FORT LAUDERDALE, FLA. — New York Life Real Estate Investors has provided a $38.3 million refinancing loan for 261 North University Drive, a 172,959-square-foot office building in Fort Lauderdale. The borrower, Encore Capital Management, recently completed a $15 million renovation of the property, including redesigning the lobby, modernizing the elevators, adding new bathrooms and overseeing new tenant buildouts. The asset is situated eight miles west of downtown Fort Lauderdale. Furthermore, the property will be part of a mixed-use development that is set to feature 760 multifamily units, 150,000 square feet of retail space and 400 hotel rooms delivering in two phases by 2022. Kevin O’Grady of Concord Summit Capital and Eric McGlynn of Walker & Dunlop arranged the loan on behalf of Fort Lauderdale-based Encore, and Ryan Doyle and John Lippmann of New York Life originated the loan.
JACKSONVILLE, FLA. — During its second-quarter earnings call, Regency Centers Corp. (Nasdaq: REG) reported same-property net operating income of $162.3 million for the three months ending June 30, a 20.1 percent year-over-year decrease. The Jacksonville-based company says all 415 of its shopping centers nationwide have remained open during the COVID-19 pandemic, with 95 percent of its tenants being open as of July 31. Regency Centers collected 72 percent of base rents for the quarter and has agreed to more than 600 lease rent deferrals. The shopping center REIT estimates that 96 percent of deferred rents will be collected by the end of 2021.
PADUCAH, KY. — Dippin’ Dots, maker of flash-frozen beaded ice cream, has opened a $3.2 million, 6,000-square-foot industrial facility in Paducah. The property houses 45 employees and will support Dippin’ Dots Cryogenics LLC, a division of the company that was launched in 2018 and applies the patented flash-frozen technology to other industries. The building is situated at 3865 Industrial Drive, one mile from Interstate 24.
DUNWOODY, GA. — Dallas-based developer Trammell Crow Co. has completed Twelve24, a 345,000-square-foot office building located at 1224 Hammond Drive in Dunwoody, a suburb of Atlanta in the metro’s Central Perimeter submarket. The 16-story building features a skybridge with direct access to the Dunwoody MARTA Station. Twelve24 is also located adjacent to Perimeter Mall and in close proximity to Interstate 285 and State Route 400. In addition, Twelve24 houses 11,000 square feet of ground-floor retail space, 7,500 square feet of which is preleased to Iron Hill Brewery & Restaurant. Insight Global, a national staffing and services company, has leased approximately 72 percent of the office space as the anchor tenant. The building offers an amenity floor with a fully staffed, 10,000-square-foot fitness center, an indoor conference center, tenant lounge and a café. Outdoor amenities include a yoga lawn, multiple lounge areas and a covered outdoor conference center. According to a second-quarter report on the Atlanta office market from Colliers International, the Central Perimeter submarket has a direct vacancy rate of 14.7 percent and has seen more than 1 million square feet of positive absorption year-to-date. Trammell Crow is also working with Concord Hospitality Group to develop a 177-room Hyatt Place …
Like most markets, regardless of sector, Jackson experienced a moment in time when deals were shelved due to the coronavirus pandemic. However, the industrial market in Jackson tells a different story in the early innings of COVID-19. While most deals were put on hold for several weeks in early April to mid-May, we saw activity pick up with users signing leases, contracting on vacant buildings and resuming due diligence timelines for land purchases, all without any repricing or discount. These trends, while hopefully permanent in nature, are all due to a lack of industrial supply and consistent demand in the Jackson market. If you have quality product in a good area, it will sell or lease, even during a pandemic. The Jackson industrial market spans around 40 million square feet if you include all specialty and manufacturing properties, as well as true warehouse and flex product. According to CoStar Group, the market’s vacancy rate is hovering around 7 percent, but it feels tighter since there’s a bulk of obsolescent product — either low ceiling heights or being in less desirable areas. Jackson is considered a minor industrial market and is well-suited for future growth. As Mississippi’s capital city, Jackson is …
