BENTONVILLE, ARK. — Walmart’s e-commerce sales jumped 97 percent in the second quarter, which ended July 31. The Bentonville-based retailer increased its e-commerce capabilities, including increasing same-day delivery and curbside pick-up options as well as hiring at least 200,000 people during the pandemic. Walmart includes a grocery section, deeming the retailer essential and allowing it to remain open through the crisis. Additionally, the U.S. government passed the CARES Act, which included stimulus checks for millions of Americans. As a result of increased spending, Walmart’s same-store sales increased 9.3 percent in the second quarter. Total revenues rose 5.6 percent to $137.74 billion from $130.38 billion a year earlier. The company incurred $1.5 billion of COVID-related costs during the second quarter, including benefit payments and inventory purchases. Sales at Sam’s Club locations were up 8.8 percent in the second the quarter. E-commerce sales increased 39 percent.
RICHMOND, VA. — Capital Square’s development division has begun construction on Scott’s Collection I, a five-story, 80-unit multifamily community in Richmond’s Scott’s Addition neighborhood. The property will offer private balconies, a lobby and up to 70 parking spaces. Scott’s Collection I is the first of three developments that Capital Square is planning for the site, which is situated within an Opportunity Zone. A timeline for completion was not disclosed. The design team includes 510 Architects and Urban Core Construction. Greystar Property Management will manage Scott’s Collection I. Funding came through Capital Square’s CSRA Opportunity Zone Fund I LLC, which launched in July 2019, and M&T Bank provided construction financing.
ATLANTA — The Home Depot released its second-quarter results, which revealed the home improvement retailer saw a 23.4 percent increase in sales on a year-over-year basis. Sales totaled $38.1 billion in the second quarter, which ended Aug. 3. Because of the coronavirus outbreak and The Home Depot’s status as an essential retailer, meaning the stores have remained open through the pandemic, the company invested approximately $480 million in benefits for its associates, including weekly bonuses for hourly associates in stores and distribution centers.
SNEADS FERRY, N.C. — Newmark Knight Frank (NKF) has provided a $26 million Freddie Mac refinancing loan for Evolve at Stones Bay, a 300-unit apartment complex in Sneads Ferry. Josh Davis, Chris Caison and C.J. Webb of NKF originated the 15-year, fixed-rate loan on behalf of the owner, Evolve Cos. Stones Bay offers one-, two- and three-bedroom floor plans. Communal amenities include a business center, clubhouse, fitness center, game room, playground, pool and a volleyball court. The asset is situated at 1001 Quarters Landing Circle, 40 miles north of downtown Wilmington.
DENVER — KDC has entered into a partnership with master developer L.C. Fulenwider to develop build-to-suit office space at Peña Station NEXT, a mixed-use community near Denver International Airport. L.C. Fulenwider and Denver International Airport’s real estate division are co-developing Peña Station NEXT, a master-planned, transit-oriented, mixed-use community. The development is 12 minutes by train to Denver International Airport and less than 30 minutes to downtown Denver. The KDC partnership will add more than 1 million square feet of office space to Peña Station NEXT, which features 218 multifamily housing units and a 226-room Hyatt Place Hotel. An additional 600 multifamily units with ground-floor retail space are currently being planned. KDC plans to market the build-to-suit sites with Tom Lee and David Hart of Newmark Knight Frank. Additionally, the company will work with HKS Architects on master planning and building design.
NEW YORK CITY — Steiner Studios, a locally based soundstage operator, has announced plans for a 500,000-square-foot film and TV production hub within Sunset Park in Brooklyn. The project will generate $320 million in private investment and create 2,200 permanent industry jobs, according to Steiner. The New York City Economic Development Corp. and the Mayor’s Office of Media & Entertainment are partnering with Steiner Studios on the project, which is also expected to create about 1,800 temporary construction jobs. The development team will renovate two historic buildings, deliver a new parking facility and establish eight new soundstages as part of construction. A timeline for groundbreaking and completion was not released.
SEATTLE — Amazon (NASDAQ: AMZN) plans to create 3,500 new tech and corporate jobs across six cities with the expansion of its Tech Hubs in Dallas, Detroit, Denver, New York, Phoenix and San Diego. The Seattle-based e-commerce company will invest more than $1.4 billion in the new offices, which will host teams supporting businesses across the company. The Tech Hub and corporate office expansions include: Adding more than 100,000 square feet of space and 600 tech and corporate roles at the company’s existing Dallas Tech Hub in North Dallas. The acquisition of more than 25,000 square feet of office space in Detroit and the addition of 100 jobs. An expansion of 20,000 square feet of office space and 100 jobs at the Denver Tech Hub. The opening of a 630,000-square-foot office, creating 2,000 new jobs, in New York City at the former Lord & Taylor Fifth Avenue building. A 90,000-square-foot expansion at the Phoenix Tech Hub allowing for more than 500 new jobs. The addition of more than 40,000 square feet of office space at the San Diego Tech Hub for the creation of 200 new jobs. Teams in these cities will support various businesses across Amazon, including AWS, Alexa, …
MUNCY, PA. — NAI Mertz has brokered the sale of two industrial buildings totaling 425,800 square feet that front Interstate 80 in the central Pennsylvania city of Muncy. The Class A distribution centers total 235,000 and 190,800 square feet and are leased to e-commerce users. Howard Fertman, Chris Matus, Steve Cole and Dave Weaver of NAI Mertz represented the seller, S. Balolia Holdings LLC, in the transaction. EuroOptic LLC, an e-commerce provider of firearms, purchased the larger of the two buildings, and Patton Warehousing purchased the smaller one.
LAS VEGAS — Next Wave Investors has completed the disposition of Harlow Luxury Apartments, a Class A multifamily property located in Las Vegas. A Southern California-based private equity firm acquired the property for $21.5 million. Next Wave originally acquired the property in March 2019 for $17.1 million and increased its value by more than 25 percent in less than 16 months of ownership. The seller implemented major interior renovations at the 98-unit property including the installation of new countertops, flooring, appliances, lighting and fixtures and paint in nearly 30 units.
PHOENIX — Orion Investment Real Estate has brokered the sale of The Shops at 38th Street, a shopping center located in Phoenix’s Arcadia neighborhood. Richard Oliver sold the asset to Alturas Shops at 38th LLC for $6.1 million, or $265 per square foot. The approximately 23,018-square-foot property was fully occupied at the time of sale. Tenants include the Whining Pig, Crumbl Cookies, Club Pilates, H&R Block, Blind Tiger Tattoo, Team 44 Fitness, BoSa Donuts and Autumn Court. Nick Miner of Orion Investment Real Estate represented the seller in the deal.