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Southeast

AcquisitionsKentuckyRetailSoutheast

Kimco Realty Acquires Two Grocery-Anchored Shopping Centers in Louisville for $295M

by John Nelson

LOUISVILLE, KY. — Kimco Realty has purchased two grocery-anchored shopping centers in Louisville’s East End neighborhood for a combined $295 million. The New York-based owner-operator acquired the properties, the 351,000-square-foot Paddock Shops and the 390,000-square-foot Shelbyville Road Plaza, using 1031 exchange proceeds from dispositions made earlier in the year. The sellers were not released, but Louisville Business First reported that Hagan Properties was the previous owner of Shelbyville Road Plaza and a joint venture between CBRE Strategic Partners U.S. Value 9 and Fairbourne Properties purchased Paddock Shops in 2023. Paddock Shops was 94 percent leased at the time of sale to tenants including The Fresh Market, REI, Total Wine & More, Pottery Barn and Ulta Beauty. Shelbyville Road Plaza was 92 percent leased at the time of sale to tenants including Trader Joe’s, Nordstrom Rack, Burlington, Ross Dress for Less and Old Navy. Kimco Realty now owns three grocery-anchored shopping centers in Louisville totaling 911,000 square feet. The company also owns Festival at Jefferson Court, a Kroger-anchored center near Jefferson Mall.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Comstock Agrees to Purchase 672-Unit Ascher Apartment Towers in Uptown Charlotte

by John Nelson

CHARLOTTE, N.C. — Comstock Holding Cos. has entered into a purchase agreement to acquire The Ascher, a 672-unit apartment property in Uptown Charlotte. The current owner and sales price were not released. Built in 2016, The Ascher comprises two 24-story towers housing studio, one-, two- and three-bedroom apartments. Amenities include 13,000 square feet of ground-floor retail space, a controlled-access parking garage with 900 spaces and a shared rooftop courtyard on the sixth level with pickleball courts, a fenced dog park, putting green, grilling area and café seating. Each tower also features its own clubhouse, rooftop pool, sky terrace and fitness center. Under the purchase agreement, Comstock and an unnamed institutional partner have completed transaction due diligence for The Ascher and entered into an expense sharing agreement, with each party covering transaction expenses on a pari passu basis (i.e. equal footing).

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AcquisitionsRetailSoutheastTennessee

Lincoln Arranges Sale of Whole Foods-Anchored Shopping Center in Franklin, Tennessee

by John Nelson

FRANKLIN, TENN. — Lincoln Property Co. has advised on the acquisition of Southside at McEwen, a 92,470-square-foot shopping center in Franklin, a southern suburb of Nashville. Built in 2012, Whole Foods Market anchors the center, which is situated in metro Nashville’s Cool Springs district. The store is the most trafficked Whole Foods in Tennessee and in the Southeast outside of Florida, according to Lincoln. Other tenants at Southside at McEwen include lululemon, BrickTop’s, Flower Child and Solidcore. Lincoln served as investment advisor to the buyer, a high-net-worth family office completing a 1031 exchange. The seller and sales price were also not disclosed.

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Company NewsDevelopmentFloridaLoansSoutheast

Trez Capital, Starwood Capital Partner for Residential Land, Development Financing Venture

by John Nelson

VANCOUVER AND MIAMI — Trez Capital and Starwood Capital Group have entered into a strategic partnership that will focus on origination of residential land acquisition and development loans for single-family communities across the United States. The partnership will expand Trez Capital’s lending capacity, further scaling its established residential land development financing platform. For Starwood Capital, the new venture will give the company the opportunity to finance land acquisition and development, complementing its long-standing track record in residential land investments. “Trez Capital has a strong track record in U.S. residential land lending, and we look forward to leveraging our collective strengths through this relationship,” says Anthony Murphy, managing director at Starwood Capital. The partnership is expected to be seeded with a $450 million portfolio of residential land acquisition and development loans originated by Trez Capital. The venture will target more than $1 billion in annual originations. “Starwood’s decision to partner with Trez Capital reflects the strength of our team, our origination capabilities and our expertise in this sector,” says John Maragliano, co-CEO and CFO of Trez Capital. “This will deliver additional institutional depth and enhanced financing capabilities, while supporting stronger returns and liquidity for our investors.”

