Southeast

Aventon to Develop $140M Apartment Community in Raleigh

by Alex Tostado December 4, 2020

RALEIGH, N.C. — Aventon Cos. will develop Aventon North Ridge, a 372-unit apartment community in Raleigh. Aventon expects construction to cost $140 million and to open the community in late 2021. The asset will comprise four three- and four-story buildings, 12 detached carriage homes over private garages and a two-story clubhouse. The property will offer one-, two- and three-bedroom floor plans. Communal amenities will include a fitness center, yoga studio, media lounges, podcast studio, pool, two dog parks and an outdoor kitchen. Cline Design Associates is the architect. Locally based Aventon acquired 39 acres to develop the project, which will span 26 acres in its first phase. Aventon will develop the additional 13 acres into a separate multifamily community, for which further details were not disclosed.

December 4, 2020

District of Columbia Southeast

US Economy Adds 245,000 Jobs in November, Missing Economists’ Projections by a Wide Margin

by Alex Tostado December 4, 2020

WASHINGTON, D.C. — The U.S. economy added 245,000 jobs in November, the U.S. Bureau of Labor Statistics (BLS) announced Friday. Economists surveyed by Dow Jones had expected the total jobs added to reach 469,000. The unemployment rate dipped 20 basis points from October to 6.7 percent. The most recent figure marks the seventh consecutive month of job growth following the onset of the coronavirus pandemic. According to the BLS, outside factors such as surging coronavirus cases, new restrictions in some states and an unapproved stimulus package slowed growth for the month. Job growth was also stunted in part due to the lack of retail hiring ahead of the holiday season. Employment in the retail sector fell by 35,000 jobs, led by decreases in general merchandise stores (-21,000); and sporting goods, hobby, book and music stores (-12,000). Notable job gains occurred in the transportation and warehousing sector, which added 145,000 jobs in November. The figure is still 123,000 jobs below its February level. Employment in professional and business services increased by 60,000 jobs. Employment in the sector is struggling to return to pre-pandemic norms as it is still 1.1 million jobs behind its February level. The healthcare industry added 46,000 jobs, …

December 4, 2020

Acquisitions Florida Industrial Southeast

JLL Arranges $71.5M Sale of Industrial Facility Near Orlando

by Alex Tostado December 4, 2020

APOPKA, FLA. — JLL has arranged the $71.5 million sale of a 289,839-square-foot industrial facility in Apopka. The property is situated within the 180-acre Mid-Florida Logistics Park, 20 miles northwest of downtown Orlando. The seller, BlueScope Properties Group, delivered the asset in July on a build-to-suit basis for an undisclosed beverage company. The asset features 36-foot clear heights, ESFR sprinklers, LED lighting, cold storage capacity with space for 6,200 pallets, five cold dock doors and 10 dry dock doors. John Huguenard, Sean Devaney, Julia Silva, Luis Castillo, Brian Walsh and Keith Largay of JLL represented the seller in the transaction. Realty Income Corp. acquired the property.

December 4, 2020

Acquisitions Georgia Multifamily Southeast

RADCO Sells Apartment Complex Near Atlanta for $71.3M

by Alex Tostado December 4, 2020

NORCROSS, GA. — The RADCO Cos. has sold Ashford Indian Trail, a 467-unit apartment complex in Norcross, for $71.3 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, sundeck, barbecue areas, sand volleyball court, fitness center and a dog park. TruAmerica Multifamily Investments acquired the asset, which is located at 1100 Indian Trail Lilburn Road NW, 22 miles northeast of downtown Atlanta. Shea Campbell, Colleen Hendrix and Ashish Cholia of CBRE represented the seller in the transaction.

December 4, 2020

Acquisitions Georgia Multifamily Southeast

Olive Tree Disposes Multifamily Community in Metro Atlanta for $21.2M

by Alex Tostado December 4, 2020

COLLEGE PARK, GA. — Olive Tree Property Holdings LLC has sold The Life at Lakeview, a 326-unit multifamily community in College Park, for $21.2 million. The property offers studio, one- and two-bedroom floor plans. According to Apartments.com, rents at the gated complex range from $733 per month to $965. Olive Tree acquired the asset in 2018 for $12.7 million and implemented upgrades to the security systems around the complex. The buyer was not disclosed.

