WASHINGTON, D.C. — Nearly 1.2 million Americans filed for first-time unemployment assistance during the week ending Aug. 1. The latest figure is the lowest weekly total since the COVID-19 pandemic hit the United States. Economists surveyed by Dow Jones expected 1.4 million claims for the week. There have now been 20 consecutive weeks of initial claims totaling more than 1 million filings. The four-week moving average was 1.3 million claims, a decrease of 31,000 from the previous four-week average. Additionally, continuing claims dipped by 844,000 to 16.1 million.
GREENACRES, FLA. — SRS Real Estate Partners’ National Net Lease Group has arranged the $5.9 million sale of a property leased to ChenMed, a medical provider focused on the care of senior citizens. The 13,635-square-foot property is located at 4998 10th Ave., 10 miles southwest of downtown West Palm Beach. ChenMed’s lease is corporate-guaranteed and has nine years remaining. The property, which sits on three acres, was originally developed in 1999 for Walgreens, which occupied the space until last year. The seller, The Morgan Cos., renovated the building specifically for ChenMed, which located there in 2019. Patrick Nutt and Andrew Fallon of SRS represented the Charlotte, N.C.-based seller in the transaction. Cornerstone Commercial Realty represented the buyer, a Seminole, Fla.-based private investor completing a 1031 exchange.
PADUCAH, KY. — Colliers International has negotiated the $4 million sale of a 10,121-square-foot CVS/pharmacy-occupied property in Paducah. The building was originally developed in 1999 and is located at 3001 Lone Oak Road. There are 19 years remaining on CVS’ 20-year lease extension. Jon Busse of Colliers represented the buyer, Emerald Paducah LLC, in the transaction. The new ownership acquired the asset to partially complete a 1031 exchange. Matt Berres of Newmark Knight Frank (NKF) represented the seller, WEC 99J-32 LLC.
CLEARWATER, FLA. — Kimball Key LLC has sold Woodland Key Apartments, a 416-unit complex in Clearwater, for $55.8 million. The property offers one- and two-bedroom floor plans. Communal amenities include two pools with sundecks, a grilling area, car care center, 24-hour fitness center, two dog parks and a clubhouse. The asset is located at 2770 Roosevelt Blvd., 19 miles west of downtown Tampa. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller in the transaction. Ashcroft Capital Managers LLC acquired the property.
WEST PALM BEACH, FLA. — Chatham Lodging Trust (NYSE: CLD) has reported its revenue per available room (RevPAR) declined 77 percent to $33 on a year-over-year basis in the second quarter due to the COVID-19 lockdown. The West Palm Beach-based hotelier also reported that its net income for the quarter dropped by $36.7 million to a net loss of $27.2 million. The company experienced month-over-month increases to occupancy and RevPAR within the second quarter. Portfolio-wide occupancy was 23.7 percent in April, 33.8 percent in May and stood at 43.8 percent in June. Additionally, RevPAR in April was $23.80, $30.90 in May and $44.80 in June. Chatham Lodging owns interest in 134 and wholly owns 40 hotels in 15 states and Washington, D.C. Chatham Lodging has the highest concentration of extended-stay rooms of any public lodging REIT.
LAKELAND, FLA. — Cushman & Wakefield has arranged the $41.2 million sale of CenterState West, a 440,000-square-foot distribution center in Lakeland. The property is situated on 44 acres at 8054 State Road 33 N., 40 miles east of downtown Tampa and 45 miles west of downtown Orlando. The building features 115 dock doors, 36-foot clear heights, 120- to 130-foot truck court depths, 172 trailer parking spaces and ESFR sprinklers. Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi, Zachary Eicholtz and Brooke Tulley of Cushman & Wakefield represented the seller, a joint venture between Chicago-based Brennan Investment Group and Grandview Partners, in the transaction. Nuveen Real Estate acquired the property.
MEMPHIS, TENN. AND DENVER — Envolve Communities LLC and Ross Management have merged their multifamily operations. Memphis-based Envolve Communities owns more than 33,000 multifamily units in 17 states. Denver-based Ross Management owns 53 properties in Colorado and Oklahoma. Envolve Communities says the day-today-operations at Ross Management will see little change, and executive vice president Brooke Akins will stay on and serve in the same role. Ross Management will rebrand as Ross — A Division of Envolve Communities. Terms of the merger were not disclosed.
MEMPHIS, TENN. — A partnership between Welker Properties, Think Multifamily, Bullseye Investments and Tactical Asset Management has acquired The Woods at Ridgeway, a 568-unit multifamily community in southeast Memphis. The partnership has begun a $13.5 million renovation plan, which includes installing new roofs, painting the building exteriors and adding gate-controlled access. Communal amenities such as the screening room, fitness center, business center and multisport court will also be upgraded. Unit interiors will receive new kitchens, flooring, bathrooms and paint jobs. A timeline for completion was not disclosed. ROCO Real Estate sold the property, which is situated at 6277 Lake Arbor Drive, 15 miles southeast of downtown Memphis.
WALTON, KY. — Dollar General (NYSE: DG) has unveiled plans to open a 630,000-square-foot distribution facility in Walton, approximately 20 miles south of Cincinnati and the Ohio border. The $65 million investment is expected to bring 250 jobs to the city and support 800 stores. The Walton facility will serve as Dollar General’s 18th distribution center. Construction is scheduled to begin in September with operations to begin in January. Dollar General has also announced plans to build three additional DG Fresh facilities to support a shift toward self-distribution of products that require cold storage such as dairy, deli meats and frozen products. Construction is scheduled to begin this fall on a 160,000-square-foot cold storage facility in Ardmore, Oklahoma, with completion slated for spring 2021. Similarly, construction is scheduled to begin this fall on a 160,000-square-foot cold storage property in Bowling Green, Kentucky, with completion slated for summer 2021. Dollar General is currently finalizing construction of a 200,000-square-foot cold storage facility in West Sacramento, California, to complement its West Coast distribution operations. The property is scheduled to open this fall. At full capacity, each of the DG Fresh facilities are expected to create approximately 65 new jobs and support roughly 1,500 …
MEMPHIS, TENN. — An affiliate of NexPoint Advisors LP will acquire Memphis-based Jernigan Capital Inc. for $17.30 per share, or approximately $900 million, in an all-cash deal. The transaction is expected to close in the fourth quarter of this year. Under terms of the agreement, Jernigan Capital will discontinue its regular quarterly dividends and does not expect to host a conference call and webcast to discuss its financial results for the quarter ended June 30. Jernigan Capital owns more than 5 million square feet of self-storage assets in more than 20 states. NexPoint is based in Dallas and is an investment adviser to a suite of funds and investment offerings.