Southeast

Investment Management Firm Expands Lease in Miami Beach, Breaking Florida’s Rental Rate Record Per Square Foot

by John Nelson September 14, 2020

MIAMI BEACH, FLA. — J. Goldman & Co. LLP, an independent investment management firm, has signed an eight-year lease for 3,318 square feet of office space and a 700-square-foot covered terrace at The Yukon Miami. J. Goldman, which already leases 1,223 square feet on the fourth floor of the Class A office building, broke Florida’s per square foot rental rate pricing record with the new lease at $92 per square foot. The 88,148-square-foot Yukon Miami is situated at 119 Washington Ave. in Miami Beach’s South of Fifth enclave. The property features 9,081 square feet of ground-floor retail space and a rooftop development opportunity. The owner, an entity known as Yantra 119 LLC, is listing Yukon Miami for sale at $45 million. The Global Consulting Organization and longtime landlord representative The Company Real Estate are marketing the property on behalf of the ownership.

September 14, 2020

Market Reports Office Southeast Southeast Market Reports Virginia

Is it Time to Start Investing in Richmond’s Office Market? All Signs Point to ‘Yes’

by John Nelson September 14, 2020

Richmond has been considered a secondary market in the eyes of many national investors, and for good reason. Rental rates don’t compare to Washington D.C., New York City or other major primary markets. But a strong leasing market mixed with a large-scale population shift leads to one question: is now the time to start investing in the Richmond office market? Home to seven Fortune 500 companies, as well as fast-growing companies such as CoStar Group and Capital One, Richmond has made its mark as one of the top cities in the country when it comes to attracting recent college graduates. Offering affordable and diverse housing, amazing food and entertainment, close proximity to beaches and the nation’s capital with a high demand for skilled workers, Richmond is the perfect city for just about anyone. Hence, Richmond has seen a massive boom in its working-class population, which has led to lower vacancy rates, increased rents and a rise in new office developments. The revitalization of two major submarkets is also impacting the growth in millennial population. Scotts Addition and Manchester have both seen significant interest and investment from local and national developers. These submarkets are bringing the live-work-play feel to Richmond’s downtown …

September 14, 2020

Development Georgia Retail Southeast

North American Properties to Open 42,000 SF Food Hall at Midtown Atlanta’s Colony Square in Spring 2021

by Alex Tostado September 11, 2020

ATLANTA — North American Properties (NAP) is planning to open Politan Row, a 42,000-square-foot food hall, at its Colony Square mixed-use development in Midtown Atlanta. The interior of Politan Row will span 20,000 square feet, while the outdoor area will total 22,000 square feet. New Orleans-based Politan Group will operate the food hall, which is expected to open in spring 2021. Colony Square is located near the intersection of Peachtree and 14th streets, three miles north of downtown Atlanta. Colony Square at full buildout will include 912,000 square feet of Class A office space leased to tenants including Whole Foods Market and law firm Jones Day; 160,000 square feet of retail and restaurants housing tenants such as IPIC, Starbucks, Holeman & Finch Public House and Chick-fil-A; the 466-room W-Atlanta Midtown hotel; outdoor gathering spaces and 262 luxury residences.

September 11, 2020

District of Columbia Retail Southeast

NRF: Retail Imports Pick Up Ahead of Holiday Season

by Alex Tostado September 11, 2020

WASHINGTON, D.C. — The National Retail Federation (NRF) has reported that retailers unexpectedly increased imports for the holiday season, according to the monthly Global Port Tracker, which is released by the NRF and Hackett Associates. The expected twenty-foot equivalent units (TEUs) for the period between July and October is now just shy of 7.6 million, which would make 2020 the third-highest holiday “peak season” on record, the Washington, D.C.-based organization said. “It’s important to be careful how much to read into these numbers after all we’ve seen this year, but retailers are importing far more merchandise for the holidays than we expected even a month ago,” says Jonathan Gold, NRF’s vice president for supply chain and customs policy. “Some of these imports are helping replenish inventories that started to run low after consumers unleashed pent-up demand when stores reopened. But this is the clearest sign yet that we could be in for a much happier holiday season than many had thought.” The most recent numbers available for the Global Port Tracker is from July, when retailers imported 1.9 million TEUs, beating the forecast of just under 1.8 million.

September 11, 2020

Georgia Loans Multifamily Southeast

Berkadia Provides $37.7M Refinancing Loan for Apartment Community Near Atlanta

by Alex Tostado September 11, 2020

NORCROSS, GA. — Berkadia has provided a $37.7 million Freddie Mac refinancing loan for The Reserve at Gwinnett, a 370-unit apartment community in Norcross. The 10-year loan features a fixed interest rate. Corby Chaffin and Michael Weinberg of Berkadia originated the financing on behalf of the owner, Broadtree Residential Inc. The Reserve at Gwinnett was built in 1999 and comprises 14 residential buildings offering one- through three-bedroom floor plans. Units range in size from 959 to 1,555 square feet. Communal amenities include a fitness center, clubhouse, business center, pool, grilling area, dog park and tennis courts. The asset is situated at 1780 Graves Road, 17 miles northeast of downtown Atlanta.

