Southeast

U.S. Economy Gains 661,000 Jobs in September, Unemployment Rate Drops to 7.9 Percent

by Alex Tostado October 2, 2020

WASHINGTON, D.C. — The U.S. economy added 661,000 jobs in September, coming up shy of expectations, the U.S. Bureau of Labor Statistics (BLS) reported Friday. Economists surveyed by The Wall Street Journal expected the most recent figure to clock in around 850,000 jobs gained. The economy has now recovered 11.4 million of the 22 million jobs lost since the beginning of the pandemic. Additionally, the unemployment rate fell 50 basis points from August to 7.9 percent. The leisure and hospitality sector added 318,000 jobs in September, nearly doubling the gains from August (174,000). Despite the sector gaining 3.8 million jobs over the past five months, it still lags February levels by 2.3 million jobs. The retail sector also had notable gains, adding 142,000 jobs last month. Employment in retail trade is 483,000 jobs below its February level. The average work week for nonfarm payroll employees ticked up 0.1 hours to 34.7 hours in September. Average hourly wages were largely unchanged, going up 2 cents to $29.47.

October 2, 2020

CTG, Florida A&M University Complete 720-Bed Student Housing Development in Tallahassee

by Alex Tostado October 2, 2020

TALLAHASSEE, FLA. — A public-private partnership between CTG Development Co. (CTG) and Florida A&M University (FAMU) has completed the development of a 720-bed residence hall on the university’s campus in Tallahassee. The new residence hall is Phase I of development on a larger project called Main Street Corridor, which will include a mixed-use building with multifamily units and retail, a new stadium and a field house upon completion. Finfrock is serving as the architect of record and the design-build contractor for the project. The university held a ribbon-cutting ceremony Wednesday, Sept. 30. FAMU is holding classes in a hybrid format for the fall 2020 semester.

October 2, 2020

Development Loans Multifamily North Carolina Seniors Housing Southeast

Ziegler Arranges $47.8M Financing for Seniors Housing Expansion in High Point, North Carolina

by Alex Tostado October 2, 2020

HIGH POINT, N.C. — Ziegler has arranged $47.8 million in bond financing for a planned expansion project at Pennybyrn at Maryfield, a continuing care retirement community (CCRC) in High Point, just southwest of Greensboro. Located on 72 acres, Pennybyrn currently offers 180 independent living units, 24 assisted living units, 24 memory care units and 125 skilled nursing beds. The planned expansion will add 42 new independent living apartments, with 74 percent of them pre-sold, as well as a 24-bed transitional rehabilitation therapy building. The project will also include improvements to the buildings and exteriors throughout the existing campus. The project team includes borrower and developer ActionPact Development LLC, architect ActionPact Design Group LLC, general contractor Thomas Construction Group LLC, construction manager NewBanks Inc. and Dixon Hughes Goodman as feasibility consultant.

October 2, 2020

Acquisitions Georgia Industrial Office Southeast

JLL Arranges $11.7M Sale of Industrial, Office Park in Metro Atlanta

by Alex Tostado October 2, 2020

NORCROSS, GA. — JLL has arranged the $11.7 million sale of Plaza 85 Business Park, a nine-building industrial and office building campus in Norcross. The property comprises 191,526 square feet and is situated on 13.8 acres. The industrial building feature 12- to 18-foot clear heights, dock-high and drive-in doors and a combination of rear- and front-loading configurations. At the time of sale, the asset was leased to 31 tenants. The business park is situated at 5970-6040 Unity Drive, less than one mile from Interstate 85 and 18 miles northeast of downtown Atlanta. Dennis Mitchell, Matt Wirth, Britton Burdette and Crosby Taylor of JLL represented the seller, Sperry Equities, in the transaction. Atlanta-based WePartner purchased the asset.

October 2, 2020

Development Hospitality Southeast Tennessee Top Stories

Southwest Value Partners Opens 591-Room Grand Hyatt Hotel Within Nashville Yards

by Alex Tostado October 2, 2020

NASHVILLE, TENN. — Southwest Value Partners has opened Grand Hyatt Nashville, a 25-story, 591-room hotel located within the 18-acre Nashville Yards development in downtown Nashville. The hotel features a signature restaurant from James Beard Award-winning chef Sean Brock; a rooftop lounge; a fifth-floor “wellness level” that includes a fitness center, pool overlooking downtown and spa; and 77,000 square feet of event and pre-function space, including a 20,000 square-foot grand ballroom. Southwest Value Partners built the hotel in partnership with Clark Construction Group and Bell & Associates Construction, with HKS Architects as designer. The project is the first building to open within Nashville Yards, a mixed-use development set to include more than 3.5 million square feet of office space, 1,000 residential units, 400,000 square feet of retail and entertainment space, 1,100 hotel rooms and a 1.3-acre urban park upon completion. In addition to the Grand Hyatt Nashville, the Clark/Bell team is working with Southwest Value Partners to develop Parcel 4 of Nashville Yards, a planned 24-story office tower and associated parking garage that will serve as Amazon’s new Operations Center of Excellence. Southwest Value Partners is a privately-held real state investment company based in San Diego. — Katie Sloan

