BENTONVILLE, ARK. — Walmart’s e-commerce sales jumped 97 percent in the second quarter, which ended July 31. The Bentonville-based retailer increased its e-commerce capabilities, including increasing same-day delivery and curbside pick-up options as well as hiring at least 200,000 people during the pandemic. Walmart includes a grocery section, deeming the retailer essential and allowing it to remain open through the crisis. Additionally, the U.S. government passed the CARES Act, which included stimulus checks for millions of Americans. As a result of increased spending, Walmart’s same-store sales increased 9.3 percent in the second quarter. Total revenues rose 5.6 percent to $137.74 billion from $130.38 billion a year earlier. The company incurred $1.5 billion of COVID-related costs during the second quarter, including benefit payments and inventory purchases. Sales at Sam’s Club locations were up 8.8 percent in the second the quarter. E-commerce sales increased 39 percent.
RICHMOND, VA. — Capital Square’s development division has begun construction on Scott’s Collection I, a five-story, 80-unit multifamily community in Richmond’s Scott’s Addition neighborhood. The property will offer private balconies, a lobby and up to 70 parking spaces. Scott’s Collection I is the first of three developments that Capital Square is planning for the site, which is situated within an Opportunity Zone. A timeline for completion was not disclosed. The design team includes 510 Architects and Urban Core Construction. Greystar Property Management will manage Scott’s Collection I. Funding came through Capital Square’s CSRA Opportunity Zone Fund I LLC, which launched in July 2019, and M&T Bank provided construction financing.
ATLANTA — The Home Depot released its second-quarter results, which revealed the home improvement retailer saw a 23.4 percent increase in sales on a year-over-year basis. Sales totaled $38.1 billion in the second quarter, which ended Aug. 3. Because of the coronavirus outbreak and The Home Depot’s status as an essential retailer, meaning the stores have remained open through the pandemic, the company invested approximately $480 million in benefits for its associates, including weekly bonuses for hourly associates in stores and distribution centers.
SNEADS FERRY, N.C. — Newmark Knight Frank (NKF) has provided a $26 million Freddie Mac refinancing loan for Evolve at Stones Bay, a 300-unit apartment complex in Sneads Ferry. Josh Davis, Chris Caison and C.J. Webb of NKF originated the 15-year, fixed-rate loan on behalf of the owner, Evolve Cos. Stones Bay offers one-, two- and three-bedroom floor plans. Communal amenities include a business center, clubhouse, fitness center, game room, playground, pool and a volleyball court. The asset is situated at 1001 Quarters Landing Circle, 40 miles north of downtown Wilmington.
NASHVILLE, TENN. — Third & Urban and FCP have opened Sylvan Supply, a 194,000-square-foot adaptive reuse project in Nashville’s Sylvan Park neighborhood. The property offers 162,000 square feet of office space and 32,000 square feet of retail and restaurant space. Sylvan Supply is located at 401 Charlotte Ave., three miles west of downtown Nashville. The site is home to the former Madison Mill. Office tenants include consulting firm Accenture, Keller Williams Realty Nashville and consulting firm FortyAU. Retail and restaurant tenants include Radish Kitchen, fitness center Row House, Woodland Wine Merchant, Bearded Iris Brewing, Pure Barre and Otaku Ramen. Bill Adair and Ashley Albright Marshall of JLL handle the office leasing efforts at Sylvan Supply, while Elliott Kyle of Equitable Property Co. oversees retail leasing. Centric Architecture designed the property, and Hodgson Douglas was the landscape architect.
COLUMBIA, S.C. — Marcus & Millichap has brokered the $25.5 million sale of 34 Crestmont Apartments, a 250-unit multifamily community in Columbia. Built in 2003, the property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, pool, sundeck, fitness center, breakfast/coffee concierge and a picnic area. The asset is located at 34 Woodcross Drive, 10 miles northwest of downtown Columbia and the University of South Carolina. Drew Babcock of Marcus & Millichap brokered the transaction between the buyer, Southwood Realty, and the undisclosed Charleston, S.C.-based seller.
CHAPEL HILL, N.C. — JLL has arranged a $21 million construction loan for The Gwendolyn, a four-story office building in Chapel Hill totaling 1106,000 square feet. Bank OZK provided the funds to the developer, Charlotte, N.C.-based Grubb Properties. The building is expected to open by the end of this year and will offer 25,000-square-foot floor plates, onsite property management, a café on the ground level, a fitness center and 432 parking spaces. The Gwendolyn is part of Phase I of the Glen Lenox redevelopment, a 70-acre planned community that will include retail, office and residential space. Glen Lenox is situated one mile from the University of North Carolina-Chapel Hill and 13 miles south of downtown Durham. Hal Kempson and John Gavigan of JLL originated the loan on behalf of the borrower.
INDIAN LAND, S.C. — Watercrest Senior Living Group and equity partner Waypoint Residential have opened Watercrest Fort Mill-Indian Land Assisted Living and Memory Care. The seniors housing community is located in Indian Land, 20 miles south of Charlotte just across the North Carolina-South Carolina border. The property features 75 assisted living units and 32 memory care units. General contractor Shiel Sexton built the community, which is the second senior living development partnership between Watercrest Senior Living Group and Waypoint Residential. The first project, Watercrest Newnan Assisted Living and Memory Care, recently opened in Newnan, Ga.
SUFFOLK, VA. — Cushman & Wakefield | Thalhimer has negotiated the $2.7 million sale of Obici Shops, a 7,600-square-foot retail property in Suffolk. The property is located at 1910 N. Main St., two miles north of downtown Suffolk. The asset was leased to Chartway Federal Credit Union and Jersey Mike’s at the time of sale. Clark Simpson of Cushman & Wakefield | Thalhimer represented the buyer, Battlefield Consolidated Properties LLC, in the transaction. Venture Obici LLC sold the property.
HIALEAH, FLA. — Walker & Dunlop has provided a $67 million HUD construction loan for Shoma Village Apartments, a 304-unit multifamily community that will be located in Hialeah. The borrower was locally based developer Shoma Group. Shoma Village Apartments will include 11,625 square feet of retail space fronting Hialeah Drive, about 15 miles northwest of downtown Miami. The property will consist of two eight-story residential buildings offering studio, one-, two-and three-bedroom units. Amenities will include a resident clubhouse, pool, fitness center with yoga and spin studios, resident coffee bar, dog park and a private courtyard with grilling stations. The clubhouse spans 7,300 square feet and features a concierge package room, communal kitchen, pool table and terrace area. Keith Melton, David Strange, Livingston Hessam and Jeremy Pino of Walker & Dunlop secured the loan through HUD’s 221(d)(4) program, which includes both construction and permanent financing for a project in a single loan. The financing was structured with a fixed interest rate for the two-year construction period and the 40-year amortization schedule. The financing also features a declining prepayment schedule for the initial 10 years post-construction. “The residential urbanization in cities like Hialeah is something we are seeing throughout Florida, and is very similar to …