ATLANTA — Songy Highroads, an Atlanta-based commercial real estate investment and development firm, and its partner Healey Weatherholtz Properties has purchased the site currently housing the Atlanta Food Truck Park. The 2.7-acre site is located at the northwest corner of Howell Mill Road and Interstate 75 on the border of Atlanta’s West Midtown and Buckhead districts. The sales price and seller were not disclosed. Songy Highroads intends to develop the site for a mixed-use project comprising more than 200 multifamily units, along with retail and hospitality uses. The food truck will continue to be open and operating on a temporary basis, at least through the fall. The food truck first opened in 2012. Cooper Carry, an Atlanta-based architectural firm, is in charge of the development’s design. Songy Highroads focuses on the acquisition, development and redevelopment of real estate projects primarily in the office, multifamily and hotel sectors. Healey Weatherholtz is an Atlanta-based real estate company focused on developing and renovating properties to meet local communities’ needs.
ATLANTA — Atlanta-based Home Depot (NYSE: HD) reported a drop of 5.8 percent in customer transactions in its fiscal second quarter that ended in August 2021, but the average ticket of customer sales was 11.3 percent larger than last year. As people go back to working in an office after working from home since the beginning of the pandemic, fewer shoppers visited Home Depot during the fiscal second quarter due to less interest in do-it-yourself projects, according to CNBC. The home improvement retailer reported $41.1 billion in sales during its fiscal second quarter, which was 8.1 percent higher than the same period in 2020. Last year, the retailer’s revenue was approximately $38.05 billion. According to a Refinitiv survey, the retailer’s second-quarter revenue was higher than what Wall Street expected at $40.79 billion. Additionally, Home Depot’s earnings per share was $4.53, which was higher than the $4.44 expected by Wall Street. Home Depot’s same-store sales are up 3.4 percent from the second quarter of 2020 to the second quarter of 2021 but it’s less than the 25 percent jump from the second quarter of 2019 to the same period in 2020. Home Depot’s stock price closed on Wednesday, Aug. 18 at …
ATLANTA — CGI+ Real Estate Strategies has acquired a two-property multifamily portfolio in Atlanta from an affiliate of FPA Multifamily for $144.8 million. The 712-unit portfolio includes The Mille Brookhaven, a 359-unit community built in 2014, and TwentyNine 24 Brookhaven, a 353-unit community built in 2009. The two properties are located adjacent from each other in the Atlanta submarket of Brookhaven, which currently has a new $2.5 billion medical district under development by Emory University and Children’s Healthcare of Atlanta. Located at 1000 Barone Ave. NE, The Mille Brookhaven features a business center, pool, fitness center, playground and clubhouse. Mille Brookhaven, which is being rebranded as The Haven, was 97 percent leased at the time of sale. Located at 2924 Clairmont Road, TwentyNine24 offers a pool, fitness center, clubhouse, private patio and poolside grills. TwentyNine24, which is being rebranded as The Hendrix, was 94 percent leased at the time of sale. Both properties offer a mix of one-, two- and three-bedroom floor plans. The units in both apartment communities include vaulted ceilings, kitchens with stainless steel appliances, quartz countertops, in-unit washers and dryers, built-in workspaces and wraparound balconies and terraces. CGI+ Real Estate Investment Strategies is a Los Angeles-based multifamily …
JOHNS CREEK, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Abbotts Bridge Station, an 83,391-square-foot, H-Mart-anchored shopping center in the Atlanta suburb of Johns Creek. Zach Taylor and Andrew Margulies of IPA brokered the sale. Westwood Financial sold the property for $18.9 million. The buyer was not disclosed. Located at 10820 Abbotts Bridge Road, Abbotts Bridge Station is 30.3 miles from downtown Atlanta and about 40.8 miles from Hartsfield-Jackson Atlanta International Airport. The shopping center’s tenant roster includes Snow Mountain, Hong Kong Café, AT&T, Joy Pizza N Joy Chicken and White Windmill Bakery. “This transaction illustrates the high demand for Grocery Anchored Centers. We fielded 15 offers from both private and institutional investors and sold it above list price with non-refundable earnest money upon contract execution,” says Taylor.
SAVANNAH, GA. — JLL has brokered the $18 million sale of Summer Breeze, a 79-unit independent living, assisted living and memory care seniors housing community on Savannah’s Wilmington Island. Mike Garbers, Cody Tremper and Michael Sivewright of JLL represented the seller, Salt Lake City, Utah-based Bridge Investment Group. An unnamed investor acquired the property in a 1031 exchange. Summer Breeze offers 28 independent living units, 39 assisted living units and 12 memory care units. Community amenities include a full-service salon, community library, occupational and speech therapies, an activity program, scheduled transportation, restaurant-style dining and weekly housekeeping services. The community was 95 percent occupied at the time of sale. Located at 351 Wilmington Island Road, approximately 10 miles southeast of downtown Savannah, Summer Breeze is adjacent to the Wilmington Island Club and the Sail Harbor Marina and Boatyard.
