Southeast

Byrnes & Associates Arranges $22M Sale of Apartment Building in Downtown Baltimore

by Alex Tostado June 8, 2020

BALTIMORE — Byrnes & Associates Inc. has arranged the sale of The Munsey Apartment Building, an 18-story, 149-unit apartment building in downtown Baltimore. The property offers studio, one- and two-bedroom floor plans ranging from 668 to 1,705 square feet. Communal amenities include a fitness center, business center and a community clubroom. The building was originally constructed in 1911 and is named after Frank Munsey, the publisher and owner of the Baltimore-Sun. The asset was converted to multifamily space in 2002. Brad Byrnes of Byrnes & Associates represented both the buyer, PMC Property Group, and the seller, LC3 Investors Baltimore LLC, in the transaction.

June 8, 2020

Florida Leasing Activity Office Southeast

Software Firm Chetu Opens 21,000 SF Office Headquarters in South Florida

by Alex Tostado June 8, 2020

PLANTATION, FLA. — Chetu, a provider of custom software solutions, has opened its new office headquarters in Plantation. Chetu will occupy the top floor of a three-story building located at 1248 N. University Drive, nine miles west of downtown Fort Lauderdale. As the anchor tenant, the company will occupy 21,000 of the building’s 63,600 square feet. The office building features a reception area, multiple conference rooms, a community dining area and break lounges.

June 8, 2020

Development Georgia Retail Southeast

Branch Properties to Develop $29M Publix-Anchored Shopping Center in Metro Atlanta

by Alex Tostado June 5, 2020

DUNWOODY, GA. — Branch Properties will develop Perimeter Marketplace, a planned 39,150-square-foot shopping center in Dunwoody. A 25,147-square-foot Publix will anchor the property. The developer expects to deliver the project in fall 2021. The 10-acre plot is located just north of Perimeter Mall, 17 miles north of downtown Atlanta. Young Contracting is the general contractor for the project, Phillips Partnership is the architect and Contineo Group is the civil engineer.

June 5, 2020

District of Columbia Southeast

U.S. Economy Adds 2.5M Jobs in May, Greatly Exceeding Expectations

by Alex Tostado June 5, 2020

WASHINGTON, D.C. — The U.S. economy added 2.5 million jobs in May, the Bureau of Labor Statistics (BLS) reports. The uptick signals the economy is recovering faster from the COVID-19 shutdown than many market observers had expected. The unemployment rate decreased from 14.7 percent to 13.3 percent in May. Economists surveyed by The Wall Street Journal were prepared for continued job losses and a further shrinking of the economy. They had predicted a net loss of 8.3 million jobs for May. Some notable employment sectors that rebounded in May included leisure and hospitality, which added 1.2 million jobs after losing a combined 8.2 million jobs in March and April. Additionally, the construction sector added back nearly half of its lost jobs from April, moving upward by 464,000 in May. Education and health services was another industry that showed a recovery in May, adding 424,000 jobs. The sector lost 2.6 million jobs in April. Similarly, the retail sector added 368,000 jobs in May after losing 2.3 million in April. Not all sectors, however, were in the black in May. Employment in government declined by 585,000, following a drop of 963,000 in April. The heaviest loss came in local government (-487,000). Mining …

June 5, 2020

Acquisitions Florida Multifamily Seniors Housing Southeast

Fairstead Acquires Seniors Housing Community in South Florida for $29.5M

by Alex Tostado June 5, 2020

SUNRISE, FLA. — Fairstead has acquired Federation Sunrise Apartments, a 123-unit seniors housing community in Sunrise, for $29.5 million. Fairstead plans to upgrade the property, including new kitchens, baths, flooring, windows and air conditioning units. The New York City-based buyer also plans to upgrade the landscaping, community room and other existing amenities. The community is located at 5010 N. Nob Hill Road, 13 miles west of downtown Fort Lauderdale. The Housing Finance Authority of Broward County provided the buyer with federal low-income housing tax credits and tax-exempt bonds for the acquisition. The seller was not disclosed.

