metro Station and is about five miles north of downtown Washington, D.C. Target is expected to open in 2020. Michael Zacharia of CBRE represented Target in the lease transaction. CityLine at Tenley Center Inc., an affiliate of Invesco Real Estate, is the landlord.

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DevelopmentFloridaRetailSoutheast

Azor Advisory Services, Partners Break Ground on Retail Redevelopment of South Florida Office Complex

by Alex Tostado

PLANTATION, FLA. — A partnership led by Azor Advisory Services Inc. has broken ground on the redevelopment of an office building in Plantation. Phase I — set for completion in early 2020 — will feature 6,400 square feet of retail space occupied by Starbucks Coffee. The initial phase is being built on an empty piece of land on the south end of the property. Phase II — which will include bulldozing the existing office building — is expected to break ground in September. Plans have not been finalized for what will take the office building’s place, but Beth Azor of Azor Advisory Services says it will likely be retail-oriented. Lombardi Development will act as general contractor for the project.

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Market ReportsNorth CarolinaOfficeSoutheastSoutheast Market Reports

Strong Tenant Demand Propels New Office Developments Underway in Charlotte

by Alex Tostado

With 3.2 million square feet of new office space under construction, much of it in the city’s urban core, Charlotte’s skyline is in the midst of a significant transformation. Due to strong preleasing activity and solid economic underpinnings, however, the city’s office vacancy rate is projected to remain stable over the coming months as many of those projects deliver. Approximately 60 percent of Charlotte’s construction pipeline has been preleased, according to JLL research, and 2.3 million is concentrated in the city’s central business district. In Uptown Charlotte, the 33-story Legacy Union office tower recently topped out, signaling the end of vertical construction. The 850,000-square-foot development by Lincoln Harris is scheduled to deliver early next year and will be anchored by Bank of America, which has signed a lease for 550,000 square feet.  Lincoln Harris recently revealed plans for a second office tower with 388,835 square feet of office space and 22,763 square feet of retail space at the high-profile site, which was once home to The Charlotte Observer. Across the street from Legacy Union, construction is also underway on Ally Charlotte Center, a 26-story, 742,000-square-foot office tower by Crescent Communities. Last year Ally Financial announced that it had leased 400,000 …

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