Southeast

WASHINGTON, D.C. — The U.S. Bureau of Labor Statistics (BLS) has reported that the U.S. economy added 29,000 jobs in September. This figure falls short of the roughly 84,000 new jobs estimated for the month by Dow Jones economists, according to CNBC. Meanwhile, the U.S. unemployment rate has slightly increased to 4.2 percent. The BLS has also downwardly revised the July job gains from +21,000 to -10,000 and the August gains from +162,000 to +133,000, totaling 60,000 fewer jobs than previously reported in those two months. The health care sector continued its upward trend in September (+17,000), but at a slower pace than the average monthly gain over the prior 12 months (+33,000), with gains in ambulatory health care services (+13,000) and in hospitals (+12,000). Meanwhile nursing and residential care facilities lost jobs (-9,000). Employment in construction changed little in September (+11,000), as the industry has averaged an increase of 10,000 jobs per month over the prior 12 months. Employment in nonresidential specialty trade contractors added +12,000 jobs. Manufacturing employment is up by 72,000 since a recent low in December 2025, while adding 9,000 jobs in September. Over the month, employment increased in plastics and rubber products manufacturing (+5,000) and machinery …

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baggage-building

NASHVILLE, TENN. — BWE has arranged a $42.5 million loan to refinance the historic Baggage Building, a 61,000-square-foot office and retail property located at 111 10th Ave. S near Nashville’s Gulch district. Nick Harb of BWE secured the financing through a regional bank on behalf of the borrower, DZL Properties. The loan features a “meaningful” interest-only payment period. The Baggage Building was originally built between 1898 and 1900 as part of the Louisville-Nashville Railroad/Union Station terminal complex used to handle luggage and freight. Renovated in 1999, tenants at the four-story property include Pinnacle Bank, The Finch Grill & Raw Bar and Global Medical Research.

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Beaumont-Mill

SPARTANBURG, S.C. — Capstone Building Corp. has begun construction on Beaumont Mill, a 275-unit multifamily project located at 553 Ison St. in Spartanburg. The $51 million development, which is designed to tie in modern and industrial features of the former textile mill, is scheduled for completion in 2028. A joint venture between Greenville, N.C.-based Taft Family Ventures and a local Spartanburg group will own and develop the project. Taft Management Group will handle property management services, with leasing set to start in the third quarter of 2027.  Beaumont Mill will encompass 208,625 square feet of rentable space, with one-, two- and three-bedroom floorplans. Approximately 10 percent of the apartments will be reserved for workforce housing. Amenities at the complex will include a gym and a central courtyard with a swimming pool and gathering area. The project team includes Reese Vanderbilt & Associates (architect) and Site Design Inc. (civil engineer). 

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Coral Hills

CAPITOL HEIGHTS, MD. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Coral Hills, an 85,514-square-foot shopping center located in Capitol Heights, roughly 10 miles from downtown Washington, D.C. David Crotts and Dean Zang of IPA represented the seller, a national investment management company, and procured the undisclosed buyer. The sales price was also not disclosed. Jared Cassidy of Marcus & Millichap Capital Corp. (MMCC) arranged the financing through an international bank on behalf of the buyer. International grocer New Grand Mart will replace the former Shoppers Food anchor at Coral Hills, which was built in 1988 on more than six acres. The property features a mix of inline tenants including national retailers, medical and professional service providers and casual dining concepts.

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the-summit

BIRMINGHAM, ALA. — Maryland-based Federal Realty Investment Trust (NYSE: FRT) has acquired The Summit, an 870,000-square-foot, open-air shopping center in Birmingham, for $508 million. Purchased from the original developer, locally based Bayer Properties, the 100-acre property is the most visited retail destination in Alabama, drawing nearly 9 million annual visits, according to Federal Realty. As reported by the Birmingham Business Journal, Bayer sold its property management and leasing portfolio to Dallas-based Centennial in 2022, though the company’s original underlying real estate assets were not part of that sale. The acquisition is expected to be funded on a long-term basis with a combination of net sale proceeds, free cash flow and funds from Federal Realty’s recently issued convertible notes. Situated at the intersection of I-459 and U.S. Highway 280, The Summit opened in 1997 with initial retailers like Barnes & Noble and Parisian (which later transitioned into a flagship store for Belk), expanding in phases through 2009. The Summit now features more than 110 tenants, including Apple, Trader Joe’s, RH, Nordstrom Rack, Alo Yoga, Sephora and North Italia, with over 30 tenants operating their only Alabama location at the center. At the time of sale, The Summit was 92 percent occupied. In …

