REBusinessOnline

U.S. Job Gains of 130,000 in August Fall Short of Wall Street’s Expectations

WASHINGTON, D.C. — Total nonfarm payroll employment rose by 130,000 in August, and the unemployment rate held steady at 3.7 percent, the U.S. Bureau of Labor Statistics (BLS) reported Friday morning. The job gains fell short of Wall Street's expectations of 150,000. A closer look at the data shows the private sector added 96,000 jobs, while government added 34,000 jobs, including 28,000 at the federal level and 6,000 at the state level. The growth in federal government jobs largely reflected …

Calkain Arranges $15M Sale of Triple-Net-Leased CVS in D.C.

WASHINGTON, D.C. — Calkain Cos. has arranged the $15 million sale of a triple-net-leased CVS property in Washington, D.C. The 8,754-square-foot building is located at 3323, 3325-3329 Connecticut Ave. NW, three miles north of downtown Washington, D.C. The building first served as a pharmacy in the 1950s before being converted to a CVS in 1990. Jonathan Hipp and Rick Fernandez of Calkain represented the seller, an undisclosed family trust, in the transaction. The buyer was a private investor …

Spanish Investor Buys 216,786 SF Office Building in D.C. for $231.3M

WASHINGTON, D.C. — Ponte Gadea has acquired 815 Connecticut Ave. NW, a 216,786-square-foot office building in Washington, D.C., for $231.3 million. The sale was recorded with the D.C. Recorder of Deeds on Thursday, Aug. 29. The Blackstone Group (NYSE: BX) was the seller. According to multiple media reports, Blackstone bought the building in late 2016 for $190 million. The asset was built in 1964 and is situated across the street from The White House. In 2011, former presidents Barack …

AGC: Construction Employment Rises in 71 Percent of U.S. Metros

WASHINGTON, D.C. — The Associated General Contractors of America (AGC) has reported that construction employment rose in 71 percent of U.S. metro areas from July 2018 to July 2019. Construction employment rose in 255 out of 358 market areas, declined in 56 areas and was unchanged in 47. Washington, D.C.-based AGC collected the data through a survey conducted with Autodesk. The Los Angeles-Long Beach-Glendale  metro area added the most construction jobs during the past year (12,100 jobs, up …

U.S. Retail Sales Up 5.6 Percent from 2018, Says U.S. Census Bureau

WASHINGTON, D.C. — The U.S. Census Bureau reports that retail sales in July were up 0.9 percent from June and 5.6 percent year-over-year. The numbers exclude restaurants, gas stations and automobile sales but include e-commerce sales. July’s results build on gains of 0.6 percent month-over-month and 2.2 percent year-over-year seen in June. Specifics from key retail sectors during July include: Online and other non-store sales were up 19.3 percent year-over-year and up 2.8 percent …

Lowe Acquires Former School Site in Washington, D.C., Plans 500,000 SF Art Museum-Anchored Development

WASHINGTON, D.C. — Lowe, a national real estate investor, developer and manager, has acquired the former Randall School site at 65 I St. SW in Washington, D.C. Lowe plans to redevelop the 2.7-acre site into a 500,000-square-foot mixed-use project featuring a contemporary art museum. Lowe had first come on as partner for the project in 2017 but is now assuming control of the development from TRSW, a partnership between Telesis Corp., a national affordable housing developer, and the Rubell …

Network Realty Partners, USAA Purchase 625,506 SF Office Complex in D.C.

WASHINGTON, D.C. — A partnership between Network Realty Partners and USAA Real Estate has purchased Union Square, an office complex in Washington, D.C.’s NoMa (North of Massachusetts Avenue) neighborhood. The property comprises a central courtyard and two nine-story office buildings totaling 625,506 square feet. Union Square was originally built in 1969 and renovated in 2012. The complex was 90 percent leased at the time of sale to government and nonprofit tenants. Dek Potts, Jim Meisel, …

Lee & Associates Opens New DC/Northern Virginia Office

WASHINGTON, D.C. — Lee & Associates has named Josh Simon president of the firm's new Washington, D.C/Northern Virginia regional office. Simon previously served as a partner with NAI KLNB. Pierce Kruetzer — also formerly of NAI KLNB — joins Simon as a principal with the new Lee & Associates office. Simon expects to grow the office with eight to 10 brokers to assist clients in need of office landlord representation, office tenant representation, retail leasing, industrial …

MBA: Q1 Commercial Real Estate, Multifamily Mortgage Originations Rise 12 Percent, Sales Fall 9 Percent

WASHINGTON, D.C. — Commercial real estate loan originations rose 12 percent in the first quarter of 2019 compared with the same period a year ago, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. The industrial sector climbed 73 percent in loan originations, followed by healthcare (41 percent) and hotels (14 percent). Retail and multifamily both saw increases (9 percent each), while the dollar volume of office …

Akridge, Alcion Partners Sell Office Building in Downtown D.C. for $119M

WASHINGTON, D.C. — Akridge and Alcion Partners have sold 1701 Rhode Island Ave., a seven-story, 103,908-square-foot office building in downtown Washington, D.C., for $119 million. The partnership acquired the then-YMCA in March 2016 before repositioning the asset into an office building fully leased to WeWork. WeWork has occupied the space since February. Design firm Hickok Cole Architects and general contractor Whiting-Turner Contracting Co. led the redevelopment of 1701 Rhode Island to …

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