WASHINGTON, D.C. — U.S. retail sales overall remained static in April, following a 10.7 percent increase in March, according to the Department of Commerce. The monthly data fell below expectations, as economists polled by Reuters had projected a 1 percent increase in retail sales. Some sectors of the economy did experience a substantial increase in spending, however. The Wall Street Journal reported that a tracker of credit- and debit-card spending from Bank of America revealed that outlays on airlines rose 23 percent, and that spending at restaurants and lodging also increased. Conversely, spending at department stores fell a seasonally adjusted 28 percent from March to April, while outlays on clothing and furniture also fell. Economists expect that pent-up consumer demand coupled with a buildup in personal savings will lead to more spending during the next couple of months, especially as states across the country are lifting pandemic restrictions on businesses. Many economists are hoping that consumers will feel more at ease as the COVID-19 vaccines roll out and millions of Americans become fully vaccinated. On Thursday, the Centers for Disease Control and Prevention released a statement stating that there’s no longer a need for people who are fully vaccinated against …
LAPLACE, LA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $8.9 million sale of a 62,297-square-foot, single-tenant retail property in the New Orleans suburb of LaPlace. The property is on a long-term, absolute triple-net lease to grocer Winn-Dixie. The lease is corporate guaranteed by Winn-Dixie Stores Inc. Sean Lutz and Dan Elliot of SRS represented the seller, a private investor from Baton Rouge, in the transaction. The buyer was a family office also based in Baton Rouge.
LOS ANGELES — J.H. Snyder Co., with MVE + Partners as architect and designer, has completed One Museum Square, a 296,000-square-foot high-rise apartment tower in Los Angeles. Located at 640 S. Curson Ave., the 21-story building features 285 residential units; a large, open-air activity patio with dining and lounge seating; a residence lounge that opens to a patio; flexible workspaces; fitness center; and rooftop pool and hot tub. One Museum Square offers a mix of studio, one- and two-bedroom units, ranging from 495 square feet to 1,300 square feet, with private glass balconies; floor-to-ceiling windows; quartz countertops and full backsplashes; Kohler bathroom and kitchen fixtures; oversized soaking tubs or fully tiled showers; Bosch washers and dryers; custom-designed closets; extra bathroom and kitchen storage; and Fisher & Paykel appliances. The project team included SCA Engineers, NA & Associates, Limbach Engineer and Donald F. Dickerson Associates.
PHOENIX — San Diego-based MG Properties Group has purchased The Retreat Apartments, a garden-style multifamily community located in Phoenix’s Deer Valley submarket. Completed in 1997, the 480-unit property is a value-add opportunity for MG Properties. Brian Eisendrath and Cameron Chalfant of CBRE arranged an $81.5 million, seven-year, fixed-rate financing for the acquisition. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller.
BAKERSFIELD, CALIF. — CIT Group has arranged a $17.4 million loan for the acquisition of a three-building medical office portfolio in Bakersfield. Totaling more than 65,000 square feet, the fully leased properties are located on the campus of Bakersfield Heart Hospital. A majority of the building tenants are practice groups affiliated with the hospital. CIT’s Healthcare Finance unit served as sole leader arranger for the financing. The name of the borrower was not released.
SEATTLE — Amazon (NASDAQ: AMZN) is planning to hire 75,000 employees in its fulfillment and logistics network across the U.S. and Canada as the company continues to expand its footprint. Hiring is currently underway with the most openings in Arizona, California, Colorado, Georgia, Illinois, Kentucky, Maryland, Michigan, Minnesota, New Jersey, Pennsylvania, Tennessee, Washington and Wisconsin. Amazon also announced pay increases across its fulfillment and transportation networks with these roles offering an average pay of more than $17 per hour, plus sign-on bonuses in many locations of up to $1,000. Additionally, the company offers full-time employees benefits, including health, vision and dental insurance, 401(k) with 50 percent company match, paid parental leave and access to various company-funded learning opportunities that includes Amazon’s Career Choice program, which prepays 95 percent of tuition for courses in high-demand fields. Amazon is also offering $100 to any new hires who show proof of COVID-19 vaccinations. In late March, the company began rolling out on-site vaccination events at fulfillment centers in Missouri, Nevada and Kansas. The program has now expanded to more than 250 locations across the U.S. and Canada and offers access to the COVID-19 vaccine for more than half a million front-line employees, contractors …
DALLAS — Mill Creek Residential has topped out Modera Katy Trail, a 217-unit apartment community located at 5350 McKinney Ave. in Uptown Dallas. Designed by BKV Group, the property features studio, one-, two- and three-bedroom units with quartz countertops, custom cabinetry and wood-plank flooring. Amenities include a pool, fitness center, coworking spaces and conference rooms and a clubhouse with a lounge and wet bar. The development team expects to welcome its first residents in spring 2022.
ROCKLIN, CALIF. — Capital Rivers Commercial has arranged the sale of a retail showroom located at 4467 Granite Drive in Rocklin. The 15,600-square-foot building, which features a second-floor mezzanine level, sold for $4.1 million. Ryan Orn and Joe Blanton of Capital Rivers Commercial handled the transaction. The names of the seller and buyer were not released.
LOS ANGELES — Kayne Anderson Real Estate and Watermark Retirement Communities have opened The Watermark at Westwood Village, a high-rise seniors housing community in Los Angeles. The community is the latest addition to Watermark Retirement Communities’ Elan Collection, a group of high-end senior living communities. The property offers independent living, assisted living and memory care. The Watermark at Westwood Village was previously a University of California, Los Angeles (UCLA) dormitory dating back to the 1960s, before going through a four-year renovation. The property has 188 residences with studio, one- and two- bedroom apartments. The fully renovated property includes two 14-story towers totaling 189,000 square feet. The asset features four dining venues. Taboon serves Mediterranean-inspired food, while The W Lounge serves traditional food along with cocktails, beer and wine. The Gallery Café offers coffee and small food options. Also, Watermark at Westwood Village offers dedicated room service or catering for events at the property’s private dining rooms. The community also features a salon and spa; library and lounge; event space; fitness and wellness center; and a courtyard with a fireplace and private dog run. Residents will have access to 24-hour assistance from onsite associates who provide room service, transportation, pet care …
DENTON, TEXAS — Southwest Warehouse Services, a Fort Worth-based logistics company, has signed a 175,000-square-foot lease at a 374,560-square-foot speculative cold storage facility in the North Texas city of Denton. Cold Creek Solutions is the developer of the project, which features 45-foot clear heights, 65 trailer parking spaces and multi-temperature zones. MCM Real Estate Advisors LLC represented the tenant in the lease negotiations. Cold Creek Solutions was self-represented. Construction is scheduled to begin in the third quarter and to be complete in the second quarter of 2022.