Coterie Properties is leading a team aiming to transform The Station and Jefferson Plaza office properties along Holcomb Bridge Road in Norcross into a mixed-use development.

The Atlanta Business Chronicle reports plans include 320 wrap-style apartments, 30 townhomes and 16,100 square feet of restaurant and retail space.

The first phase of the redevelopment would focus on a pair of restaurant and retail buildings that would rise on the footprints of two existing buildings.

The rest of the buildings to the south of the creek would be torn down to make room for the apartments and townhomes.

A second phase of the project would likely include a new parking deck and approximately 150 age-restricted apartments for people ages 55 and older, replacing surface parking behind Jefferson Plaza.

With an estimated price tag exceeding $100 million, the first phase would be built concurrently and take about two years to complete.

Norcross City Council would have to rezone the properties in order for the project to move forward.

Flagship Healthcare Properties (Flagship) acquired and will repurpose a 
Class A office building into a healthcare destination center for providers in Wilmington, North Carolina. Flagship paid $21 million for the three-story, 153,526-square-foot property at 3601 Converse Road that was purpose-built as a single-tenant office building formerly occupied by a Verizon call center.

Flagship is on its way to repositioning this property as an outpatient healthcare campus, and has 
already received lease commitments from Novant Health, whose tenancy in the building 
will begin in 2025 with services that will eventually occupy two floors of the building in 
the newly branded Flagship Medical Plaza. 

The former Verizon building will house various services, including an OB/GYN clinic. It will also house specialists in pulmonary medicine and pain management along with endocrinology and rheumatology – two specialties for which it can be difficult to recruit providers. The building will also house other lab services, including radiology, pharmacy and some infusion chairs.

Tower Capital helped arrange a $19 million loan to refinance 99 townhomes developed in the first phase of Poplin Glen, a 268-unit BTR development in Charlotte. The loan replaced an original bridge loan Tower Capital arranged in July 2021 to acquire the townhomes at certificate of occupancy with the intention to lease all the units.

The sponsor, who has declined to be identified, will begin selling the individually platted homes in Phase 1 to homeowners individually as units become vacant. Redfin’s Jill Moyer has been brought on to handle the sales. The subsequent phases, including Phase 2 with 70 units and Phase 3 with 99 units, will remain rentals.

Tower Capital’s Kyle McDonough said, “Demand is increasing from buyers seeking to own a property and it made sense to adjust the plan to meet that homeownership market need.”

The initial phase of Poplin Glen, delivered in 2021 and 2022, consists of two-story, three-bedroom, 2.5-bath townhome units with one-car direct-access attached garages and backyards.

KHP Capital Partners has purchased a historic Charlotte building. The company paid $19.3 million for The Johnston Building, a 100-year-old uptown office building. Spaulding & Sly Investments was the seller. The Charlotte Business Journal reports Spaulding & Sly acquired the property from The Dilweg Co. in 2019 for $35.3 million. Mecklenburg County’s 2023 property revaluation appraised the building at $45.4 million.

KHP Capital Partners is a real estate private equity firm focused on investments in lifestyle and independent hotels. Due to its historic status, the Johnston Building will likely quality for tax credits should KHP convert it.

The Johnston Building is a 17-story, 172,300-square-foot office property built in 1924. When it opened, it was the tallest building in Charlotte. The Charlotte-Mecklenburg Historic Landmarks Commission designated it a historic landmark in 1992.

CBRE’s Patrick Gildea, Matt Smith and Robert Hardaway represented the building owner in the transaction. Gildea and Smith were brokers in the 2019 sale.