Related Group has broken ground on the Southbank Residences, a 25-story mixed-use development along Jacksonville’s St. Johns River. This $200 million project marks the first new luxury high-rise along the Downtown riverfront in over a decade. 

Southbank Residences will deliver 395 luxury rental residences across two towers, anchored by a 4,500-square-foot waterfront restaurant and rooftop lounge. A 29-slip marina, public boat ramp and 601 structured parking spaces reinforce the project’s connection to life on the river. The City’s water taxi network will further connect Southbank Residences to entertainment, cultural and sports venues, as well as businesses throughout Downtown Jacksonville.

Construction is scheduled to begin in the next 30 days, and the work will take 30 to 36 months, with a completion targeted for late 2028 to early 2029.

The project is designed by Carlos Ott,and MSA Architects as record architect. Coastal Construction is the lead contractor.

Empire Group of Companies has replaced Diversified Partners with SimonCRE to complete the buildout of a proposed 120,000-square-foot retail center in Carefree. The Phoenix Business Journal reports the move was made due to an issue with delivering tenants. The Carefree Quarter project is expected to cost $60 million to build. The development will break ground in early 2027. Empire Group acquired the land in 2017 for $6.5 million.

The plan is for a 30,000-square-foot grocery store with a 16,000-square-foot building attached. There will also be three shops and eight pad buildings ranging in size from 1,700 square feet to 4,700 square feet,

Empire is working on a project in downtown Phoenix that will become Arizona’s tallest tower. Arro is a 1.8 million-square-foot development that includes two towers, each home to a hotel, residential units, a restaurant and office space. Anticipated groundbreaking is early next year.

Capital Group is opening a major East Coast operations hub in Charlotte, the company announced in a release Thursday.

An aerial view of Charlotte

The new hub will be a base for the investment firm’s legal, compliance, technology and data work, and it will also support its domestic and international growth, according to the release. The firm said it had selected Charlotte due to the metro area’s “strong and growing talent pool” in the financial services space and its thriving business scene. 

“Charlotte stood out as a natural fit for Capital Group’s next phase of growth,”  Capital Group Chief Operating Officer Rob Klausner said in a press release from the city of Charlotte.

Capital didn’t disclose the exact location of the hub, but Axios reports it will be in Uptown Charlotte. 

The hub will bring in an additional $5.2B in state tax revenue over 12 years, according to the North Carolina governor’s office. The state is making available up to $17M in reimbursement funds through the state’s job development investment grant program because of the firm’s estimated $60M investment in the state. 

As part of the move, the firm will close its office in Virginia’s Hampton Roads area by the end of 2027, Bloomberg reported. 

In the same announcement, Capital said it would invest in its newly purchased Los Angeles headquarters. This past week, the company entered an agreement with a Brookfield Properties entity to purchase the Bank of America Plaza office tower at 333 S. Hope St. in Downtown Los Angeles. It previously leased 320K SF of office space at the tower in a long-term lease that was set to expire in 2030. 

Capital boasts more than 9,300 associates in 33 offices across the world, including Asia-Pacific, Europe and North America. Sixteen of those offices are in the U.S., with four in California.

Historic West End Partners has amassed several parcels on West Trade Street, allowing the company to pursue a mixed-use development that’s expected to be anchored by a grocery store.

Historic West End Partners will collaborate with Chotomy, the development arm of local architecture firm Shook Kelley; The Integral Group; and Charlotte nonprofit P3 Foundation on a six-story, 290-unit apartment building that will include a 15,000-square-foot market as the ground-floor anchor tenant. The five-parcel assemblage will total just over 1.5 acres and cost $100 million to build. Funding will come from donations and privately placed tax exempt bonds.

The Charlotte Business Journal reports the affordable housing development will be unlike any other project the city has seen because it will be wholly owned by a group of nonprofits. As co-developers, Integral and Chotomy will only be compensated on a fee basis with no ownership in the project.

The groups hope to break ground in 2026 and deliver in late 2027.

The Bascom Group, LLC has retained Noel Aguirre and Sean Lieppman of Lee & Associates to market and lease a 4,100-square-foot ground-floor space at 200 Pine Ave. in Long Beach. Located in the city’s downtown area, the space features an adjoining 3,865-square-foot lower-level space.

The space, which offers patio capability, is second-generation restaurant space suitable for a full-service restaurant concept in the downtown Long Beach market, according to The Bascom Group. The location has dedicated on-site retail and restaurant parking and is at the base of a six-story, 65,909-square-foot office building renovated in 2022.

