WASHINGTON, D.C. — The National Retail Federation (NRF) has praised the $300 billion legislation the U.S. Senate passed to financially aid small businesses that are struggling during the COVID-19 crisis. The Small Business Administration (SBA) ran out of its originally allotted $376 billion Paycheck Protection Program (PPP) fund, which had 200,000 small businesses partaking in the program. The PPP is a product of the Coronavirus Aid, Relief and Economic Securities Act (CARES Act), which was signed into law March 27. “Retailers continue to deal with catastrophic hardships from COVID-19, and small retailers are the hardest hit,” NRF President and CEO Matthew Shay said. “The CARES Act was an important first step, but funding for the PPP has already been exhausted and additional relief is essential to keeping employees of small retailers on the payroll and contributing to the economy until we can get through this challenge.” The total allotment of the new legislation is $484 billion, with additional funding going to hospitals and COVID-19 testing. The U.S. House of Representatives is expected to vote on the bill Thursday. Washington, D.C.-based NRF has advocated for retailers and policies for more than 100 years.
DORAVILLE, GA. — Kaufman Capital Partners and Atlantic Residential will redevelop Village at Tilly Mill, a shopping center in Doraville, into a 320-unit, $50 million multifamily community. The property will offer studio to three-bedroom floor plans, including some units reserved for City of Doraville police staff at a discounted rate. The yet-to-be-named property will be situated at 6259 Peachtree Industrial Blvd., 18 miles northeast of downtown Atlanta. The City of Doraville approved $19 million in incentives for the developers. Due to the COVID-19 crisis, the timeline for completion has been extended to March 2023.
ATLANTA AND COLUMBIA, S.C. — Georgia Gov. Brian Kemp and South Carolina Gov. Henry McMaster each held press conferences Monday afternoon to announce how their respective states will begin reopening certain aspects of their economies. Kemp said several retail categories in Georgia can begin reopening on Friday, April 24. The types of businesses include gyms, fitness centers, bowling alleys, body art studios, barbers, hair and nail salons, estheticians and massage therapists. Theaters and restaurants can reopen beginning on Monday, April 27. The governor’s mandate states that local ordinances cannot block the reopenings. Kemp issued a Stay-at-Home order for all Georgians that will expire April 30 and a public health emergency that will expire May 13. As of noon Monday, Kemp said there were 18,947 COVID-19 cases in Georgia with 733 deaths. McMaster said some retailers in South Carolina, such as those selling furniture, books, music, flowers, clothing and accessories, as well as department stores, sporting goods stores and flea markets, can begin reopening immediately at 20 percent capacity, or five people per 1,000 square feet. Additionally, South Carolina beaches can reopen today at noon. As of Monday afternoon, South Carolina had 4,377 confirmed cases of COVID-19 with 120 deaths.
COLUMBIA, MD. — KLNB has arranged the $14.5 million sale of Mike’s Train House, a 123,000-square-foot warehouse in Columbia. The property is situated at 7020 Columbia Gateway Drive within the Columbia Gateway Business Park. Mike’s Train House is the only distribution center within the park. The building offers 20-foot clear heights and the option to add more loading doors. Chris Kubler and Don Schline of KLNB represented the seller, MPW Enterprises LLC, in the transaction. The buyer was not disclosed.
HIALEAH, FLA. — Hunt Real Estate Capital has provided an $8.2 million Fannie Mae refinancing loan for Oceanmar Park Apartments in Hialeah. The 104-unit community was built in 1967 and comprises 26 two-story buildings. The borrower, Oceanmar Park Apartments LLC, plans to invest $330,000 for new paint, new appliances and air conditioners, a security system, new garbage enclosure and repaving. The proposed plans will span a four-year period. The 15-year term loan features interest-only payments for the full term. The property is situated at 7155 W. 14th Court, 17 miles northwest of downtown Miami.
