WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) released data this morning showing that 87.7 percent of apartment households paid their May rent as of Wednesday. Though the rate is 2.1 percent lower year-over-year, it is a 2.7 percent increase from April. Last week, the NMHC Rent Payment Tracker found 80.2 percent of apartment households paid their May rent as of May 6. “Once again, despite the economic and health challenges facing so many, we have found that apartment residents who live in professionally managed properties are meeting their obligations,” says Doug Bibby, president of NMHC. The NMHC Rent Payment Tracker metric provides insight into changes in resident rent payment behavior over the course of each month, and, as the dataset ages, between months. The NMHC surveyed management companies responsible for 11.4 million units nationwide. There are 21.4 million apartments, in buildings with more than five units, according to the most recent American Community Survey from the U.S. Census Bureau. NMHC’s data does not track affordable housing units or units under control of smaller landlords.
CHARLOTTE, N.C. — Dogwood Industrial Properties has signed two industrial leases totaling 90,180 square feet at 5130 Hovis Road in Charlotte. An undisclosed Fortune 500 company signed a 66,430-square-foot lease and Plazit Polygal signed a 23,750-square-foot lease. Dogwood Industrial Properties acquired the 166,980-square-foot property in November when it was 34 percent leased. With the recent signings, the building is now fully occupied. The asset sits on seven acres two miles from Interstate 85 and four miles from I-77. The property features a fenced truck court, 20-foot clear ceiling height, new ESFR sprinklers and an existing CSX rail spur with rail doors. Plazit Polygal North America specializes in manufacturing thermoplastic sheets. Matt Treble, Eric Ridlehoover and Patrick McGrath of Cushman & Wakefield represented the landlord in the transaction.
TAMPA, FLA. — Skanska USA has delivered University of South Florida (USF) Morsani College of Medicine and Heart Institute, a 13-story, 395,000-square-foot building that will bring 1,800 students, staff and faculty to Water Street Tampa. The building features a 400-seat auditorium, clinical teaching labs and research laboratories, office space and a wellness center. Skanska USA and design firm HOK began construction in August 2017. Additionally, the Morsani College of Medicine is situated a mile from Tampa General Hospital, USF’s primary teaching hospital. Water Street Tampa is a $3 billion mixed-use development in downtown that will offer more than 2 million square feet of office space; 1 million square feet of retail, cultural, educational and entertainment space; and two new hotels totaling more than 650 rooms, including the city’s first five-star hotel. Tampa Bay Lightning owner Jeffrey Vinik created Strategic Property Partners LLC to spearhead the project, along with Cascade Investment LLC. The project’s first residential building, 815 Water Street Tampa, is expected to open in late 2020.
WASHINGTON, D.C. — An additional 2.9 million Americans filed for first-time unemployment for the week that ended May 9, the U.S. Department of Labor reported. Since mid-March, 35.9 million Americans have filed jobless claims due to the COVID-19 outbreak. Economists surveyed by Dow Jones expected a slightly smaller total of 2.7 million claims. Even though the volume of claims are rising overall, the weekly amount has lessened for six consecutive weeks, the Department of Labor found. The four-week moving average was 3.6 million, which is a decrease of 564,000 from the previous week’s revised average.
MOUNT PLEASANT, S.C. — Frampton Construction has begun demolition and broken ground on The Shelmore, a planned 50,000-square-foot office redevelopment in Mount Pleasant. The site is the former home of a Bi-Lo grocery store. The redevelopment will include adding a lobby with a two-story “jewel box” entry and installing 30 new windows and 10 skylights. The redeveloped property will feature 18-foot ceilings and the potential for a variety of floor plans suitable for both small and large office users. The existing retail surrounding the building will also receive exterior upgrades to match the new façade. The property is located at 774 S. Shelmore Blvd., six miles north of downtown Charleston. The developers are Collett Capital, Lions Gate Capital LLC and WECCO Development. LS3P Associates is the architect. Completion is slated for this fall.
