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KentuckyLoansMixed-UseSoutheast

Newmark Arranges Recapitalization of Fritz Farm Mixed-Use Center in Lexington, Kentucky

by John Nelson

LEXINGTON, KY. — Newmark has arranged the recapitalization of the ownership structure at Fritz Farm, a 330,077-square-foot mixed-use destination in Lexington. Developer-operator Kimco Realty is now a preferred equity partner at the development, which Hendricks Commercial Properties purchased last year from a partnership between Swift Creek Real Estate Partners and Centennial Real Estate Management LLC. Additionally, funds managed by Blackstone provided $104 million in financing for the recapitalization. Conor Lalor of Newmark represented Hendricks Commercial in the transaction. Chris Kramer and Dan Axelson, also with Newmark, arranged the Blackstone financing. Originally called The Summit at Fritz Farm, the 36-acre campus was delivered by Birmingham, Ala.-based Bayer Properties in 2017. The property houses retail brands including Whole Foods Market, Pottery Barn, Arhaus, Orangetheory Fitness, Apple, Lovesac, Carhartt, Warby Parker, Starbucks, CRU Food & Wine Bar, Williams-Sonoma and Shake Shack, as well as apartments and offices. The property also includes approximately six acres available for future development and development rights for additional retail and residential components. Not included in the transaction were Fritz Farm’s seniors housing community and hotel.

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DevelopmentLoansMultifamilySoutheastTennessee

PCCP Provides $71M Construction Loan for Multifamily Project in Spring Hill, Tennessee

by John Nelson

SPRING HILL, TENN. — PCCP has provided a $71 million senior construction loan for the development of Crossings Boulevard, a 360-unit apartment community located at 4101 Legacy Point Trail in Spring Hill, about 37 miles south of downtown Nashville. The borrower, a joint venture between Embrey Partners and Southstar Development, plan to deliver the community by first-quarter 2028. Plans for Crossings Boulevard include 216 one-bedroom apartments and 144 two-bedroom units across four floorplans, as well as a conference room, micro-offices, fitness studio and yoga room, resort-style pool with cabanas, shaded outdoor kitchen with grills, dog park, pet spa and grooming station, coffee bar, EV charging stations and a secure, 24/7 package room. The 14-acre site will house three-story, garden-style apartment buildings within a larger 213-acre master-planned community that will also feature a hotel, 17 acres of recreational space and more than 400,000 square feet of commercial space.

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AcquisitionsFloridaOfficeSoutheast

Grover Corlew Purchases Office Tower in Fort Lauderdale for $69.7M, Plans $20M Overhaul

by John Nelson

FORT LAUDERDALE, FLA. — Grover Corlew has purchased 200 East Broward, a 21-story, 235,211-square-foot office building in downtown Fort Lauderdale, for $69.7 million. The Boca Raton, Fla.-based firm plans to invest $20 million in capital improvements at the office building over the next two years, including overhauling the elevator bay and main lobby and building an amenity deck with a gym and conference facilities. Hermen Rodriguez and Ike Ojala of JLL represented the undisclosed seller in the transaction. Paul Stasaitis, also with JLL, arranged an undisclosed amount of acquisition financing through BridgeInvest.

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AcquisitionsKentuckySoutheastStudent Housing

Article Student Living Acquires 280-Bed Student Housing Community Near University of Kentucky

by John Nelson

LEXINGTON, KY. — Article Student Living has acquired Signature Apartments, a 280-bed student housing community located near the University of Kentucky campus in Lexington. The property was delivered in 2024 and offers units in one-, two- and four-bedroom configurations. Shared amenities include a resort-style pool, 24-hour fitness center, coffee bar, outdoor terrace and kitchen, clubhouse and group study rooms. The seller and terms of the transaction were not released.

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Company NewsDevelopmentGeorgiaIndustrialSoutheastTop Stories

Audi Selects Georgia for $4B SUV Manufacturing Plant

by John Nelson

PEACH COUNTY, GA. — Audi AG has selected the Middle Georgia Megasite near Macon for a $4 billion advanced manufacturing facility, which will be the German automotive giant’s first plant in Georgia. The company’s new factory in Peach County will bring approximately 4,500 new jobs to central Georgia and create an expected annual capacity of 200,000 vehicles, with a focus on Audi’s luxury SUVs. Audi expects to begin grading the site in 2027 and break ground on the new plant in 2028. The factory is expected to begin operating at full capacity in 2031. The size of the new factory was not disclosed, but Audi says it will be “among the brand’s largest production footprints globally.” “The United States is one of the world’s most important premium markets, and we have not yet realized our full potential,” says Gernot Döllner, chairman of the board of management at Audi AG. “We are determined to change that — with premium products, a stronger brand and a competitive local production base. This is about building a stronger Audi business in America — not simply about building a factory.” “We are proud to welcome one of the world’s most iconic automotive brands to Georgia,” …

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District of ColumbiaLoansMultifamilySoutheast

Affinius Capital Originates $97.9M Refinancing for Multifamily Community in D.C.

by Abby Cox

WASHINGTON, D.C. — Affinius Capital has originated a $97.9 million loan for the refinancing of The Lydian, a 324-unit apartment community located in Washington D.C.’s Mount Vernon Triangle submarket. Chris Hew and Susan Carras of JLL arranged the loan on behalf of the borrower, a joint venture between affiliates of locally based Quadrangle Development Corp. and The Wilkes. Co. Built in 2018, The Lydian comprises studio, one- and two-bedroom apartments ranging in size from 544 to 1,215 square feet. Amenities include a fitness center with a private yoga/training studio; an indoor-outdoor penthouse community space with extensive seating, a chef’s kitchen and private dining room; resort-style rooftop swimming pool and sun deck with grilling stations; landscaped interior courtyard; dog washing stations; secure bike room; and a controlled-access parking garage with 155 spaces.