TAMPA, FLA. — Bromley Cos. has signed Joffrey’s Coffee & Tea Co. to a 1,500-square-foot lease within Midtown Tampa. The coffeehouse, which has been headquartered in Tampa since 1984, will open the flagship location near Midtown Commons, a central greenspace within the mixed-use project. Joffrey’s will serve a wide variety of coffee and tea beverage options including espresso, lattes, cold brew, nitro cold brew, ready-to-drink offerings, as well as premium iced and hot teas. Additionally, customers will be able to “create” latte art from pre-selected images, selfies and uploaded designs of their choosing with a Ripple machine. Bromley Cos. is developing Midtown Tampa, a planned $500 million mixed-use development. The Whole Foods Market-anchored project is 75 percent preleased and is expected to open in early 2021, which is slightly ahead of schedule even in the midst of the COVID-19 crisis.
ATLANTA AND CALABASAS HILLS, CALIF. — Roark Capital Group, a private equity firm based in Atlanta, has invested $200 million in The Cheesecake Factory Inc. (Nasdaq: CAKE), owner and operator of the chain of restaurants of the same name. The Calabasas Hills-based company also owns and operates the North Italia chain, as well as a collection of restaurants within the Fox Restaurant Concepts subsidiary. The funds will be used to immediately help The Cheesecake Factory navigate the COVID-19 pandemic, in which its dine-in service has been closed. The company, which has been handling takeout orders and deliveries through the DoorDash app, preliminarily reported its off-premise sales in first-quarter 2020 increased by 85 percent from the previous quarter. Specific details of Roark Capital’s capital infusion were not disclosed, but David Overton, chairman and CEO of The Cheesecake Factory, says the investment will improve the company’s liquidity. “This transaction not only gets our affected staff members back to work as soon as practicable, but also importantly solidifies our ability to manage the business for the long-term for all of our stakeholders once we emerge on the other side of this crisis,” says Overton. “Moreover, Roark’s investment underscores the strength of our brands, …
Since the end of the Great Recession, Orlando has been among the country’s fastest-growing economies and strongest multifamily markets. After 2014, metro payroll employment increased at a 3.7 percent compound annual rate, 120 percent faster than the national average. Only Austin surpassed Orlando for payroll growth among the peer group of 50 large metropolitan markets, according to The RED 50, a proprietary econometric model developed by RED Capital Research. Personal income grew about 6.8 percent annually, 45 percent faster than the national average. Apropos of the apartment sector, effective rents advanced at a 5.9 percent annual rate, according to Reis data, surpassed only by Atlanta (6.9 percent), Dallas (6.0 percent) and Nashville (6.2 percent) among growth markets — and not by much. All the while, the sources of Orlando’s prosperity grew more diverse and its labor force more highly skilled. In the past five years, the fastest growing segments of the metro economy were professional, technical and scientific services, air transportation, manufacturing and construction. Indeed, employment growth in the sectors most popularly associated with Orlando — arts and entertainment plus food services and lodging — was outpaced by the finance and insurance industry. Nonetheless, theme parks, resort hotels, leisure service and …
JACKSONVILLE, FLA. — International Management Co. LLC will develop Northpoint Village Shopping Center, a planned 88,000-square-foot shopping center in Jacksonville’s Northside submarket. A 48,387-square-foot Publix will anchor the property, which will be built in phases. Phase I will comprise the Publix and 16,600 square feet of inline space adjacent to the grocer, as well as five outparcels. Completion of Phase I is slated for summer 2022. Depending on demand, Phase II may be developed in conjunction with Phase I or at a future date with entitlements to develop up to 64,000 square feet of retail, medical and/or office uses. At completion, Northpoint Village will consist of approximately 142,000 square feet spanning 27 acres. The property is situated at the intersection of New Berlin and Yellow Bluff roads, 15 miles north of downtown Jacksonville.
BENTONVILLE, ARK. — Amid the COVID-19 crisis sweeping the nation, Walmart set a goal in mid-March of hiring 150,000 associates before May 1. Since then, the Bentonville-based retailer has hired an average of 5,000 people per day, surpassing its goal. Now Walmart has its sights set on hiring another 50,000 people. In a statement, the company said most of the new hires will be temporary who will support current associates and customers in locations with specific needs. Additionally, 85 percent of the 150,000 new associates are temporary or part-time workers. Walmart said it worked with more than 70 companies that furloughed workers to hire the associates. In stores, Walmart will hire cashiers, stockers and personal shoppers. In distribution centers and fulfillment centers, it will hire additional fillers and pickers. Walmart also plans to add more drivers to its fleet. Walmart is considered an essential business, so its doors remain open and its e-commerce operations are still running as well.