WASHINGTON, D.C. — The U.S. economy added nearly 1.8 million jobs in July and the unemployment rate fell 90 basis points to 10.2 percent, the U.S. Bureau of Labor Statistics (BLS) reported Friday. The uptick on nonfarm payroll employment beat expectations as economists surveyed by The Wall Street Journal anticipated just under 1.5 million jobs to be added. Though the latest job tally surpassed expectations, Ball State University economist Michael Hicks cautions against drawing sweeping conclusions. The employment-to-population ratio is more than 5 percent below the level from July 2019 and more than 3.5 million workers have exited the labor force in the past few months. Hicks says if those 3.5 million workers were included in the jobs report, the unemployment rate would be 250 basis points higher. “Permanent job losses continue to increase, but temporary losses appear to be nearly fully recovered,” he said. “This means roughly 10 percent of those working in January remain unemployed, with no evidence of improving prospects for re-employment.” Employment surged in the leisure and hospitality sector, having added 592,000 jobs, making up for one-third of the overall monthly growth. The sector lost 8.2 million jobs in March and April, though has begun to reclaim …
HINESVILLE, GA. — Berkadia has provided a $24 million Fannie Mae refinancing loan for Liberty Club Apartments, a 240-unit workforce housing complex in Hinesville. The borrower, Winter Park, Fla.-based Hillpointe, delivered the property in 2019. The 12-year loan features a fixed interest rate with five years of interest-only payments. Loan proceeds will be used to retire the existing construction loan. The community is located at 915 E. General Stewart Way, 40 miles southwest of downtown Savannah. Liberty Club comprises nine residential buildings, a clubhouse and 11 garage buildings. The property offers two-bedroom floor plans averaging 1,153 square feet. According to Apartments.com, rents range from $1,100 to $1,450 per month. Communal amenities include a pool, fitness center, a dog park and fishing ponds. Michael Weinberg, Alec Fox and Wesley Moczul of Berkadia originated the loan on behalf of the borrower.
WASHINGTON, D.C. — Marcus & Millichap has arranged the $19.1 million sale of Griffin Apartments at Petworth Metro, a 49-unit multifamily community in Washington, D.C.’s Petworth neighborhood. The property, which was built in 2011, offers one- and two-bedroom floor plans. Communal amenities include bike storage, an Amazon Hub package delivery system and 24-hour maintenance services. The property is situated at 3801 Georgia Ave. NW, one block from the Petworth Metro Station and three miles north of downtown D.C. Christian Barreiro and Marty Zupancic of Marcus & Millichap brokered the transaction between the seller, Donatelli Development, and the buyer, Virginia-based Viking Capital.
NARANJA, FLA. — TSCG has negotiated the $11.7 million sale of Naranja Lakes Shopping Center, a 90,450-square-foot, grocery-anchored retail property in Naranja. The property was 95 percent leased at the time of sale to tenants including Winn-Dixie, Family Dollar and La Colonia Medical Center. The asset is situated at the intersection of U.S. Highway 1 and Naranja Lakes Blvd., 29 miles south of downtown Miami. Anthony Blanco of TSCG represented the seller, an affiliate of Asheville, N.C.-based FIRC Group, in the transaction. An affiliate of Boston-based Longpoint Realty Partners acquired the property.
HICKORY, N.C. — Flagship Healthcare Trust Inc. has acquired Tate Medical Commons IV, a 55,912-square-foot medical office building in Hickory. The Charlotte-based REIT will also manage the property, which was fully leased at the time of sale to tenants including Catawba Valley Medical Center and Catawba Women’s Center. The asset is situated at 1501 Tate Blvd. SE, next to Tate Medical Commons. First Horizon Bank provided acquisition financing on behalf of the buyer. The seller and sales price were not disclosed.