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Akari-Buckhead
AcquisitionsGeorgiaLoansMultifamilySoutheast

CBRE Arranges $83M Acquisition Loan for Luxury Multifamily Community in Atlanta’s Buckhead District

by Abby Cox

ATLANTA — CBRE has arranged $83 million in acquisition financing for AMLI Lenox, a 391-unit luxury multifamily community located in Atlanta’s Buckhead district. Robert LaChapelle and Blake Cohen of CBRE secured the loan through New York Life on behalf of the owner, ORIX Corp. Shea Campbell, Ahish Cholia, Colleen Hendrix and Don Hoffman of CBRE represented the seller, AMLI Residential, in the transaction. Rebranded as Akari Buckhead, the apartment tower rises 24 stories and serves as a centerpiece for AMLI’s 1,302-unit, four-property campus that surrounds the 1.5-acre Marie Sims Park. The community, which was 96 percent occupied at the time of financing, offers studio, one-, two- and three-bedroom floorplans, as well as penthouses. Amenities include laundry services, a pet play area, pet washing station, electric vehicle charging stations and onsite retail, management and maintenance services.

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2555-Penny-Road
AcquisitionsIndustrialNorth CarolinaSoutheast

Maguire Hayden Sells 395,990 SF Industrial Building in Metro Charlotte for $22.1M

by Abby Cox

CLAREMONT, N.C. — Conshohocken, Pa.-based Maguire Hayden Real Estate has sold a 395,990-square-foot industrial building in Claremont, a northern Charlotte suburb in Catawba County, to Box Equities for $22.1 million. Michael Scarnato, Pete Pittroff and Dave Andrews of JLL represented Maguire Hayden in the sale. Situated on approximately 17.9 acres, the industrial property includes 364,000 square feet of warehouse space, along with offices and other support areas. The facility also features 24 dock-high loading doors, clear heights ranging from 14 to 20 feet, truck courts ranging from 135 to 185 feet, a dedicated trailer parking lot and 109 car parking spaces. Maguire Hayden originally acquired the property through a sale-leaseback transaction and subsequently leased the entire building to CertainTeed, a wholly owned subsidiary of global building materials manufacturer Saint-Gobain. Maguire Hayden completed a capital improvements program during its ownership that included a new roof overlay and LED lighting throughout the facility. The building was originally constructed in 1986 and was renovated in 2011.

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Midtown64_Illustrative
Leasing ActivityMixed-UseRetailSoutheastVirginia

Greenberg Gibbons Signs Trader Joe’s, Onelife Fitness to Join $500M Mixed-Use Project in Richmond

by Abby Cox

RICHMOND, VA. — Greenberg Gibbons has signed two new anchor retail tenants — Trader Joe’s and Onelife Fitness — at Midtown64, a 64-acre mixed-use project in Richmond. The first phase of the $500 million development, which includes the project’s 130,000-square-foot retail component, is expected to be completed in 2028. Onelife Fitness, which will occupy 65,000 square feet across two levels, will offer a turf training area, indoor saltwater pool, kid’s club, recovery suite and spa-inspired locker rooms, as well as studios dedicated for boxing, Pilates and stretching. Upon completion, Midtown64 will include 300,000 square feet of office space, nearly 1,000 apartments, 194 for-sale townhomes and a hotel, in addition to the retail space.

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MPW-Facility
DevelopmentGeorgiaIndustrialSoutheastTop Stories

Mitsubishi Power to Invest $490M for Manufacturing Expansion Project Near Savannah, Create 220 Jobs

by Abby Cox

POOLER, GA. — Mitsubishi Power Americas has announced it will invest $490 million to expand the company’s existing operations at its Savannah Machinery Works facility at 1000 Pine Meadow Drive in Pooler, a western Savannah suburb that sits close to both the Port of Savannah’s Garden City Terminal and Savannah/Hilton Head International Airport. The expansion will add 450,000 square feet of manufacturing space, doubling the company’s current footprint. The project is expected to create 220 new jobs in Chatham County. Savannah Machinery Works — Mitsubishi Power Americas’ premier heavy-industrial manufacturing plant and service center — opened in 2010 as the company’s first complete gas turbine production facility building outside of Japan. The new facility is scheduled to begin operating in early 2029, according to multiple media sources. Additional details of a construction timeline were not released. Civic support for Mitsubishi’s investment includes the Georgia Department of Economic Development (GDEcD), the Savannah Economic Development Authority, Georgia Power and Georgia Quick Start. “Mitsubishi Power Americas’ products are critical to America’s energy infrastructure, and the company is continuing to invest in Georgia because of the connectivity that our ports, rail, highways and airports provide,” says GDEcD Commissioner Pat Wilson.  Mitsubishi Power stated that the …

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