WASHINGTON, D.C. — The U.S. gross domestic product (GDP) grew 33.1 percent in the third quarter on an annualized basis. Economists surveyed by Dow Jones expected growth to reach 32 percent. The third-quarter growth is a stark contrast to the second quarter, when GDP plummeted 31.4 percent due to the coronavirus shutdown. The most recent figure sets the record for post-World War II growth, more than doubling the previous mark of 16 percent set in the first quarter of 1950. The economic surge, though, does not mean the economy is back to its pre-pandemic levels. The U.S. Department of Labor reported Thursday that initial unemployment claims for the week ending Oct. 24 reached 751,000. The total is the lowest mark since the onset of the pandemic, but still historically high. Initial claims in February of this year hovered around 200,000 per week. Continuing claims, for which data lags a week, came in at nearly 7.8 million for the week ending Oct. 17, a decrease of 709,000 claims from the previous week.
SPARROWS POINT, MD. — McCormick & Co. Inc. will open a 1.8 million-square-foot distribution center in Sparrows Point. The facility will be the largest in the food manufacturer and distributor’s portfolio. The Baltimore-based company plans to consolidate several jobs and distribution warehouses to the new location upon completion, which is slated for the second half of 2022. The new facility will be situated within Trade Point Atlantic Industrial Park, 12 miles south of the Port of Baltimore. Other tenants within the industrial park include Under Armour, Amazon and Perdue Foods. McCormick will host a groundbreaking ceremony at the site Thursday, Nov. 12. The developer and design team were not disclosed.
TEANECK, N.J. — Teaneck-based FriedLam Partners has bought a six-property multifamily portfolio in Charlotte, Raleigh and Atlanta for $85.2 million. The portfolio comprises 872 units. The two Charlotte properties are the 192-unit 59Twenty @ Monroe and the 196-unit Two20 @ Branchview. The community in Raleigh was the 176-unit Enclave @ Crabtree. Watson Bryant and Paul Marley of Cushman & Wakefield represented the seller of the North Carolina properties, JEM Holdings, in the transaction. The Atlanta portion of the portfolio comprises the 130-unit 743 @ Howell Mill, the 112-unit Lenox Place and the 66-unit Rio at Lenox. Travis Presnell and Wesley Kenney of Cushman & Wakefield represented the seller, Zavala Capital Group, in the transaction.
ALEXANDRIA, VA. — PS Business Parks Inc. has acquired Pickett Industrial Park, a three-building, 246,000-square-foot industrial campus in Alexandria, for $46.3 million. The assets offer 7,000- to 75,000-square-foot spaces, which were fully leased at the time of sale. Pickett Industrial Park is situated at 841 S. Pickett St., nine miles southwest of Ronald Reagan Washington National Airport. The seller was not disclosed.
WASHINGTON, D.C. — JLL has negotiated the $32.5 million sale of 1301-1317 Connecticut Avenue, a three-story, 66,000-square-foot office and retail building in downtown Washington, D.C. The seller, Shorenstein Co. LLC, acquired the asset in 2011 and renovated the lobby, fitness center, common area, elevators and restrooms. The building, which was originally built in 1917, offers 7,700-square-foot floor plates. The buyer was not disclosed. JLL represented the seller in the transaction.
GREENSBORO, N.C. — Publix Super Markets Inc. will expand its Greensboro distribution center by 1.2 million square feet, adding a dry grocery warehouse. The Lakeland, Fla.-based grocer broke ground on Phase I of the facility, which will offer refrigerated warehouse space, in February. Both phases are expected to be complete by the end of 2022. The warehouses will support Publix’s growth in North Carolina and Virginia. Gray is the engineer, general contractor and designer for the facility. This will be Publix’s 10th distribution center, joining facilities in Boynton Beach, Deerfield Beach, Jacksonville, Miami, Lakeland, Sarasota and Orlando, Fla.; Lawrenceville, Ga.; and McCalla, Ala.
FORT LAUDERDALE, FLA. — Walker & Dunlop has arranged an $82 million refinancing loan for The Rise Flagler Village, a 348-unit multifamily community in Fort Lauderdale. The developer and borrower, Rescore Property Corp., which is a private REIT managed by Encore Capital Management, opened the community in April. The property offers studio to three-bedroom floor plans averaging 888 square feet. Communal amenities include a pool, garden area, clubroom, fitness center, yoga room, dog park and a dog washing station. The community also features 4,200 square feet of ground-level retail space and an eight-story parking garage. Rents range from $1,495 per month to $4,525. Eric McGlynn of Walker & Dunlop originated the loan on behalf of Rescore. New York-based Square Mile Capital Management LLC provided the loan.
CHARLOTTE, N.C. — Lightstone Group has acquired Clarius Park Charlotte, a 400,000-square-foot industrial facility in Charlotte, for $34 million. The New York City-based buyer has rebranded the property to Lightstone Logistics Center. At the time of sale, the asset was 50 percent leased to Power Distributors LLC, a distributor of outdoor power equipment. The new building features 36-foot clear heights, 70 dock doors and immediate access to Interstates 85 and 485. Lightstone Logistics Center is located at 7800 Tuckaseegee Road, two miles north of Charlotte Douglas International Airport. Chris Loyd and Tom Tropeano of Avison Young represented the seller, Clarius Partners, in the transaction. Peter Rotchford of JLL arranged the acquisition financing on behalf of the buyer. Details of the loan were not disclosed.
RESTON, VA. — Boston Properties has signed Volkswagen Group of America Inc. to a 20-year, 196,000-square-foot lease within Reston Town Center. The space will serve as the German automaker’s U.S. headquarters, with the planned move-in to take place in 2023. Volkswagen Group of America has been headquartered in Fairfax County since 2008. Boston Properties is developing the project in two phases, with the 1.1 million-square-foot Phase I now 85 percent preleased. At full buildout, the development will span 4.4 million square feet. Reston Town Center will have in-building parking with provisions for 300 electric vehicle chargers, a conference center and direct access to the newly built Silver Line of Washington’s Metrorail.
RUSTON, LA. — Marcus & Millichap has negotiated the $11.7 million sale of Ruston Marketplace, a 94,000-square-foot retail center in Ruston. The property was leased to eight tenants at the time of sale, including Hobby Lobby, T.J. Maxx, Ulta Beauty, Five Below and Rack Room Shoes. The seller, Hutton, delivered the asset in June 2019. The property is located at 1208 Woodward Ave., two miles north of downtown Ruston and adjacent to Interstate 20. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller in the transaction. Brian Munn of Marcus & Millichap represented the buyer, George Snelling. “We sourced a private 1031 exchange buyer who was trading out of self-storage,” says Taylor about Snelling. “We have seen a notable trend of multifamily, industrial and self-storage sellers trading into retail to achieve a higher return.”