WASHINGTON, D.C. — The novel coronavirus could result in record-levels in spending for back-to-school supplies as families across the country are expected to buy more electronics to prepare for at-home learning, a survey conducted by the National Retail Federation (NRF) and Prosper Insights & Analytics has found. Major school systems around the country, including the Ivy League, Los Angeles Public School District, Atlanta Public Schools, New York City Public School system and the University of California school system have announced virtual learning or a hybrid of in-person and online classes for this fall. According to the annual survey, spending could reach $789.49 per family with children in elementary through high school, which would break last year’s record expectations of $696.70 per family. College students are expected to spend $1,059.20 per family. Retail spending from college students and their families is expected to total $67.7 billion, up from $54.5 billion last year and breaking the record of $55.3 billion set in 2018. Total spending for kindergarten through college combined is projected to reach $101.6 billion — exceeding last year’s $80.7 billion and topping the $100 billion mark for the first time. NRF surveyed 7,481 U.S. consumers from July 1 to 8. …
DURHAM, N.C. — Wood Partners has broken ground on Alta Davis, a 408-unit apartment complex in Durham. The community will comprise seven buildings standing four stories each. Communal amenities will include a coffee bar, game room, fitness center, saltwater pool and coworking space. The community is slated to open by the end of 2021. Alta Davis is situated at 4701 Hopson Road, 10 miles southeast of downtown Durham and three miles from the center of Research Triangle Park. WP East Builders is the general contractor.
NORCROSS, GA. — Skyline Seven Real Estate has arranged the $7.1 million sale of Peachtree Corners Shopping Center, a 106,257-square-foot retail property in Norcross. The asset is situated at 7050 Jimmy Carter Blvd., 20 miles northeast of downtown Atlanta. The property was 44 percent leased at the time of sale to tenants including Family Dollar, Beauty Mart, Arcadio Pizza, Lily Massage Spa and Island Chef Café, as well as an outparcel leased to Popeye’s and Dekra Emissions Check. Elliott Kyle, Chase Murphy and Reid Maynard of Skyline Seven represented the seller, Frank Flanders (whose father built the 10-acre property in 1985), in the transaction. Andy Lundsberg of Atlanta-based Bull Realty represented the private buyer, Mark Nelkin.
SYLACAUGA, ALA. — Marcus & Millichap has negotiated the $5.4 million sale of Payton Park, a 53,400-square-foot retail center in Sylacauga. Walmart shadow anchors the property, which was leased to tenants such as Burke’s Outlet, CATO, Shoe Show and Sally Beauty at the time of sale. Payton Park is located at 41301 U.S. Highway 280, 45 miles southeast of downtown Birmingham. MBD Properties, an Atlanta-based private investor, acquired the asset. The seller, Chattanooga, Tenn.-based Rise Partners, acquired Payton Park and the adjacent Walmart in September 2019 for $15.7 million. Zach Taylor of Marcus & Millichap’s Taylor McMinn Group represented the seller in the transaction.
HIALEAH, FLA. — Bridge Development Partners and PGIM Real Estate will develop Bridge Point Cold Logistics Center, a 312,103-square-foot cold storage facility in Hialeah. The joint venture expects to deliver the speculative property in fourth-quarter 2021. The 20.1-acre site is situated at the intersection of NW 162nd Street and NW 102nd Avenue, 18 miles northwest of Miami International Airport. The asset will be able to accommodate multiple tenants and will feature 50-foot clear heights, 39 dock-high doors, 207 parking spaces and 49 trailer parking stalls. The building’s refrigeration system is expected to provide temperatures ranging from minus-10 degrees to -55 degrees. Ware Malcomb is the architect for the building. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield brokered the land transaction.