WASHINGTON, D.C. — The National Retail Federation (NRF) reports retail sales have decreased 1.1 percent in July over the prior month on a seasonally adjusted basis — not including automobile dealers, gas stations and restaurants — and up 9.5 percent unadjusted year-over-year. Retail sales in July were worse than the Dow Jones’ prediction of a 0.3 percent decrease, according to CNBC. The Centers for Disease Control and Prevention reports the delta variant is more than 98.8 percent of all COVID-19 cases currently in the United States. In June, the NRF reported a month-over-month increase of 1.1 percent and a year-over-year growth of 12.8 percent. For the first seven months of 2021, the NRF reports that retail sales increased 15.5 percent from the same time period last year. This data matches the organization’s revised forecast for 2021 retail sales to increase between 10.5 and 13.5 percent over last year to between $4.44 trillion and $4.56 trillion. According to U.S. Census Bureau data, retail sales have grown year-over-year every month since June 2020, despite some month-over-month declines. The NRF reports that July sales were down in all categories but two on a monthly basis but up across the board year-over-year. Health and …
BENTONVILLE, ARK. — Bentonville, Ark.-based Walmart Inc. (NYSE: WMT) has seen an increase in revenue during its fiscal second quarter of 2021, which ended on July 31. Walmart’s total revenue was $141 billion, an increase of 2.4 percent year-over-year. According to Refinitiv, the discount retailer’s earnings per share was $1.78 adjusted, while it was expected to be $1.57, and the company’s revenue was $141.05 billion, higher than the $137.17 billion expected. The retailer revised its 2021 forecast and is now predicting its earnings per share to range from $6.20 to $6.35. Walmart’s net income declined to $4.28 billion from what it was a year prior at $6.48 billion. Walmart reported an increase in its grocery sales with 6.1 percent of revenue from groceries. The company’s food sales grew $2.4 billion more than a year ago, which CNBC attributes to customers being attracted to the cheaper food prices at Walmart. Additionally, the retailer’s e-commerce sales grew by 6 percent. Walmart predicts its global e-commerce sales will go up to $75 billion this year. CNBC also reports that grocery sales and e-commerce has slowed compared to when the pandemic first started and everyone was rushing to buy enough food, toilet paper and …
WASHINGTON, D.C. — JLL has closed the $766 million sale of a 12-property office portfolio totaling 2.3 million square feet in metro Washington, D.C., and Virginia. Stephen Conley, Matt Nicholson, Jim Meisel, Andrew Weir, Dave Baker and Chris Capece of JLL represented the seller, WashREIT. Brookfield Asset Management was the buyer. The portfolio sale, which was announced in mid-June, includes six office properties across Northern Virginia and six in Washington, D.C.’s central business district. WashREIT is a Washington, D.C.-based owner and operator of office, retail and multifamily properties in the metro Washington area. The firm has a portfolio of 31 properties with 7,059 multifamily apartment units and about 1 million square feet of commercial space. The sale goes along with WashREIT’s multi-year plan of transforming into a multifamily REIT. The company also plans to sell its remaining eight retail assets and expects to complete that sale in the third quarter of this year.
MEMPHIS, TENN. — Berkadia has arranged the sale and financing of Waterview Apartment Homes, a 1,002-unit multifamily community in southeast Memphis. Patrick Jordan of Berkadia represented the seller, CapReit, in the transaction. Blue Magma Residential, a Tampa-based real estate firm, acquired the property for an undisclosed price. Charles Foschini and Christopher Apone of Berkadia arranged acquisition financing on behalf of Blue Magma. Arbor Realty Trust provided the $82 million bridge loan, which is a non-recourse, floating-rate, three-year, interest-only loan that includes two one-year extension options. Located at 6860 Quince Road, Waterview is located close to Interstate 240 and Bethel University and approximately 18.4 miles from downtown Memphis. Built in 1985, the property offers one- and two-bedroom apartments ranging from 533 square feet to 1,160 square feet. Individual units are cable ready and feature vaulted ceilings and ceiling fans. Some units will include washers and dryers, wood-burning fireplaces and built-in bookshelves. Community amenities include a fitness center, 22 acres of lakes with water features, tennis courts, indoor and outdoor pools and spas and a sundeck and lounge area.
RALEIGH, N.C. — A joint venture between Trammell Crow Co., High Street Residential, AECOM-Canyon Partners and HM Partners has broken ground on 400H, a 365,000-square-foot mixed-use development in Raleigh. Vancouver-based QuadReal Property Group provided an undisclosed amount of financing for the development. The 20-story tower, designed by Gensler, will include 150,000 square feet of Class A office space, 242 residential units and 16,000 square feet of ground-floor retail space. Construction is scheduled for completion by the fall of 2023. Located at 400 Hillsborough St., 400H is situated close to Union Station, the Morgan Street Food Hall and a Publix grocery store. The project’s Hillsborough Street location also provides the east-west connection to North Carolina State University and the state capital’s government complex. 400H will have residential units on floors 10 through 20. Community amenities will include a pool and SkyHub amenity on the ninth floor with indoor and outdoor space. Offices will include 14- to 20-foot floor-to-floor heights, full-height glass windows and parking ratios of 4-to-1,000. Also, outdoor seating is planned for several restaurants located within the retail space. AECOM-Canyon Partners, a joint venture partnership between AECOM Capital, the real estate investment arm of global infrastructure firm AECOM, and Canyon …