October 2, 2020

Georgia Industrial Leasing Activity Southeast

Cushman & Wakefield Arranges 760,608 SF Industrial Lease for Radial Near Atlanta

by Alex Tostado October 1, 2020

LOCUST GROVE, GA. — Cushman & Wakefield has arranged a 760,608-square-foot industrial lease at Gardner Logistics Park in Locust Grove. King of Prussia, Pa.-based Radial, an e-commerce and operations company, will join The Home Depot and Love’s Travel Stops at Phase I of the industrial facility. Gardner Logistics Park is located at 3150 Ga. Highway 42, 30 miles southeast of Hartsfield-Jackson Atlanta International Airport. James Phillpott, Lisa Pittman and Helen Cauthen of Cushman & Wakefield represented the landlord, Indianapolis-based Scannell Properties, in the lease transaction. Tony Kepano and Ryan Robinson of CBRE represented the tenant.

October 1, 2020

District of Columbia Southeast

Weekly Jobless Claims Total 837,000, Beating Economists’ Expectations and Lowest Total During Pandemic

by Alex Tostado October 1, 2020

WASHINGTON, D.C. — Initial weekly jobless claims totaled 837,000 for the week ending Sept. 26, the U.S. Department of Labor reported Thursday. Although still historically high, the number of claims is the lowest since the onset of the coronavirus pandemic in mid-March. Economists surveyed by Dow Jones expected the total number of Americans filing for unemployment insurance to total 850,000 for the week. The most recent figure is a decrease of 36,000 claims from the previous week’s revised total. The four-week moving average also decreased, moving downward by 381,250 claims to just over 12.7 million. Continuing claims — for which data is a week behind — fell by 980,000 claims to nearly 11.8 million for the week ending Sept. 19.

October 1, 2020

Development Florida Multifamily Seniors Housing Southeast

Summit Contracting Breaks Ground on 163-Unit Seniors Housing Community in Central Florida

by Alex Tostado October 1, 2020

DAVENPORT, FLA. — Summit Contracting Group has broken ground on Siena Pointe, a seniors housing community in Davenport. Siena Pointe will be a four-story, wood-frame building situated on a seven-acre site. The property will feature 163 units of seniors housing in a 194,127-square-foot building. The community will be situated near Interstate 4 and U.S. Route 27, 33 miles southwest of downtown Orlando. Construction is slated for completion in fall 2021. The developer is Eastwind Development LLC, and the architect is Forum Architecture & Interior Design Inc.

October 1, 2020

Acquisitions Multifamily Southeast Virginia

Passco Acquires 200-Unit Multifamily Community in Northern Virginia

by Alex Tostado October 1, 2020

WOODBRIDGE, VA. — Passco Cos. has acquired The Preserve at Catons Crossing, a 200-unit multifamily community in Woodbridge. The property offers one- and two-bedroom floor plans, which were 95 percent occupied at the time of sale. Communal amenities include a fitness center, spa, pool, playground, basketball court, business center and a clubhouse. The complex was built in 2010 and is situated at 2760 Green Ash Loop, 26 miles southwest of downtown Washington, D.C. Chris Black and Caleb Marten of KeyBank Real Estate Capital originated acquisition financing on behalf of the buyer. The seller and sales price were not disclosed.

October 1, 2020

Development Georgia Hospitality Southeast

IHG Opens 99-Room Staybridge Suites in Metro Atlanta

by Alex Tostado October 1, 2020

DULUTH, GA. — InterContinental Hotels Group (IHG) has opened a 99-room Staybridge Suites hotel in Duluth, a northeast suburb of Atlanta in Gwinnett County. The property features a 24-hour business center, saltwater pool, fitness center, a meeting room and laundry facilities. Each room includes a 49-inch smart TV. Atlanta-based IHG has implemented its Clean Promise program, which includes disinfecting rooms and common areas with an electrostatic sprayer, as well as operating the hotel with strict social distancing guidelines. Duluth Capital Investments LLC operates and owns the hotel, which opened Sept. 30.

October 1, 2020

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