Southeast

Upper Deck Signs 126,000 SF Industrial Lease at Alexander Commerce Park in Durham

by Julia Sanders July 2, 2021

DURHAM, N.C. — The Upper Deck Co., a Carlsbad, Calif.-based worldwide sports and entertainment company, has signed a lease to occupy a full building totaling 126,000 square feet at Alexander Commerce Park in Durham. Upper Deck will be Alexander Commerce Park’s first tenant. Upper Deck’s lease will serve as the company’s East Coast office. Colton Clifton with BPG Management represented the tenant in the lease transaction. Austin Nagy, Ann-Stewart Patterson and Bryan Everett of CBRE represented the landlord, Trinity Capital. Alexander Commerce Park is a Class A industrial park featuring three buildings totaling 441,000 square feet. The property will be located on TW Alexander Drive in Durham’s Research Triangle Park. The remaining two buildings are 189,280 square feet and 126,000 square feet. Construction is underway with a completion date in the first half of 2022. Designed by DMA Architects, the buildings will feature 32-foot clear heights, ESFR fire protection and three primary entrances along each façade to allow for easy subdivision for multiple tenants. In addition to Alexander Commerce Park, Trinity Capital is currently developing 147 Exchange in Durham and wrapping up development at Eastgate 540, a six-building, 980,000-square-foot industrial park in Raleigh’s East Wake submarket.

July 2, 2021

Acquisitions Florida Multifamily Southeast

CBRE Brokers $26.1M Sale of Pinebrook Apartment Homes in Jacksonville

by Julia Sanders July 2, 2021

JACKSONVILLE, FLA. — CBRE has brokered the sale of Pinebrook Apartment Homes, a 208-unit multifamily property located in Jacksonville. Bella Property LLC acquired the property for $26.1 million, or $125,481 per unit. Cliff Taylor and Joe Ayers of CBRE represented the seller, an entity doing business as Pinebrook CE Partners LLC, in the transaction. Originally built in 1974, Pinebrook is located at 7500 Powers Ave. and features 13 apartment buildings and one clubhouse. The apartment community is situated 7.7 miles from downtown Jacksonville and 34 miles from St. Augustine. Pinebrook has had improvements completed to the property over the past 18 months, including renovations to the exterior and unit interiors.

July 2, 2021

Acquisitions Industrial North Carolina Self-Storage Southeast

Berkshire Hathaway Arranges Sale of Self-Storage Portfolio in North Carolina

by Julia Sanders July 2, 2021

SHELBY AND HICKORY, N.C. — Berkshire Hathaway has arranged the sale of a self-storage portfolio in Shelby and Hickery. The sales price was not disclosed. Parker Sweet and Cameron Vale of Berkshire Hathaway represented the seller and secured the buyer, both privately owned companies. The properties total 1,570 units and 219,000 net rentable square feet.

July 2, 2021

District of Columbia Southeast

US Economy Added 850,000 Jobs in June, Far Above Economists’ Predictions

by Julia Sanders July 2, 2021

WASHINGTON, D.C. — The U.S. economy added 850,000 jobs in June, according to the nonfarm payroll employment report released Friday by the Bureau of Labor Statistics (BLS). Economists surveyed by Dow Jones expected a gain of approximately 706,000 jobs. The BLS also revised the May job gains upward from 559,000 to 583,000. In April, the job gains were revised up from 266,000 to 269,000. Meanwhile, the unemployment rate increased from 5.8 percent in May to 5.9 percent in June, which was higher than the 5.6 percent predicted by economists. Additionally, state governments during June added 69,000 jobs while local governments added 124,000, according to CNS news. The BLS reported that the amount of people who quit their jobs rose by 164,000 to 942,000 last month. CNBC states that the labor force participation rate was unchanged at 61.6 percent. Also, the amount of people who lost their jobs did not change much in June and stayed the same at 3.2 million. While nonfarm payroll employment is up by 15.6 million since April 2020, it is down by 6.8 million, or 4.4 percent, from its pre-pandemic level in February 2020, according to BLS. With little to no pandemic restrictions left on businesses, …

July 2, 2021

Acquisitions Florida Office Southeast Top Stories

CP Group Acquires One Biscayne Tower in Downtown Miami for $225M

by Jeff Shaw July 1, 2021

MIAMI — CP Group, formerly Crocker Partners, has acquired One Biscayne Tower, a 38-story office tower in downtown Miami, in a joint venture with funds managed by Rialto Capital Management and Sabal Capital Partners. Dow Chemical sold the asset for $225 million, according to the Daily Miami News. L&B Realty has managed One Biscayne Tower on behalf of Dow for the last 20 years. Located along the waterfront, the property overlooks Bayfront Park, Biscayne Bay, Miami Beach and the Atlantic Ocean. Trammell Crow Co. developed the property in 1973, with Gutierrez-Latimer and Praga Associates as designers, according to the Council on Tall Buildings and Urban Habitat. One Biscayne Tower features nine floors of parking below 24 floors of office space. Amenities include a newly renovated lobby, fitness center, Pilates studio, two banks, a deli and a variety of services such as a florist, car wash, hair salon, print shop and Amazon locker delivery. The acquisition brings CP Group’s total downtown Miami holdings to over 2 million square feet, including SunTrust International Center and Citigroup Center, formerly known as Miami Center. The company claims it is now the largest office landlord in downtown Miami, largest commercial landlord in Florida, third-largest landlord …

