JACKSONVILLE, FLA. — Berkadia has arranged the $40 million sale of Coquina Bay, a 200-unit multifamily property located in Jacksonville. Greg Rainey, Matt Wilcox, Brett Moss, Cole Whitaker and Jason Stanton of Berkadia completed the sale on behalf of the seller, Texas-based InvestRes. The buyer was a New York-based institutional fund advisor. Located at 3709 San Pablo Road S, Coquina Bay features one-, two- and three-bedroom floor plans with wood-burning fireplaces and in-unit washers and dryers. Community amenities include a swimming pool, fitness center, yoga studio, business center, clubhouse, tennis court and a dog park.
PORT ST. LUCIE, FLA. — Sansone Group has broken ground on the second phase of a multi-building industrial park in Port St. Lucie named Legacy Park at Tradition Center. The 425-acre industrial development is situated along Interstate 95 and Becker Road. Sansone is working with NorthBridge Partners on the project. The project’s second phase includes a speculative industrial development on 40.9 acres. The two Class A facilities, a 520,000-square-foot cross-dock building and a 168,000-square-foot rear-load building, will be developed and slated for completion by spring 2022. The two buildings will accompany Sansone’s nearly completed, 245,000-square-foot FedEx sorting center at Legacy Park. Once completed, Legacy Park will include a total of approximately 5.5 million square feet of single- and multi-tenant light industrial and distribution facilities. Peter Crane of Sansone Group was one the brokers involved in the land transaction. Robert Smith and Kirk Nelson of CBRE are the listing brokers.
OWINGS MILLS, MD. — Greenberg Gibbons has signed leases with four new retailers that are joining the St. Thomas Shopping Center in Owings Mills. The new tenants, Next Door Pharmacy, uBreakiFix and Boston Market will open this fall, and Michaels will open in fall 2022. Michaels, an arts and crafts retailer, will take up a 23,045-square-foot space near Baltimore Sports & Novelty. Next Door Pharmacy is a customer-centered pharmacy that offers free delivery, pet medications, compounding, vaccinations and price matching. The company’s 1,600-square-foot location will also be next to Baltimore Sports & Novelty. An electronics repair shop, uBreakiFix, will be in a 1,600-square-foot store between H&R Block and Next Door Pharmacy. Boston Market, a fast-casual restaurant, will be in a 2,000-square-foot space located next to 1st Financial and adjacent to M&T Bank. St. Thomas Shopping Center is located on Reisterstown Road, adjacent to Foundry Row, the mixed-use destination also owned and managed by Greenberg Gibbons. In the 100,000-square-foot commercial complex, St. Thomas Shopping Center also features retailers such as Wells Fargo and Starbucks.
WASHINGTON, D.C. — The U.S. economy added 943,000 jobs in July and the unemployment rate dropped to 5.4 percent, the Bureau of Labor Statistics (BLS) reported Friday. Economists surveyed by Dow Jones had predicted there to be an increase of 845,000 jobs and an unemployment rate of 5.7 percent. It’s the biggest monthly jobs gain since August 2020 when about 1.6 million jobs were added. The upcoming end of federal unemployment benefits, which ends on Sept. 5, may be a factor for why more people are seeking and finding jobs now. In June, the jobs added to the economy were revised up from 850,000 to 938,000. These numbers are much higher than the number of jobs added in May 2021, which was revised to 583,000 jobs. Nonfarm payroll employment has increased by 16.7 million since April 2020. Compared to before the pandemic in February 2020, the total employment numbers remain down by 5.7 million jobs. This summer, more people have felt comfortable eating out and traveling, which explains why the highest job gains were in the leisure and hospitality sector. Jobs in the leisure and hospitality industry rose by 380,000. In food services and drinking places, there was a gain …
MINNEAPOLIS AND BOSTON — JLL Capital Markets has arranged a $157.3 million joint venture equity partnership for the development of three bulk distribution and life sciences projects in Minnesota and North Carolina. Colin Ryan, John Huguenard, David Berglund, Pete Pittroff and Patrick Nally of JLL arranged the equity investment with Rockpoint Group LLC, a Boston-based real estate private equity firm, on behalf of the Minneapolis-based developer, Oppidan Investment Co. Blake Hastings, Jay Moore and Tim Brent of Oppidan are leading the project development. “We are excited to embark on a programmatic relationship with Rockpoint and continue to grow the industrial and logistics vertical at Oppidan,” says Blake Hastings, president of Oppidan. “Our cultures are very well aligned, and we look forward to a long, deep relationship.” The portfolio will include nine buildings on three construction sites that total about 1.6 million square feet. Five buildings are expected to begin construction this year, and completion of all nine are anticipated by 2023. The Minnesota facilities are planned for industrial use while the North Carolina facilities will be for life sciences firms. Two of the nine buildings will be within Chaska Creek Industrial Park, which is 26.5 miles from Minneapolis in Chaska. …
HUNTSVILLE, ALA. — Cushman & Wakefield has arranged $30.2 million in construction financing for The Hamlet at MidCity, a single-family rental community in Huntsville. Mike Ryan, Brian Linnihan, Richard Henry and J.P. Cordeiro of Cushman & Wakefield secured the three-year, floating-rate loan through Regions Bank on behalf of the developer, Middleburg Communities. The Hamlet at MidCity will include 120 standalone cottages and 55 separate duplex buildings totaling 230 units. Floor plans will range from one- to three-bedrooms, with an average unit size of 1,259 square feet. Community amenities will include a saltwater pool, outdoor grilling common areas, fitness center, dog park, pet spa and fire pits. Located on Old Monrovia Road off Highway 72, the property is a half-mile north of MidCity District, an $850 million mixed-use development that when complete will contain 400,000 square feet of office space and 350,000 square feet of retail space.