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Justin Wheeler Berkadia quote
Content PartnerFeaturesMidwestMultifamilyNortheastSoutheastTexasWestern

Berkadia Partners with NYU Stern for Third Annual Multifamily Investment Case Competition

by Sarah Daniels

Berkadia recently partnered with the Chen Institute for Global Real Estate Finance at NYU Stern School of Business for the third annual Multifamily Investment Case Competition, held October 15–16. The competition brought together graduate student teams from leading business schools across the country to explore how technology can enhance investment returns in the multifamily sector. Participants were challenged to develop strategies at the intersection of apartment operations, technology and innovation financing — areas that do not often converge in traditional business school curricula. “Berkadia was honored to partner with NYU Stern for the third year in a row, highlighting our commitment to supporting young professionals and future leaders in real estate,” said Justin Wheeler, Berkadia’s CEO. “Engaging with eager, thoughtful participants and judges with deep expertise in the multifamily industry was both exciting and inspiring. This event was made possible by the dedication of university teams, fellow judges and NYU’s sustained support.” This year’s competition included teams from NYU Stern, Columbia Business School, UCLA Anderson, the University of Wisconsin–Madison’s School of Business, the University of Florida Warrington College of Business and the University of Texas at Austin McCombs School of Business. An accomplished group of industry leaders served as judges, …

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Peabody-Union
LoansMixed-UseSoutheastTennesseeTop Stories

Developers Receive $310M Financing for Mixed-Use Project in Downtown Nashville

by Hayden Spiess

NASHVILLE, TENN. — A partnership between PGIM, Stiles Corp. and Hensler Development has received $310 million in bridge financing for Peabody Union, a recently completed mixed-use project situated along the Cumberland River in downtown Nashville. Blackstone Real Estate Debt Strategies (BREDS) provided the financing.  Ed Coco, Paul Stasaitis, Matt Casey, Anthony Sansone, Kelsey Bawcombe and Streeter Simmons of JLL Capital Markets secured the financing on behalf of the borrower. The three-year bridge loan carries two one-year extension options.  “Peabody Union represents one of the most compelling mixed-use financing opportunities in the Southeast, combining trophy-quality construction, an exceptional sponsorship team and a transformational office lease commitment from Starbucks Corp.,” says Coco. “We had a significant amount of interest from a variety of lender types.” Completed in 2025, Peabody Union comprises a 27-story luxury residential tower, Class A office space and curated retail and restaurant space.  The office component — which totals 249,988 square feet — is fully leased to Starbucks Corp. Starbucks plans to make the office its Eastern Headquarters beginning in 2027, when the company takes occupancy. Amenities at the office building include two 2,000-square-foot outdoor terraces, a 4,500-square-foot wellness facility, 4,000-square-foot club room, 1,000 square feet of bike storage …

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AcquisitionsMixed-UseNorth CarolinaSoutheast

Joint Venture Acquires Queen City Quarter Mixed-Use Destination in Uptown Charlotte

