WASHINGTON, D.C. — The U.S. economy added 49,000 jobs in January, the U.S. Bureau of Labor Statistics (BLS) reported Friday. Economists surveyed by Dow Jones had expected the report to show a gain of 50,000 jobs, which is a muted expectation compared to Citigroup’s forecast of 250,000 new jobs, according to CNBC. The unemployment rate fell by 40 basis points to 6.3 percent in January. There were notable job gains in professional and business services, as well as public and private education in January. However, these gains were offset by losses in leisure and hospitality, health care, transportation, warehousing and in retail trade. The leisure and hospitality sector took a big hit, losing 61,000 jobs this month, following 536,000 jobs in December. A majority of the losses came in amusements, gambling and recreation (negative 27,000). Employment in food services and drinking places continued to trend down by 19,000 jobs. Since February 2020, employment in leisure and hospitality is down by 3.9 million jobs, or 22.9 percent. Employment in local government education increased by 49,000, state government education increased by 36,000 and private education increased by 34,000 in January. According to the BLS, pandemic-related employment declines in 2020 in public and …
ALCOA, TENN. — Amazon plans to open a 634,812-square-foot fulfillment center in Alcoa, which is located 14 miles south of Knoxville. The development, which is anticipated to launch in 2022, will create nearly 800 new, full-time jobs. Dallas-based Hillwood Development Co. Inc. is developing the project on behalf of Amazon. The Alcoa facility will be Amazon’s third fulfillment center in Tennessee to use Amazon Robotics technology and the company’s eighth fulfillment center in the Volunteer State. Amazon employees at the center will pick, pack and ship smaller customer items, such as books, electronics and consumer goods. The starting wage will be $15.
METAIRIE, LA. — Audubon will develop a five-story, $55 million apartment community in Metairie known as The Metro at Clearview. The 270-unit development will feature units averaging 925 square feet and leases ranging from an average of $1,500 to $3,000 per month. The apartment complex is the multifamily component of Clearview City Center, a redevelopment of the former Clearview Shopping Center. The $100 million mixed-use development, owned by the Richards family, sits on a 35-acre site approximately six miles northwest of downtown New Orleans. The Metro at Clearview will feature two courtyards, a pool and cabanas, yoga lawn, lounge area, grilling stations, sitting area and a Zen garden. Community amenities include a 2,000-square-foot clubroom with multiple seating and entertainment areas, a catering kitchen, fully furnished fitness center and a sky lounge. The Metro at Clearview will join other planned tenants at the Clearview City Center redevelopment, including Ochsner Health System, which is developing a super clinic for comprehensive healthcare services, and Regions Bank at the intersection of Clearview Parkway and Veterans Boulevard. Audubon expects to begin construction this May and complete the development in two years. Audubon is an Atlanta-based firm specializing in the acquisition and management of multifamily properties.
STOCKBRIDGE, GA. — Viking Capital has acquired Marbella Place, a 368-unit apartment community in the south Atlanta suburb of Stockbridge. The Tysons, Va.-based multifamily investment firm purchased the property from the undisclosed seller for $52.7 million. Marbella Place, built in 1999 and fully renovated in 2017, is a 351,640-square-foot complex. The property features a pool, two playgrounds, a newly redesigned clubhouse and detached garages. The apartment complex is situated at 3470 Mountain Zion Road, 13 miles south of Hartsfield-Jackson Atlanta International Airport. The property has one-, two- and three- bedroom apartment homes with oversized closets and kitchens with both a microwave and icemaker.
HIGH POINT, N.C. — Avison Young has brokered the sale of Eastchester Shopping Center, a 63,000-square-foot neighborhood retail center located at 274 Eastchester Drive in High Point. Grant Linderman and Gary Lyons of Avison Young’s investment sales team represented the seller, LSP Verris Eastchester LLC, in the transaction. Peters Development LLC purchased the shopping center for $9.5 million. Eastchester Shopping Center is situated on approximately 5.9 acres near NC Highway 68/Eastchester Drive. The property was fully leased at the time of sale to tenants including Office Depot, Dollar Tree, Hooters, Dunkin’, H&R Block and Plato’s Closet.
