WASHINGTON, D.C. — Initial weekly job claims fell by 28,000 claims to 709,000 for the week ending Nov. 7, the U.S. Department of Labor reported Thursday. The most recent figure marks the lowest weekly claims since the onset of the coronavirus pandemic in mid-March. Additionally, the number of claims beat expectations from economists surveyed by Dow Jones, who expected the weekly claims to come in at 740,000. The four-week moving average also decreased, falling by 33,250 to 755,250. Continuing claims dipped by 436,000 to nearly 6.8 million for the week ending Oct. 31. (Data for continuing claims is a week behind.)
BIRMINGHAM, ALA. — Elmwood Park, N.J.-based Aptitude Development has broken ground on The Marshall Birmingham, a 409-bed student housing community located near the University of Alabama at Birmingham (UAB). The 200,000-square-foot, seven-story building will feature shared amenities including a fitness center, resident lounges, breakout areas, open-air social space, courtyards and a pool. Construction is expected to be completed in summer 2022. The design team comprises Stone Construction, BSB Design and CHA Engineering.
LEBANON, TENN. — Starbucks Corp. has renewed its 680,160-square-foot industrial lease within Park 840 East 1009 in Lebanon. Starbucks will continue to fully lease the facility, which features 36-foot clear heights, dock- and drive-in doors, trailer parking and automobile parking. The building is situated at 1050 International Drive, 27 miles east of downtown Nashville. The site serves as a Southeastern distribution hub for the Seattle-based company. Lonnie Russell of Cushman & Wakefield represented the landlord, Duke Realty, in the transaction. Laura Hart of CBRE represented the tenant.
ROSWELL, GA. — Red Oak Financial has provided a $9.7 million refinancing loan for Village Festival Shopping Center, a 56,921-square-foot retail center in Roswell. Proceeds from the two-year bridge loan will be used to renovate the property, which sits on seven acres at 10930 Crabapple Road, 25 miles north of downtown Atlanta. The borrower and owner, Phoenix Ten Properties LLC, will introduce shopping, dining and event options at the property. A timeline for renovations was not disclosed. Gary Bechtel of Red Oak Financial originated the loan on behalf of the borrower.
FALLS CHURCH, VA. — Clarion Partners LLC has sold 3150 Fairview Park Drive, a 257,489-square-foot office building in Falls Church, for $90 million. The buyer was a fund managed by Apollo Global Management. The eight-story building was fully leased at the time of sale and houses the global headquarters for General Dynamics Information Technology (GDIT), a subsidiary of General Dynamics. The seller recently renovated the asset, which was originally delivered in 2001. Upgrades included adding an atrium lobby, rebuilding common areas and enhancing building amenities. Bill Prutting, Jim Meisel and Matt Nicholson of JLL represented the seller in the transaction. The team also procured the buyer. The asset is situated within Fairview Park, a three-building office park 15 miles west of downtown Washington, D.C. In October of this year, Newmark arranged the sale of 3170 and 3180 Fairview Park Drive. “[The building located at] 3150 Fairview was highly sought-after due to its rare combination of a long-term leased global headquarters of a strong credit tenant, a fully renovated trophy asset and a submarket in Northern Virginia that has experienced one million square feet of leasing activity since 2017, with many tenants landing in Fairview Park,” says Prutting. The New York …
CLEVELAND — KeyBank Real Estate Capital has provided $145.2 million in Freddie Mac financing for the purchase of 12 multifamily communities in North Carolina. Brian Caudel and Andrew Nathenson of Cleveland-based KeyBank originated the loans, which offer 10-year terms with five years of interest-only payments and a 30-year amortization schedule, on behalf of the borrower and buyer, Peak Capital Partners. The portfolio comprises garden-style apartments totaling 1,859 units with lot sizes averaging 11 acres. The assets were built between 1985 and 2005. The seller(s) was not disclosed. The properties included in the sale are: 96-unit Arbor Glen in Eden, built in 2004; 128-unit Autumn Park in Oxford, built in 2005; 298-unit Brookwood in Archdale, built in 1987; 108-unit Crossroads Station in Charlotte, built in 2002; 226-unit Crestview in Concord, built in 1985; 156-unit Davidson in Concord, built in 1994; 144-unit Huntington in Concord, built in 1998; 88-unit Lexington Station in Lexington, built in 2002; 120-unit Crown Ridge in Shelby, built in 2003; 148-unit Marion Ridge in Shelby, built in 1999; 279-unit Mooresville Station (I & II) in Mooresville, built in 2000; and 68-unit Stonewood in Mooresville, built in 1987.
