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piedmont-newton
Company NewsDevelopmentGeorgiaHealthcareSoutheast

Piedmont Healthcare to Invest $600M to Relocate Hospital in Covington, Georgia

by Abby Cox

COVINGTON, GA. — Piedmont Healthcare has filed a Letter of Determination with the Georgia Department of Community Health whereby the health system plans to invest nearly $600 million to relocate Piedmont Newton Hospital to a new site located directly off I-20. The current Newton County hospital is roughly two miles closer to the heart of Covington. Piedmont Healthcare is fully funding the project. Originally opened in 1954 as Newton Medical Center, the existing hospital is licensed for 128 beds. Piedmont partnered with Newton Medical Center to form Piedmont Newton in 2015.  Piedmont says that the existing hospital is limited by its age and its landlocked site, whereas the planned relocation facility will facilitate modernization efforts. If approved, the new hospital would be Piedmont’s second-largest capital investment after the Marcus Tower that opened on its Piedmont Atlanta Hospital campus in 2020, according to the company.

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Key-Biscayne
FloridaLoansRetailSoutheast

Berkadia Arranges $9.8M Refinancing for Shopping Center in Key Biscayne, Florida

by Abby Cox

KEY BISCAYNE, FLA. — Berkadia has arranged a $9.8 million loan to refinance a 61,504-square-foot, two-story retail center located on Key Biscayne, a barrier island situated south of Miami. Charles Foschini, Christopher Apone, Shannon Wilson and Lourdes Carranza-Alvarez of Berkadia secured the 10-year, fixed-rate loan through a correspondent life insurance company on behalf of the undisclosed owner, which purchased the property in 1997. The financing features a 23 percent loan-to-value ratio. The retail property is situated on Crandon Boulevard, Key Biscayne’s primary commercial corridor and its only land connection to mainland Miami. Built in 1990, the center was 98.8 percent leased at the time of sale to a mix of tenants such as T-Mobile and Northern Trust.

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Wellstead at Kinderton Farms
Build-to-RentDevelopmentMultifamilyNorth CarolinaSoutheast

Canvas Residential, Kelley Properties to Develop 141-Unit Build-to-Rent Project in Bermuda Run, North Carolina

by Abby Cox

BERMUDA RUN, N.C. — Canvas Residential Partners and Kelley Properties plan to develop Wellstead at Kinderton Farms, a 141-unit build-to-rent project located in Bermuda Run, a town in Davie County roughly 13 miles west of Winston-Salem, N.C. Site work is expected to commence this month, with the first homes scheduled for delivery in spring 2028. Wellstead at Kinderton Farms will include 128 townhomes and 13 single-family detached homes. Townhomes will range up to 1,700 square feet in size and will offer two- to four-bedroom floorplans and two-car garages. Single-family homes will total up to 2,100 square feet in size and will feature four bedrooms and two-car garages. Amenities at the community will include a clubhouse and leasing center overlooking a lake, a dedicated wellness center, swimming pool, resident lounge, dog park and neighborhood sidewalks.

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2930-Devine
AcquisitionsRetailSouth CarolinaSoutheast

Trinity Partners Negotiates Sale of 19,615 SF Retail Center in Columbia, South Carolina

by Abby Cox

COLUMBIA, S.C. — Trinity Partners has negotiated the sale of 2930 Devine Street and 618 Sims Avenue, a 19,615-square-foot, multi-tenant retail property located in Columbia. The property was fully leased at the time of sale to tenants including Arabesque on Devine, Best Mattress, Eggs Up Grill and Za’s on Devine. William Mills and Robbie Cook of Trinity Partners represented the seller and sourced the buyer in the transaction. Further details of the transaction were not disclosed.

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DevelopmentFloridaSeniors HousingSoutheast

Nonprofit Breaks Ground on $380M Seniors Housing Project in Boynton Beach, Florida

by John Nelson

BOYNTON BEACH, FLA. — Green Cay Life Plan Village Inc., a nonprofit corporation, has broken ground on a continuing care retirement community (CCRC) project in Boynton Beach, approximately 30 miles north of Fort Lauderdale. Greenbrier Development LLC and BRP Senior Housing Management LLC, a Delray Beach-based affiliate of private equity real estate firm Big Rock Partners, are co-developers for the project, called The Winsberg at Green Cay. Greenbrier Development will also manage the seniors housing property, which is the first new CCRC built in Palm Beach County since 2016. Upon completion, the project — which was first announced in 2022 — will span 15 acres. The community will total 220 residences in a 510,000-square-foot building, with 189 independent living units and 32 assisted living and memory care units. Amenities will include multiple dining venues, a bar and bistro, fitness center, yoga studio, salon, theater, pickleball court, swimming pool and spa. Moss Construction is the construction manager for The Winsberg at Green Cay. The opening is scheduled for 2028.