by John Nelson

CHARLOTTE, N.C. — A joint venture between Lincoln Property Co., Vision Ventures and Hornets Sports & Entertainment has acquired Queen City Quarter, a 302,324-square-foot, four-level mixed-use destination in Uptown Charlotte. Formerly known as EpiCentre, the property spans 3.2 acres at 210 E. Trade St., which sits directly between the Charlotte Convention Center and Spectrum Center, home arena of the NBA’s Charlotte Hornets. Hornets Sports & Entertainment owns the team and operates Spectrum Center. Vision Ventures owned Queen City Quarter from 2010 to 2015. Patrick Gildea, Matt Smith, Adam Russ and Erin Varol of CBRE’s Charlotte office brokered the transaction. The property originally opened in 2008 and features restaurants, shops, offices and entertainment venues but has been in decline in terms of occupancy and traffic in recent years. CBRE took the then-known EpiCentre out of receivership in 2021 and announced it was leading the redevelopment and rebranding of the property to Queen City Quarter in 2022. The joint venture will evaluate opportunities to reposition the asset to “better serve the surrounding community and evolving needs of Uptown Charlotte.” According to Queen City Quarter’s property website and social media accounts, current tenants include Lucky Strike, Fleming’s Steakhouse, Insomnia Cookies, Kitchen + Kocktails, …

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Affordable HousingDevelopmentLoansMarylandMultifamilySoutheast

McCormack Baron Salazar, Baltimore City Secure Financing for $398M Affordable Housing Redevelopment

by John Nelson

BALTIMORE — McCormack Baron Salazar, an affordable housing developer and operator based in St. Louis, and the Housing Authority of Baltimore City have closed on financing for the next 150 apartments at Perkins Square, advancing the $398 million redevelopment of the former Perkins Homes in East Baltimore. Phases 5A and 5B, representing approximately $87 million in development costs, will include 111 income-restricted and 39 market-rate units. The first three phases of Perkins Square included 411 mixed-income units delivered between 2024 and 2025, while the 154-unit fourth phase is under construction with completion slated for 2027. Perkins Square is replacing Perkins Homes, a 629-unit public housing community built in 1942. Demolition began in 2021 as part of Baltimore’s broader Perkins-Somerset-Oldtown Transformation Plan, a 244-acre redevelopment backed by HUD Choice Neighborhoods funding that is replacing the former public housing while adding mixed-income residences, infrastructure, parks and a new school. Phase 5A will include 60 apartments with a total development cost of approximately $41.6 million. Phase 5B, with 90 apartments, carries a cost of approximately $45.7 million. Tenants in 67 of the planned 150 apartments will receive rental assistance through the Housing Choice Voucher Program, formerly known as Section 8, as part of …

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AcquisitionsMississippiSoutheastStudent Housing

Joint Venture Purchases 962-Bed Student Housing Community Near Mississippi State University

by John Nelson

STARKVILLE, MISS. — A joint venture between an affiliate of Monument Square Investment Group and funds managed by an undisclosed investment management firm has purchased The Social Block and Townhomes, a 962-bed student housing community located near the Mississippi State University campus in Starkville. The property offers 385 units in two- and four-bedroom apartment and townhome configurations. Shared amenities include a resort-style pool, 24-hour fitness center, business lounge, green space and grilling stations. The seller and terms of the transaction were not released.

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AcquisitionsGeorgiaMultifamilyRetailSoutheast

JLL Arranges $21.2M Sale of Publix-Anchored Shopping Center in Dahlonega, Georgia

by John Nelson

DAHLONEGA, GA. — JLL has arranged the sale of Dahlonega Village, a Publix-anchored shopping center located at 23 Maxwell Lane in Dahlonega, which sits 65 miles northeast of Atlanta. A private investor purchased the property from Watkins Real Estate Group for $21.2 million. Jim Hamilton, Brad Buchanan and Charlie Merrigan of JLL represented the seller in the transaction, and Austin Sumner Properties represented the buyer. Built in 2024, Dahlonega Village sits on 13.4 acres and has direct access to Ga. Highway 400. The grocery-anchored shopping center was fully leased at the time of sale to tenants including Great Clips, The UPS Store, Lifestyle Nail Bar, Spice Wing, Jersey Mike’s Subs, Tropical Smoothie Café, Rachel Remington Design, Itala Pizza and Hacienda Bar & Grill. Publix has 19 years remaining on its initial lease term at the center, according to JLL.

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