WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has found that 79.4 percent of renters made at least a partial rent payment as of Oct. 6. NMHC surveyed its network of 11.4 million professionally managed units as part of its Rent Payment Tracker metric. The number of households paying rent this month is up from Sept. 6, when 76.4 percent of renters made a payment. The Washington, D.C.-based organization also reports that the figure is unchanged from Oct. 6, 2019. NMHC releases the survey in partnership with apartment management platforms RealPage, ResMan, Yardi, Entrata and MRI Software.
GOODLETTSVILLE, TENN. — Dollar General will launch popshelf, a new shopping concept that will offer seasonal and home décor, health and beauty must-haves, home cleaning supplies, party goods and entertaining needs. The Goodlettsville-based retailer says 95 percent of the items will be priced at $5 or less. Each popshelf location will average 9,000 square feet and will house up to 15 employees. The first two locations will open near Nashville this fall with the company expecting to open another 30 locations by the end of fiscal year 2021, which will be Jan. 29, 2021. According to Dollar General, initial targeted customers are primarily female and are located in diverse suburban communities with a total household annual income ranging from $50,000 to $125,000.
ERLANGER, KY. — NorthMarq has arranged a $4.2 million refinancing loan for Donaldson Road Center I, a two-building, 121,000-square-foot industrial property in Erlanger. An undisclosed life insurance company provided the 10-year loan, which features a 25-year amortization schedule. The facility is located at 1360-1390 Donaldson Road, three miles southeast of Cincinnati/Northern Kentucky International Airport and 11 miles southwest of downtown Cincinnati. The facilities were leased to tenants including Fry Fastening Systems, Trane Supply and Sherwin-Williams Commercial Paint Store at the time of the loan closing. The borrower was not disclosed.
MARYVILLE, TENN. — Ruby Tuesday Inc. has filed for Chapter 11 bankruptcy protection with plans to permanently close 185 restaurants that were shuttered during the COVID-19 pandemic. The company’s 236 open locations will remain operational throughout the reorganization process. The Maryville, Tennessee-based chain is the latest restaurant group to fall victim to the economic pressures caused by the coronavirus pandemic. California Pizza Kitchen filed for Chapter 11 protection in July citing similar struggles. “This announcement does not mean ‘Goodbye, Ruby Tuesday’ — this is ‘Hello, to a stronger Ruby Tuesday’,” said CEO Shawn Lederman in a statement Wednesday, playing off the lyrics to the popular Ruby Tuesday song recorded by The Rolling Stones, which was released prior to the company’s founding in 1972. In response to the pandemic, Ruby Tuesday implemented a number of new practices including an expansion of third-party delivery and off-premise services, the introduction of a virtual kitchen initiative and the launch of ‘Ruby’s Pantry,’ an option which allows customers to purchase uncooked food, groceries and other essentials for delivery through the company’s website. With in-store dining historically representing over 90 percent of the company’s total sales, these initiatives are expected to play a part in Ruby’s Tuesday’s …
PROVO, UTAH — Provo-based Peak Capital Partners has purchased a 12-property apartment portfolio in North Carolina for $181.5 million. The portfolio comprises 1,859 units, though a list of the properties was not disclosed. The seller, a partnership between Threshold Capital and BMA Capital LLC, also sold 18 communities to Morgan Properties for $323 million. Marc Robinson, Brooks Colquitt and Jacquelyn Aaron of Cushman & Wakefield represented the seller in both transactions.
WASHINGTON, D.C. — Another 840,000 Americans filed for first-time unemployment insurance assistance for the week ending Oct. 3, the U.S. Department of Labor reported Thursday. The most recent figure represents the lowest weekly total of first-time claims since the coronavirus caused a nationwide shutdown in mid-March. Economists surveyed by Dow Jones expected 825,000 claims for the week. The figure for the week ending Oct. 1 is down slightly from the prior week’s revised number, when 849,000 Americans filed for assistance. The four-week moving average decreased by 642,000 claims, to slightly over 12.1 million. Continuing claims, for which data is a week behind, totaled nearly 11 million for the week ending Sept. 29. That figure is a decrease of more than 1 million claims from the prior week.
NEWNAN, GA. — A joint venture between PointOne Holdings, Batson-Cook Development Co. (BCDC) and Novare Group has sold Promenade at Newnan Crossing, a 298-unit apartment community in Newnan, for $65.8 million. The property, which was delivered in 2019, comprises a mix of three-story buildings offering apartment units and for-rent townhomes with units averaging 942 square feet. The community spans 24 acres and offers studio to three-bedroom floor plans. Communal amenities include a pool, clubhouse, car charging station, fitness center, a business center and storage space. Glen Allen, Va.-based Capital Square 1031 acquired the asset. David Gutting of Newmark Knight Frank (NKF) represented the sellers in the transaction. Humphreys & Partners Architects and Kimley-Horn & Associates Inc. designed the community. Hathaway Construction Services was the general contractor. Promenade at Newnan Crossing is located at 1450 Newnan Crossing, 37 miles southwest of downtown Atlanta. The property is situated near LINC, a 25.5-mile walking trail.
ENGLEWOOD, FLA. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Heritage Oaks of Englewood, a 118-unit assisted living and memory care community in Englewood. Located along the state’s Gulf Coast between Tampa and Fort Myers, Heritage Oaks of Englewood is located near the Grove City shopping area, medical facilities and indoor and outdoor recreation. The acquisition includes approximately 50 acres adjacent to the community, which may be utilized for future development. Additional terms of the deal were not disclosed. Grace Management will take over operations at the community. Lisa Widmier of CBRE National Senior Housing represented the seller in the transaction. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged $20.8 million in acquisition financing for CPF. The 10-year, fixed-rate loan features 60 months of interest-only payments.
TAMPA, FLA. — Heritage Insurance has signed a 10-year, 88,643-square-foot office lease to move its headquarters to Westshore City Center in Tampa. The company will fully occupy the building, which is situated in the Westshore District at 1401 N. Westshore Blvd., five miles west of downtown Tampa. The tenant expects to move in in the second quarter of 2021. Heritage Insurance is currently headquartered in nearby Clearwater. Heritage Insurance plans to house 350 employees at the property upon move-in, with plans to expand to 700 employees in the next five years. Tampa-based Ally Capital Group acquired Westshore City Center in 2019 and is currently implementing a $10 million renovation program. Matt Alexander and Chad Rupp of Franklin Street represented the landlord in the lease negotiations.
The lending environment for commercial real estate has started to bounce back in recent months, but there is still hesitation to close deals across most property sectors. There are some attractive opportunities for lenders in today’s climate, such as multifamily and grocery-anchored retail. That was the sentiment expressed during the virtual InterFace Carolinas panel, titled “Capital Markets Update: When and What will Unfreeze the Lending and Financing Environment?” France Media Inc.’s InterFace Conference Group and Southeast Real Estate Business hosted the event Thursday, Oct. 1. Before the coronavirus pandemic caused a nationwide shutdown, the lending environment was the most competitive it had been in recent memory, according to Aaron Derby, managing director at Benefit Street Partners. “The world went from a competitive market to a shutdown overnight,” said Derby. “Capital markets are very temperamental.” Joining Derby on the panel was Hugh Allen, senior vice president and commercial real estate regional director for TD Bank; Steve Clikas, vice president of investments at Protective Life Insurance Co.; Preslava Kovatchevska, director multifamily production and sales at Freddie Mac; and panel moderator Matthew Rocco, president and national production manager for Grandbridge. CMBS market rebounding Derby says that while his firm continued lending in April …