December 4, 2020

Acquisitions Development Mixed-Use North Carolina Office Southeast

Cousins Properties Acquires RailYard Office Building, Adjacent Parcel in Charlotte’s South End for $229.1M

by Alex Tostado December 3, 2020

CHARLOTTE, N.C. — Cousins Properties has acquired RailYard, a 328,985-square-foot office building, and an adjacent 3.4-acre plot for the development of a mixed-use project in Charlotte’s South End district. The Atlanta-based REIT paid $201 million for RailYard and $28.1 million for the land. Charlotte-based Beacon Partners delivered RailYard in 2019 and sold it to Cousins for approximately $611 per square foot. At the time of sale, the 296,392-square-foot office portion was 97 percent leased to tenants including Allstate, Parsons Corp., EY, Slalom Consulting and WeWork. RailYard also features 32,593 square feet of ground-level retail space. Patrick Gildea, Matt Smith, Will Yowell, Grayson Hawkins and Brandon McMenomy of CBRE represented Beacon Partners in the sale. Cousins Properties acquired the adjacent land, which features access to the Bland Street Metro Station, from an undisclosed seller. Cousins plans to develop a mixed-use project spanning up to 700,000 square feet that will include office and residential space.

December 3, 2020

Acquisitions Multifamily Southeast Student Housing Virginia

Campus Apartments Purchases 600-Bed Student Housing Community Near James Madison University in Virginia

by Alex Tostado December 3, 2020

HARRISONBURG, VA. — Campus Apartments LLC has purchased Aspen Heights Harrisonburg, a 600-bed, cottage-style student housing community located near James Madison University in Harrisonburg. Aspen Heights sold the community for an undisclosed price. The property offers two-, three-, four- and five-bedroom units. Communal amenities include a 24-hour fitness center, computer lab, study lounge, tanning bed, access to a campus shuttle, movie theater, volleyball court and a pool. CBRE brokered the sale of the property. Campus Apartments intends to rebrand the property and implement a light value-add plan that will entail enhancements to both the clubhouse and exterior amenity areas.

December 3, 2020

Development Industrial North Carolina Southeast

Chick-fil-A to Develop $52M Distribution Center in Raleigh-Durham Area

by Alex Tostado December 3, 2020

MEBANE, N.C. — Chick-fil-A will develop a $52 million distribution center in the Durham suburb of Mebane. The property is expected to open in early 2022 and house 160 employees. The facility will be situated about 25 miles west of downtown Durham near Interstate 85. In 2019, the Atlanta-based restaurant chain launched its distribution company, Chick-fil-A Supply LLC, to serve its restaurants. This will be Chick-fil-A’s second distribution center, joining the location in Cartersville, Ga. Chick-fil-A operates 2,600 restaurants in 47 states, Washington, D.C. and Canada.

December 3, 2020

District of Columbia Southeast

Weekly Unemployment Claims Dip to 712,000, Lowest Total in Three Weeks

by Alex Tostado December 3, 2020

WASHINGTON, D.C. — Another 712,000 Americans filed for weekly unemployment claims during the week ending Nov. 28, the U.S. Department of Labor reported. The most recent figure is a decrease of 75,000 claims from 787,000 the previous week. It is the lowest since the week ending Nov. 7 (709,000 claims), which is also the lowest amount recorded during the pandemic. Economists surveyed by Dow Jones expected the claims last week to reach 780,000. The four-week moving average fell by 11,250 claims to 739,500. Continuing claims, for which data lags a week, decreased by 569,000 from the prior week to 5.2 million claims.

December 3, 2020

Development Georgia Office Southeast

Boston Consulting Group to Expand Downtown Atlanta Office Footprint by 60,000 SF

by Alex Tostado December 3, 2020

ATLANTA — Boston Consulting Group (BCG) will invest $18 million in a 60,000-square-foot office expansion at 100 Peachtree Street NE in downtown Atlanta. The project will add 331 full-time jobs comprising administrative services, human resources, finance, information technology, operations and design. BCG opened its first Atlanta office in 1995 and expanded in 2017 to have 268 employees in the Peach State. The company also owns BrightHouse, an Atlanta-based global creative consultancy with a focus on brand strategy that is located in Ponce City Market in the Old Fourth Ward district. When this expansion in Atlanta is complete, BCG and BrightHouse will employ more than 900 Georgians across three metro Atlanta offices. A timeline for completion was not disclosed.

December 3, 2020

Newer Posts

Older Posts