Southeast

Newmark Knight Frank Arranges $43M Refinancing Loan for New Apartment Complex in Charlotte

by Alex Tostado May 8, 2020

CHARLOTTE, N.C. — Newmark Knight Frank (NKF) has arranged a $43 million refinancing loan for Arlo Apartment Homes, a 286-unit community in Charlotte. The property, which was built in 2018, offers studio through three-bedroom floor plans. Communal amenities include a pool, outdoor kitchen, rooftop lounge, fitness center, club room with a gaming lounge, courtyard, pet spa and grooming lounge and a bike storage and repair station. The community is situated at 1331 W. Morehead St., two miles west of downtown Charlotte. Chris Caison and Josh Davis of NKF arranged the loan through an undisclosed insurance company on behalf of the borrower, Bluerock Residential Growth REIT Inc.

May 8, 2020

Company News Retail Southeast

Sprouts Farmers Market Expands Grocery Pick-Up Service to 46 Stores Across Southeast

by Alex Tostado May 8, 2020

PHOENIX — Sprouts Farmers Market has expanded its grocery pick-up service to 46 stores in Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee as the grocer faces heightened demand amid the COVID-19 outbreak. The service allows customers to plan grocery pick-up for the same day or to schedule several days in advance. Their personal shopper will bring the groceries to a designated pickup parking spot when the customer arrives and checks in. A list of specific stores offering the service was not disclosed. The Phoenix-based grocer recently expanded this service to 30 of its stores across Texas. Sprouts also partners with Instacart for same-day delivery services.

May 8, 2020

Florida Loans Multifamily Southeast

Berkadia Provides $37.3M Refinancing Loan for Multifamily Community in Orlando

by Alex Tostado May 8, 2020

ORLANDO, FLA. — Berkadia has provided a $37.3 million Freddie Mac refinancing loan for Advenir at Polos East Apartments, a 308-unit multifamily community in Orlando. The seven-year loan offers a fixed interest rate with interest-only payments for the full term at a 70 percent loan-to-value ratio. The property offers one- through three-bedroom floor plans averaging 877 square feet. Communal amenities include a pool; 24-hour fitness center; sauna; basketball, volleyball, tennis and racquetball courts; internet café; and a game room. Advenir at Polos East is situated at 1700 Woodbury Road, 13 miles east of downtown Orlando. Charles Foschini and Christopher Apone of Berkadia originated the loan on behalf of the borrower, Aventura, Fla.-based Advenir Real Estate.

May 8, 2020

Leasing Activity Office Southeast Virginia

Colliers Negotiates 38,400 SF Office Lease for City of Richmond

by Alex Tostado May 8, 2020

RICHMOND, VA. — Colliers International has negotiated a 38,400-square-foot office lease for the City of Richmond to relocate its Office of the General Registrar. The property is situated at 2134 W. Laburnum Ave., five miles northwest from downtown Richmond. The office is adjacent to where Interstates 195 and 64 merge. The previous office is located at 900 E. Broad St. in downtown Richmond. Harrison Hall and Will Bradley of Colliers represented the landlord, DAR Enterprises LLC, in the transaction.

May 8, 2020

District of Columbia Southeast

First-Time Unemployment Claims Continue to Rise as 33M Americans File for Assistance Since Mid-March

by Alex Tostado May 7, 2020

WASHINGTON, D.C. — As the COVID-19 pandemic continues to affect the U.S. economy, nearly 3.2 million Americans filed first-time unemployment claims in the week ending May 2, the Department of Labor reports. Since mid-March, 33 million citizens have filed for first-time unemployment. The Department of Labor also reports that, despite the overall rise in claims, the week-to-week numbers have declined for five consecutive weeks. The most recent figure shows 677,000 fewer claims than the week ending April 25. The four-week moving average was nearly 4.2 million, a decrease of 861,500 from the previous week’s revised average. As of this writing, there were 73,431 deaths and more than 1.2 million confirmed cases of COVID-19 in the United States, according to Johns Hopkins University (JHU).

