Southeast

Trammell Crow Completes 345,000 SF, Transit-Served Office Building in Metro Atlanta

by Taylor Williams August 10, 2020

DUNWOODY, GA. — Dallas-based developer Trammell Crow Co. has completed Twelve24, a 345,000-square-foot office building located at 1224 Hammond Drive in Dunwoody, a suburb of Atlanta in the metro’s Central Perimeter submarket. The 16-story building features a skybridge with direct access to the Dunwoody MARTA Station. Twelve24 is also located adjacent to Perimeter Mall and in close proximity to Interstate 285 and State Route 400. In addition, Twelve24 houses 11,000 square feet of ground-floor retail space, 7,500 square feet of which is preleased to Iron Hill Brewery & Restaurant. Insight Global, a national staffing and services company, has leased approximately 72 percent of the office space as the anchor tenant. The building offers an amenity floor with a fully staffed, 10,000-square-foot fitness center, an indoor conference center, tenant lounge and a café. Outdoor amenities include a yoga lawn, multiple lounge areas and a covered outdoor conference center. According to a second-quarter report on the Atlanta office market from Colliers International, the Central Perimeter submarket has a direct vacancy rate of 14.7 percent and has seen more than 1 million square feet of positive absorption year-to-date. Trammell Crow is also working with Concord Hospitality Group to develop a 177-room Hyatt Place …

August 10, 2020

Industrial Market Reports Mississippi Southeast Southeast Market Reports

Jackson’s Industrial Market Doesn’t Miss a Beat During COVID-19 Pandemic

by Alex Tostado August 10, 2020

Like most markets, regardless of sector, Jackson experienced a moment in time when deals were shelved due to the coronavirus pandemic. However, the industrial market in Jackson tells a different story in the early innings of COVID-19. While most deals were put on hold for several weeks in early April to mid-May, we saw activity pick up with users signing leases, contracting on vacant buildings and resuming due diligence timelines for land purchases, all without any repricing or discount. These trends, while hopefully permanent in nature, are all due to a lack of industrial supply and consistent demand in the Jackson market. If you have quality product in a good area, it will sell or lease, even during a pandemic. The Jackson industrial market spans around 40 million square feet if you include all specialty and manufacturing properties, as well as true warehouse and flex product. According to CoStar Group, the market’s vacancy rate is hovering around 7 percent, but it feels tighter since there’s a bulk of obsolescent product — either low ceiling heights or being in less desirable areas. Jackson is considered a minor industrial market and is well-suited for future growth. As Mississippi’s capital city, Jackson is …

August 10, 2020

District of Columbia Southeast

U.S. Economy Adds Nearly 1.8M Jobs as Unemployment Rate Falls to 10.2 Percent

by Alex Tostado August 7, 2020

WASHINGTON, D.C. — The U.S. economy added nearly 1.8 million jobs in July and the unemployment rate fell 90 basis points to 10.2 percent, the U.S. Bureau of Labor Statistics (BLS) reported Friday. The uptick on nonfarm payroll employment beat expectations as economists surveyed by The Wall Street Journal anticipated just under 1.5 million jobs to be added. Though the latest job tally surpassed expectations, Ball State University economist Michael Hicks cautions against drawing sweeping conclusions. The employment-to-population ratio is more than 5 percent below the level from July 2019 and more than 3.5 million workers have exited the labor force in the past few months. Hicks says if those 3.5 million workers were included in the jobs report, the unemployment rate would be 250 basis points higher. “Permanent job losses continue to increase, but temporary losses appear to be nearly fully recovered,” he said. “This means roughly 10 percent of those working in January remain unemployed, with no evidence of improving prospects for re-employment.” Employment surged in the leisure and hospitality sector, having added 592,000 jobs, making up for one-third of the overall monthly growth. The sector lost 8.2 million jobs in March and April, though has begun to reclaim …

August 7, 2020

Georgia Loans Multifamily Southeast

Berkadia Provides $24M Refinancing Loan for New Workforce Housing Community in Hinesville, Georgia

by Alex Tostado August 7, 2020

HINESVILLE, GA. — Berkadia has provided a $24 million Fannie Mae refinancing loan for Liberty Club Apartments, a 240-unit workforce housing complex in Hinesville. The borrower, Winter Park, Fla.-based Hillpointe, delivered the property in 2019. The 12-year loan features a fixed interest rate with five years of interest-only payments. Loan proceeds will be used to retire the existing construction loan. The community is located at 915 E. General Stewart Way, 40 miles southwest of downtown Savannah. Liberty Club comprises nine residential buildings, a clubhouse and 11 garage buildings. The property offers two-bedroom floor plans averaging 1,153 square feet. According to Apartments.com, rents range from $1,100 to $1,450 per month. Communal amenities include a pool, fitness center, a dog park and fishing ponds. Michael Weinberg, Alec Fox and Wesley Moczul of Berkadia originated the loan on behalf of the borrower.

