NEW YORK CITY — Urban Edge Properties, a New York City-based management company, has launched dedicated grab-and-go shopping services at select retail properties in New York and New Jersey. Urban Edge will offer short-term parking spaces located near stores that allow shoppers to pick up items ordered online or briefly enter the store. The spaces are designed to limit the amount of time customers physically spend in stores and to emphasize social distancing as retailers gradually begin to reopen their stores amid the COVID-19 outbreak. Urban Edge has launched the new service at 16 properties, including Bergen Town Center and Hudson Mall in Jersey City and Burnside Commons in New York. Additional properties will launch the program throughout June and July. Restaurant and other essential retailers are already using the parking spots.
LEAWOOD, KAN. — AMC Entertainment Holdings Inc. (NYSE: AMC) says it has “substantial doubt” for its ability to remain in business after shutdowns due to the coronavirus. If the movie theater chain is not able to recommence operations within its estimated timeline, it will require additional capital. The Leawood, Kan.-based company temporarily suspended operations at all of its theaters through June and is generating no revenue. Even if governmental operating restrictions are lifted in certain jurisdictions, AMC says distributors may delay the release of new films until operating restrictions are eased more broadly both domestically and internationally. AMC today released preliminary results from its first quarter that ended March 31. Total revenues for the three months amounted to $941.5 million, compared with $1.2 billion the same time period last year. Net loss for the first quarter is projected between $2.1 billion and $2.4 billion. Net loss for the same time period in 2019 was $130.2 million. As of April 30, AMC had a cash balance of $718.3 million. Second-quarter results are projected to be worse. AMC operates 1,000 theaters and 11,000 screens across the globe. It closed all 630 U.S. locations in mid-March. AMC’s stock price closed at $5.65 per …
DURHAM, N.C. — Grail Inc. will invest $100 million at a new laboratory facility in Durham’s Research Triangle Park, a project that is expected to create about 400 new jobs. Menlo Park, Calif.-based Grail will be able to detect more than 50 types of cancer from a single blood sample at the facility. The average salary at the cancer center will be in line with Durham’s average household income of $71,756 per year, according to North Carolina Gov. Roy Cooper. Over the course of 12 years, the project is estimated to grow the state’s economy by $1.2 billion. The North Carolina Economic Investment Committee approved a Job Development Investment grant, which authorizes the potential reimbursement of $5.2 million to Grail if the company meets specific job creation measures and investment targets. This will mark Grail’s first production lab outside of California. Jay Phillips, Wayne Kumagai, Ben Stern and Doug Brock of Newmark Knight Frank (NKF) represented Grail in the land transaction. Alan Reeves, Joe Gioino, Ramya Sannananjegowda and Bob Hess, also of NKF, advised the buyer on the site selection. A timeline for construction was not disclosed.
HIALEAH GARDENS, FLA. — Easton Group will develop a 266,000-square-foot warehouse in Hialeah Gardens near Miami. An affiliate of Easton acquired an 8.5-acre site for $8.2 million. In September, a different Easton affiliate bought an adjacent 8.5-acre site for $5.6 million. Easton will develop the 266,000-square-foot property across the entire 17-acre site, which is located on NW 107th Street near the Florida Turnpike. The facility will feature 32-foot clear heights and 75 trailer parking spaces. Construction is expected to start in the first quarter of 2021, and leasing efforts are already underway. Ware Malcomb designed the property. Dalton Easton internally represented the buyer in both land transactions. The seller(s) was not disclosed.
ELKRIDGE, MD. — KeyBank has provided a $66.7 million Freddie Mac refinancing loan for Verde at Howard Square, a 344-unit multifamily community in Elkridge. The 16-year loan features 10 years of interest-only payments followed by a 30-year amortization schedule. The property, which was built in 2019, comprises eight four-story buildings spanning 20 acres. Communal amenities include covered parking, a business center, clubhouse, fitness center, pool, lounge deck, game room and a dog-washing room. Dirk Falardeau of KeyBank originated the loan on behalf of the borrower, Atapco Properties.
