WASHINGTON, D.C. — Office users across the United States added 42 million square feet of office space to the sublease market during the second and third quarters, according to a new report from CoStar Group. As of the end of September, the country’s inventory of office sublease space stood at approximately 157 million square feet, a 44 percent increase from third-quarter 2019. While office users added about 14 million square feet of office space to the sublease supply during the second quarter, growth was even more pronounced during the third quarter, when tenants put some 28.5 million square feet up for sublease. According to a Federal Reserve Bank of Dallas survey, 24 percent of employed Americans were working from home in August due to COVID-19 shutdowns. An additional 18 percent of workers went into the office some days. According to the survey, 8 percent of Americans worked from home full-time prior to the pandemic. CoStar reports that among the biggest users to put sublease space on the market were pharmaceutical giant Sanofi (415,000 square feet in Northern New Jersey); retailer Macy’s (309,660 square feet in New York); insurance company USAA (305,110 square feet in San Antonio); Ebay (212,110 square feet …
SMYRNA, GA. — Cushman & Wakefield has arranged the $68.2 million sale of The Eddy at Riverview Landing, a 310-unit multifamily community in Smyrna. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, bike storage, walking trails, dog park and a car charging station. The property is situated along the Chattahoochee River at 6255 Riverview Road SE, 10 miles west of downtown Atlanta. Watson Bryant, Paul Marley and Taylor Bird of Cushman & Wakefield represented the seller, Prestwick Cos., in the transaction. JEM Holdings acquired the asset.
VIRGINIA BEACH, VA. — Standard Communities, the affordable housing division of Standard Cos., has acquired The Commons at Princess Anne, an affordable seniors housing community in Virginia Beach. The buyer plans to make capital improvements at the 186-unit property. The acquisition and renovation have a total capitalization of approximately $22 million. Built in 2001, The Commons at Princess Anne features a central courtyard with picnic areas and grills, a large community room and amenity spaces such as a fitness center, hair salon and walking paths. With this transaction, Standard has created or preserved over 2,000 units of affordable housing in the Mid-Atlantic region. The seller was not disclosed.
CANTON, MISS. — Trammell Crow Co. will develop a 700,000-square-foot Amazon robotics fulfillment center in Canton, about 26 miles north of Jackson along Interstate 55. The project is expected to house 1,000 employees who will pick, pack and ship small items such as books, electronics and toys to customers. This will be the third fulfillment center in the Magnolia State but the first to incorporate Amazon’s robotics technology. The Seattle-based e-commerce giant opened its first Mississippi facility in Byhalia in 2019 and its second in August in Olive Branch. According to Madison County officials, the Canton fulfillment center is expected to deliver in August 2021. Amazon expects to fill the 1,000 jobs by next holiday season.
NEW YORK CITY — JEM Holdings has sold four multifamily properties in North Carolina and two in Georgia for a combined $116.4 million. In North Carolina, Friedlam Partners acquired the 192-unit 59Twenty @ Monroe and the 196-unit Two20 @ Branchview in Charlotte, as well as the 176-unit Enclave @ Crabtree in Raleigh. Concordia Partners bought the 400-unit Marquis Gardens in Durham, N.C.; and the 232-unit Windsor Arms in Savannah, Ga. Sandhurst Apartment Management LLC purchased the 182-unit Woodhill in Augusta, Ga. Watson Bryant, Paul Marley and Taylor Bird of Cushman & Wakefield represented the New York City-based seller in the transactions.
