Southeast

U.S. Job Gains of 130,000 in August Fall Short of Wall Street’s Expectations

by Alex Tostado September 6, 2019

WASHINGTON, D.C. — Total nonfarm payroll employment rose by 130,000 in August, and the unemployment rate held steady at 3.7 percent, the U.S. Bureau of Labor Statistics (BLS) reported Friday morning. The job gains fell short of Wall Street’s expectations of 150,000. A closer look at the data shows the private sector added 96,000 jobs, while government added 34,000 jobs, including 28,000 at the federal level and 6,000 at the state level. The growth in federal government jobs largely reflected the hiring of temporary workers for the 2020 U.S. Census. In the private sector, notable job gains occurred in professional and business services (+37,000), healthcare (+24,000) and financial activities (+15,000). Retail trade employment declined by 11,000 in August, while mining employment fell by 6,000. Employment gains in June and July were 20,000 fewer than previously reported as a result of revisions to the data, according to the BLS. In August, average hourly earnings for all employees on private nonfarm payrolls rose by 11 cents to $28.11, following 9-cent gains in both June and July. Over the past 12 months, average hourly earnings have increased by 3.2 percent.

September 6, 2019

Ardent Acquires Three Industrial Buildings in Atlanta’s Armour Yards, Plans Conversion to Loft Office Space

by Alex Tostado September 5, 2019

ATLANTA — The Ardent Cos. has acquired three industrial buildings totaling 112,935 square feet within the Armour Yards district in Atlanta. The buyer plans to reposition the space into office loft space. The three buildings are 279 Ottley Drive (49,500 square feet), 221 Armour Drive (47,775 square feet) and 219 Armour Drive (15,660 square feet). The properties are located off Interstates 75 and 85, between Buckhead and Midtown near Sweetwater Brewery. A timeline for the renovations was not disclosed. Michael Anderson of Cresa Global Inc. represented the buyer in the transaction. The seller was DH Pace, parent company of Overhead Door Co. According to Atlanta Business Chronicle, Ardent cquired the buildings for $14.7 million and Overhead Door will vacate the buildings in the fourth quarter of 2019.

September 5, 2019

Acquisitions Florida Office Southeast

JLL Arranges $45.2M Sale of Office Complex in Sarasota, Florida

by Alex Tostado September 5, 2019

SARASOTA, FLA. — JLL has arranged the $45.2 million sale of Gateway Professional Center, a four-building, 246,941-square-foot office complex in Sarasota. The property is located at 301, 401, 501 and 551 N. Cattlemen Road, five miles east of downtown Sarasota. The complex was 95 percent leased at the time of sale to a mix of tenants including accounting, insurance, engineering and technology companies. Amenities at Gateway Professional Center include a fitness center, conference center and parking for more than 1,150 vehicles. Ike Ojala, Hermen Rodriguez and Matthew McCormack of JLL represented the seller, TerraCap Management LLC, in the transaction. The buyer was Taurus Investment Holdings, a global private equity firm based in Boston.

September 5, 2019

Acquisitions North Carolina Office Southeast

CBRE Negotiates Sale of 147,141 SF Office Building in Charlotte’s SouthPark District

by Alex Tostado September 5, 2019

CHARLOTTE, N.C. — CBRE has negotiated the sale of South Park One Center, a 147,141-square-foot office building in Charlotte’s SouthPark submarket. The building is located at 6060 Piedmont Row Drive S., seven miles south of downtown Charlotte. The property was 97 percent leased at the time of sale, and more than half of the tenants are in the medical industry. Patrick Gildea, Matt Smith, Lee Asher, Chris Bodnar and Grayson Hawkins of CBRE represented the seller, Virginia-based CCP Commercial Real Estate, in the transaction. Chicago-based MBRE Healthcare acquired the building.

September 5, 2019

Acquisitions Florida Retail Southeast

Maddox Cos. Sells 53,456 SF Retail Center Near Tampa

by Alex Tostado September 5, 2019

SEMINOLE, FLA. — Maddox Cos. has sold Twin Oaks Shopping Center, a 53,456-square-foot retail center in Seminole. The property is located at the corner of U.S. Highway 19-A and Fla. Highway 694, 24 miles southwest of downtown Tampa. Twin Oaks was fully leased at the time of sale to tenants including Crunch Fitness, Davita Dialysis, Optimart, Carepoint Pharmacy and First American Title Co. Maddox Cos. redeveloped the property between 2016 and 2018. John Hotchkiss of Vantix Realty represented the buyer, Japanese Gardens Mobile Estates LLC, in the transaction. The sales price was not disclosed.