HOLLY SPRINGS, N.C. — Crescent Communities will develop a life sciences project called The Yield in Holly Springs. The Charlotte-based developer expects to break ground on the first phase this fall, with the first building’s delivery expected in the summer of 2022. In the initial phase, Crescent Communities will develop three buildings focused on life sciences and biomanufacturing uses. The 25-acre site is located at the intersection of Green Oaks Parkway and Holly Springs New Hill Road, adjacent to Seqirus’ North American campus, the Holly Springs Business Park and the FUJIFILM Diosynth’s $2 billion cell culture production facility. Phase I will feature over 260,000 square feet of biomanufacturing, lab and office space. Two of the buildings will be constructed to meet Current Good Manufacturing Practice (cGMP) regulations, with each building offering approximately 105,000 square feet and the ability to accommodate single- or multi-tenant needs. The third building will be two stories of office and laboratory space designed to support the biomanufacturing buildings or demand from other office and life science users. Timmons Group, O’Brien Atkins Associates, Gilbane and the Town of Holly Springs are part of the project design team. Crescent Communities has worked with the Town of Holly Springs …
POOLER, GA. — SunCap Property Group has broken ground on SunPort 95, a speculative industrial project situated on 123 acres in Pooler, about 10.2 miles from Savannah and 7.3 miles from the Port of Savannah. SunPort 95 is located off Coleman Boulevard near the intersection of Highway 80 and Interstate 95. The project’s first building will be a 944,260-square-foot, cross-dock facility meant for warehouse and distribution users. The building will accommodate a single user or multiple tenants and will feature 40-foot clear heights. At full buildout, the project can accommodate 1.8 million square feet. Building One is slated for completion in September 2022. Bill Sparks of CBRE will handle leasing for the project. Ware Malcomb designed Building One, and Evans General Contractors has been selected as its general contractor.
CHARLESTON, S.C. — Berkadia has negotiated the $19.5 million sale of Oasis at West Ashley, a garden-style multifamily property in Charleston. Mark Boyce and Blake Coffey of Berkadia led the transaction on behalf of the seller, New York-based URS Capital Partners. The buyer was not disclosed. Built in 1979, Oasis at West Ashley features 116 units with newly renovated kitchens, walk-in closets and select units with patio or balcony options. The apartment community sold for a per-unit price of $167,672. Located at 1751 Dogwood Road, the property is 7.5 miles from the Charleston International Airport. The property was 96 percent occupied at the time of sale.
WASHINGTON, D.C. — The Centers for Disease Control and Prevention (CDC) has extended the federal eviction moratorium until Oct. 3, which many real estate industry associations disagree with, including the Institute of Real Estate Management (IREM). IREM released a statement saying it is concerned that the eviction moratorium extension will leave housing providers in limbo as renters accumulate debt from the rent they owe. The press release also states that the moratorium does not help with the current problems in the housing sector and could potentially worsen its health financially. Rental housing providers and apartment owners have helped their renters avoid eviction with payment plans, extended or flexible lease periods and waiving fees. On Aug. 3, the National Multifamily Housing Council (NMHC) also issued a statement in strong opposition of the eviction moratorium extension. Additionally, the National Apartment Association filed a lawsuit due to the extension. The eviction moratorium is now on its fourth extension and was supposed to end July 31. With the updated federal eviction moratorium, the CDC says it will issue a ban in counties with high levels of COVID-19 cases and will cover about 90 percent of renters, according to CNBC.