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AcquisitionsHealthcareSoutheastVirginia

Newmark Negotiates $97.5M Sale of Medical Office Campus in Fairfax, Virginia

by John Nelson

FAIRFAX, VA. — Newmark has negotiated the $97.5 million sale of Willow Oaks Medical Campus, a two-building medical office property located at 8260 and 8280 Willow Oaks Corporate Drive in Fairfax, a city in Northern Virginia. Locally based Inova Health System acquired the property from Stockdale Capital Partners. Ben Appel, Jay Miele, Justin Shepherd, John Nero, Michael Greeley and Ron Ott of Newmark represented the seller in the transaction. Newmark’s Jud Ryan and James Cassidy supported the transaction. The buildings each span approximately 188,000 square feet and have undergone multimillion-dollar capital investment initiatives into tenant spaces, common areas and amenities in recent years. Willow Oaks is located immediately adjacent to Inova’s flagship 923-bed hospital campus and is anchored by the locally based health system, as well as multiple third-party medical users.

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AcquisitionsIndustrialSoutheastTennessee

Lincoln Property Co. Buys 377,529 SF Industrial Park in Metro Nashville

by John Nelson

LEBANON, TENN. — Lincoln Property Co. has purchased Park 109, a four-building industrial park in metro Nashville spanning 377,529 square feet. Built in 2022, the property comprises four multi-tenant, shallow-bay distribution buildings on 32.8 acres along Tenn. Highway 109 in Lebanon, about 30 miles east of Nashville. Gary Kobus, Jacob Emery, Tyler Jones and Lane Baker represented the Dallas-based buyer in the transaction internally. The seller and sales price were not disclosed. Park 109 was fully leased at the time of sale.

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Affordable HousingDevelopmentSoutheastTennessee

Clear Blue Breaks Ground on 228-Unit Affordable Housing Community in Dickson, Tennessee

by John Nelson

DICKSON, TENN. — The Clear Blue Co. has broken ground on Honeywood Dickson, a 228-unit affordable housing community located at 841 Cowan Road in Dickson, about 40 miles west of Nashville. The property will feature one- to four-bedroom homes reserved at 30, 60 and 80 percent of the area median income (AMI). The $88.1 million project is being advanced through collaboration among Clear Blue, HUD, the City of Dickson, Dickson County, the Tennessee Housing Development Agency (THDA), Regions Bank, the Dickson Housing Authority and other public and private partners. Regions Real Estate Capital Markets provided a Freddie Mac loan for the project, and Regions Affordable Housing provided construction and equity bridge loans and made an equity investment in the project’s 4 percent LIHTC allocation by the THDA.  The Health and Educational Facilities Board of the City of Dickson authorized the issuance of up to $48 million in tax-exempt bonds that were underwritten by Raymond James National Housing Group. Additionally, the Dickson Housing Authority will provide development-based vouchers for 60 homes. The design-build team includes architect Studio A Architecture and general contractor BACAR Constructors. Clear Blue plans to deliver first units at Honeywood Dickson next fall and fully deliver the property in …

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DevelopmentHospitalityMixed-UseMultifamilyRetailSeniors HousingSoutheastVirginia

Pembroke Realty Provides Updates on $300M Mall Redevelopment in Virginia Beach

by John Nelson

VIRGINIA BEACH, VA. — Pembroke Realty Group has provided updates on the $300 million redevelopment of Pembroke Mall, a regional shopping mall in Virginia Beach that dates back to 1966. The project, renamed Pembroke Square, will comprise The Pembroke, a 284-unit luxury apartment community set to break ground in the coming months, and Tempo by Hilton, a 163-room hotel that is underway. Two additional phases are in pre-development, while approximately 26,000 square feet of retail space is expected to come on line through 2028. Existing components at Pembroke Square include Aviva Pembroke, a 153-unit senior living community that opened in December 2024, and existing shops and restaurants including Bath & Body Works, Kohl’s, Latitude Climbing + Fitness, Nordstrom Rack, Old Navy, REI Co-Op, Target, The Fresh Market and Walgreens. Delivery dates for The Pembroke and Tempo by Hilton were not released.

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Company NewsDevelopmentNorth CarolinaRetailSouth CarolinaSoutheast

Harris Teeter Plans $253M Investment to Enhance Stores, Expand in Carolinas

by John Nelson

MATTHEWS, N.C. — Harris Teeter, a Matthews-based regional grocer and subsidiary of The Kroger Co., plans to invest approximately $253 million over the next three years to refresh and modernize select stores in North Carolina and South Carolina. Renovations and enhancements are planned for locations in Fort Mill and Rock Hill, S.C.; and Matthews, Waxhaw, Concord and Huntersville, N.C. In addition, Harris Teeter plans to open three new stores in Fort Mill and Lake Wylie, S.C., and Kannapolis, N.C. Customers will begin seeing store updates roll out in phases, with timing and scope varying across locations over the next three years. As renovations are completed, grand reopenings are expected to begin this fall.

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