WASHINGTON, D.C. — Retail sales in July rose 1.2 percent on a month-over-month basis, the U.S. Commerce Department reported in its advanced estimate this morning. Total sales for the month clocked in at $536 billion, up from $529.4 billion in June. The Commerce Department reported sales reached $527 billion in February, marking the first time during the pandemic that retail sales have exceeded pre-pandemic levels. Furthermore, the Commerce Department revised its May to June growth up 90 basis points to 8.4 percent. Despite the growth, the total volume of retail spending wasn’t as robust as economists surveyed by Dow Jones expected. Economists forecast a 2.3 percent increase from June. A major reason for the sales coming in lower than expected was due to auto sales falling behind. The Commerce Department reports that excluding auto sales, retail would have grown 1.9 percent. Though the growth is slowing, the National Retail Federation (NRF) says the July figures add to the turnaround seen since the spring’s decline, namely when sales dipped 16.4 percent in April. “Retail sales for July were another positive step in the right direction as our economy continues to slowly reopen,” says Matthew Shay, CEO and president of the NRF. …
GALLATIN, TENN. — Facebook (NASDAQ: FB) has broken ground on an $800 million data center located roughly 18 miles north of Nashville in Gallatin. The company acquired the 809-acre development site earlier this year for $20 million under the name Woolhawk LLC, according to reports by local news site Gallatin News. The 982,000-square-foot campus will be built to LEED Gold certification standards, using 80 percent less water than the average data center. The development will also be supported by 100 percent renewable energy. Facebook has signed contracts for 220 megawatts of solar energy in Tennessee in support of the project. The company anticipates more than 1,100 construction workers will be onsite at the peak of construction, and the completed development will support approximately 100 new jobs in the form of technicians, engineers, facility managers, logistics professionals and security personnel. “We’re excited about Facebook in Gallatin because of the advantages we think it is going bring to our community,” says Paige Brown, the city’s mayor. “We’re confident in the brightest of futures for both Facebook and the city of Gallatin.” Facebook unveiled plans to build another $800 million data center 65 miles west of Chicago in Dekalb, Illinois, earlier this year. …
CHEVY CHASE, MD. — Cushman & Wakefield has negotiated the $160 million sale of the Barlow Building, an 18-story, 293,852-square-foot medical office building in Chevy Chase. Amenities at the property include valet parking, a fitness center on the top floor, deli, conference center and a courtyard that houses a Starbucks. The property is located at 5454 Wisconsin Ave., less than one mile from the Friendship Heights Metro Rail Station and six miles north of downtown Washington, D.C. The undisclosed buyer has retained the seller, Carr Properties, for third-party management services. Bill Collins, Paul Collins, Drew Flood, Eric Berkman, Shaun Collins and Shaun Weinberg of Cushman & Wakefield represented the seller in the transaction.
WASHINGTON, D.C. — For the week ending Aug. 8, 963,000 people filed first-time unemployment claims, which marks the first time since the week ending March 14 that fewer than 1 million Americans filed for assistance, the U.S. Department of Labor reported this morning. The most recent figure is a 228,000 decrease on a week-over-week basis. Economists surveyed by Dow Jones were expecting 1.1 million claims for the week. The four-week moving average stood at nearly 1.3 million claims, a decrease of 86,250 from the previous four-week average. For the week ending Aug. 1, continuing claims — for which data is a week behind — decreased by 604,000 from July 25 to 15.5 million.
WEST PALM BEACH, FLA. — Newmark Knight Frank (NKF) has arranged the $56.2 million sale of Visions at Willow Pond, a 300-unit multifamily community in West Palm Beach. The property comprises 17 two- and three-story buildings offering one- and two-bedroom floor plans. Communal amenities include a clubhouse, pool and a fitness center. Built in 1987, the property is situated at 4860 Sand Stone Lane, seven miles west of downtown West Palm Beach. Tal Frydman, Avery Klann, Hampton Beebe, Tyler Minix and Jonathan Senn of NKF brokered the transaction. New York City-based Axonic Properties LLC sold the asset to Miami-based Bar Invest Group.
MOORESVILLE, N.C. — Corporate Center Properties has sold Oates Crossing, a four-building, 235,400-square-foot industrial/flex asset in Mooresville. The seller delivered the property in 2005 and expanded the campus in 2018. At the time of sale, the portfolio was leased to 13 tenants. Oates Crossing is situated on 16 acres at 105 and 115 Corporate Center Drive and 120 and 128 Talbert Road, one mile from Interstate 77 and 32 miles north of downtown Charlotte. Patrick Nally, Hunter Barron and Pete Pittroff of JLL represented the seller in the transaction. Greenville, S.C.-based RealOp Investments acquired the asset.
EUSTIS, FLA. — Housing Trust Group (HTG) has broken ground on Valencia Grove II, a 110-unit affordable seniors housing community in Eustis, approximately 30 miles northwest of Orlando. Development costs for Phase II were estimated at $22 million. The project is scheduled for completion in May 2021. The project is the second phase of Valencia Grove, which has already delivered 144 affordable apartments. Units are reserved for residents over 62 years old who earn 22 percent, 35 percent and 60 percent of the area median income (AMI). Rents range from $286 to $937 per month. HTG has partnered on the project with nonprofit AM Affordable Housing Inc., an organization founded by former Miami Heat player and NBA Hall of Famer Alonzo Mourning. This marks HTG’s third collaboration with AM Affordable Housing. Fifth Third Bank provided an $11.2 million construction loan, and Truist Bank provided a $7.2 million Freddie Mac loan. Additionally, Raymond James is providing $7.2 million of 4 percent Low-Income Housing Tax Credit (LIHTC) equity. Florida Housing Finance Corp. is providing a $5.8 million State Apartment Incentive Loan (SAIL), a $600,000 Extremely Low-Income (ELI) loan and a $742,000 National Housing Trust Fund (NHTF) loan. The project and design team …
PENDERGRASS, GA. — JLL has arranged the $43.9 million sale of an 811,000-square-foot distribution center leased to Bed Bath & Beyond in northeast Georgia. The property is located at 860 John B. Brooks Road in Pendergrass. The asset, which is situated on 62 acres along Interstate 85, features tilt-up construction, 32-foot clear heights and a cross-dock configuration. Alex Sharrin, Britton Burdette, Brian Shanfeld, Matt Wirth and Dennis Mitchell of JLL represented the seller, Oak Street Real Estate Capital LLC, in the transaction. An unnamed institutional investment group purchased the property.
CHARLESTON, S.C. — Greystar Real Estate Partners LLC has launched Greystar Credit Partners II LP (GCP II), a $600 million fund focused on the acquisition of securitized subordinated debt issued by government-sponsored enterprises (GSEs) as well as private label securitizations, junior notes or mezzanine debt collateralized by multifamily assets. GCP II is the successor to GCP I, a $500 million fund created in 2018 that completed its investment activities concurrent with the formation of GCP II. Brett Lashley and Patrick Reilly of Greystar will oversee GCP II’s investment and portfolio management activities.
NORTH LITTLE ROCK, ARK. — The Multifamily Group (TMG) has brokered the sale of Arrowhead Estates, a 242-unit apartment complex in North Little Rock. The property, which was originally built in 1968, offers one- and two-bedroom floor plans. Communal amenities include a pool, playground, basketball court, picnic area and a sundeck. The community is situated at 1707 Arrowhead Road, six miles north of downtown Little Rock. Paul Yazbeck of Dallas-based TMG represented the undisclosed seller in the transaction and procured the undisclosed buyer. The sales price was also not disclosed.