WASHINGTON, D.C. — The U.S. Commerce Department reports that retail sales increased 9.8 percent in March, following a 2.7 percent decrease in February. The numbers surpassed the Dow Jones economists’ prediction of a 6.1 percent gain for the month. The sales growth is the biggest monthly gain since May 2020 (18.3 percent), which also came after a round of stimulus checks. According to CNBC, the newly issued stimulus checks gave consumers more discretionary income to spend on goods and services from retailers and restaurants than they had in February. The sporting goods, clothing and food and beverage categories generated the greatest increases in sales since pre-pandemic. Bar and restaurants saw an increase of 13.4 percent, while sporting goods sales increased by 23.5 percent. Clothing and accessories retailers had an 18.3 percent increase, and motor vehicle parts and dealers experienced a 15.1 percent jump. Some economists predict that people are still trying to save a portion of their stimulus checks. According to the CNBC, people saved 34.5 percent of stimulus checks and spent 29.2 percent. The news outlet also reported that inflation is becoming an increasing worry for economists as there has already been an increase in gas prices.
TAMPA, FLA. — Ready Capital has closed a $30.1 million loan for the acquisition, renovation and lease-up of an approximately 250,000-square-foot, Class B office property in Tampa. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and subsequently lease-up to market occupancy and at market rents. The name of the borrower and property were not disclosed. The non-recourse, interest-only loan features a 36-month term, floating interest rate, two extension options and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. Planned property improvements include new signage, HVAC upgrades, curb replacements and the buildout of rent-ready speculative suites.
LAKE JACKSON, TEXAS — Marcus & Millichap has brokered the sale of Brazos Self Storage, a 378-unit facility in Lake Jackson, located south of Houston. The facility was built on 3.4 acres in 1978 and expanded in 1981 and 1992. The unit mix consists of 104 climate-controlled and 274 non-climate-controlled units totaling 45,086 net rentable square feet. Brian Kelly, Brett Hatcher, Gabriel Coe and Dave Knobler of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Tim Speck of Marcus & Millichap also assisted in closing the deal as the broker of record. The buyer and sales price were not disclosed.
COLLEGE STATION, TEXAS — New York City-based Arbor Realty Trust Inc. (NYSE: ABR) has provided a $10 million bridge loan for the acquisition of Vintage at College Station, a 200-unit apartment community in College Station. The newly remodeled property is located about two miles from Texas A&M University’s campus and features one- and two-bedroom units that are furnished with stainless steel appliances, granite countertops, wood flooring and walk-in closets. Amenities include a pool, fitness center, outdoor grilling areas, business center and a dog park. Stephen York of Arbor originated the loan. The borrower was not disclosed.
FORT WORTH, TEXAS — Logistics firm Lineage Redistribution has signed a 122,500-square-foot industrial lease in Fort Worth. Matt Carthey and Thomas Grafton with Holt Lunsford Commercial represented the landlord, SCRS Fort Worth Industrial, in the lease negotiations. The representative of the tenant was not disclosed.
THE WOODLANDS, TEXAS — NAI Partners has negotiated a 25,288-square-foot life sciences lease for biotechnology firm Lexicon Pharmaceuticals at 2445 Technology Forest Blvd. in The Woodlands, about 30 miles north of Houston. Dan Boyles and Jon Silberman of NAI Partners represented the tenant in the lease negotiations. The duo also recently arranged the sale of Lexicon Pharmaceuticals’ former headquarters building in The Woodlands.
IRVING, TEXAS — American Honda Finance Corp., the leasing and financing solutions arm of the Japanese automaker, has signed a 23,142-square-foot office lease expansion at the 500,000-square-foot Royal Ridge complex in Irving. Timothy Vaughan of CBRE represented the tenant in the lease negotiations. John Brownlee and Michael Williams of JLL represented the landlord, Florida-based Accesso. Honda’s total footprint at Royal Ridge now encompasses nearly 100,000 square feet.
PHILADELPHIA — New Jersey-based Saxum Real Estate Cos. will develop Fishtown Kensington Village, a 297-unit apartment community in the Fishtown neighborhood of Philadelphia. The property will feature loft, studio, one- and two-bedroom units with stainless steel appliances, tile backsplashes and quartz countertops. Amenities will include a coworking café, two clubrooms, an industrial kitchen, lounge, two rooftop terraces and a fitness center. Thomas Didio, Michael Klein and Ryan Ade of JLL arranged a three-year, floating-rate construction loan in the amount of $46.5 million for the project through Valley Bank. Completion is slated for summer 2022.
CEDAR RAPIDS, IOWA — Garling Construction is scheduled to break ground next month on the first building at Edgewood Logistics Park, a 145-acre industrial business park in southwest Cedar Rapids. The first building will span 200,000 square feet and will be built on a speculative basis. It will feature a clear height of 36 feet and more than 50 truck docks. Situated at the northeast corner of Edgewood Road and 76th Avenue, Edgewood Logistics Park will house approximately 1.5 million square feet of industrial buildings upon completion for a total value of more than $125 million. The development group undertaking the project is privately held and locally owned. GLD Commercial is the leasing agent.
BURNSVILLE, MINN. — Westmount Realty Capital LLC has sold I-35 Industrial Center in Burnsville, a southern suburb of Minneapolis. Located at 2300 State Highway 13 West, the 413,239-square-foot warehouse is fully leased to e-commerce company ShopJimmy.com. Originally built in 1970, the Class B property is situated on 21 acres. It features a recycling center, showroom and storage space as well as 23 dock doors, 12 drive-in doors and a clear height of 21 feet. Westmount repaired masonry work on the building’s exterior, painted the building and upgraded the parking lot. Mark Kolsrud, Pete Carbonneau and Peter Loehrer of Colliers MSP Investment Services Group represented Westmount in the sale. The buyer and sales price were undisclosed.