WOODBRIDGE, VA. — FCP has sold Potomac Vista Apartments, a 408-unit multifamily community in Woodbridge. Jair Lynch Realty Partners and Nuveen acquired the property for $81.5 million. The community offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool, playground, business center and a clubhouse. The three-story property was originally built in 1987. FCP acquired Potomac Vista in August 2016. The community is located at 14101 Kristin Court, 25 miles southwest of downtown Washington, D.C. Brian Crivella, Walter Coker and Robert Jenkins of JLL represented the seller in the transaction.
CORAL GABLES AND WEST PALM BEACH, FLA. — ZOM Senior Living and Watermark Retirement Communities have acquired two seniors housing development sites in Coral Gables and West Palm Beach. The Watermark at Merrick Park in Coral Gables will comprise 196 units including independent living, assisted living and memory care, with 50,000 square feet of amenities. The Watermark at West Palm Beach will feature 154 units of independent living, assisted living and memory care with 30,000 square feet of amenities. M&T Bank provided construction financing for the West Palm Beach project, while PNC Bank funded the Coral Gables project. MSA Architects and Lemay-Escobar Design designed both communities. Verdex Construction will build the West Palm Beach property, while Kast Construction will construct the Coral Gables property. Groundbreaking is slated for later this summer on both projects.
JACKSONVILLE, FLA. — Sleiman Enterprises will renovate three historic retail buildings in Jacksonville’s San Marco Square. The buildings were built in 1926 and 1927, and are located at 1974, 1980 and 1972 San Marco Blvd., two miles south of downtown Jacksonville. Marsh & Saxelbye originally developed the property, which locally based Sleiman Enterprises acquired in August 2019. The two-story, 8,200-square-foot building situated at 1974 San Marco Blvd. is currently vacant. A Starbucks Coffee occupies the space at 1980 San Marco, and a Beau Outfitters leases the building at 1972 San Marco. The facelift will focus mostly on exterior renovations, including adding a new roof, painting the property similar to its original color and adding a “winged” feature to Starbucks and Beau Outfitters. Sleiman is working with architect Jaycox Architects & Associates, as well as with the San Marco Preservation Society and residents of San Marco, to ensure the renovations evoke the building’s original integrity. A timeline for completion was not disclosed.
Commercial Partners Realty Negotiates Sale-Leaseback of 94,000 SF Industrial Property in Metro Tampa
PINELLAS PARK, FLA. — Commercial Partners Realty has negotiated the sale-leaseback of a 94,000-square-foot industrial building in Pinellas Park. Woodhill Real Estate LLC acquired the asset for $6 million. The seller and tenant, Nautical Structures, specializes in manufacturing, designing, distributing and engineering yachting equipment. The property spans five acres and is situated at 7301 114th Ave., 20 miles west of downtown Tampa. Scott Clendening of Commercial Partners Realty represented the seller in the transaction.
CHARLOTTE, N.C. — Seventh and Tryon, a planned $600 million mixed-use project in Charlotte’s Uptown district, has cleared a critical hurdle with the Charlotte City Council. The proposed development will include a 160,000-square-foot mixed-use building, 450,000-square-foot office tower, market-rate and affordable multifamily units, retail space and below- and above-ground parking. At a virtual meeting yesterday, the council unanimously approved a memorandum of understanding (MOU) that allows Marcus Jones, city manager of Charlotte, to negotiate and execute with the Virginia-based developer, Metropolitan Partnership Ltd., on behalf of the city and the landowners of the 3.1-acre site in Uptown. The landowners include Bank of America, City of Charlotte, Mecklenburg County and Charlotte Mecklenburg Library. Atlanta-based DaVinci Development Collaborative is the development manager on behalf of the landowners. “North Tryon needs a facelift, I believe this project moves us in that direction,” said councilmember Malcolm Graham, representative of Charlotte’s District 2, during the proceedings. The council also moved to allow the use of city funds to be negotiated for the project to move forward. The MOU includes the sale of the land from the four landowners to Metropolitan Partnership for a price of $21.5 million. The key terms of the MOU also include …