Southeast

U.S. Economy Adds 1.4M Jobs in August, Unemployment Rate Returns to Single Digits

by Alex Tostado September 4, 2020

WASHINGTON, D.C. — The U.S. economy added nearly 1.4 million jobs in August, the U.S. Bureau of Labor Statistics (BLS) reported Friday. The most recent figure was on par with economists’ expectations, with The Wall Street Journal reporting an expected gain of just over 1.3 million. The unemployment rate dropped from 10.2 percent to 8.4 percent. Employment swelled in the government sector, which added 344,000 jobs in August, though 238,000 of the jobs are temporary 2020 Census workers. The retail sector added 249,000 jobs, continuing its climb back to pre-pandemic levels. The sector, which encompasses general merchandise stores, motor vehicle and parts dealers, electronics and appliance stores and miscellaneous store retailers, is still 665,000 jobs below the February total. Leisure and hospitality gained 174,000 jobs while education and healthcare services added 147,000 jobs. In August, average hourly earnings for all employees on private nonfarm payrolls rose by 11 cents to $29.47. The average workweek for all employees on private nonfarm payrolls increased by 0.1 hour to 34.6 hours in August. The BLS revised its June gains down by 10,000 jobs to just under 4.8 million. July was revised down by 29,000 jobs to just over 1.7 million.

September 4, 2020

Development District of Columbia Loans Multifamily Seniors Housing Southeast

DCHFA Provides $78M Financing for Affordable Assisted Living Development in D.C.

by Alex Tostado September 4, 2020

WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) is funding the construction of The Residences at Kenilworth Park, an affordable assisted living community in Washington, D.C.’s Ward 7. DCHFA issued $58 million in bond financing and underwrote $20 million in 4 percent Low Income Housing Tax Credit (LIHTC) financing for the 157-unit development. Apartments at The Residences at Kenilworth Park will be reserved for seniors age 60 and above who require assistance with two or more activities of daily living. Residents must earn 60 percent or less of the annual median income (AMI), and includes Medicaid recipients. National Foundation for Affordable Housing Solutions Inc., Gragg Cardona Partners, The Carding Group and HallBridge Partners make up the development team constructing the five-story building. Total development costs are estimated at $85 million. A timeline for construction was not disclosed.

September 4, 2020

Acquisitions Florida Retail Southeast

SRS Negotiates $22.7M Sale of Seven Retail, Office Outparcels Near Mall at Millenia in Orlando

by Alex Tostado September 4, 2020

ORLANDO, FLA. — SRS Real Estate Partners has negotiated the $22.7 million sale of seven single-tenant outparcels around Mall at Millenia in Orlando. The outparcels total 104,188 square feet and six were leased to retail tenants including BJ’s Brewhouse, DSW, Ethan Allen, Old Navy, Olive Garden and West Elm at the time of sale. The final outparcel is an office building that was leased to Ingenus Pharmaceuticals at the time of sale. Mall at Millenia comprises more than 1.1 million square feet and includes anchors such as Macy’s, Neiman Marcus and Bloomingdale’s. The property is located at 4200 Conroy Road, six miles southwest of downtown Orlando. Patrick Luther, Matthew Mousavi and Patrick Nutt of SRS, along with Gradon Willard of BluRock Commercial Real Estate, represented the undisclosed seller, which was the original developer of the property. Limestone Asset Management, an affiliate of Miami-based Orion Real Estate Group, acquired the portfolio.

September 4, 2020

Acquisitions Louisiana Retail Southeast

Caesars, Vici to Sell Harrah’s Louisiana Downs Casino in Bossier City for $22M

by Alex Tostado September 4, 2020

BOSSIER CITY, LA. — Caesars Entertainment and Vici Properties have entered into an agreement to sell Harrah’s Louisiana Downs Casino, Racing & Entertainment for $22 million. The buyer, Rubico Acquisition Corp., will pay Vici $5.5 million and Caesars $16.5 million. The sale is expected to close by early 2021. The property is located at 8000 E. Texas St. in Bossier City, 10 miles east of downtown Shreveport. The casino floor offers 150,000 square feet of games, dozens of TVs and a high-limit area. Louisiana Downs also features a dirt horse-racing track. Louisiana Gov. John Bel Edwards ordered casinos to close in March due to the COVID-19 outbreak. Casinos in the state were allowed to reopen in May at limited capacity.

September 4, 2020

Acquisitions Multifamily South Carolina Southeast

Greystone Brown Negotiates $54.1M Sale of Multifamily Community Near Hilton Head

by Alex Tostado September 3, 2020

PORT ROYAL, S.C. — Greystone Brown Real Estate Advisors has negotiated the $54.1 million sale of Preserve at Port Royal, a 400-unit multifamily community in Port Royal. The property, which was built in 2006, offers one- and two-bedroom floor plans. Communal amenities include a fitness center, two pools, library, two business centers, playground, dog park, storage units, car care center, laundry center, two outdoor kitchens with grilling areas and a bird sanctuary. The asset is situated at 1 Preserve Ave. W., 30 miles north of Hilton Head Island. Jim Jarrell, Steve Mack and Walter Miller of Greystone Brown represented the seller, Norcross, Ga.-based Prominent Realty Group, in the transaction. The buyer was not disclosed.

