Southeast

JBG Smith Completes Redevelopment of Office Building as Part of Amazon’s HQ2 in Northern Virginia

by Alex Tostado December 17, 2020

ARLINGTON, VA. — JBG Smith has completed the redevelopment of a 273,000-square-foot office building for Amazon as part of the e-commerce giant’s HQ2 in Arlington’s National Landing district. The Seattle-based company will fully occupy the 14-story building, which is situated at 1770 Crystal Drive. The delivery comes two years after Amazon chose Arlington as the site for its second headquarter location. Bethesda, Md.-based JBG Smith completed the asset two quarters ahead of schedule and under budget. Amazon’s offices at 1770 Crystal Drive are part of the initial 537,000 square feet of existing office space the company agreed to lease from JBG Smith in November 2018. Since then, Amazon has continued to grow its National Landing leased footprint, which now encompasses 857,000 square feet across five JBG Smith-owned buildings. Additionally, Amazon acquired land from JBG Smith to develop 4 million square feet of ground-up office space as part of its overall HQ2 master plan. In January, JBG Smith broke ground on Phase I, which will comprise 2.1 million square feet of office space, one acre of green space and 50,000 square feet of retail space. Phase I is expected to deliver in 2023. Gensler designed the redeveloped 1770 Crystal Drive to …

December 17, 2020

District of Columbia Southeast

Initial Unemployment Claims Continue to Rise, Hitting 885,000 for the Week

by Alex Tostado December 17, 2020

WASHINGTON, D.C. — Another 885,000 Americans filed for initial unemployment insurance for the week ending Dec. 12, the U.S. Department of Labor reported Thursday. The most recent figure marks a 23,000-claim jump from the previous week. Economists surveyed by Dow Jones expected the claims total to fall to 808,000. The 885,000 claims mark the highest number since the week ending Oct. 10, when 898,000 claims were filed. The four-week moving average also rose, reaching 812,500, a 34,250-claim jump from the previous week.

December 17, 2020

Acquisitions Alabama Multifamily Southeast Student Housing

Preiss, JV Partner Acquire 600-Bed Student Housing Community Near Auburn University

by Alex Tostado December 17, 2020

AUBURN, ALA. — A joint venture between The Preiss Co. and a private equity real estate fund advised by Crow Holdings Capital has acquired a 600-bed, cottage-style student housing community from Aspen Heights, a student housing developer based in Austin, Texas. The sales price was not disclosed. The community — rebranded The Collective at Auburn — serves students attending Auburn University in Alabama. Capital improvements are planned for the property, including a complete redesign of its clubhouse and amenity areas, new exterior paint, the addition of more in-unit furniture and the installation of LED lighting and water-saving devices. According to Donna Preiss, founder and CEO of The Preiss Co., upgrades will be handled in phases to ensure minimal resident disruption. Communal amenities include a pool, hot tub, outdoor fireplace, volleyball court, clubhouse, computer lab, study lounge, movie theater, game room and a fitness center. The property is 95 percent preleased for the fall 2021 semester.

December 17, 2020

Industrial Leasing Activity South Carolina Southeast

Colliers Negotiates 134,000 SF Industrial Lease in Upstate South Carolina for Automotive Supplier

by Alex Tostado December 17, 2020

DUNCAN, S.C. — Colliers International has negotiated a 134,000-square-foot industrial lease for MingHua USA Inc., a manufacturer of plastic automotive parts and molds, within Woods Chapel Crossing industrial park in Duncan. MingHua is a subsidiary of China-based Jiangnan Mold Plastic Technology Corp. (JMPT). MingHua originally entered the market in 2016 when it signed a 160,000-square-foot lease for an injection molding facility in Greer, less than a half-mile from Woods Chapel Crossing. JMPT’s customers include BMW, Mercedes-Benz, Volkswagen and General Motors. MingHua’s facility is situated at 1121 Woods Chapel Road, two miles from Interstate 85 and equidistant between Spartanburg and Greenville. The landlord, Atlanta-based Robinson Weeks, is developing Woods Chapel Crossing on a speculative basis. This is the first lease signed within the park. Dillon Swayngim of Colliers represented the tenant in the lease negotiations. Kacie Jackson, Brian Young and Elliot Fayssoux of Cushman & Wakefield | Thalhimer represented the landlord.

December 17, 2020

Acquisitions Connecticut Healthcare Midwest Minnesota Office Ohio Tennessee Top Stories

Davis Medical Investors Acquires Eight-Property Medical Office Portfolio for $112M

by Alex Tostado December 17, 2020

MINNEAPOLIS — Davis Medical Investors LLC has acquired an eight-property, 309,735-square-foot medical office portfolio for $112 million. The Minneapolis-based buyer acquired the assets through a new fund backed by Capital One. Three of the buildings were purchased from Davis Medical Investors-affiliated partnerships and the other five were acquired from undisclosed, third-party sellers. The portfolio comprises three properties in Minnesota, three in Tennessee and one each in Ohio and Connecticut. The acquisitions in Tennessee and Connecticut represent Davis Medical Investors’ entry into those markets. The portfolio was 99 percent leased at the time of sale with an average lease term of more than eight years. The buildings in the portfolio are an average of 10 years old. According to Mark Davis, founder and managing partner at Davis Medical Investors, the fund will be able to acquire more than 20 medical office buildings totaling up to $240 million. “Despite some of the acquisitions being temporarily put on hiatus because of COVID-19, we stayed in close contact with the sellers to ensure we successfully brought these deals to fruition,” says Stewart Davis, executive vice president of investments at Davis Medical Investors. The properties in the portfolio include: M Health-Fairview in Minneapolis, which is …