June 5, 2020

Acquisitions Georgia Industrial Southeast

JLL Arranges $19.6M Sale of Distribution Facility Near Port of Savannah

by Alex Tostado June 5, 2020

PORT WENTWORTH, GA. — JLL has arranged the $19.6 million sale of a 281,467-square-foot distribution center in Port Wentworth. The property is situated at 110 Little Hearst Parkway, within Savannah River International Trade Park and six miles from the Port of Savannah. The asset was delivered in 2019. Patrick Nally, Trent Agnew, Matt Wirth, Britton Burdette, Dennis Mitchell and Pete Pittroff of JLL represented the buyer, Exeter Property Group, in the transaction. The seller was not disclosed.

June 5, 2020

Acquisitions Affordable Housing Florida Multifamily Southeast

Marcus & Millichap Negotiates $3.1M Sale of Affordable Housing Community in Sarasota

by Alex Tostado June 5, 2020

SARASOTA, FLA. — Marcus & Millichap has negotiated the $3.1 million sale of Beneva Oaks, a 40-unit affordable housing community in Sarasota. The property offers one- and two-bedroom floor plans ranging from 521 to 702 square feet. Communal amenities include a community room with a fully equipped kitchen. Beneva Oaks is located at 650 N. Beneva Road, three miles east of downtown Sarasota. Luis Baez, Miles Tombrink, Casey Babb and Shawn Rupp of Marcus & Millichap’s The Babb Group represented both the buyer and seller in the transaction. Though neither was disclosed, the Sarasota Herald-Tribune reports the buyer was Beneva Redevelopment LP and the seller was an affiliate of Goodwill Manasota.

June 5, 2020

Acquisitions Industrial Maryland Southeast

Stewart Properties Sells 550,050 SF Cold Storage Facility Near Baltimore

by Alex Tostado June 4, 2020

NORTH EAST, MD. — Stewart Properties has sold Principio Commerce Center II, a 550,050-square-foot cold storage facility in North East. The asset is fully leased to KeHE Distributors LLC. Stewart Properties delivered the property in February. The building features 36-foot clear heights; LED lighting; wide column spacing; loading positions including 43 dry, 14 cold and 36 additional punch-outs; four drive-in doors; and significant freezer and cooler buildouts. Principio Commerce Center is located at 585 Principio Parkway W., 47 miles northeast of downtown Baltimore and the Port of Baltimore. Bruce Strasburg, Dave Dannenfelser, Jay Wellschlager, Tyler Boykin and Craig Childs of JLL represented the seller in the transaction. CBRE Global Investors acquired the asset for an undisclosed price.

June 4, 2020

Development Multifamily Southeast Tennessee

Alliance Residential to Develop 343-Unit Multifamily Community in Nashville

by Alex Tostado June 4, 2020

NASHVILLE, TENN. — Alliance Residential Co. will develop Broadstone Nations, a planned 343-unit multifamily community in Nashville’s The Nations neighborhood. Alliance Residential closed on the 6.3-acre land sale and expects to begin construction later this year with the first units slated to open in early 2022. The five-story building will offer studio, one- and two-bedroom floor plans averaging 809 square feet. Communal amenities will include a private meditation room, fitness center with a separated yoga room and a saltwater pool. Unit interiors will feature soft-close cabinetry, built-in desks, chef-inspired kitchen islands, and select units will feature home offices, dry bars and wine refrigerators. The community will be located at 4731 Centennial Blvd., five miles west of downtown Nashville.

June 4, 2020

District of Columbia Southeast

First-Time Jobless Claims Up by 1.9M, Initial Filings Decline for Ninth Straight Week

by Alex Tostado June 4, 2020

WASHINGTON, D.C. — Another 1.9 million Americans filed first-time unemployment claims in the week ending May 30, the U.S. Department of Labor reported. The latest figure is about 100,000 claims higher than economists surveyed by Dow Jones expected, with the forecast looking at just under 1.8 million claims. Since the COVID-19 outbreak in the U.S. in March, approximately 42.4 million claims have been filed. The Department of Labor also reported that the four-week moving average is at nearly 2.3 million claims, a decrease of 324,750 from the previous four-week average. Additionally, the number of first-time jobless claims has decreased for nine consecutive weeks.

June 4, 2020

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