David Kim, Managing Partner at The Bascom Group, said, “200 Pine is in the heart of the Pine Avenue entertainment district, with numerous retailers and restaurants, such as Altar Society Brewing Company. This building is within two blocks of City Hall, Billie Jean King Public Library, George Deukmejian County Court House, the State Building, and the newly expanded Long Beach Convention & Entertainment Center.”

Le Investment Group closed the sale of The Mango Tree Apartments, a 56-unit multifamily property located at 8021 Mango Ave., Fontana. The property was sold for $10,850,000, equating to $193,750 per unit.

The all-cash sale closed within 14 days at a 4.50% cap rate, with a GRM of 13.09 and a Pro Forma CAP rate of 6.86%. The property was a value-add play, with low existing rents and renovations required, presenting significant potential for increased revenue and asset appreciation. Le Investment Group represented both the seller and the buyer.

“We are proud to have successfully facilitated this transaction with such efficiency,” said Albert Le, managing partner at Le Investment Group. “This sale helps demonstrate the momentum of the current commercial real estate landscape. Investors are eager to re-enter the market after a period of hesitation, and this transaction highlights the demand for well-located, income-generating properties.”

WestPark Partners recently bought a Maryland Farms office building that sold last month for a steep discount. The group paid $6.3 million for the five-story WestPark Building at a foreclosure auction last month, marking an $18.57 million loss from what it sold for in 2013. The Nashville Business Journal reports the owner was First National Bank of Tennessee, who acquired the property from Crestview Funds through foreclosure.

The building, located at 111 Westwood Place, was built in 1982 and offers nearly 100,000 square feet of office space on a 5.14-acre lot. It is just a few minutes south of Nashville.

WestPark is rebranding the property, which has been vacant since late 2024, to Westpark Exchange and is in the early planning stages of building renovations.

Westpark Partners is comprised of CET Holdings plus a few additional partners. The group developed the Branch Creek Office Park in Franklin, the boutique hotel Neo Nashville and Seven at 7 Mile Creek Apartments in Nashville.

Northside Hospital purchased Glenridge Point, a 184,912-square-foot office complex in Sandy Springs, Ga. Richmond Honan Development & Acquisitions sold the two-building property for $14.2 million.

Colliers Tom Davenport and Dany Koe worked on behalf of the receiver, B. Riley Advisory Services.

Commercial Edge reports the office complex was last traded in 2018 when Richmond Honan acquired it for $44.5 million in a portfolio transaction from Pope & Land Enterprises. Located at 100 and 200 Glenridge Point Parkway, the property is at the intersection of Interstate 285 and Georgia Highway 400. The office complex is near the Pill Hill medical hub and some 14 miles from downtown Atlanta.

Completed in 1970 on 3.6 acres, the five-story Glenridge Point underwent renovations between 1999 and 2016. Its amenities include an outdoor space with seating and EV parking spots. 

The tenant roster includes eVestment and Keller Williams Realty First Atlanta.

Argyle’s Heritage planned development may claim Baylor Scott & White and H-E-B as interested parties. The two entities are looking to build on the Heritage tract development along Robson Ranch Road and I-35W.

Community Impact reports Baylor Scott & White wants to develop on 50 acres of the 195-acre property, which will include several different buildings including retail, fitness and medical spaces. They have plans of potentially constructing a specialty heart hospital, which may include a surgical center and acute care hospital later in the construction timeline. H-E-B is looking at purchasing a tract of land on Heritage for a grocery store.

Baylor Scott & White has a five-phase plan lasting 24 years with the provisional plan of constructing a wellness campus.

The overall development of this land is expected to consist of five phases over a 30-year period, with Phase 1 lasting from 2024-28 and including the construction of the grocery store and retail along I-35.

The Moinian Group secured a 27,500-square-foot, five-year lease renewal with Gardiner & Theobald, an independent construction and property consultancy for the built environment, at 535 & 545 Fifth Ave. in Manhattan’s Midtown East. Gardiner & Theobald will continue utilizing its space to carry out its office operations.

Omar Sozkesen, VP of commercial leasing at The Moinian Group, represented ownership in-house. The tenant was represented by Evan Fiddle, SVP at CBRE.

“The renewal of Gardiner & Theobald’s lease is a testament to the quality of spaces at our properties, and we are pleased the company has chosen to continue its operations at 535 & 545 Fifth Ave.,” said Sozkesen. “Located within one of New York City’s most prominent retail and office corridors, we’re proud of the continued leasing success we’ve had at the property.” 

In addition to the building’s office component, the property’s retail space recently reached 100% occupancy with the signing of Paris-based professional football club Paris Saint-Germain.