BUTNER, N.C. — CBRE|Raleigh has negotiated the 93,685-square-foot industrial lease for Nugget, a manufacturer specializing in creating furniture that can be transformed into entertainment for children. The property, Falls Lake II, is situated at 200 Business Park Drive, 14 miles north of downtown Durham and less than one mile from Interstate 85. Austin Nagy of CBRE|Raleigh represented the tenant in the transaction. Foundry Commercial represented the landlord, NWI Butner LP.
FRANKFORT, KY. — In the midst of the COVID-19 outbreak, Kentucky Gov. Andy Beshear has outlined plans for allowing clothing retailers, manufacturing, construction, houses of worship and funeral services to begin reopening Wednesday, May 20. Government offices and agencies will be allowed to reopen starting Monday, May 18. On May 11, Beshear said there were several parameters that needed to be met in order for the reopenings to occur, including 14 days of decreasing cases, increased testing capacity, availability of personal protective equipment (PPE) and preparedness for a possible future spike. Beginning May 22, restaurants will be able to operate indoor dining at 33 percent capacity and resume outdoor dining. Cosmetology businesses, hair salons and barbershops, massage therapy, nail salons, tanning salons and tattoo parlors will be able to open starting May 25. On June 1, bowling alleys, fitness centers and movie theaters will be permitted to reopen. Beshear urges Kentuckians to be “Healthy at Home” and follow local and federal protocols for limiting the spread of COVID-19. As of 5 p.m. Wednesday, Beshear’s office reported there were 326 deaths and 7,080 confirmed cases of COVID-19 in Kentucky.
WASHINGTON, D.C. — CoStar Group Inc. (NASDAQ: CSGP) has agreed to purchase Ten-X for $190 million. The all-cash deal is expected to close in the third quarter of this year. Irvine, Calif.-based Ten-X was launched in 2009 with the goal of providing a digital platform to complete commercial real estate transactions during the Great Recession. Since its founding, nearly $24 billion worth of commercial real estate transactions have been completed on the site. Companies such as Fannie Mae, Bank of America, JP Morgan Chase, Blackstone, Starwood, BlackRock, Capital One, MetLife, LNR, UBS and PNC have used the website to complete transactions. CoStar hopes the acquisition will position the combined company as a major player in the distressed commercial property market that COVID-19 is expected to leave in its wake. “We believe that the volume of distressed properties coming to market will surge and that this combined platform will support the market’s recovery,” says CoStar CEO Andrew Florance regarding the acquisition. Echoing Florance’s sentiment, Ten-X CEO Steve Jacobs says, “Just like CoStar Group, we are focused on driving volume and efficiency and have devoted ourselves to addressing the massive, untapped demand for digital commercial real estate solutions. We see significant demand …
DULLES, VA. — M&T Realty Capital Corp. has provided a $51.2 million Freddie Mac refinancing loan for The Elms at Arcola, a 248-unit apartment complex in Dulles. The locally based borrower, Elm Street Development, delivered the community in 2016. The 10-year, fixed-rate loan features five years of interest-only payments followed by a 30-year amortization schedule. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool with sundeck, gym, yoga room, cyber café and a community garden. Situated off U.S. Highway 50, The Elms at Arcola is 30 miles west of downtown Washington, D.C. Legend Management Group will manage the property. Debra Goldstein and Matthew Hodson of M&T Realty originated the loan on behalf of the borrower.
RICHMOND, VA. — Virginia Gov. Ralph Northam says the state is still on track to begin “Virginia Forward,” the state’s Phase I plan for reopening stores, restaurants and select businesses and organizations starting Friday, May 15. Northam said in a press release Tuesday, however, that Northern Virginia localities are able to delay reopenings to Thursday, May 28 if they feel it is unsafe to reopen Friday. The new guidelines outline more relaxed restrictions, including upping the capacity of non-essential retail from a 10-person limit to 50 percent capacity; allowing restaurants to open outdoor seating with a 50 percent capacity limit; allowing places of worship to have a 50 percent capacity, up from its previous 10-person limit; fitness centers may operate outdoor classes; and allowing for personal grooming services to reopen to appointment-only customers. Some restrictions that are unchanged include schools remaining closed, childcare remaining open only to working families and entertainment and public amusement remaining closed. As of this writing, there were 927 deaths and 26,746 total confirmed cases of COVID-19 in Virginia, according to the Virginia Department of Health.