MCDONOUGH, GA. — Zinus USA Inc. will invest $108 million in a new manufacturing and distribution facility in McDonough. The home furnishings company expects to create 804 full-time jobs at the property, which is expected to open in the first half of 2021. This marks the first manufacturing facility in North America for the South Korean-based company. Its other manufacturing facilities are located in China and Indonesia. According to multiple media reports, the building will be located at 830 Ga. Highway 42, the former site of the Toys “R” Us distribution center. The property is 27 miles southeast of Hartsfield-Jackson Atlanta International Airport and two miles from Interstate 75. Zinus worked with Yoonie Kim, the Georgia Department of Economic Development’s director of Korean investments, on the investment. Other civic partners include the Henry County Development Authority, Georgia Quick Start and Georgia EMC.
WASHINGTON, D.C. — A new national report compiled by Trepp shows that nearly one in four (23.4 percent) of commercial mortgage-backed securities (CMBS) in the hotel sector are 30 or more days delinquent, the highest percentage on record. By comparison, 1.3 percent of hotel CMBS loans were 30 or more days delinquent at the end of 2019. Nearly 4,000 hotel industry leaders signed a letter to the U.S. Congress imploring it to pass the Helping Open Properties Endeavor (HOPE) Act. The bill would provide assistance to small businesses, including hotel owners needing help to meet their debt-service obligations. “With record low travel demand, thousands of hotels can’t afford to pay their commercial mortgages and are facing foreclosure with the harsh reality of having to close their doors permanently,” says Chip Rogers, president and CEO of the American Hotel & Lodging Association (AHLA). “Tens of thousands of hotel employees will lose their jobs and small business industries that depend on these hotels to drive local tourism and economic activity will likely face a similar fate.” According to STR, occupancy levels across the country reached 50.2 percent during the week ending Aug. 15. It was the first time since mid-March that occupancy …
SLIDELL, LA. — Baton Rouge, La.-based Brookwood Properties has opened a 920-unit self-storage facility in Slidell. Life Storage Inc., a self-storage REIT based in Buffalo, N.Y., will manage the 118,340-square-foot property. The asset is situated at 1540 Lindberg Drive, 32 miles northeast of downtown New Orleans. The new Life Storage property will be open seven days per week and offers contactless rentals via its RentNow platform 24 hours per day.
WASHINGTON, D.C. — More than 1.1 million Americans filed first-time unemployment claims in the week ending Aug. 15, the U.S. Department of Labor reported Thursday morning. The weekly total was more than the 923,000 claims economists surveyed by Dow Jones expected. The most recent figure is an increase of 135,000 claims from the previous week, which was the first time since the coronavirus outbreak that claims totaled fewer than 1 million. The four-week moving average decreased by 79,000 to just under 1.2 million claims. Continuing claims, for which data is a week behind, totaled more than 14.8 million for the week ending Aug. 8, a decrease of 636,000 from the previous week.
CAPE CORAL, FLA. — Stevens Construction has delivered Viscaya-Prado Veterinary Hospital, an 11,630-square-foot animal hospital in Cape Coral. The owner-occupied clinic will be open 24 hours per day and feature 20 exam rooms, an X-ray machine, four operating rooms, treatment area, outdoor run, pharmacy and a lab. Viscaya-Prado Veterinary Hospital also houses separate dog and cat wards. The property is located at 1141 Country Club Blvd., six miles north of downtown Cape Coral. The architect of record is Ronald J. Melvin.
CORAL GABLES, FLA. — Moss Construction has delivered University of Miami Lakeside Village, a $134 million, 1,115-bed student housing community on the University of Miami campus. The 569,441-square-foot, seven-story project features 25 interconnected buildings and several outdoor spaces. The property offers classrooms, music rooms, study areas, recreation rooms, a 200-seat auditorium and offices. The buildings also have food options, a package center and an exhibition hall. The university opened for in-person classes Monday, Aug. 17, a week earlier than planned due to the coronavirus pandemic. The fall semester will conclude Friday, Nov. 20, the week before Thanksgiving. To support sustainability initiatives, the property includes green roofs that absorb carbon dioxide to help clean the air and regulate the climate. Also, existing plant life was evaluated and, when possible, integrated into the landscape or relocated elsewhere on campus. Miami-based Arquitectonica designed the community. — Alex Tostado
SUMMERVILLE, S.C. — The Silverman Group will develop a 520,000-square-foot speculative industrial building within Foreign Trade Zone industrial park in Summerville. The cross-dock building will feature 36-foot clear heights, 76 dock doors, an ESFR sprinkler system, 120 trailer parking spaces and 485 parking spaces for vehicles. The building will be located near Interstate 26 and 27 miles northwest of the Port of Charleston. Silverman Group expects to begin site work in September and deliver the property in spring 2021. Bob Barrineau and Brendan Redeyoff of CBRE are handling leasing efforts on behalf of the developer.
MOORESVILLE, N.C. — Lowe’s Home Improvement posted a 30 percent increase in same store sales during its second quarter, which ended July 31. The total sales reached $27.3 billion, compared with $21 billion in the second quarter of 2019. Lowe’s also invested $460 million during the quarter to support frontline hourly associates. In 2020, the company thus far has invested $560 million in COVID-19-related financial support for its associates and community pandemic relief, with a focus on minority and rural small businesses and healthcare workers. Mooresville-based Lowe’s is an essential retailer, meaning it has remained open throughout the COVID-19 pandemic. As of July 31, Lowe’s operates 1,968 home improvement and hardware stores in the United States and Canada.
DUNWOODY, GA. — Seattle-based Zillow Group will open its Southeastern regional hub in Dunwoody and create 200 jobs. According to the Atlanta Business Chronicle, the online residential real estate company leased two floors at Three Ravinia Drive, a 31-story office tower in Atlanta’s Central Perimeter submarket. A majority of the jobs will support Zillow Offers, the company’s home buying program. Kristi Brigman of the Georgia Department of Economic Development represented the Global Commerce division on this project in partnership with the Metro Atlanta Chamber, Decide DeKalb and the City of Dunwoody Development Authority. According to LoopNet Inc., CBRE handles leasing efforts on behalf of the undisclosed owner. A timeline for Zillow moving into the space was not disclosed.
NASHVILLE, TENN. — JLL has arranged the $41.2 million sale of Axis and Mosaic, two multifamily properties totaling 363 units in Nashville. Bond Cos. acquired the portfolio in an off-market transaction from Archway Equities LLC, an affiliate of Archway Holdings. Ian Anderson and Peter Chacon of JLL brokered the transaction. Axis comprises 130 units, offering one- and two-bedroom floor plans. Communal amenities include a clubhouse, fitness center, pool and laundry facilities. The property was built in 1969 and is situated at 307 Glengarry Drive, seven miles southeast of downtown Nashville. Mosaic, which was built in 1967, totals 233 units and offers two-bedroom floor plans. Communal amenities include a courtyard, package services, grilling area and a picnic area. The asset is located at 1019 Patricia Drive, seven miles southeast of downtown Nashville and one mile from Axis.