REBusinessOnline

U.S. Economic Expansion Has Clear Runway to 2021, Says Wells Fargo Economist

CHARLOTTE, N.C. — The current U.S. economic expansion — 120 months and counting — is poised to become the longest in modern U.S. history come July. Mark Vitner, senior economist at Wells Fargo Securities, says the runway is clear for additional growth until at least 2021 before the start of the next recession. The last time the U.S. economy expanded for such a long duration was from 1991 to 2001. Post World War II, the average length of economic expansions has been 58 months, …

Confluent, Harbor Retirement Break Ground on New Assisted Living Property in Stuart, Florida

STUART, FLA. — Confluent Senior Living and Harbor Retirement Associates (HRA) have broken ground on HarborChase of Stuart, a 128,000-square-foot assisted living and memory care facility located at 786 N.W. Federal Highway in Stuart. HarborChase of Stuart will offer 96 assisted living and 38 memory care apartments available in one- and two-bedroom units. Confluent Senior Living, a subsidiary of the Denver-based real estate investment and development firm Confluent Development, serves as …

Consolidated-Tomoka Land Buys Metro D.C. Retail Asset Leased to 24 Hour Fitness for $21.3M

FALLS CHURCH, VA. — Consolidated-Tomoka Land Co. has purchased a 46,000-square-foot retail property in Falls Church for $21.3 million. The store has nine years remaining on its lease to 24 Hour Fitness and includes rental escalations. The property is also zoned for up to four stories and multiple uses, including residential. Consolidated-Tomoka Land bought the store in a 1031 exchange using proceeds from an $18.3 million sale of a 112,000-square-foot store in Winter Park, Fla., that is …

Hunt Provides $18.8M Loan to Refinance Student Housing Property Near Wake Forest

WINSTON-SALEM, N.C. — Hunt Real Estate Capital has provided an $18.8 million loan for the refinancing of Villages at Wake Forest, a student housing community near Wake Forest University in Winston-Salem. Hunt originated the 10-year loan through Fannie Mae with three years of interest-only payments followed by a seven-year amortization schedule. The borrower, Wake Forest Student Housing Associates LLC, purchased the asset in April 2018 and in January 2019 constructed an additional 20 …

Eller Capital Purchases Apartment Community in Winston-Salem for $16.4M

WINSTON-SALEM, N.C. — Eller Capital Partners has purchased Ashton Oaks, a 288-unit apartment community in Winston-Salem, for $16.4 million. The seller was not disclosed. Built in 1988, the property offers one- and two-bedroom layouts and is situated within one mile of Wake Forest University’s campus. Chapel Hill, N.C.-based Eller Capital plans to renovate Ashton Oak’s exteriors, build new amenities and upgrade the interior finishes. Affiliate firm Eller Residential Living will manage …

Easterly Government Acquires 137,679 SF FBI Field Office in New Orleans

NEW ORLEANS — Easterly Government Properties Inc. has acquired a 137,679-square-foot Federal Bureau of Investigation (FBI) Field Office in New Orleans. The seller and sales price were not disclosed. FBI-New Orleans is a four-story, single-tenant facility located on a 6.6-acre site. The FBI’s New Orleans Division oversees federal operations in all of Louisiana, including six satellite offices in Baton Rouge, Alexandria, Lafayette, Lake Charles, Monroe and Shreveport. This build-to-suit …

Savanna Acquires Office Tower in Midtown Manhattan for $381M

NEW YORK CITY — Savanna, a real estate owner and developer based in New York City, has purchased a 39-story office tower in Midtown Manhattan for $381 million. The nearly 500,000-square-foot building is located at 521 Fifth Ave., which is near the corner of 43rd Street and one block from Grand Central Station in New York City. The seller is a joint venture between SL Green Realty Corp., Quantum Global Real Estate and LaSalle Investment Management. Bill Shanahan, Darcy Stacom, David Fowler …

Women’s Apparel Chain Dressbarn to Close All 650 Stores

MAHWAH, N.J. — Dressbarn, a women’s apparel retailer, plans to eventually close all 650 of its stores nationwide. The New Jersey-based company is winding down its retail operations and plans to assist its 6,800 associates with transition support as individual stores close. “For more than 50 years, Dressbarn has served women’s fashion needs, and we thank all of our dedicated associates for their commitment to Dressbarn and our valued customers,” says Steven Taylor, Dressbarn’s …

Weller Development, Local Leaders Break Ground on $600M Phase of Port Covington Project in Baltimore

BALTIMORE — The first phase of Weller Development’s Port Covington, a 235-acre mixed-use redevelopment project in south Baltimore, kicked off with a ceremonial groundbreaking on Monday. The Baltimore Business Journal reports that this phase of construction, dubbed Chapter 1, will cost $600 million to complete and span five buildings. Weller Development, a privately held developer based in Baltimore, is the project’s lead developer and will build Chapter 1 over several years, with the …

Banyan Street Unveils Retail Hub, Central Courtyard at Peachtree Center in Downtown Atlanta

ATLANTA — Banyan Street Capital has unveiled The Hub and The Plaza within the historic Peachtree Center in downtown Atlanta. Banyan Street tapped architectural firm The Beck Group on the design for both portions of the 2.5 million-square-foot mixed-use development. The Hub, formerly known as the Mall at Peachtree Center, is home to more than 50 shops and restaurants. In the past 18 months, Banyan Street has inked leases with Salata, Beni’s Cubano, Taste of India and BEP! Vietnamese, as …

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