September 3, 2020

District of Columbia Southeast

Initial Unemployment Claims Dip to 881,000, Beating Expectations

by Alex Tostado September 3, 2020

WASHINGTON, D.C. — Initial unemployment claims dipped to 881,000 for the week ending Aug. 29, the U.S. Department of Labor reported Thursday. The most recent figure is a decrease of 130,000 claims from the previous week. Economists surveyed by Dow Jones expected 950,000 claims. The week ending Aug. 29 was also the first time since Aug. 8 that unemployment claims were below 1 million. The four-week moving average stood at 991,750 claims, a decrease from nearly 1.1 million the previous week. Continuing claims, for which data is week behind, totaled 13.3 million, a sharp decrease from the previous week’s total of 14.5 million. The Department of Labor implemented a new methodology for this week’s numbers, changing how it calculates for seasonally adjusted data. The previous methodology used seasonally adjustments to account for normal disruptions while the new criteria is tweaked for virus-related conditions.

September 3, 2020

Acquisitions North Carolina Retail Southeast

JLL Arranges $34.9M Sale of Wegmans-Leased Property in Raleigh-Durham

by Alex Tostado September 3, 2020

CARY, N.C. — JLL has arranged the $34.9 million sale of Wegmans West Cary, a 103,000-square-foot building in Cary fully leased to New York-based supermarket chain Wegmans. The seller, Leyland Twin Lakes LLC, an affiliate of LeylandAlliance, delivered the asset earlier this year. The freestanding grocery store is situated on 11 acres at 3710 Davis Drive, 13 miles southeast of downtown Durham. Wegmans West Cary anchors Twin Lakes Center, a mixed-use project that Leyland Twin Lakes has been developing since 2018. Tom Kolarczyk, Ryan Eklund and Chris Angelone of JLL represented the seller in the transaction. San Diego-based Realty Income Corp. purchased the property.

September 3, 2020

District of Columbia Multifamily Southeast

NMHC ‘Disappointed’ in Federal Order to Temporarily Halt Residential Evictions

by Alex Tostado September 3, 2020

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has issued a statement expressing its disappointment in the Centers for Disease Control and Prevention (CDC) and the Trump Administration for ordering the temporary halt in residential evictions nationwide through the end of the year. “We are deeply disappointed that this moratorium is being enacted, particularly without the backup of a meaningful rental assistance program,” a statement from the Washington, D.C.-based organization read. The order, which was issued Tuesday, Sept. 1, applies to renters who make $99,000 or less per year or families making less than $198,000 per year. Additionally, to avoid eviction, renters must prove they are unable to pay rent due to COVID-19-related hardship and that being evicted would lead to them being homeless or living in close quarters with people from outside their household.

September 3, 2020

Acquisitions Industrial North Carolina Southeast

CIP Real Estate Acquires Industrial Property in South Charlotte for $28M

by Alex Tostado September 3, 2020

CHARLOTTE, N.C. — CIP Real Estate has acquired Whitehall Tech Center in Charlotte for $28 million. The property comprises two buildings totaling 205,000 square feet. The acquisition also includes a 7.5-acre parcel for the development of up to 75,000 square feet of warehouse space. At the time of sale, one of the two buildings was fully leased to an undisclosed tenant while the other building was nearly vacant. CIP plans to implement a $3.2 million renovation of the nearly vacant building from a call center to a multi-tenant industrial space. Further details and the timeline of the renovation were not disclosed. Whitehall Tech Center is located within the Whitehall master-planned community, nine miles south of downtown Charlotte and Charlotte Douglas International Airport. CIP acquired the property from a joint venture between CrossHarbor Capital Partners and a separate CIP Real Estate entity.

September 3, 2020

Florida Retail Southeast

Lenders are Slow Out of the Gate as Central Florida Retail Market Begins Recovery, Says Webinar Panel

by Alex Tostado September 3, 2020

Commercial real estate lenders have remained timid as retail businesses in the Central Florida market navigate how to operate successfully during the COVID-19 crisis. As of this writing, Orange County had the 23rd most cases by county in the United States with 36,400 positive coronavirus cases and 378 deaths, according to Johns Hopkins University (JHU). The metro Orlando county is currently in Phase II of the Sunshine State’s reopening plan, which includes allowing restaurants to bump up capacity from 50 percent in Phase I to now 75 percent; retailers can operate at full capacity; fitness centers can operate at 50 percent capacity; and bars can operate at 50 percent of standing room capacity. Phase II for most of the state’s counties went into effect June 5. While residents and businesses have begun the process of returning to pre-pandemic shopping norms, Chuck Whittall, president of Unicorp National Developments, said banks are still cautious. “There is a lot of fear on the credit side of the world,” said Whittall. “We experienced it after 9/11, in 2009 and we are experiencing it again now.” Orlando-based Unicorp broke ground last month on O-Town West, a $1 billion mixed-use development along Interstate 4 and three …

September 3, 2020

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