WASHINGTON, D.C. — The American Hotel & Lodging Association (AHLA) has urged the U.S. Congress to pass another COVID-19 relief bill, citing a lack of holiday travel plans by most Americans surveyed and a continuation of stymied business travel. Morning Consult conducted a survey of 2,200 adults from Nov. 2 to 4 on behalf of AHLA. The results found 69 percent of adults have no travel plans for Thanksgiving and 72 percent of adults don’t plan to travel over Christmas. According to research from STR, the national hotel occupancy for the week ending Oct. 31 was 44.4 percent, down from 62.6 percent a year ago. On the business travel side, 8 percent of survey respondents said they have stayed in a hotel overnight for work since March. Sixty-two percent of employed respondents said they have no plans to stay in a hotel for work in the next six months. “This holiday season will be an especially difficult time for all Americans, and our industry is no exception,” says Chip Rogers, president and CEO of the AHLA. “Fewer people will be traveling, and business travel remains nearly non-existent. That’s why it’s so important for Congress to pass a relief bill now. …
NAPLES, FLA. — Halvorsen Holdings has broken ground on Fiddler’s Creek Plaza, a 60,000-square-foot, Publix-anchored shopping center in Naples. The 48,000-square-foot Publix is one of the company’s newest prototype models, featuring a drive-thru pharmacy and an updated layout with a mezzanine level. There is 12,000 square feet of shop space available as well, including a 2,925-square-foot end-cap restaurant space with an outdoor patio. Three outparcels are available for sale or ground lease. The property is located at the intersection of U.S. Highway 41 and Sandpiper Drive, 12 miles southeast of downtown Naples. Boca Raton, Fla.-based Halvorsen Holdings expects to complete Fiddler’s Creek Plaza in summer 2021.
NEWPORT NEWS AND PRINCE GEORGE, VA. — NorthMarq has provided a $41.8 million refinancing loan for a three-property apartment portfolio in Newport News and Prince George. The 10-year Freddie Mac loan features a fixed interest rate below 3 percent, five years of interest-only payments and a 30-year amortization schedule. The 724-unit portfolio comprises the 232-unit Reserve at Deer Run Apartments and the 272-unit Newport Commons Apartments in Newport News, as well as the 220-unit Jefferson Pointe Apartments in Prince George. Bob Harrington and Paul Whalen of NorthMarq originated the loan on behalf of the undisclosed borrower.
BIRMINGHAM, ALA. — GCP has sold its Fund I portfolio, which consists of 47 industrial properties totaling 11.6 million square feet, to an undisclosed group of institutional investors for $800 million. The portfolio consists of 11 properties in Alabama totaling 2.9 million square feet; 13 properties in Georgia totaling 2.9 million square feet; seven properties in Florida totaling 2.3 million square feet; seven properties in North Carolina totaling 1.9 million square feet; and nine properties in South Carolina totaling 1.6 million square feet. The properties were 98 percent occupied at the time of sale. John Huguenard of JLL’s Chicago office brokered the transaction on behalf of GCP. “This transaction highlights the investment community’s laser focus on acquiring institutional-quality industrial product from operators in growth markets as a defensive play in response to the changing landscape brought on by the COVID-19 pandemic,” says Huguenard. GCP was under contract to sell its Fund I portfolio prior to the start of the pandemic, but the initial buyer elected not to proceed due to the potential impact of COVID-19 on the industrial market. “In August, GCP was approached by several institutional investors who ultimately made unsolicited offers to acquire the Fund I portfolio,” says …
POMPANO BEACH, FLA. — Moss Construction will expand John Knox Village, a seniors housing community in Pompano Beach, by 150 units and 508,513 square feet of retail, outdoor and event space. The two-phase expansion is expected to cost $120 million to execute. Construction on the first phase has started. The 37,117-square-foot project will consist of a first-level pavilion featuring a performing arts center, pre- and post-event gallery space, two restaurants with indoor and lakeside dining, a bar in between the two restaurants, a lakefront promenade and gathering spaces. A timeline for completion was not disclosed. The second phase is scheduled to start in the first quarter 2022. The 471,396-square-foot project will include two podium-style towers with 150 independent living residences, a 153-space parking garage, three restaurants and other common areas. The expansion will also involve infrastructure improvements and revisions to lakes and roadways in the vicinity.