WASHINGTON, D.C. — An estimated 5.2 million people filed for first-time unemployment in the week ending April 11, the U.S. Department of Labor reports. COVID-19 has continued to take a toll on the daily lives of almost every American and those around the world as local, state and federal governments issue stay-at-home orders and urge non-essential businesses to close to the public. Over the past four weeks, the total number of Americans filing for unemployment has exceeded 22 million, according to the Department of Labor. To put the pandemic’s swift movement through the economy into perspective, there were 24.4 million jobs created over the past 11 years since the Great Recession, according to the Department of Labor. The latest weekly unemployment claims figure is down from 6.6 million the prior week. As of this writing, there were 31,015 deaths and 640,291 confirmed cases of COVID-19 in the United States, according to Johns Hopkins University (JHU).
HUNTINGTON, W.VA. — Sentinel Net Lease has acquired a 68,693-square-foot Amazon Customer Service Center in Huntington for $16.9 million. An affiliate of Lexington Realty Trust sold the office property, which spans 7.9 acres within Kinetic Park. Amazon has seven years remaining on its lease, as well as four five-year renewal options, according to CBRE. The 105-acre park is situated four miles south of downtown Huntington. According to public records, Wesbanco Bank Inc. provided an $11.8 million acquisition loan to the buyer. Will Pike of CBRE represented the seller in the transaction, and Matson Kane and Teddy Leonard of Sands Investment Group represented the buyer.
JONESBORO, GA. — Franklin Street has arranged the $17.3 million sale of Chase Village Apartments, a 168-unit multifamily community in Jonesboro. The property offers two- and three-bedroom floor plans that were 94 percent occupied at the time of sale. The community, which was originally built in 1986, features communal amenities such as a pool, playground and a dog park. Chase Village is situated at 100 Chase Village Drive, 15 miles south of downtown Atlanta. Chad DeFoor, Jake Reid, Dan Phelan, Royce Baptist, Alex Croy and Roger Schoerner of Franklin Street represented both the seller, Peak Capital Partners, and the buyer, Oak Residential Partners, in the transaction.
STAFFORD, VA. — Colliers International has negotiated the $14.7 million sale of 50 Teach Parkway, a 94,064-square-foot medical office building in Stafford. The property was 94.5 percent leased at the time of sale to tenants including the United States government, BAE Systems and Space Dynamics Laboratory. The building is situated within the North Stafford Center for Business & Tech, a three-building office park adjacent to Quantico Marine Corp Base. The asset is situated 43 miles southwest of downtown Washington, D.C. Will Bradley, Mark Williford and Lee Cherwek of Colliers represented the seller, Golden Eagle Group.
MIAMI — Construction is underway on The One at University City, a planned 1,244-bed student housing community located across the street from the Florida International University (FIU) campus in Miami. University Bridge provided a $231 million bond issuance for the project. A partnership between Global City Development, RER Ventures and Podium Developments is building the community, which is slated for completion before the 2020-2021 academic school year. Landmark Properties has been tapped to manage the community, which is 45 percent preleased to more than 500 students. The 886-unit community will offer studio, one-, two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities will include a sundeck, pool, fitness center, study lounges on each floor and a resident clubroom. Rents will start at $1,275 per month for a studio, $1,320 per month for a one-bedroom unit, $1,085 per month per room for a two-bedroom, $1,080 per month per room for a three-bedroom and $1,015 per month per room for a four-bedroom unit. “As we work through these extremely challenging times, it is encouraging to look forward to an environment later this year where we can begin to welcome FIU’s students to The One,” says Diego Procel, principal of Global …
BALTIMORE — Continental Realty Corp. (CRC) has launched an internal program to aid the restaurant industry in the communities it serves. CRC owns and operates retail centers and multifamily properties in Maryland, Virginia, North Carolina, South Carolina, Tennessee, Alabama, Georgia and Florida. Between April 14 and May 15, any CRC employee who provides a receipt for food items bought locally will be reimbursed up to $200. “We feel extremely strongly about initiating a program that benefits our loyal and hard-working team members and supports the restaurant sector,” says Crystal Frey, senior vice president of human resources for CRC. “With restaurants reduced to handling carry-out and curbside orders, we encourage other companies to follow our lead to minimize the disruption impacting both locally owned and nationally operated locations.” CRC is based in Baltimore and focuses on value-add properties throughout the Southeast.
CHATTANOOGA, TENN. — Hunt Real Estate Capital has provided a $27.4 million acquisition and renovation loan for Rise at Signal Mountain, a 280-unit multifamily community in Chattanooga. The property spans 42.9 acres and comprises 19 two- and three-story buildings that were built in 1986. The community features one- and two-bedroom floor plans and communal amenities such as a pool clubhouse, dog park, fitness center storage space and a business center. The buyer and borrower, Birmingham, Ala.-based StoneRiver Co. LLC, plans to invest an additional $2 million in the property’s exteriors, amenity spaces and landscaping. The upgrades are scheduled to start this month. and the buyer expects the renovations to last for six to nine months. Hunt provided the non-recourse loan, which features interest-only payments and a 30-month term with three extension options. Rise at Signal Mountain is situated at 1185 Mountain Creek Road, six miles north of downtown Chattanooga. The seller was not disclosed.
FORT WALTON BEACH, FLA. — Marcus & Millichap has arranged the sale of Choctaw Plaza, a 93,650-square-foot retail center in Fort Walton Beach, as well as an outparcel property that is triple-net-leased to Compass Bank. The properties sold for a combined $9.8 million to different buyers. A private personal trust acquired Choctaw Plaza, located at 111 Racetrack Road NW, four miles north of downtown Fort Walton Beach. A Big Lots anchors the property, which was 89 percent leased at the time of sale to tenants including Dollar General, Rent-A-Center, Coldwell Banker, Little Caesars, the Department of Juvenile Justice and the U.S. government. An undisclosed private trust acquired Compass Bank, which is situated at 101 Racetrack Road NW as the outparcel to Choctaw Plaza. James Medefind and Cory Gross of Marcus & Millichap represented the seller, an undisclosed private investor, in the transactions.
CHARLOTTE, N.C. — Beacon Partners has signed Quantum Machinery Group to a 37,972-square-foot lease for the company to move its distribution headquarters to Metrolina Park in Charlotte’s Henderson Circle submarket. Quantum Machinery is a metalworking equipment supplier that was formerly based in California. The company is expected to move into the new space this summer. Metrolina Park, which is now fully leased, is a 2.5 million-square-foot distribution park situated at the intersection of N.C. Highway 115, Old Statesville Road and Gibbon Road, seven miles north of downtown Charlotte. Brad Cherry of JLL represented Quantum Machinery Group in the lease transaction.
KERNERSVILLE, N.C. — CBRE|Triad has brokered the sale of a 3.3-acre lot at 811 N.C. Highway 66 in Kernersville. The buyer is Lightning McClean Car Wash, an express car wash company with locations in Durham, N.C.; and Lynchburg and Danville, Va. Lightning McClean offers a three-minute car wash and free vacuum use for customers. A timeline for construction was not disclosed. Brian Craven of CBRE|Triad represented the seller, Red Cherry Capital LLC, in the transaction. The seller sold the land for an undisclosed amount.