Southeast

Core5 Sells New Distribution Center Portfolio in Metro Atlanta, Memphis for $166.7M

by John Nelson February 8, 2021

MEMPHIS, TENN., AND ATLANTA — Developer Core5 Industrial Partners has sold a three-property distribution center portfolio in the Atlanta and Memphis metro areas for $166.7 million. The buyer is Preylock Holdings, a private equity investor and manager based in Los Angeles. Atlanta-based Core5 delivered all three properties in 2020. Totaling approximately 2.2 million square feet, the bulk distribution centers feature ESFR sprinklers, ample auto parking and trailer storage, clear heights ranging from 36 to 40 feet and abundance of dock-high doors with view windows. “The willingness of buyers to be aggressive in both price and transaction structure demonstrates the continued demand for core industrial product,” says Dennis Mitchell, a JLL Capital Markets team member who represented Core5 in the deal. The Atlanta-area asset in the portfolio sale is Crossroads Business Center, a 1 million-square-foot distribution center located at 5705 Campbellton Fairburn Road in the south Atlanta suburb of Union City. The metro Memphis assets are both situated within the DeSoto 55 Logistics Center, an industrial campus located in Horn Lake, Miss. The properties are the 328,355-square-foot DeSoto A2 and the 860,915-square-foot Desoto D, which are located at 1453 and 1615 Commerce Parkway, respectively. The buildings are all situated near the …

February 8, 2021

District of Columbia Market Reports Multifamily Southeast Southeast Market Reports

D.C.’s Multifamily Market is Poised for a Quicker Than Average Bounce Back in 2021

by John Nelson February 8, 2021

Like many other markets across the country, the Washington, D.C., multifamily market was hit hard by the COVID-19 pandemic. Vacancy is up and asking rents are down. However, Washington’s unique renter class, made up heavily of students and young professionals, and the region’s main economic drivers will fuel a quick post-COVID-19 recovery. As we close out 2020, multifamily investors have reason to remain confident in a quick bounceback in 2021. Once the virus hit, many offices switched to a remote work environment, and many of the local universities switched to remote learning. We know that this fueled an exodus of renters from the city to their parents’ basements, to greener pastures in the suburbs or to areas with a lower cost of living. At one of our market-rate listings in a core neighborhood of Northwest D.C., property managers reported an immediate 10-basis-point increase in vacancies the day that George Washington University closed its campus for the fall 2020 semester. Entering the fourth quarter, the Washington MSA recorded the highest vacancy rate on record, breaking 6 percent for the first time, according to research from CoStar Group. Average asking rents are down approximately 3 percent this year, and the pain is …

February 8, 2021

District of Columbia Southeast

US Economy Adds 49,000 Jobs in January, Unemployment Rate Drops to 6.3 Percent

by John Nelson February 5, 2021

WASHINGTON, D.C. — The U.S. economy added 49,000 jobs in January, the U.S. Bureau of Labor Statistics (BLS) reported Friday. Economists surveyed by Dow Jones had expected the report to show a gain of 50,000 jobs, which is a muted expectation compared to Citigroup’s forecast of 250,000 new jobs, according to CNBC. The unemployment rate fell by 40 basis points to 6.3 percent in January. There were notable job gains in professional and business services, as well as public and private education in January. However, these gains were offset by losses in leisure and hospitality, health care, transportation, warehousing and in retail trade. The leisure and hospitality sector took a big hit, losing 61,000 jobs this month, following 536,000 jobs in December. A majority of the losses came in amusements, gambling and recreation (negative 27,000). Employment in food services and drinking places continued to trend down by 19,000 jobs. Since February 2020, employment in leisure and hospitality is down by 3.9 million jobs, or 22.9 percent. Employment in local government education increased by 49,000, state government education increased by 36,000 and private education increased by 34,000 in January. According to the BLS, pandemic-related employment declines in 2020 in public and …

February 5, 2021

Development Industrial Southeast Tennessee

Amazon to Open 634,812 SF Fulfillment Center in Alcoa, Tennessee

by John Nelson February 5, 2021

ALCOA, TENN. — Amazon plans to open a 634,812-square-foot fulfillment center in Alcoa, which is located 14 miles south of Knoxville. The development, which is anticipated to launch in 2022, will create nearly 800 new, full-time jobs. Dallas-based Hillwood Development Co. Inc. is developing the project on behalf of Amazon. The Alcoa facility will be Amazon’s third fulfillment center in Tennessee to use Amazon Robotics technology and the company’s eighth fulfillment center in the Volunteer State. Amazon employees at the center will pick, pack and ship smaller customer items, such as books, electronics and consumer goods. The starting wage will be $15.

February 5, 2021

Development Louisiana Mixed-Use Multifamily Southeast

Audubon to Develop $55M Apartment Community in Metairie, Louisiana

by John Nelson February 5, 2021

METAIRIE, LA. — Audubon will develop a five-story, $55 million apartment community in Metairie known as The Metro at Clearview. The 270-unit development will feature units averaging 925 square feet and leases ranging from an average of $1,500 to $3,000 per month. The apartment complex is the multifamily component of Clearview City Center, a redevelopment of the former Clearview Shopping Center. The $100 million mixed-use development, owned by the Richards family, sits on a 35-acre site approximately six miles northwest of downtown New Orleans. The Metro at Clearview will feature two courtyards, a pool and cabanas, yoga lawn, lounge area, grilling stations, sitting area and a Zen garden. Community amenities include a 2,000-square-foot clubroom with multiple seating and entertainment areas, a catering kitchen, fully furnished fitness center and a sky lounge. The Metro at Clearview will join other planned tenants at the Clearview City Center redevelopment, including Ochsner Health System, which is developing a super clinic for comprehensive healthcare services, and Regions Bank at the intersection of Clearview Parkway and Veterans Boulevard. Audubon expects to begin construction this May and complete the development in two years. Audubon is an Atlanta-based firm specializing in the acquisition and management of multifamily properties.

