WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) Rent Payment Tracker found that as of June 6, 80.8 percent of apartment households paid rent for the month of June. The Washington, D.C.-based organization reports that the June figure is a 0.6 percent increase over May 6, but it is a 0.7 percent decrease from this point in June 2019. Nearly 20 percent of households with at-risk wages in small multifamily apartments may have difficulty paying rent, according to a study published June 11 by the Harvard Joint Center for Housing Studies. In addition, 32 percent of renter respondents to the U.S. Census Bureau’s Household Pulse Survey, conducted from May 28 to June 2, reported “no or slight confidence” in their ability to pay next month’s rent. “While our Rent Payment Tracker metric continues to show the resilience and strength of the professionally managed apartment industry, it does not necessarily tell the whole story, as it doesn’t capture rent payments for smaller landlords or for affordable and subsidized properties,” says Doug Bibby, president of NMHC. The organization surveyed apartment management companies responsible for 11.4 million units nationwide. There are 21.4 million apartments nationwide in buildings with more than five units, …
JACKSONVILLE, FLA. — CBRE has arranged the $17 million sale of Riviera Parkway Apartments, a 134-unit waterfront community in Jacksonville. Situated along the St. Johns River, the property, which was origianlly built in 1937, offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, dog park and laundry facilities. The asset is located at 2798 St. Johns Ave., four miles southwest of downtown Jacksonville. Joe Ayers and Cliff Taylor of CBRE represented the seller, KAE Apartments, in the transaction. Maryland Management Co. acquired the property.
MIAMI — Hong Kong-based Swire Properties, along with co-developers Whitman Family Development and Simon Property Group, has announced that five retailers are joining the tenant lineup at Brickell City Centre in Miami. Marabu, which recently opened its doors, is a Cuban-inspired restaurant headed by Cuban-American chef Alberto Cabrera. Opening in July are Indochino, a digitally native menswear suit retailer, and Est.33 Craft Brewery & Kitchen. Los Chinos, a Latino-Chinese fusion restaurant, will open later this summer. The restaurant will feature an after-hours speakeasy and outdoor patio space. Lastly, Lucid Motors, producer of electric cars, will open at the development this holiday season. Due to the COVID-19 pandemic, Brickell City Centre closed in March and reopened its doors May 22. The center includes a 500,000-square-foot, open-air shopping center; and five million square feet of office, residential and hotel space in Miami’s Brickell district.
ATLANTA — Marketing firm Nebo has relocated its office headquarters to a 16,000-square-foot space within The MET Atlanta. The MET is a 1.1 million-square-foot space that features more than 150 tenants and is located at 680 Murphy Ave. in the city’s Adair Park neighborhood, two miles south of downtown Atlanta. Nebo, which was founded in 2004, moved into the new space June 1 on a 10-year lease. Nebo relocated from 1000 Marietta St., where it employed 100 workers. In the new space, Nebo expects to hire an additional 150 employees. The landlord, Atlanta-based Carter, acquired The MET in June 2018.
SAN FRANCISCO — Terreno Realty Corp. has sold three industrial buildings comprising 340,000 square feet in metro Baltimore for a total of $51.2 million. The first property, a 66,000-square-foot building located at 7125 Troy Hill Drive in Elkridge, sold for $9.3 million. The asset was fully leased to three tenants at the time of sale. San Francisco-based Terreno sold the second property, which is situated at 7190 Parkway Drive in Hanover, for $25.3 million. The 159,000-square-foot building was fully leased at the time of sale to two tenants. The final building is a 115,000-square-foot asset located at 9070 Junction Drive in Annapolis Junction. Terreno sold the property for $16.6 million. The asset was fully leased at the time of sale to five tenants. The buyer(s) was not disclosed.
WASHINGTON, D.C. — Over 1.5 million Americans filed for first-time unemployment aid during the week ending June 6, the U.S. Department of Labor reports. The coronavirus has continued its grasp on the U.S. economy, but several governors have allowed their respective states to reopen certain aspects of the economy, including stores, restaurants, office buildings and amusement parks. The U.S. Bureau of Labor Statistics reported last Friday that the economy added 2.5 million jobs in the month of May. Furthermore, for the 10th straight week, the first-time claims have been lower than the previous week, with the most recent figure showing a decrease of 355,000 claims. Additionally, the continued claims decreased by 339,000 on a week-over-week basis to 20.9 million. The four-week moving average of the initial jobless claims for this week was just over 2 million claims, down by 286,250 claims the prior week.
TRINITY, FLA. — Cushman & Wakefield’s Tampa-based Senior Housing Team has arranged the sale of The Watermark at Trinity in Trinity. Kayne Anderson Real Estate acquired the community for an undisclosed price. The operator, Watermark Retirement Communities, will continue to manage the property. The newly built, five-story community features 117 independent living units and is adjacent to a 97-unit assisted living and memory care building constructed by the same development team in 2016. Watermark at Trinity is located at 1960 Blue Fox Way, 29 miles northwest of downtown Tampa. Allen McMurtry and David Kliewer of Cushman & Wakefield represented the seller, a development group comprising Walt Chancey of Gulf Coastal Development, Ricky Rookis of Rookis Development and Watermark Retirement Communities, in the transaction.
FORT MYERS, FLA. — Lee & Associates has arranged the $3 million sale of a two-acre, waterfront plot in Fort Myers. The buyer, a subsidiary of Sight Real Estate, plans to develop Riverfront First Street Apartments along the Caloosahatchee River. Comprising more than 200 units, the property will offer studio to three-bedroom floor plans. Communal amenities will include a pool, pool deck, clubhouse, onsite parking structure and a fitness center. The community will be located at 2543 First St., one-and-a-half miles from downtown Fort Myers. A timeline for construction was not disclosed. In the land transaction, Matthew Rotolante of Lee & Associates represented the seller, Compass USA SPE LLC.
PORT RICHEY, FLA. — The PMAT Cos. has acquired Regency Crossing, an 85,864-square-foot, Publix-anchored shopping center in Port Richey. The property was 70 percent leased at the time of sale. The asset is located at 7003-7051 Ridge Road, 38 miles northwest of downtown Tampa. The seller was not disclosed.
KANNAPOLIS, N.C. — Prime Beverage Group will invest $68 million in a manufacturing facility in Kannapolis that will create 231 jobs. The 300,000-square-foot property will include warehouse space and will have the capability of packing 1,500 cans per minute. The property will be located at 1858 Kannapolis Parkway, 21 miles northeast of downtown Charlotte. Among the positions Prime Beverage will add in the Cabarrus County facility are technicians, sales, operations and managerial personnel with an average annual salary of $65,900. According to North Carolina Gov. Roy Cooper’s office, the current average annual wage in Cabarrus County is $38,892. Funding for the project is coming in part from the state’s Economic Investment Committee, which approved a 12-year Job Development Investment Grant. The grant authorizes the potential reimbursement of up to $2.4 million if the company meets its hiring goal. Prime Beverage is a beverage co-packing company that will contract with brand name beverage companies to mix and package their canned drinks. A timeline for construction was not disclosed.