WASHINGTON, D.C. — Total nonfarm employment in the United States increased by 178,000 jobs in March, according to the U.S. Bureau of Labor Statistics (BLS). This figure shows a reversal from the 133,000 decline in February (revised down from -93,000) and an improvement from the 59,000 figure expected by Dow Jones economists, according to CNBC. February’s number was revised down by 41,000 while January was revised up by 34,000 to 160,000, putting the three-month average around 68,000, as reported by CNBC. The unemployment rate, currently sitting at 4.3 percent, changed little in March. Job gains primarily occurred in healthcare, construction, transportation and warehousing, while federal government employment continued to decline. The healthcare sector led the way adding 76,000 jobs, including gains in ambulatory health care services (+54,000), reflecting an increase of 35,000 jobs in offices of physicians as workers returned from a strike. Employment also increased in hospitals (+15,000). Over the past year, healthcare has added an average of 29,000 jobs per month. Construction grew by 26,000 jobs in March but has shown little new change over the previous 12 months. Transportation and warehouse added 21,000 jobs, with gains in couriers and messengers (+20,000); however, transportation and warehousing is down …
HUNTSVILLE, ALA. — Forman Capital has provided a $20.5 million bridge loan for Hotel Indigo, a newly built, 112-room boutique hotel located within Huntsville’s MidCity District. Ben Jacobson, Scott Mehlman, Ty Regnier and Cameron Fleury of Forman Capital secured the loan on behalf of the borrower and developer, ViaNova Development. The loan paid off the construction financing for the five-story hotel. The pet-friendly property, which is expected to open over the next few weeks, will feature meeting space, an onsite restaurant and a fitness center.
RINGGOLD, GA. — McCarthy Building Cos. has delivered CommonSpirit – Memorial Hospital, a 134,000-square-foot hospital located in Ringgold, a city in Catoosa County along the Georgia-Tennessee border. The $90 million project marks the first new hospital to be delivered to the community in seven decades. The 64-bed inpatient hospital replaces the 70-year-old Hutcheson Medical Center and connects to the existing physician office building, serving as an anchor for its medical campus. The hospital features an emergency department that includes critical care services, imaging services, operating rooms, a GI department, pharmacy, modernized kitchen and server, laboratory and a sterile processing department, as well as a chapel provided by the Sisters of Charity of Nazareth. The facility also houses eight ICU rooms and 56 medical and surgery rooms, including five isolation rooms. The site also houses Rees Skillern Cancer Institute and MaryEllen Locher Breast Cancer Center, where additional renovations were also completed to enhance patient access and operational efficiency across the campus. The Cancer Center includes a new waiting room, patient registration area, storage, stretcher alcove and a new southern entrance, while the physician office building features new administrative offices, an office for the director of nursing and a dedicated command center. Hoefer Welker …
ANNAPOLIS, MD. — Atlas Hill RE and Centennial have signed five new tenants at Annapolis Mall, a 1.6 million-square-foot super-regional shopping center located in Annapolis, approximately 30 miles east of Washington, D.C. Aéropostale is scheduled to open in June and POP MART plans to open this fall. Abercrombie & Fitch will open its doors in November, while beauty and lifestyle retailer Miss A will debut one of its first 100 stores in the country this year. Existing tenant lululemon is nearly doubling its size, relocating to a new 5,575-square-foot space in 2027. Atlas Hill RE owns and leases Annapolis Mall alongside managing partner Centennial. Annapolis Mall features more than 200 retailers and restaurants such as Macy’s, Apple, Crate & Barrel, H&M, Michael Kors, Tumi, Urban Outfitters, Free People, Foot Locker, Zara, Maggiano’s and The Cheesecake Factory, as well as a 12-screen AMC Theatres location. Centennial and Atlas Hill RE acquired Annapolis Mall in 2024.
