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AcquisitionsMultifamilyNorth CarolinaSoutheast

Newmark Knight Frank Arranges $49M Sale of Multifamily Community in Greensboro, North Carolina

by Alex Tostado

GREENSBORO, N.C. — Newmark Knight Frank (NKF) has arranged the $49 million sale of Brassfield Park, a 336-unit multifamily community in Greensboro. The community comprises 326,828 square feet and was built in 1997. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool with gazebo area, outdoor grill and kitchen area, 24-hour package receiving lockers, pet care stations, dog park, tennis court and a playground. Brassfield Park is situated at 1921 New Garden Road, seven miles northwest of downtown Greensboro. Sean Wood, John Heimburger, Dean Smith, Alex Okulski, John Munroe and Jason Kon of NKF represented the seller, Raleigh, N.C.-based Chaucer Creek Capital, in the transaction. Josh Davis and Chris Caison of NKF originated a $39.1 million Freddie Mac acquisition loan on behalf of the buyer, Viola, N.Y.-based White Eagle Property Group.

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District of ColumbiaRetailSoutheast

NRF Chief Economist: Recovery Likely to Come in ‘Fits and Starts’

by Alex Tostado

WASHINGTON, D.C. — The National Retail Federation’s (NRF) chief economist Jack Kleinhenz says that as some states begin reopening stores and other businesses, the national economy’s recovery will likely be a gradual process and vary by location. “Getting back to work or shopping in a pre-virus manner is difficult to predict at this time, with households likely to tiptoe back in rather than making an immediate return to the lives they experienced before,” Kleinhenz said in the May issue of NRF’s Monthly Economic Review. “My overall impression is that the recovery will have fits and starts among states, regions and cities depending on the severity of the pandemic in their localities.” The NRF reports that retail sales saw their worst month-over-month drop on record in March, falling 8.7 percent from February. Consumer spending fell an annualized 7.6 percent during the first quarter, the largest drop since the second quarter of 1980. Consumer confidence hit 86.9 percent in April, the lowest since 2014, according to the Conference Board’s Consumer Confidence Index. Even through the decreasing confidence, Kleinhenz says most people expect to see a rapid recovery. “The gap between opinions on current and future conditions indicates that consumers expect a V-shaped …

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IndustrialLeasing ActivityMarylandSoutheast

Barker Steel Mid-Atlantic Signs 133,520 SF Industrial Lease in Metro Baltimore

by Alex Tostado

HALETHORPE, MD. — Barker Steel Mid-Atlantic has signed a 133,520-square-foot industrial lease at 1954 Halethorpe Farms Road in Halethorpe. The landlord, Blue Ocean, acquired the historic property in 2015. The 692,492-square-foot building was once used to manufacture aircraft components during World War II. The property is located near Interstates 95 and 695, eight miles southwest of downtown Baltimore and five miles north of Baltimore/Washington International Thurgood Marshall Airport. Milford, Mass.-based Barker Steel will use the property as a block manufacturing and distribution site. Jared Engel and Steve Cornblatt of Trout Daniel & Associates represented the landlord in the lease transaction. Toby Mink of CBRE represented the tenant.

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AcquisitionsFloridaRetailSoutheast

SRS Brokers $5.6M Sale of New Tampa Bay Retail Property Leased to 7-Eleven

by Alex Tostado

PINELLAS PARK, FLA. — SRS Real Estate Partners has brokered the $5.6 million sale of a new, 3,109-square-foot convenience store in Pinellas Park. The property was delivered in late 2019 and has 15 years remaining on a corporate-guaranteed triple-net lease with 7-Eleven. The property sold for $1,798 per square foot to an undisclosed investor based in New York City completing a 1031 tax exchange. An undisclosed developer sold the property. The asset is situated at 9401 49th St. N., 20 miles west of downtown Tampa. Frank Rogers and Michael Carter of SRS represented the seller in the transaction.

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DevelopmentGeorgiaIndustrialSoutheast

Alston Construction Delivers 646,380 SF Industrial Facility for Loloi Rugs Near Atlanta

by Alex Tostado

CARTERSVILLE, GA. — Alston Construction has delivered a 646,380-square-foot distribution center and showroom for Loloi Rugs in Cartersville. Ware Malcomb provided architecture and interior design for the build-to-suit facility, which is located at 840 Cassville White Road, less than one mile from Interstate 75 and 50 miles northwest of downtown Atlanta. The single-story building features tilt-wall construction, 32-foot clear heights, 10,000 square feet of office space and 5,000 square feet of showroom space. Dallas-based Loloi Rugs is family-owned and -led and has been in operation since 2004. The textile company produces rugs, pillows and throws.