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ALPHARETTA, GA. — Crescent Real Estate LLC has sold The Hotel at Avalon, a 330-room hotel within the Avalon mixed-use campus in Alpharetta, a northern suburb of Atlanta. A joint venture featuring Austin-based Endeavor Real Estate Group purchased the hotel for $220 million, according to Atlanta Business Chronicle. Fort Worth, Texas-based Crescent has owned the hotel, which was delivered in 2018, since September 2020. Eastdil Secured represented Crescent in the disposition. HEI Hotels & Resorts was The Hotel at Avalon’s previous operator.

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CHARLOTTE, N.C. — Trammell Crow Co. and a consortium of investors including CBRE Japan and Mitsubishi Logistics Corp. have broken ground on Caldwell Commerce Center, a two-building, 233,335-square-foot speculative industrial development located at 6122 and 6125 Caldwell Park Drive in Charlotte. The 24-acre property will feature two rear-load buildings measuring 106,175 square feet and 127,160 square feet. Each building will feature 32-foot clear heights, build-to-suit office space and ESFR sprinkler systems. Bryan Crutcher and Alek Salfia of CBRE are the leasing agents for Caldwell Commerce Center. The design-build team includes Landmark Builders (general contractor), Seamon Whiteside (civil engineer) and 9G Studio (architect).

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FULTON, MD. — Bozzuto, a national real estate development and management firm, has signed a 57,837-square-foot office lease in Fulton, a city in Howard County that’s roughly 23 miles southwest from Baltimore. The company will relocate its corporate headquarters, including 225 employees, from Greenbelt to 8160 Maple Lawn Blvd. during the first quarter of 2027. The new headquarters is situated within Maple Lawn, a 605-acre mixed-use community developed by Greenebaum Enterprises Inc. and St. John Properties Inc. David Fields and Charlie Carroccio of CBRE, along with Lou Christopher of Stream Realty Partners, represented Bozzuto in the lease transaction. Bill Jautze of St. John Properties represented the landlord internally.

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RINGGOLD, GA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a newly built McDonald’s restaurant located in Ringgold, a Georgia suburb of Chattanooga, Tenn. The restaurant was delivered earlier this year and features a 20-year lease with 7.5 percent rent increases in the initial term and extension options. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group brokered the transaction. An all-cash buyer purchased the restaurant from the seller, a repeat developer of McDonald’s, in a 1031 exchange. The sales price was not disclosed. “Lower-priced, well-located properties with strong credit continue to command aggressive pricing despite market challenges,” says McMinn. “We secured an offer within 48 hours and closed near list price — proof that price point matters as much as credit in today’s market.”

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CMU-Miami-01.jpg

MIAMI — Ken Griffin, founder and CEO of global alternative investment firm Citadel, has announced plans to gift $2 billion for the launch of Carnegie Mellon University Miami, a new campus of the Pittsburgh-based private research university.   Upon completion, the Miami campus will support more than 3,500 undergraduate and graduate students, with roughly 300 faculty and 600 staff members. The project will be situated on more than 35 acres in the Wynwood neighborhood of Miami.  Plans include dedicated space for research labs and venture studios. Construction is scheduled to begin in 2027, with the first students enrolling in 2028.   According to local news outlets, the project site for the new campus was purchased from developer Moishe Mana.  Griffin is also donating $1 billion to support Carnegie Mellon’s home Pittsburgh campus, including a $500 million investment in the School of Computer Science, which will be renamed the Kenneth C. Griffin School of Computer Science.  Earlier this year, Griffin purchased 545 Wyn, an office building located in Miami’s Wynwood neighborhood, for $181 million, in partnership with Goldman Properties. In 2022, Citadel announced plans for a new global headquarters in the city’s Brickell financial district, moving from its longtime home in Chicago.  Development plans …

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