May 7, 2020

Acquisitions Multifamily North Carolina Southeast

Newmark Knight Frank Arranges $49M Sale of Multifamily Community in Greensboro, North Carolina

by Alex Tostado May 7, 2020

GREENSBORO, N.C. — Newmark Knight Frank (NKF) has arranged the $49 million sale of Brassfield Park, a 336-unit multifamily community in Greensboro. The community comprises 326,828 square feet and was built in 1997. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool with gazebo area, outdoor grill and kitchen area, 24-hour package receiving lockers, pet care stations, dog park, tennis court and a playground. Brassfield Park is situated at 1921 New Garden Road, seven miles northwest of downtown Greensboro. Sean Wood, John Heimburger, Dean Smith, Alex Okulski, John Munroe and Jason Kon of NKF represented the seller, Raleigh, N.C.-based Chaucer Creek Capital, in the transaction. Josh Davis and Chris Caison of NKF originated a $39.1 million Freddie Mac acquisition loan on behalf of the buyer, Viola, N.Y.-based White Eagle Property Group.

May 7, 2020

District of Columbia Retail Southeast

NRF Chief Economist: Recovery Likely to Come in ‘Fits and Starts’

by Alex Tostado May 7, 2020

WASHINGTON, D.C. — The National Retail Federation’s (NRF) chief economist Jack Kleinhenz says that as some states begin reopening stores and other businesses, the national economy’s recovery will likely be a gradual process and vary by location. “Getting back to work or shopping in a pre-virus manner is difficult to predict at this time, with households likely to tiptoe back in rather than making an immediate return to the lives they experienced before,” Kleinhenz said in the May issue of NRF’s Monthly Economic Review. “My overall impression is that the recovery will have fits and starts among states, regions and cities depending on the severity of the pandemic in their localities.” The NRF reports that retail sales saw their worst month-over-month drop on record in March, falling 8.7 percent from February. Consumer spending fell an annualized 7.6 percent during the first quarter, the largest drop since the second quarter of 1980. Consumer confidence hit 86.9 percent in April, the lowest since 2014, according to the Conference Board’s Consumer Confidence Index. Even through the decreasing confidence, Kleinhenz says most people expect to see a rapid recovery. “The gap between opinions on current and future conditions indicates that consumers expect a V-shaped …

May 7, 2020

Industrial Leasing Activity Maryland Southeast

Barker Steel Mid-Atlantic Signs 133,520 SF Industrial Lease in Metro Baltimore

by Alex Tostado May 7, 2020

HALETHORPE, MD. — Barker Steel Mid-Atlantic has signed a 133,520-square-foot industrial lease at 1954 Halethorpe Farms Road in Halethorpe. The landlord, Blue Ocean, acquired the historic property in 2015. The 692,492-square-foot building was once used to manufacture aircraft components during World War II. The property is located near Interstates 95 and 695, eight miles southwest of downtown Baltimore and five miles north of Baltimore/Washington International Thurgood Marshall Airport. Milford, Mass.-based Barker Steel will use the property as a block manufacturing and distribution site. Jared Engel and Steve Cornblatt of Trout Daniel & Associates represented the landlord in the lease transaction. Toby Mink of CBRE represented the tenant.

May 7, 2020

Acquisitions Florida Retail Southeast

SRS Brokers $5.6M Sale of New Tampa Bay Retail Property Leased to 7-Eleven

by Alex Tostado May 7, 2020

PINELLAS PARK, FLA. — SRS Real Estate Partners has brokered the $5.6 million sale of a new, 3,109-square-foot convenience store in Pinellas Park. The property was delivered in late 2019 and has 15 years remaining on a corporate-guaranteed triple-net lease with 7-Eleven. The property sold for $1,798 per square foot to an undisclosed investor based in New York City completing a 1031 tax exchange. An undisclosed developer sold the property. The asset is situated at 9401 49th St. N., 20 miles west of downtown Tampa. Frank Rogers and Michael Carter of SRS represented the seller in the transaction.

May 7, 2020

Development Georgia Industrial Southeast

Alston Construction Delivers 646,380 SF Industrial Facility for Loloi Rugs Near Atlanta

by Alex Tostado May 6, 2020

CARTERSVILLE, GA. — Alston Construction has delivered a 646,380-square-foot distribution center and showroom for Loloi Rugs in Cartersville. Ware Malcomb provided architecture and interior design for the build-to-suit facility, which is located at 840 Cassville White Road, less than one mile from Interstate 75 and 50 miles northwest of downtown Atlanta. The single-story building features tilt-wall construction, 32-foot clear heights, 10,000 square feet of office space and 5,000 square feet of showroom space. Dallas-based Loloi Rugs is family-owned and -led and has been in operation since 2004. The textile company produces rugs, pillows and throws.

May 6, 2020

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