September 5, 2019

Acquisitions Loans Louisiana Multifamily Southeast

Cohen Financial Provides $21.9M Acquisition Loan for Multifamily Property in Lafayette, Louisiana

by Alex Tostado September 5, 2019

LAFAYETTE, LA. — Cohen Financial has provided a $21.9 million Freddie Mac acquisition loan for La Veranda, a 220-unit multifamily community in Lafayette. The borrower is an affiliate of Waypoint Residential LLC. La Veranda was built in 2016 and offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, fitness center, game room, outdoor fireplace, pet park and a rooftop lounge. The seller was not disclosed.

September 5, 2019

Market Reports Maryland Office Southeast Southeast Market Reports

Suburban Rings Outpacing Baltimore City in Office Leasing, Construction Activity

by Alex Tostado September 5, 2019

A strong, vibrant urban core is vital to the success of the entire metropolitan region, and although currently struggling to regain its footing in some critical areas, Baltimore City will eventually return to prominence in the eyes of international investors, CEOs and the general public. Local stakeholders retain confidence in the city based on its strong fundamentals, including nationally renown hospitals, an impressive labor force (a recent CBRE survey ranked Baltimore City as the No. 11 U.S. market for tech talent) and proximity to the Nation’s Capital and continued federal government spending. The city’s infrastructure, led by Interstate 95, the Port of Baltimore and Baltimore/Washington International Thurgood Marshall Airport (BWI), is among the most highly regarded across the country. There is an overall uptick in leasing and development activity in 2019, with an emphasis on mixed-use communities with an “engaging story to tell” based on the projects design, location or both. Baltimore City inches forward Ground was officially broken on the first phase of Port Covington, the $5.5 billion mega-project planned on a 235-acre waterfront parcel in south Baltimore that is expected to be anchored by the new Under Armour headquarters. This inaugural section will include 1.3 million square feet …

September 5, 2019

Alabama Development Industrial Southeast

DaikyoNishikawa US Breaks Ground on $110M Automotive Plant in Northern Alabama

by Alex Tostado September 4, 2019

HUNTSVILLE, ALA. — DaikyoNishikawa US (DNUS) has broken ground on its $110 million automotive plant in Huntsville. The plant will be on the same site as the 3.1 million-square-foot Mazda Toyota Manufacturing USA (MTMUS) plant, which is expected to be operational in 2021. DNUS’ plant is expected to come on line around the same time. DNUS will produce plastic automotive parts at the plant and expects the plant to house 380 employees at full production. The MTMUS plant will have the capacity to produce 300,000 vehicles annually.

September 4, 2019

Florida Loans Multifamily Southeast

SunTrust Provides Two Refinancing Loans Totaling $94.8M for Apartment Complexes in Florida

by Alex Tostado September 4, 2019

DESTIN AND NAPLES, FLA. — SunTrust Bank has provided two Fannie Mae Green refinancing loans for apartment complexes in Florida. The first loan was a $48.5 million refinancing for The Preserve at Henderson in Destin. The 10-year loan features nine years of interest-only payments followed by a 30-year amortization schedule. The 340-unit property is located at 4131 Commons Drive W., near Elgins Air Force Base and the beach. The Preserve was built in 2009 and offers one- through three-bedroom floor plans. The community was 97 percent occupied at the time of sale. The second loan was for ARIUM Gulfshore in Naples. SunTrust originated the $46.3 million, 10-year loan, which features three years of interest-only payments followed by a 30-year amortization schedule. ARIUM Gulfshore was built in 1986 and is under renovation. The property offers one- and two-bedroom floor plans. The borrower was an undisclosed REIT.

September 4, 2019

Acquisitions Florida Multifamily Southeast

FCP Acquires Multifamily Community in Jacksonville for $29.1M

by Alex Tostado September 4, 2019

JACKSONVILLE, FLA. — FCP has acquired Townsend Apartments, a 396-unit multifamily community in Jacksonville, for $29.1 million. This marks FCP’s first acquisition in Jacksonville. Townsend Apartments is located at 3450 Townsend Blvd., seven miles east of downtown Jacksonville. The property is situated on both sides of Townsend Boulevard and comprises 13 buildings, which offer one-, two- and three-bedroom floor plans. Communal amenities include a playground, two clubhouses, two swimming pools, tennis courts, fitness center, business center and barbecue and picnic areas. The seller was not disclosed.

September 4, 2019

Newer Posts

Older Posts