August 7, 2020

Acquisitions District of Columbia Multifamily Southeast

Marcus & Millichap Arranges $19.1M Sale of Multifamily Community in D.C.

by Alex Tostado August 7, 2020

WASHINGTON, D.C. — Marcus & Millichap has arranged the $19.1 million sale of Griffin Apartments at Petworth Metro, a 49-unit multifamily community in Washington, D.C.’s Petworth neighborhood. The property, which was built in 2011, offers one- and two-bedroom floor plans. Communal amenities include bike storage, an Amazon Hub package delivery system and 24-hour maintenance services. The property is situated at 3801 Georgia Ave. NW, one block from the Petworth Metro Station and three miles north of downtown D.C. Christian Barreiro and Marty Zupancic of Marcus & Millichap brokered the transaction between the seller, Donatelli Development, and the buyer, Virginia-based Viking Capital.

August 7, 2020

Acquisitions Florida Retail Southeast

TSCG Negotiates $11.7M Sale of Retail Property in Metro Miami

by Alex Tostado August 7, 2020

NARANJA, FLA. — TSCG has negotiated the $11.7 million sale of Naranja Lakes Shopping Center, a 90,450-square-foot, grocery-anchored retail property in Naranja. The property was 95 percent leased at the time of sale to tenants including Winn-Dixie, Family Dollar and La Colonia Medical Center. The asset is situated at the intersection of U.S. Highway 1 and Naranja Lakes Blvd., 29 miles south of downtown Miami. Anthony Blanco of TSCG represented the seller, an affiliate of Asheville, N.C.-based FIRC Group, in the transaction. An affiliate of Boston-based Longpoint Realty Partners acquired the property.

August 7, 2020

Acquisitions Healthcare North Carolina Office Southeast

Flagship Healthcare Trust Acquires 55,912 SF Medical Office Building in Hickory, North Carolina

by Alex Tostado August 7, 2020

HICKORY, N.C. — Flagship Healthcare Trust Inc. has acquired Tate Medical Commons IV, a 55,912-square-foot medical office building in Hickory. The Charlotte-based REIT will also manage the property, which was fully leased at the time of sale to tenants including Catawba Valley Medical Center and Catawba Women’s Center. The asset is situated at 1501 Tate Blvd. SE, next to Tate Medical Commons. First Horizon Bank provided acquisition financing on behalf of the buyer. The seller and sales price were not disclosed.

August 7, 2020

Development Florida Industrial Southeast

Amazon to Develop 600,000 SF Fulfillment Center, Last Mile Facility Near Tampa

by Alex Tostado August 6, 2020

TEMPLE TERRACE AND LUTZ, FLA. — Amazon will develop a 600,000-square-foot fulfillment center in Temple Terrace. The Seattle-based e-commerce giant expects the facility to open in 2021 and house 750 full-time employees. Employees at the site will pick, pack and ship smaller customer items such as books, electronics, small household goods and toys. In addition, Amazon will hire for roles in human resources, operations management, safety, security, finance and information technology. Temple Terrace is located 17 miles northeast of Tampa International Airport and 10 miles northeast of downtown Tampa. Additionally, Amazon plans to open a last-mile delivery center in Lutz, which is about 10 miles north of Temple Terrace, Fla. The Lutz delivery station is also anticipated to open in 2021.

August 6, 2020

Industrial Leasing Activity Maryland Southeast

Stag Industrial Signs Book Publisher to 1 MSF Industrial Lease in Hampstead, Maryland

by Alex Tostado August 6, 2020

HAMPSTEAD, MD. — Stag Industrial has signed a book publisher to a 1 million-square-foot industrial lease at 630 Hanover Pike in Hampstead. The lease was effective Aug. 1 and will last for five-and-a-half years with three months of free rent and 3 percent annual rent escalations. The property is situated 30 miles north of downtown Baltimore. As of June 30, Boston-based Stag’s portfolio comprised 457 buildings in 38 states with approximately 91.8 million rentable square feet.

August 6, 2020

District of Columbia Southeast

Nearly 1.2M Americans File First-Time Unemployment Claims, Lowest Weekly Figure Since COVID-19 Outbreak

by Alex Tostado August 6, 2020

WASHINGTON, D.C. — Nearly 1.2 million Americans filed for first-time unemployment assistance during the week ending Aug. 1. The latest figure is the lowest weekly total since the COVID-19 pandemic hit the United States. Economists surveyed by Dow Jones expected 1.4 million claims for the week. There have now been 20 consecutive weeks of initial claims totaling more than 1 million filings. The four-week moving average was 1.3 million claims, a decrease of 31,000 from the previous four-week average. Additionally, continuing claims dipped by 844,000 to 16.1 million.

August 6, 2020

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