NEWNAN, GA. — JLL has arranged the sale of Cubes at Bridgeport, a 1 million-square-foot industrial facility in Newnan. A joint venture between CRG, the investment arm of Chicago-based Clayco; U.S. Logistics Fund 1; and Pope & Land completed the shell of the asset on a speculative basis in 2019. The asset features 40-foot clear heights; a 620-foot, cross-loaded bay; and 60-foot speed bays. The property was fully preleased at the time of sale, though the tenant and move-in date were not disclosed. According to JLL, the tenant will bring 500 jobs to the area. The Cubes at Bridgeport is the first building to be delivered within a 500-acre site that will also feature up to 8.5 million square feet of industrial space. The property is situated at the Interstate 85 and Exit 41 interchange, 31 miles southwest of Hartsfield-Jackson Atlanta International Airport. John Huguenard, Britton Burdette, Matt Wirth and Dennis Mitchell of JLL represented the seller, CRG, in the transaction. Chris Tomasulo and Steve Grable of JLL led the leasing efforts for the project. KKR acquired the asset for an undisclosed price.
WASHINGTON, D.C. — Due to the rise of what the Urban Land Institute (ULI) dubs “18-hour cities,” markets like Raleigh-Durham, Nashville and Charlotte are emerging as hotbeds of growth heading into 2021, according to the latest Emerging Trends in Real Estate report from PricewaterhouseCoopers (PwC) and ULI. Participants in Emerging Trends 2021 are bullish on markets in the Southeast, including Tampa and Washington, D.C./Northern Virginia, as they are experiencing an influx of population because of lower housing costs, business-friendly climates and available jobs. The top 10 U.S markets to watch for overall real estate prospects in 2021 are: Raleigh-Durham, N.C. Austin, Texas Nashville, Tenn. Dallas-Fort Worth, Texas Charlotte, N.C. Tampa-St. Petersburg, Fla. Salt Lake City Washington, D.C./Northern Virginia Boston Long Island, N.Y. *bold indicates a market in the Southeast. Raleigh-Durham is the No. 1 overall real estate market to watch in 2021, according to the Emerging Trends report, in part, due to its trio of research colleges — Duke University, University of North Carolina at Chapel Hill and North Carolina State University — as well as the largest research park in United States, Research Triangle Park. Additionally, there are several high-profile projects underway in the area, including Seaboard Station, Fenton and the redevelopment and expansion of the American Tobacco Campus. ULI and PwC conducted more …
DOTHAN, ALA. — Chase Properties has acquired Shops on the Circle, a 183,000-square-foot retail property in Dothan. TJ Maxx, Big Lots, PetSmart, Five Below and Old Navy anchor the center. The seller and sales price were not disclosed. Shops on the Circle is located at 3500 Ross Clark Circle, three miles northwest of downtown Dothan. Beachwood, Ohio-based Chase Properties says that despite COVID-19, the sale closed on schedule.
LANTANA, FLA. — HPI Real Estate Services & Investments has purchased a 752-unit, 72,910-square-foot CubeSmart self-storage facility in Lantana. CubeSmart manages the property, which is situated at 420 N. Fourth St., 11 miles south of downtown West Palm Beach. The asset was delivered in 2018 and offers 24-hour video surveillance, climate-controlled units and elevator access. The sales price was not disclosed, though Texas-based HPI says this is the first transaction of its new self-storage acquisition fund, which will acquire more than $125 million of assets over the next 12 months. According to Jon Erickson and Jonathan Vollinger of HPI, the all-cash deal closed in 37 days. Zack Urow and Richard Riddle of SkyView Advisors represented the seller, Florida-based Acorn Mini Storage, in the transaction.