February 5, 2021

Acquisitions Georgia Multifamily Southeast

Viking Capital Acquires Marbella Place Apartment Community in Stockbridge, Georgia for $52.7M

by John Nelson February 5, 2021

STOCKBRIDGE, GA. — Viking Capital has acquired Marbella Place, a 368-unit apartment community in the south Atlanta suburb of Stockbridge. The Tysons, Va.-based multifamily investment firm purchased the property from the undisclosed seller for $52.7 million. Marbella Place, built in 1999 and fully renovated in 2017, is a 351,640-square-foot complex. The property features a pool, two playgrounds, a newly redesigned clubhouse and detached garages. The apartment complex is situated at 3470 Mountain Zion Road, 13 miles south of Hartsfield-Jackson Atlanta International Airport. The property has one-, two- and three- bedroom apartment homes with oversized closets and kitchens with both a microwave and icemaker.

February 5, 2021

Acquisitions North Carolina Retail Southeast

Avison Young Brokers $9.5M Sale of Eastchester Shopping Center in High Point, North Carolina

by John Nelson February 5, 2021

HIGH POINT, N.C. — Avison Young has brokered the sale of Eastchester Shopping Center, a 63,000-square-foot neighborhood retail center located at 274 Eastchester Drive in High Point. Grant Linderman and Gary Lyons of Avison Young’s investment sales team represented the seller, LSP Verris Eastchester LLC, in the transaction. Peters Development LLC purchased the shopping center for $9.5 million. Eastchester Shopping Center is situated on approximately 5.9 acres near NC Highway 68/Eastchester Drive. The property was fully leased at the time of sale to tenants including Office Depot, Dollar Tree, Hooters, Dunkin’, H&R Block and Plato’s Closet.

February 5, 2021

Acquisitions Georgia Loans Restaurant Retail Southeast

Media Reports: Lenders Foreclose on Town Center at Cobb Mall in Metro Atlanta

by John Nelson February 4, 2021

KENNESAW, GA. — Town Center at Cobb Mall, a nearly 1.3 million-square-foot enclosed regional mall in the northern Atlanta suburb of Kennesaw, was foreclosed on by its lenders, according to the Marietta Daily Journal. Indianapolis-based Simon Property Group (NYSE: SPG) was the previous owner, manager and developer of the mall. Deutsche Bank Trust Corp. was the lead lender and trustee of the $200 million loan, which the global bank made with other investors in 2012. Deutsche Bank Trust auctioned the mall on Tuesday, Feb. 2 and set the opening bid at $130.4 million, but no bids were made at the auction. Deutsche Bank Trust and its co-lenders now own and manage the mall. No additional plans were reported. Town Center at Cobb Mall is located in Cobb County at 400 Ernest W. Barrett Parkway NW, approximately 33 miles north of Hartsfield-Jackson Atlanta International Airport. The mall opened in February 1986 and features more than 170 stores and restaurants, including anchors Macy’s, Belk, H&M and JC Penney. The property features a food court and a children’s play area as well. Simon’s stock price closed on Wednesday, Feb. 3 at $93.38 per share, down from $137.29 a year ago.

February 4, 2021

District of Columbia Southeast

Another 779,000 Americans File for First-Time Unemployment Assistance, Lowest Level Since November

by John Nelson February 4, 2021

WASHINGTON, D.C. — An additional 779,000 Americans have filed for first-time unemployment assistance for the week ending Jan. 30, the Labor Department reported Thursday. Economists surveyed by Dow Jones expected the number of claims for the week to total 830,000. The number of weekly claims is at its lowest level since late November 2020, according to CNBC. The most recent figure was a slight decrease from the previous week’s revised number of 812,000, but still remains significantly higher than pre-pandemic levels. The four-week moving average was revised down by 1,250 to 848,250. The continuing claims, data for which trails a week, totaled nearly 4.6 million claims for the week ending Jan. 23, a decrease of 193,000 from the previous week’s revised level.

February 4, 2021

Acquisitions Development Florida Industrial Mixed-Use Multifamily Southeast

Butters Construction, Greystar Buy Metro Miami Site for $53.5M, Planning Industrial and Multifamily Project

by John Nelson February 4, 2021

HIALEAH GARDENS, FLA. — Butters Construction & Development has partnered with Greystar for the future development of Miami Midway Park, a 45.1-acre site at NW 97th Ave. and NW 170th St. in Hialeah Gardens. The joint venture partnership will develop a 500,000-square-foot, Class-A distribution industrial park and 360 garden-style multifamily apartments. The Butters-Greystar joint venture purchased the site from Miami-based Terra Group and New Valley for $53.5 million. Terra and New Valley broke ground on an adjacent multifamily project dubbed Natura Gardens, which will span 460 units on 27 acres and open in 2022. CBRE Capital Markets helped match Greystar with Butters Construction for Miami Midway Park. CBRE identified Greystar and its partner, Whitman Peterson, as the development and equity partner for the industrial component of the project, while a Greystar affiliate is closing on the multifamily portion of the project. Christian Lee, Chris Riley and Jose Lobon of CBRE led the transaction. The firm’s Devin White, David Albert and Royce Rose assisted.

February 4, 2021

Newer Posts

Older Posts