REBusinessOnline

Facebook to Invest Additional $250M for Data Center Expansion in Covington, Georgia

COVINGTON, GA. — Facebook will invest an additional $250 million at its data center campus in Covington, bringing the social media giant’s total investment at the site to $1 billion. The Menlo Park, Calif.-based company will add three buildings and 1.5 million square feet to the property, which was first announced in 2018. Upon completion, the property will total five buildings spanning nearly 2.5 million square feet. Facebook expects to house 200 employees at the site, which is situated …

Federal Reserve Plans to Keep Interest Rates Below 0.25 Percent Through 2023

WASHINGTON, D.C. — The Federal Reserve plans to keep the target range for the federal funds rate between 0 and 0.25 percent until the end of 2023 due to economic activity and employment being well below that of the beginning of the year. The Washington, D.C.-based committee outlined economic conditions it wishes to see before raising rates, the main condition being inflation to exceed 2 percent “for some time.” Due to the COVID-19 outbreak, the Fed says the labor market will also need to …

Diversified Healthcare Trust Completes $26M Renovation of Medical Office Building in D.C.

WASHINGTON, D.C. — Diversified Healthcare Trust has completed a $26 million renovation of 1145 19th St. NW in Washington, D.C., a 133,000-square-foot medical office building. The renovations include a new glass façade, lobby lounge, fitness center, business center and an upgraded HVAC system. The property is situated less than one mile from downtown D.C. The RMR Group managed the renovations, Davis Construction was the general contractor and SmithGroup Architecture was the designer. Nick …

Safeguard Self Storage Expands Facility in New Orleans by 544 Units

NEW ORLEANS — Safeguard Self Storage has completed the expansion of its facility located at 919 Erato St. in New Orleans’ Lower Garden District. The company added 544 units spanning 44,346 square feet to its existing 459-unit, 33,311-square-foot facility. The asset utilizes the Noke Smart Entry System, which allows customers to access the building, storage area and individual units with a smartphone app. The building also features a “green roof,” which sustains living vegetation. Brian …

Trader Joe’s Signs 12,995 SF Lease at Shopping Center in Richmond

RICHMOND, VA. — Trader Joe’s has signed a 12,995-square-foot lease at Stony Point Village in Richmond. The 114,347-square-foot property is located at 3096 Stony Point Road, nine miles west of downtown Richmond. The Monrovia, Calif.-based grocer will join tenants such as Good Foods Grocery, Gelati Celesti Ice Cream and Einstein Bros. Bagels. Mount Pleasant, S.C.-based Ziff Properties Inc. owns the shopping

Papa John’s to Open New Regional Office in Metro Atlanta by Next Summer

LOUISVILLE, KY. — Papa John’s International Inc. has announced it will open a new global headquarters in metro Atlanta by summer 2021. The Louisville, Ky.-based pizza chain is in the process of picking an office space and expects to have a location finalized by the end of this year. Georgia Gov. Brian Kemp’s office says the move is expected to bring 200 jobs to the area. Papa John’s will move its menu innovation; marketing; customer experience; human resources; diversity, equity and …

Ram Realty Advisors Delivers 243-Unit Multifamily Community in Fort Lauderdale

FORT LAUDERDALE, FLA. — Ram Realty Advisors has delivered CURV, a 243-unit multifamily community in Fort Lauderdale. The property offers one-, two- and three-bedroom floor plans ranging from 748 to 1,603 square feet with rents starting at $2,010 per month. Communal amenities include a pool, private cabanas, outdoor kitchen with grills and a TV, fitness center, yoga studio, pet grooming salon and electric car chargers. CURV is situated at 410 SE 16th Court, two miles south of downtown Fort …

First-Time Unemployment Claims Remain Steady as 860,000 Americans File for Assistance

WASHINGTON, D.C. — First-time unemployment claims were largely unchanged on a week-over-week basis as 860,000 Americans filed for unemployment insurance assistance for the week ending Sept. 12, the U.S. Department of Labor reported. The most recent figure is a 33,000-claim decrease from the previous week’s revised number. Economists surveyed by Dow Jones expected this week’s claims to total 875,000.The four-week moving average for this week was at 13.5 million, a decrease of 532,750 …

Cushman & Wakefield Arranges Sale of 397,981 SF Industrial Park in Nashville

NASHVILLE, TENN. — Cushman & Wakefield has arranged the sale of phases I and II of Airport Logistics Park, a 397,981-square-foot industrial park in Nashville. The first two phases of development span 52.7 acres and include six buildings that were leased to 14 tenants at the time of sale. The property is located at 1922 Old Murfreesboro Pike, four miles southeast of Nashville International Airport. Stewart Calhoun, Casey Masters, David McGahren and Ronnie Wenzler of Cushman & Wakefield …

NMHC: 86.2 Percent of Apartment Households Paid September Rent, Down Slightly from August

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) reported that 86.2 percent of apartment households paid September rent as of Sept. 13. NMHC surveyed its network of 11.4 million professionally managed units as part of its Rent Payment Tracker metric. The number of households paying rent this month compares similarly to Aug. 13, when 86.9 percent of renters made a full or partial payment. September’s tally, though, is behind Sept. 13, 2019, when 88.6 percent of renters made …

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