ATLANTA — Patterson Real Estate Advisors has arranged construction financing for Phase II of Lee + White, a 423,000-square-foot mixed-use development along the Atlanta BeltLine. MetLife Investment Management provided the financing. The borrower and developer, a partnership between Ackerman & Co. and MDH Partners, will use the undisclosed financing to build office space, a food hall, retail outlets and a multifamily community. The co-developers expect the project to cost $85 million to build. A timeline for completion was not disclosed. Existing tenants at Lee + White include Wild Haven Beer, Monday Night Brewing ASW Distillery, Honeysuckle Gelato and HopCity. The developers acquired the former industrial property in fall 2019.
NASHVILLE, TENN. — General contractor James McHugh Construction and developer CA Ventures are celebrating the topping off of 2010 West End, a 500,000-square-foot multifamily development located near Vanderbilt University in Nashville’s Midtown neighborhood. Architectural firm Solomon Cordwell Buenz designed the 25-story project, which will include 358 residential units, 420 parking spaces and 5,700 square feet of ground-floor retail space. Communal amenities are set to include an outdoor deck with a swimming pool, spa, fire pits, grills and picnic areas; a fitness and wellness center with a yoga studio; a music performance lounge; and a dog run with a pet spa and lounge. “We are pleased to reach a key construction milestone with McHugh in the vibrant West End market,” says Matt Booma, president and global head of residential at CA Ventures. “Our contribution to the skyline will continue Nashville’s growth with a development that values individualism and self-expression with an exceptional design.” The development is on schedule to open in summer 2021. The total project cost was not provided. Chicago-based CA Ventures is a global real estate investment management company with over $13 billion of assets across North America, South America and Europe. The firm offers in-house investment, development and …
CHARLOTTE, N.C. — A joint venture between The Spectrum Cos., Batson-Cook Development Co. (BCDC) and Heitman has broken ground on a 325-unit multifamily community in Charlotte’s University submarket. The property will comprise four mid-rise buildings with communal amenities such as a saltwater pool, dog park, grilling areas and a courtyard. Unit interiors will feature 10-foot ceilings, stainless steel appliances and tile backsplashes. The yet-to-be-named community will be situated at the intersection of University City Boulevard and North Tryon Street, near Lynx Blue Line’s University Station. It will also be near Centene’s $1 billion office headquarters underway. BB+M Architecture is the designer, Samet Corp. is the general contractor and LandDesign provided landscaping architecture and civil engineering services. The developers expect to deliver the first units in the second quarter of 2022 with full buildout planned for third-quarter 2022.
WASHINGTON, D.C. — Another 853,000 Americans filed for first-time unemployment insurance for the week ending Dec. 5, the U.S. Department of Labor reported Thursday. Economists surveyed by Dow Jones expected claims to total 730,000. The most recent figure is the highest weekly claim total since Sept. 19 and a 137,000-claim increase from the previous week’s revised number. The four-week moving average increased by 35,500 to 776,000. Continuing claims, for which data is a week behind, increased by 230,000 to just under 5.8 million. The figure represents the first increase since August.
RICHMOND, VA. — A joint venture between Balboa Real Estate Partners and The Opus Group has broken ground on Ascend Richmond. The 428-bed student housing community will be located near the Virginia Commonwealth University campus. The project will offer a mix of studio, one-, two-, three- and four-bedroom units. Communal amenities will include an outdoor terrace, pool, a fitness center and lounge areas. Rabren General Contractors is the general contractor for the project. A timeline for completion was not disclosed.
ROCK HILL, S.C. — JLL has arranged the $14.7 million sale of a 129,600-square-foot light manufacturing facility in Rock Hill. The seller, Scannell Properties, delivered the asset earlier this year on a build-to-suit basis for tenant DIRTT Environmental Solutions. DIRTT creates and develops customizable and sustainable architectural interiors. The property spans 22 acres within Legacy Park East. The facility is situated at 2225 Williams Industrial Blvd., less than one mile from Interstate 77 and 27 miles south of Charlotte Douglas International Airport. Patrick Nally and Pete Pittroff of JLL represented the seller in the transaction. STAG Industrial Inc. acquired the facility.
MIAMI — Federal Realty Investment Trust, The Comras Co. and Grass River Property have welcomed eight new retailers to their CocoWalk development in Miami’s Coconut Grove neighborhood. The three retailers that recently opened are vegetarian restaurant Planta Queen and women’s clothing and accessory retailers Free People Movement and Edite Mode. The five retailers that are expected to open this month are men’s beachwear retailer Europann, Mr. 01 Extraordinary Pizza, shoe retailer Sportive, Edward Beiner Eyewear and music store The School of Rock. The retail space at CocoWalk spans 150,000 square feet and surrounds the project’s courtyard. CocoWalk also includes a five-story, 185,762-square-foot office building that is 85 percent leased to tenants including Boyne Capital and American Land Ventures LLC.
SALISBURY, N.C. — Food Lion has completed the $212.5 million remodel of 112 grocery stores in Virginia, West Virginia, Delaware, Pennsylvania and Maryland. The Salisbury-based grocer hired 2,300 employees at the stores. According to a study conducted by Towson University’s Regional Economic Studies Institute, the stores will generate $360 million in economic impact. Over the next week, the locations will hold giveaways that will range from reusable shopping bags to gift cards. Each store now includes more items in the “local goodness” section, an expanded craft beer and limited reserve wine section, a more efficient checkout process, new signage to help navigate the store more easily and safety equipment and protocols for a cleaner environment. Additionally, 40 percent of the remodeled stores now feature Food Lion To-Go, the grocer’s pickup service. Food Lion now has remodeled more than 90 percent of its current store network of more than 1,000 stores across its 10-state operating area.
MIAMI BEACH, FLA. — Starwood Property Trust, an affiliate of Starwood Capital Group, has topped off construction at its two-building, 144,430-square-foot office building in Miami Beach. Starwood is developing the project in partnership with Integra Investments. Upon full completion, slated for late 2021, Starwood will occupy 55 percent of the six-story east building and part of the west building. The remaining space will be leased to third-party companies. Signed tenants were not disclosed, though the company said the property is “approaching full occupancy.” The asset will house 300 Starwood employees and feature 8,000 square feet of retail space and a 277-space parking garage with valet services. The headquarters is located at 2340 Collins Ave., one block from the beach and one mile north of downtown Miami Beach. Gensler designed the property, Clive Lonstein Inc. designed the interiors and CoastalBrodson is the general contractor. Citizens Bank provided Starwood and Integra with a $76 million construction loan.
WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has found that 75.4 percent of apartment households paid rent as of Dec. 6. NMHC surveyed its network of 11.4 million professionally managed units as part of its Rent Payment Tracker metric. The most recent figure is an 894,864-household decrease, or 7.8 percent, from Dec. 6, 2019. The December numbers are also a 500-basis point drop from Nov. 6, 2020, though the NMHC notes that Dec. 6, 2020, fell on a weekend, meaning the data might not be a true direct comparison. “While the initial rent collection figures for the first week of December are concerning, only a full month’s results will paint a complete picture,” says Doug Bibby, president of Washington, D.C.-based NMHC. “However, it should not come as a surprise that a rising number of households are struggling to make ends meet. As the nation enters a winter with increasing COVID-19 case levels and even greater economic distress — as indicated by last week’s disquieting employment report — it is only a matter of time before both renters and housing providers reach the end of their resources.” NMHC releases the survey in partnership with apartment management platforms RealPage, ResMan, Yardi, …