FAIRBURN, GA. — Transwestern Investment Group has acquired Bohannon Logistics Center, a 238,533-square-foot industrial building in Fairburn. The seller, DHL Supply Chain, delivered the asset earlier this year. The property is situated at 5002 Bohannon Road, 13 miles southwest of Hartsfield-Jackson Atlanta International Airport and 22 miles southwest of downtown Atlanta. The building features 47 dock doors, 32-foot clear heights, 130 auto parking spaces, 54 trailer parking spaces and a 185-foot concrete truck court. Transwestern Real Estate Services will provide property management services. Reed Davis and Bob Currie of JLL are handling leasing efforts. Mike Chambers and Bill Kee of NAI Brannen Goddard represented the seller in the transaction. The sales price was not disclosed.
DAVENPORT, FLA. — JLL has provided a $32.3 million loan through Freddie Mac for the refinancing of Lake House, a 240-unit apartment complex in Davenport. HFF, a JLL company and Freddie Mac Optigo lender, will service the 10-year, floating-rate loan. Lake House offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, fishing lake, tennis court, outdoor grill area, pool, fitness center, storage space and a car wash area. The asset is situated at 200 Village Blvd., 29 miles south of downtown Orlando. Mona Carlton, Elliott Throne, Jesse Wright, Amit Kakar and Michael DiCosimo of JLL originated the loan on behalf of the borrower, Beachwold Residential.
EL PASO, TEXAS — Dallas-based industrial developer Hunt Southwest will enter the El Paso market with Rojas East Distribution Center, a 370,000-square-foot speculative project that will be located about 15 miles southeast of the downtown area. The two-building complex will offer proximity to Interstate 10 and the Zaragoza International Bridge, which connects El Paso to its sister city of Ciudad Juarez, Mexico. Building features will include parking for up to 292 automobiles and 42 trailers, as well as 28- to 32-foot clear heights, ESFR sprinkler systems and build-to-suit office spaces. PSRBB Industrial Group Inc. is handling design services for the development, and Conlan Co. is the general contractor. Sonny Brown & Associates will handle leasing of the project. Construction is underway and expected to be complete in the first quarter of 2021.
BAYTOWN, TEXAS — JLL has negotiated the sale of Cedar Crossing Distribution Center, a 129,527-square-foot industrial property located in the eastern Houston suburb of Baytown. Built in 2009, the property was fully leased at the time of sale to Merih Cotton Corp., a family-owned cotton distributor. The front-load building is situated on 7.3 acres within Cedar Port Industrial Park and features 24-foot clear heights and 33 dock-high doors. Trent Agnew, Rusty Tamlyn, Charlie Strauss, Ethan Goldberg and Richard Quarles of JLL represented the seller, a partnership between Mountain West Industrial Properties and American National Insurance Co., in the transaction. High Street Logistics Properties purchased the asset for an undisclosed price.
BLOOMFIELD HILLS, MICH. — Agree Realty Corp (NYSE: ADC), a retail real estate investment trust, received rent payments from 87 percent of its tenants in May, according to the company. Agree entered into May deferral agreements with tenants representing approximately 4 percent of its portfolio. All of Agree’s investment-grade tenants paid their rent for May. Acquisition activity in the second quarter through May 29 totaled $147.4 million. The acquisition of six properties occupied by Walmart comprised approximately 39 percent of acquisition capital deployed. Walmart remains the company’s top tenant, accounting for approximately 7.5 percent of annualized base rent. Agree has sold seven properties for gross proceeds of approximately $16.6 million quarter-to-date through May 29. Agree has also executed a new 20-year net lease with an undisclosed tenant for its former Art Van flagship store in Canton, Mich. Rent is expected to commence in the latter half of the third quarter. This was the only Art Van furniture store in the company’s portfolio. Bloomfield Hills-based Agree primarily engages in the acquisition and development of properties net leased to retail tenants. As of March 31, the company owned and operated a portfolio of 868 properties in 46 states with a gross leasable …