September 11, 2020

Acquisitions Georgia Retail Southeast

Marcus & Millichap Negotiates $2.3M Sale of CVS-Anchored Retail Property in Metro Atlanta

by Alex Tostado September 11, 2020

LILBURN, GA. — Marcus & Millichap has negotiated the $2.3 million sale of a 13,375-square-foot retail property in Lilburn. CVS/pharmacy anchors the three-tenant asset, which was also leased to Lee Nails and Domino’s Pizza at the time of sale. The property is situated at 5575 Lawrenceville Highway, 18 miles northeast of downtown Atlanta. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, the Schwaighoffer Brothers, in the transaction. The buyer was Atlanta-based M&P Shopping Centers. “We generated seven offers in the first few days on the market,” says Taylor. “This activity was a clear illustration of the renewed desirability that essential tenants like drug stores currently demand.”

September 11, 2020

Development Georgia Leasing Activity Retail Southeast

MAB American Management Signs Planet Fitness, Petsense at $80M Shopping Center in Monroe, Georgia

by John Nelson September 11, 2020

MONROE, GA. — MAB American Management has signed retailers Planet Fitness and Petsense to leases at Monroe Pavilion, a 350,000-square-foot shopping center underway in Monroe. Retail Specialists is handling the leasing assignment of the $80 million development. Located in Walton County about 45 miles east of Atlanta, Monroe Pavilion’s tenant roster will include Publix, Ross Dress for Less, Ulta Beauty, Marshalls, Rack Room Shoes and Five Below. Planet Fitness is set to lease 16,120 square feet, and Petsense will occupy 6,000 square feet. MAB plans to deliver the shopping center in summer 2021.

September 11, 2020

Acquisitions Multifamily South Carolina Southeast Top Stories

Passco Acquires 330-Unit Multifamily Community in Coastal South Carolina for $78M

by Katie Sloan September 11, 2020

BLUFFTON, S.C. — Passco Cos. has acquired One Hampton Lake, a 330-unit multifamily community located seven miles outside Hilton Head Island in Bluffton, for $78 million. Southeastern Co. sold the property in an off-market transaction. One Hampton Lake was developed in two phases, with the first phase of construction completed in 2018 and the second phase completed earlier this year. The garden-style property offers one-, two- and three-bedroom units with quartz countertops, stainless steel appliances, in-unit washers and dryers, patios and balconies. Shared amenities at the community include a resort-style infinity pool and deck; kayak launch site and storage on Hampton Lake, located adjacent to the property; pet park and wash station; state-of-the-art fitness center; screened-in outdoor lounge with a fireplace; an outdoor kitchen; and grilling areas. Greystar will continue to manage the property under the new ownership. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing on behalf of Passco. Headquartered in Augusta, Georgia, Southeastern Co. offers development, property management, construction management and brokerage services for commercial real estate properties across the Southeast. Irvine, California-based Passco Cos. acquires, develops and manages multifamily and commercial real estate throughout the United States. The company currently has a …

September 11, 2020

Development Florida Mixed-Use Restaurant Retail Southeast

H&R REIT, Urban-X Open First Wave of Tenants at $452M River Landing Development in Miami

by John Nelson September 10, 2020

MIAMI — Toronto-based H&R REIT and Coral Gables, Fla.-based Urban-X Group have welcomed the first tenants to open at River Landing Shops & Residences in Miami, the first phase of the $452 million River Landing mixed-use development. The first tenants opening beginning this week include Hobby Lobby, Burlington, Publix, Five Below, Chase Bank and AT&T. Ross Dress for Less and Planet Fitness will open later this fall, and in the coming months T.J. Maxx, Old Navy, Ficelles Bakery, Chick-fil-A and others will open their doors. According to Urban-X, 70 percent of River Landing’s retail space is committed. The developer plans to announce new tenants coming to River Landing in the near future. Situated on 8.1 acres along the Miami River, River Landing will span 2.2 million square feet upon completion and feature a 135,000-square-foot office tower, 528 upscale apartments, a riverwalk, green spaces, boat docks and more retail and restaurant space. Lantower Residential, a subsidiary of H&R REIT, will operate and lease the apartments. The operator will welcome move-ins beginning next month. Urban-X is currently negotiating with several restaurants looking to open a waterfront location in 2021 and is implementing curbside pick-up spaces for River Landing’s retail tenants to meet customer …

September 10, 2020

District of Columbia Southeast

First-Time Unemployment Claims Reach 884,000, Surpassing Economists’ Expectations

by Alex Tostado September 10, 2020

WASHINGTON, D.C. — First-time unemployment claims for the week ending Sept. 5 reached 884,000, the U.S. Department of Labor reported Thursday morning. For the week ending Aug. 29, unemployment claims totaled 881,000. Economists surveyed by Dow Jones expected the weekly total to come in at 850,000, reflecting a downward trend from the previous week. The two previous weeks mark the first time since mid-March that unemployment claims have been fewer than 1 million in back-to-back weeks. Continuing claims — for which data is a week behind — ticked up to 13.8 million for the week ending Sept. 3, 93,000 higher than the week ending Aug. 29.

September 10, 2020

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