December 17, 2020

Alabama Development Loans Multifamily Southeast

Knighthead Funding Provides $27.3M Construction Loan for Multifamily Community in Metro Huntsville

by Alex Tostado December 16, 2020

MADISON, ALA. — Knighthead Funding LLC has provided a $27.3 million construction loan to Chase Creek Holdings for the development of The Views at Chase Creek in Madison . The non-recourse loan has a 24-month term. Upon completion, The Views at Chase Creek will offer 228 one-, two- and three-bedroom floor plans. The borrower/developer expects to deliver the property, which will comprise 10 two-story buildings, in the second quarter of 2022. Unit interiors will feature stainless steel appliances, stone finishes, walk-in closets and a washer and dryer. The Views at Chase Creek will be situated at 248 Old Glory Road, 13 miles west of downtown Huntsville.

December 16, 2020

District of Columbia Retail Southeast

Retail Sales in November Show Negative Growth for First Time Since May, Remain Higher than Last Year

by Alex Tostado December 16, 2020

WASHINGTON, D.C. — Retail sales in November declined 1.1 percent compared to October of this year, the U.S. Commerce Department reported Wednesday. The monthly decline is the first dip since April, when sales plummeted 14.7 percent due to the COVID-19 pandemic. November sales totaled $546.5 billion, which was an increase of 4.1 percent from November 2019. Additionally, the three-month period from September 2020 to November was 5.2 percent higher than the same time period a year ago. Month-over-month, motor vehicle and parts dealers, home furniture stores, electronics and appliances stores, clothing and accessories stores and sporting goods stores all reported decreased sales. The home improvement and food and beverage sectors grew 1.1 and 1.6 percent, respectively. Matthew Shay, president and CEO of the National Retail Federation (NRF), says the monthly decline is due to consumers holding steady amid rising COVID-19 cases and congressional gridlock. “Consumers held back on spending in November as virus rates spiked, states imposed retail restrictions and congressional stimulus discussions were gridlocked,” says Shay. “While consumers have been bolstered by increases in disposable income and savings, it’s clear that additional fiscal stimulus from Congress is needed and we are hopeful it will be passed soon as we enter the final …

December 16, 2020

Acquisitions Development Georgia Retail Southeast

Gwinnett County Acquires Gwinnett Place Mall for $23M, Not Including Three Anchors

by Alex Tostado December 16, 2020

DULUTH, GA. — The Gwinnett County Board of Commissioners voted to acquire 39 acres at Gwinnett Place Mall in Duluth, including the portion of the mall that houses most of the mall’s inline tenants, food court and the shuttered Belk-Parisian store. The Urban Redevelopment Agency of Gwinnett County (URA) will buy the land for $23 million from Moonbeam Capital Investments LLC, a Las Vegas-based investor that bought the mall in 2013 from Simon. Moonbeam Capital put the mall up for sale last fall. The sale does not include the locations of Macy’s, Mega Mart and Beauty Master, which are tenant-owned. Additionally, the former Sears building, which Northwood Ravin acquired in 2018, was not part of the sale. Gwinnett Place Mall was originally completed in 1984. The mall has been used in the film industry in recent years as the setting for movies and TV shows including “Stranger Things,” “Holidate,” “Ozark,” “I, Tonya” and “Greenleaf.” Gwinnett County Board of Commissioners chairwoman Charlotte Nash says the county has been attempting to acquire the land for several years and will redevelop the parcel that has “incredible opportunity.” Gwinnett County will engage the County Department of Planning and Development, the Gwinnett Place Community Improvement …

December 16, 2020

Development Industrial North Carolina Southeast

Nance, MPV to Develop 30,250 SF Industrial Facility in Metro Charlotte

by Alex Tostado December 16, 2020

PINEVILLE, N.C. — Nance Cos. and MPV Properties will develop Berkshire Business Centers No. 26, a 30,250-square-foot industrial facility within Pineville Distribution Park in Pineville. The developers are building the asset to accommodate a single tenant. The property will feature 24-foot clear heights, multiple drive-in and dock-high doors and office space. The building will be situated at 10121 Pineville Distribution St., 13 miles south of downtown Charlotte and 15 miles southeast of Charlotte Douglas International Airport. Timmons Group is the engineer and Merriman Schmitt designed the building, which is being developed on a speculative basis. Bailey Patrick Jr. and Billy Thomas of MPV are handling the leasing efforts. The developers expect to deliver the asset in fall 2021. This will mark the third building to be delivered within the distribution park, following Beacon Development’s 525,000-square-foot facility for Campbell Snacks in 2019, and Nance and MPV’s 67,000-square-foot center earlier this summer.

December 16, 2020

Acquisitions Georgia Retail Southeast

Marcus & Millichap Negotiates $3.7M Sale of Strip Retail Center in Central Georgia

by Alex Tostado December 16, 2020

WARNER ROBINS, GA. — Marcus & Millichap has negotiated the $3.7 million sale of a 13,076-square-foot retail strip center within Merganser Commons in Warner Robins. Zach Taylor of Marcus and Millichap’s Taylor McMinn Retail Group implemented a parcelization strategy to sell Merganser Commons for a total of $14.7 million on behalf of the seller, EA Columbia Properties. A 45,600-square-foot Publix anchors Merganser Commons. The strip center was the last piece of Merganser Commons to be sold. “By taking a parcelization approach we were able to maximize the seller proceeds,” says Taylor. Tomahawk Properties LLC acquired the asset.

December 16, 2020

Newer Posts

Older Posts