WASHINGTON, D.C. — Retail spending in November aligned with expectations and portends a strong holiday season, reports the National Retail Federation (NRF). Citing information for November provided by the U.S. Census Bureau, the NRF says that core retail sales — excluding automobile dealers, gasoline stations and restaurants — were up 3.3 percent year-over-year on a three-month moving average. According to the bureau, overall retail sales in November were up 4.1 percent year-over-year. The NRF predicts that holiday retail sales, which fall between Nov. 1 and Dec. 31, will meet the federation’s forecast and increase between 3 percent and 4 percent relative to 2022, reaching between $957.3 billion and $966.6 billion. The Wall Street Journal reports that the deceleration of inflation might “make consumers feel better” and “weigh on retail revenue.” The consumer price index (CPI) slipped from 3.2 percent in October to 3.1 percent in November, according to the U.S. Bureau of Labor Statistics.
WASHINGTON, D.C. — “Eatertainment” operator State of Play plans to open an 8,546-square-foot Flight Club darts venue in Washington, D.C. Scheduled to open summer 2024 and marking the 13th location for the brand, Flight Club D.C. will be situated at 641 New York Ave. NW within 655 New York, a 756,000-square-foot mixed-use development by Brookfield Properties. Other tenants at 655 New York, which features 79,000 square feet of retail space, include Rumi’s Kitchen, Capital Burger, Pearl’s Bagels, Kinship, Metier and Compass Coffee.
WASHINGTON, D.C. — Total nonfarm employment in the United States rose by 199,000 jobs in November, according to the U.S. Bureau of Labor Statistics (BLS). CNBC reports that the figure slightly beats estimates from Dow Jones economists who predicted an increase of 190,000. This also marks an increase from the 150,000 jobs gained in October but below the average monthly gain of 240,000 over the prior 12 months. Private sector employment constituted 150,000 of the added jobs, with 49,000 jobs added in the government. Healthcare saw a significant increase, with the addition of 77,000 jobs, above the average monthly gain of 54,000 over the prior 12 months. The manufacturing and leisure and hospitality industries added 28,000 and 40,000 jobs, respectively, and the social assistance sector saw a more modest increase of 16,000. Employment in information and transportation and warehousing changed little, and retail trade employment declined by 38,000 jobs. The U.S. unemployment rate in November fell to 3.7 percent from 3.9 percent in October, beating expectations from Dow Jones economists who forecasted the rate would remain unchanged. Employment numbers for September and October saw minimal revisions. The BLS revised September job gains down by 35,000 from 297,000 to 262,000, and …
WASHINGTON, D.C. — Marcus & Millichap has brokered the sale of a 26-unit apartment building located at 2724 11th St. NW in the Columbia Heights neighborhood of Washington, D.C. The transaction follows a decade of legal disputes and a Chapter 11 bankruptcy filing by the seller. Nick Murray, Marty Zupancic and John Slowinski of Marcus & Millichap arranged the sale. The undisclosed buyer plans to implement a redevelopment at the property. The sales price was not disclosed.
LOS ANGELES — Thorofare Capital Inc., a Los Angeles-based affiliate of asset management platform Callodine Group LLC, has provided a $125.9 million loan for a medical office portfolio in greater Washington, D.C. The portfolio comprises eight properties totaling more than 705,000 square feet, the majority of which are situated on or adjacent to hospital campuses. Thorofare Capital provided the three-year, floating-rate loan to the borrower, an investment vehicle managed by Chicago-based Harrison Street. Felix Gutnikov, Jacob Yi and Nicholas Krueger of Thorofare Capital originated the financing. John Nero, Ben Appel, Jay Miele and Michael Greeley of Newmark’s Healthcare Capital Markets Group arranged the loan.
WASHINGTON, D.C. — Newmark has arranged a 27,581-square-foot office lease at 11 Dupont, a six-story, 153,228-square-foot office building in Washington, D.C.’s Dupont Circle district. The tenant is American Enterprise Institute (AEI), a public policy think tank. Brendan Owen, Ed Clark and Max Planning of Newmark represented the landlord, The RMR Group, in the lease transaction. Mark Wooters and Aaron Pomerantz of Cushman & Wakefield represented AEI. The RMR Group recently completed a multimillion-dollar renovation to 11 Dupont.
WASHINGTON, D.C. — Total nonfarm employment in the United States rose by 150,000 jobs in October, according to the U.S. Bureau of Labor Statistics (BLS). This figure both marks a notable decline from September, which saw the addition of 297,000 jobs, and falls short of expectations for October. Previously, Dow Jones economists predicted a rise of 170,000 for the month, reports CNBC. October’s employment gain is also below the average monthly gain of 258,000 over the previous 12 months. While the sectors of healthcare, government and social assistance saw job gains, manufacturing jobs decreased, which the BLS report attributes to strike activity. Manufacturing employment decreased by 35,000 positions, including a decline of 33,000 in motor vehicles and parts manufacturing. Healthcare, government and social assistance added 58,000, 51,000 and 19,000 jobs, respectively. Construction employment also increased, with the addition of 23,000 jobs. Leisure and hospitality and professional business services saw more modest gains, adding 19,000 and 15,000 jobs, respectively. Other industries saw minimal changes. The unemployment rate ticked up from 3.8 percent in September to 3.9 percent in October, and is the highest unemployment rate since January 2022. Some experts predict that the cooler job market reflected in the report portends …
WASHINGTON, D.C. — The RMR Group has completed the redevelopment of 20 Mass, a mixed-use building located at 20 Massachusetts Ave. in Washington, D.C. Office Properties Income Trust, an affiliate REIT of RMR Group, owns 20 Mass. The former government office building now houses the 274-room Royal Sonesta Washington, D.C. Capitol Hill hotel, which includes the new 200-seat French restaurant Bistro Du Jour; 183,000 square feet of upper-level office space; a 14,500-square-foot penthouse amenity space; and 13,800 square feet of retail space. The LEED Gold-certified property also features a new glass curtain wall façade and a 10-story atrium. The design-build team includes general contractor DPR Construction and architect Leo A. Daly. CBRE is the exclusive office leasing broker at 20 Mass, and JLL is responsible for retail leasing.
WASHINGTON, D.C. — Rockrose Development will complete the 245,000-square-foot renovation of three office properties located in Washington, D.C., this fall. Located within the Dupont Circle neighborhood, the project includes buildings located at 1900 M St. Northwest, 1146 19th St. and 1140 19th St. Together, the renovated properties will comprise “The Row on 19th.” John Skolnik and Michael Katcher of Cushman & Wakefield are exclusively leasing the project on behalf of Rockrose.
WASHINGTON, D.C. — Berkadia’s Affordable Housing division has arranged a $37.8 million low-income housing tax credit (LITHC) investment for the construction of Northwest One Phase II, an affordable housing multifamily community in Washington, D.C. Upon completion, the development will total 212 units in a mix of studio, one-, two-, three- and four-bedroom layouts for residents earning between 30 and 60 percent of the area median income (AMI), with 11 units reserved for individuals who were previously homeless. Amenities will include a business center, clubhouse, fitness center, laundry room and a game room. Berkadia secured the financing on behalf of the developer, a joint venture between MRP Realty, CSG Urban Partners and Taylor Adams Associates.