WASHINGTON, D.C. — The advanced estimate for June retail sales nationwide is up 7.5 percent on a month-over-month basis, the U.S. Commerce Department reports. Consumers visited stores and auto dealerships in-person for the second straight month as businesses began reopening their doors. Retail sales totaled $524.3 billion in June, up from $487.7 billion in May. The most recent figure shows spending is near pre-pandemic levels, as the Commerce Department reported that February 2020 spending reached $527.3 billion. The Commerce Department also revised the May retail sales rate up by 50 basis points to 18.2 percent growth from April. Matthew Shay, president and CEO of the National Retail Federation (NRF), says that while the growth is trending positively, the increasing number of positive COVID-19 cases across the country could slow sales in the months to come. As of this writing, there were nearly 3.6 million positive cases in the U.S, according to Johns Hopkins University (JHU). Additionally, JHU reports that there were 77,255 new cases Thursday, setting a single-day record. “The retail sales numbers from last month were very encouraging and reflect continued progress in the right direction,” says Shay. “However, recent spikes in infection rates across the country have us focused …
VIERA, FLA. — ConcordRents has started construction of Venue at Viera Senior Living Apartments, a $32 million, 145-unit affordable seniors housing community in Viera, a master planned community located on Florida’s Space Coast near Melbourne. Units are reserved for seniors making between 40 percent and 80 percent of the area median income (AMI). Funding for Venue at Viera Senior Living comes from $16.8 million in tax-exempt bonds issued by the Brevard County Housing Finance Authority and $11 million in equity from the sale of Federal Housing Tax Credits allocated through Florida Housing Finance Corp. The developer, Atlantic Housing Partners, also provided some funding sources.
ARDEN, N.C. — Windsor Aughtry Hotel Group LLC has completed Home2 Suites by Hilton Asheville Airport, a 112-room hotel in Arden. The property offers fully equipped kitchens, complimentary Wi-Fi, a fitness center, grill area and an indoor/outdoor pool. The hotel is located at 390 Airport Road, one mile from Asheville Regional Airport and 12 miles south of downtown Asheville. Asheville Hospitality LLC owns the hotel, and Hospitality America Inc. is managing the asset.
ATLANTA — Ju-C Bar has opened its second location in metro Atlanta, joining the tenant lineup at Krog Street Market, a 30,000-square-foot food hall in Atlanta’s Inman Park neighborhood. Ju-C Bar is a family-owned restaurant specializing in made-order juices, smoothies, salads and wraps. Krog Street Market is situated along the Atlanta BeltLine’s Eastside Trail, two miles west of downtown Atlanta. Other tenants include Superica, Jeni’s Splendid Ice Creams, Ticonderoga Club, Fred’s Meat & Bread, Watchman’s Seafood and Spirits, Hop City and The Little Tart Bake Shop, as well as retail and office tenants including The Merchant, Iris and The Atlanta BeltLine Partnership. Ju-C Bar’s other location is in the northern suburb of Sandy Springs. Adrienne Crawford and Lily Heimburger of SRS Real Estate Partners represented the landlord, Charlotte, N.C.-based Asana Partners, in the lease transaction. Austin Wilson of Stein Investment Group represented Ju-C Bar.
The market-wide vacancy rate stood at 6.2 percent at the end of the second quarter, a period that included the first spate of negative net absorption in more than two years. Several retailers that are based in the metroplex, including Pier 1 Imports, Neiman Marcus, Tuesday Morning and J.C. Penney, have been among the major names to file for Chapter 11 bankruptcy and shutter stores in response to COVID-19. Investors’ concerns about rent collection and occupancy also impacted retail investment sales volume in DFW, which stood at approximately $1.6 billion at the end of the quarter, its lowest quarterly total in five years. Texas, one of the first states to reopen, has since seen a spike in new COVID-19 cases that prompted Gov. Greg Abbott to pause further reopenings in late June, a move that most notably included shutting down bars once again. The state currently has about 292,000 confirmed cases and 3,500 deaths, according to the Texas Department of State & Health Services.
HOUSTON — Stream Realty Partners and Principal Real Estate Investors have completed the final phase of Bay Area Business Park, a 3.3 million-square-foot industrial development located near Port Houston. The final phases consisted of three speculative building totaling 1.3 million square feet that were approximately 20 percent preleased at delivery. Development of the original 137-acre site began in 2007, with Phase I being completed in 2008 and adding 1.2 million square feet to the local supply. Phase II was completed in 2016 and added 850,000 square feet, and in 2019, the development team purchased an additional 95 acres for the property’s third and final phase.
DALLAS — Eatery Essentials, a provider of food storage containers and the U.S. subsidiary of Taiwanese supplier Vigour Pak, will relocate its corporate headquarters and primary manufacturing and warehousing operations to a 400,000-square-foot facility in Dallas. The facility will be located at 2425 Danieldale Road on the city’s south side and is expected to be operational by October. Eatery Essentials anticipates that the move will create about 150 new jobs.
HURST, TEXAS — Senior Living Investment Brokerage (SLIB) has brokered the sale of Bishop Davies Nursing Care Center, a 161-bed skilled nursing facility in Hurst, located between Dallas and Fort Worth. An owner-operator looking to exit the industry sold the property to a regional seniors housing owner-operator from Louisiana for $8 million. The 70,000-square-foot facility sits on a 5.2-acre lot and was 74 percent occupied at the time it was listed.
ARLINGTON, TEXAS — Lee & Associates has negotiated a 41,830-square-foot industrial lease at 4100 New York Ave. in Arlington. According to LoopNet Inc., the property was built in 2018 and spans 110,468 square feet. Adam Graham and Mark Graybill of Lee & Associates represented the landlord, Boston-based Cabot Properties, in the lease negotiations. David Eseke and Gary Collett of Cushman & Wakefield represented the tenant, Wastequip Manufacturing Co., a Charlotte-based manufacturer of trash containers, compactors and other waste management equipment.
CHANDLER, ARIZ. — The Douglas Allred Co. has broken ground on two additional office buildings at its Park Place Development on Price Corridor in Chandler. Located at the northeast corner of Price and Willis roads, the three-story buildings will offer 150,000 square feet each. Willmeng Construction, serving as general contractor, will deliver the buildings along with an 800-stall parking structure. Upon completion, the project will offer 10- to 12-foot ceiling heights, high-quality finishes and a six per 1,000 parking ratio. Balmer Architectural Group is providing architectural services for the project, which will add to the existing 1.5 million square feet of office, manufacturing and retail space at Park Place.