KENNESAW, GA. — Town Center at Cobb Mall, a nearly 1.3 million-square-foot enclosed regional mall in the northern Atlanta suburb of Kennesaw, was foreclosed on by its lenders, according to the Marietta Daily Journal. Indianapolis-based Simon Property Group (NYSE: SPG) was the previous owner, manager and developer of the mall. Deutsche Bank Trust Corp. was the lead lender and trustee of the $200 million loan, which the global bank made with other investors in 2012. Deutsche Bank Trust auctioned the mall on Tuesday, Feb. 2 and set the opening bid at $130.4 million, but no bids were made at the auction. Deutsche Bank Trust and its co-lenders now own and manage the mall. No additional plans were reported. Town Center at Cobb Mall is located in Cobb County at 400 Ernest W. Barrett Parkway NW, approximately 33 miles north of Hartsfield-Jackson Atlanta International Airport. The mall opened in February 1986 and features more than 170 stores and restaurants, including anchors Macy’s, Belk, H&M and JC Penney. The property features a food court and a children’s play area as well. Simon’s stock price closed on Wednesday, Feb. 3 at $93.38 per share, down from $137.29 a year ago.
WASHINGTON, D.C. — An additional 779,000 Americans have filed for first-time unemployment assistance for the week ending Jan. 30, the Labor Department reported Thursday. Economists surveyed by Dow Jones expected the number of claims for the week to total 830,000. The number of weekly claims is at its lowest level since late November 2020, according to CNBC. The most recent figure was a slight decrease from the previous week’s revised number of 812,000, but still remains significantly higher than pre-pandemic levels. The four-week moving average was revised down by 1,250 to 848,250. The continuing claims, data for which trails a week, totaled nearly 4.6 million claims for the week ending Jan. 23, a decrease of 193,000 from the previous week’s revised level.
HIALEAH GARDENS, FLA. — Butters Construction & Development has partnered with Greystar for the future development of Miami Midway Park, a 45.1-acre site at NW 97th Ave. and NW 170th St. in Hialeah Gardens. The joint venture partnership will develop a 500,000-square-foot, Class-A distribution industrial park and 360 garden-style multifamily apartments. The Butters-Greystar joint venture purchased the site from Miami-based Terra Group and New Valley for $53.5 million. Terra and New Valley broke ground on an adjacent multifamily project dubbed Natura Gardens, which will span 460 units on 27 acres and open in 2022. CBRE Capital Markets helped match Greystar with Butters Construction for Miami Midway Park. CBRE identified Greystar and its partner, Whitman Peterson, as the development and equity partner for the industrial component of the project, while a Greystar affiliate is closing on the multifamily portion of the project. Christian Lee, Chris Riley and Jose Lobon of CBRE led the transaction. The firm’s Devin White, David Albert and Royce Rose assisted.
GREENVILLE, S.C. — United Community Bank, a retail and commercial bank, plans to relocate its corporate headquarters from Blairsville, Ga., to Greenville and expand operations in the Upstate area. The $24.8 million investment will create 227 new jobs in the Palmetto State. By establishing Greenville as its corporate headquarters, United Community Bank will be the largest bank headquartered in South Carolina. The bank has 160 branches in Florida, Georgia, North Carolina, South Carolina and Tennessee and nearly 290 employees. United Community Bank was founded in 1950 in Blairsville. In 2012, the bank began building its presence in Greenville County and now has three office locations in downtown Greenville apart from its branch network. United Community Bank’s new downtown office will be located at 200 E. Camperdown Way and will house a retail branch. The new office will be located near Falls Park and the Reedy River, as well as the upcoming Camperdown mixed-use development downtown. United’s new headquarters is expected to be completed by 2024.
BRYAN COUNTY, GA. — VanTrust Real Estate LLC has broken ground on the 515-acre Interstate West industrial development in Bryan County, just 30 miles west of Savannah. The first phase includes a 1.2 million-square-foot speculative, Class A warehouse that will deliver in the fourth quarter. Overall the park will have the capacity for 4.9 million square feet of industrial space. Danny Chase and David Sink of Colliers International | Savannah are marketing Interstate West for lease on behalf of VanTrust. Situated just off Interstate 16 and Highway 280, Interstate West will be situated about 22.6 miles from Port of Savannah, 15 miles from Interstate 95 and 18 miles from the Savannah/Hilton Head International Airport. VanTrust Real Estate LLC is a full-service commercial real estate development company based in Kansas City, Mo. No other development team members were disclosed.