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District of ColumbiaHospitalitySoutheast

AHLA Releases Hotel Cleaning Standards Initiative in Response to Pandemic

by Alex Tostado

WASHINGTON, D.C. — The American Hotel & Lodging Association (AHLA) has released its “Stay Safe” cleaning standards initiative. AHLA rolled out the guidelines to aid hotel chains that are reopening during the COVID-19 pandemic. The Washington, D.C.-based organization created the standards with help from an advisory council comprising industry leaders and public health experts. The initiative encourages the use of cleaning products that have a concentration of bacteria-killing ingredients, in accordance with the Centers for Disease Control and Prevention (CDC). Participating hotel chains will also train staff on safety and sanitation in regard to COVID-19. “Safe Stay was developed specifically to ensure enhanced safety for hotels guests and employees,” says Chip Rogers, president and CEO of AHLA. “While hotels have always employed demanding cleaning standards, this new initiative will ensure greater transparency and confidence throughout the entire hotel experience.” In April, Hilton Hotels and Marriott International unveiled their own protocols for enhancing guest and employee safety.

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AcquisitionsGeorgiaMultifamilySoutheast

Capstone Arranges $21M Sale of Multifamily Community in LaGrange, Georgia

by Alex Tostado

LAGRANGE, GA. — Capstone Apartment Partners has arranged the $21 million sale of SunRidge Apartment Homes, a 192-unit multifamily community in LaGrange. The property comprises 11 buildings offering one-, two- and three-bedroom floor plans there were 96 percent occupied at the time of sale. Communal amenities include a pool, playground, tennis courts, volleyball court, putting greens, grilling area, fitness center, a car washing station and laundry facilities. The property, which was built in 2001, is situated at 1235 Hogansville Road, three miles east of downtown LaGrange. Alex McDermott, Bryse Toothaker, Austin Green, Sean Henry and Dan McBurney of Capstone represented the seller, Sunny Pak, in the transaction. The buyer was Southwood Realty Group.

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AcquisitionsHealthcareOfficeSoutheastVirginia

IPA Brokers $19.3M Sale of Medical Office Building in Northern Virginia

by Alex Tostado

DUMFRIES, VA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $19.3 million sale of Dumfries Health Center, a 99,718-square-foot, single-tenant medical office building in Dumfries. The property is fully leased to Spectrum Healthcare Resources. The building was delivered in 2009 at 3700 Fettler Park Drive, two miles north of downtown Dumfries and adjacent to Interstate 95. The previous owner, known as 3700 Fettler Park LLC, recently implemented upgrades that included adding urgent care, immunizations, sports medicine with wading pools and expanding the onsite pharmacy. Robert Filley, Randall Heilig, Chandler Pace and Chris Dale of IPA represented the seller in the transaction and procured the buyer, Bethesda, Md.-based Global Medical REIT.

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GeorgiaIndustrialLeasing ActivitySoutheast

GE Current Signs 150,000 SF Lease for Distribution Center in Metro Atlanta

by Alex Tostado

FAIRBURN, GA. — GE Current has signed a 150,000-square-foot lease for a distribution center in Fairburn. GE Current, which specializes in energy-efficient lighting for commercial real estate space, will use the facility to deliver same- and next-day delivery to its customers in the region. GE Current will employ 40 people at the center. The property is situated at 5150 Oakley Industrial Blvd., 10 miles south of Hartsfield-Jackson Atlanta International Airport. Another tenant occupies the other half of the building. Further details of the lease were not disclosed.

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GeorgiaMarket ReportsRestaurantRetailSoutheastSoutheast Market Reports

Landlords, Retailers in Metro Atlanta Impacted by COVID-19 Seek Middle Ground in Lease Negotiations

by John Nelson

The financial impact the COVID-19 economic shutdown is having on tenants and landlords is a difficult mix of immediate drastic reduction (or elimination) of revenue, along with little or no ability to forecast when the end will come. This combination of severity and unclear duration makes finding potential win-win compromises a real challenge for tenants and landlords in the metro Atlanta area. While deal pipelines across the industry have ground to a halt, companies, teams and individuals are using this sudden influx of time as an opportunity to take up important tasks that, while not producing revenue, will set up future opportunities. They are catching up on conversations, expanding their networks, engaging with social media, doing industry research, continuing their professional educations and learning new skills. Landlords, on the other hand, are having to take this challenge head on and are testing the waters with solutions like pause agreements, rent deferrals (in many cases, equivalent term is added at the end of these leases) and other creative ways to provide relief to their tenants while not endangering their own interests or those of their lenders. There’s no certainty that these issues won’t have to be addressed again, periodically, as the …

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