The Upstate South Carolina industrial market is at an inflection point — an expected condition in a maturing and evolving market. Similar transitions have occurred in prior cycles and have consistently required lease rates to adjust more rapidly than traditional annual market escalations. These adjustments are driven by a combination of factors, including supply and demand dynamics, construction costs, capital markets and broader economic conditions. Currently, construction costs are the primary constraint impacting new deliveries. The post-COVID development surge resulted in over 30 million square feet of speculative industrial construction, a portion of which has yet to be fully absorbed. Today, we are approaching pre-COVID metrics with roughly 6.4 million square feet of speculative inventory (delivered or under construction) and an overall vacancy rate of approximately 7.3 percent. At this level, certain submarkets are at the point where additional speculative inventory will be required to meet tenant demand. The challenge lies in pricing. Much of the existing vacant space was delivered under a materially different construction cost structure, resulting in lease comps that do not reflect today’s construction and land costs. While incremental rent growth has occurred, it has not fully bridged the gap between legacy pricing and the economics …
WINDSOR, VA. — Cushman & Wakefield | Thalhimer has negotiated the sale of a former Keurig Dr Pepper (KDP) roasting plant located at 25400 Old Mill Road in Windsor, approximately 11 miles southeast of Suffolk. Schenley Investments purchased the 348,107-square-foot industrial/manufacturing building from KDP for $20.2 million. While the facility previously served as a processing and distribution facility for Keurig coffee pods, Schenley will now be investing capital to renovate and rebrand the property as the Virginia Trade Center. Geoff Poston and Brett Sain of Cushman & Wakefield | Thalhimer represented the buyer in the transaction. KDP, the beverage manufacturer that produces the Dr Pepper and Snapple brands and single-serve K-cups used in Keurig coffeemakers, announced the closure of the Windsor plant two years ago.
PADUCAH, KY. — An affiliate of Phoenix Investors has purchased a 334,772-square-foot industrial facility located at 7845 Carneal Road in West Paducah. The seller and sales price were not disclosed. Originally constructed in 1966, the facility sits on roughly 29 acres and includes 25-foot clear heights, seven dock doors, 13 drive-in doors and expansive yard and parking areas within a fully fenced property. The building can accommodate manufacturing, distribution and bulk logistics users and offers flexible warehouse space. The industrial facility is also located near the “Triple Rail” site, which is an 800-acre industrial park that features direct access to three major rail lines including Paducah & Louisville Railway (P&L), Canadian National (CN) and BNSF Railway. In addition to rail connectivity, West Paducah sits at the confluence of the Ohio, Tennessee, Cumberland, and Mississippi rivers, making it a major inland shipping gateway. Phoenix Investors plans to further modernize and reposition the property for modern industrial users with upgrades like LED lighting, new exterior paint, parking lot improvements, dock upgrades and white-boxing portions of the building, as well as additional site enhancements designed to improve operational efficiency.
MADISON, MISS. — SRS Real Estate Partners has brokered the $9.4 million sale of a single-tenant retail property leased to Academy Sports + Outdoors located in Madison, about 15 miles north of Jackson. Michael Berk, Patrick Nutt and Chip Watson of SRS represented the Louisiana-based private seller. The buyer was a publicly traded REIT. Both parties requested anonymity. Built in 2017 on about 7 acres, Academy Sports occupies a 64,626-square-foot building on a corporate-guaranteed lease with eight years remaining. Nearby retailers include Lowe’s Home Improvement, Office Depot, Walmart Supercenter and The Home Depot, among others.
RICHMOND, VA. — A joint venture between Northern Virginia-based developer Middleburg and affiliates of Harbor Group International (HGI) has secured construction financing for Scottwood, a 299-unit multifamily development located at 4400 W. Broad St. in Richmond. Truist Bank provided an undisclosed amount of financing for the project. Construction is set to commence this month, with initial deliveries anticipated in late 2027. Situated just west of the city’s Scott’s Addition District near Topgolf Richmond, Scottwood will span two four-story buildings, one with 132 units and the other with 167, as reported by Richmond BizSense. Additionally, the project will feature curated courtyards throughout the property and activated amenity spaces along West Broad Street.
ARLINGTON, VA. — Crescent Communities and Rockefeller Group have broken ground on NOVEL Arlington, a 530-unit apartment development in the Washington, D.C., suburb of Arlington. Set for completion in early 2028, the property will sit on 5.5 acres near the interchange of I-395 and South Glebe Road, which is one exit from the Pentagon. NOVEL Arlington will comprise 493 studio, one-, two- and three-bedroom apartments, as well as 37 rental townhomes. The property will offer direct access to two trails (the Four Mile Run and the Washington & Old Dominion Trail) and 20,000 square feet of indoor and outdoor amenities, including a rooftop pool, golf simulator, coworking suites and a fitness center with recovery offerings. Crescent and Rockefeller are pursuing LEED Gold certification for NOVEL Arlington. Other members of the design-build team include Bohler D.C. (civil engineer), Hord Coplan Macht (architect), John Moriarty & Associates (general contractor), LandDesign (landscape architect), Streetsense (interior design) and Structura (structural engineer). Capital sources include equity financing from Shimizu Realty Development and Mitsubishi Estate New York and construction financing from Sumitomo Mitsui Trust Bank New York Branch.
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