July 1, 2021

Acquisitions Florida Office Southeast

Joint Venture Acquires One Clearlake Office Building in Downtown West Palm Beach for $60.7M

by Julia Sanders July 1, 2021

WEST PALM BEACH, FLA. — Tricera Capital, New England Development, NDT Development and Rockpoint Group have acquired One Clearlake, an office building in downtown West Palm Beach. JLL arranged the $60.7 million sale. Velocis, a private equity real estate manager, was the seller. Located on three acres at 250 S. Australian Ave., One Clearlake is 2.3 miles from Palm Beach and 3.4 miles from Palm Beach International Airport. The 18-story property has more than 220,000 square feet of rentable space, with an average floor plate of nearly 13,000 square feet. One Clearlake’s attached 669-space garage provides a parking ratio of three spaces per 1,000 square feet. The building’s amenities include 24-hour security, a new tenant lounge, fitness center and an onsite café. Built in 1986, the office tower recently underwent renovations to the lobby and other building elements. The building is LEED Gold- and Energy Star-certified. The property was 62 percent leased when it was put under contract. Prior to closing, Tricera and its partners successfully executed two new leases at the building. In addition, the new ownership is heading to lease with another large user, which the joint venture expects to finalize soon. The building’s tenant roster includes Intech …

July 1, 2021

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Brokers $40.5M Sale of Barrington on the Green Apartments in Hoover, Alabama

by Julia Sanders July 1, 2021

HOOVER, ALA. — Cushman & Wakefield has brokered the $40.5 million sale of Barrington on the Green, a 342-unit apartment community located in the Birmingham suburb of Hoover at 5831 Summer Place Parkway. Jimmy Adams and Craig Hey of Cushman & Wakefield represented a private undisclosed seller in the transaction. The buyer, White Eagle, plans to rebrand the community as The Avenues of South Hoover. Constructed in 1996, Barrington on the Green’s community amenities include a pet park with agility equipment, swimming pool, a playground, outdoor kitchen and picnic area, resident park amenity area, clubhouse, sports courts and a cardio and strength training center. The property was 97 percent occupied at the time of sale.

July 1, 2021

Acquisitions Georgia Multifamily Southeast

Berkadia Arranges $32M Sale of Tucker Square Apartments in Metro Atlanta

by Julia Sanders July 1, 2021

TUCKER, GA. — Berkadia has arranged the $32.3 million sale of Tucker Square, a 276-unit, garden-style multifamily property in Tucker. Judy MacManus, Paul Vetter, Andrew Mays and Matt White of Berkadia represented the seller, New York-based Read Property Group LLC, in the transaction. New Jersey-based LightWater Capital Investments was the buyer. Located at 1313 Stone Mill Way, Tucker Square is situated at the intersection of Stone Mountain Parkway and Memorial Drive. The property features one-, two-, three- and four-bedroom floor plans, as well as townhome layouts. The apartment units include washer and dryer connections, fireplaces, upgraded lighting and private balconies or patios. Community amenities include a swimming pool, business center and a clubhouse. The property was built in 1973 and renovated in 2019, and was 95 percent occupied at the time of sale.

July 1, 2021

Development Georgia Multifamily Southeast Student Housing

Juneau Construction Breaks Ground on Hub Atlanta Student Housing Project Near Georgia Tech

by Julia Sanders July 1, 2021

ATLANTA — Juneau Construction Co. has broken ground on Hub Atlanta, a student housing high-rise property located at 960 Spring St. in Midtown Atlanta. The property, developed by Core Spaces, is meant to be an off-campus housing option for students attending nearby Georgia Tech. Hub Atlanta will provide housing for almost 800 students beginning in the summer of 2023. The new development will be located close to the Midtown MARTA station and will comprise studios up to six-bedroom units. Standing 19 stories tall, Hub Atlanta will have 5,600 square feet of ground-level retail space along Spring Street. Community amenities will include a fitness center, study lounge, coworking space, pool deck with a hot tub, library and dog run and wash area. Additionally, Hub Atlanta residents will have access to four stories of garage parking with bicycle parking and electric vehicle charging stations. Core Spaces is a real estate investment firm that focuses on acquiring, developing and managing residential properties. Hartshorne Plunkard Architecture is also part of the project team and is a Chicago-based architecture and design firm. Juneau Construction is an Atlanta-based construction firm.

July 1, 2021

District of Columbia Southeast

Weekly First-Time Claims for Unemployment Insurance Fall to 364,000, a 51,000 Decrease From Last Week

by Julia Sanders July 1, 2021

WASHINGTON, D.C. — A total of 364,000 Americans filed for first-time unemployment insurance assistance for the week that ended June 26, the U.S. Department of Labor reported Thursday. These claims were a decrease of 51,000 from the previous week’s revised unemployment claims of 415,000. The claims were also lower than the Dow Jones’ estimate of 390,000, according to CNBC. The jobless claims are still higher than before COVID-19, despite the healing economy. In March 2020, the average weekly jobless claims were 220,000. The latest jobless claims data comes a day before the Bureau of Labor Statistics is set to release the June nonfarm payroll employment report. Some officials predict the June jobs report will show the unemployment rate decreased from 5.8 percent to 5.7 percent, according to the Washington Examiner. In February 2020, the unemployment rate was only 3.5 percent, which is much lower than it is today.

July 1, 2021

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