Southeast

New York Life Earns LEED Gold Certification for Prominence in Buckhead Office Tower in Atlanta

by Alex Tostado May 18, 2020

ATLANTA — New York Life Real Estate Investors has earned a Leadership in Energy and Environmental Design (LEED) Gold Certification for its Prominence in Buckhead office tower in Atlanta. The 433,237-square-foot property is situated at 3475 Piedmont Road in Atlanta’s Buckhead district, nine miles north of downtown Atlanta. In order to achieve the certification, the owner enhanced the building ventilation to improve indoor air quality, completed a lighting project in the parking garage that reduced electricity by 65 percent and implemented a recycling program that diverted 50 percent of waste from the building from landfills. Onsite amenities include a newly renovated fitness center, conference facility, café and covered parking. New York Life acquired the asset in 2018, and according to LoopNet Inc., it was built in 1999. State Farm Arena in downtown Atlanta was the most recent building in Georgia to receive the award after a 2019 renovation project was completed.

May 18, 2020

Florida Industrial Market Reports Southeast Southeast Market Reports

Miami-Dade County’s Industrial Market Sees Healthy Activity Amid COVID-19 Headwinds

by John Nelson May 18, 2020

The Miami-Dade industrial market saw a prolific year in 2019, followed by a healthy, yet slower first quarter in 2020. PortMiami’s record-shattering fiscal year 2019, with cargo operations posting 1.1 million twenty-foot equivalent units (TEUs) and cruise passengers totaling a world’s best 6.8 million passenger total, correlated with the robust warehouse and distribution demand the market experienced throughout 2019. There was a 9 percent uptick in South Florida industrial investment sales, and developers delivered 5.6 million square feet of product to Miami-Dade County. Industrial completions in 2019 exceeded the all-time high set in 2018, and the local inventory expanded by nearly 3 percent. In first-quarter 2020, as the coronavirus pandemic began to unfold and cause widespread global challenges, the flow of cargo continued to meet essential needs from medical supplies to food, while all cruise lines voluntarily ceased sailings. In addition, after a strong start to the year, COVID-19 caused construction to pause and dimmed demand from space users that service hard-hit industries such as tourism and brick-and-mortar retail. The unprecedented boost in e-commerce, grocery, and medical supply distribution currently drives the industrial sector. Leasing remains solid despite roadblocks Overall industrial vacancy in Miami-Dade is at 4.33 percent, up from …

May 18, 2020

Acquisitions North Carolina Office Southeast

Cushman & Wakefield Arranges $58.5M Sale of Office Building in Charlotte

by Alex Tostado May 15, 2020

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $58.5 million sale of a 182,169-square-foot office building in Charlotte. Corning Optical Communications fully leases the building and has 14 years remaining on the lease. The building offers employee lounges, outdoor patio seating areas, a café with grab-and-go options and on-site walking trails. The property is situated near the intersection of Interstate 485 and N.C. Highway 16, 10 miles northwest of downtown Charlotte. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, Beacon Partners, in the transaction. An affiliate of Costa Mesa, Calif.-based Crown Realty & Development acquired the property in an all-cash deal.

May 15, 2020

District of Columbia Retail Southeast

Despite 16.4 Percent Drop in April Retail Sales Amid Pandemic, NRF Says Industry Remains ‘Resilient’

by Alex Tostado May 15, 2020

WASHINGTON, D.C. — Retail sales plummeted 16.4 percent in April, according to the U.S. Census Bureau. However, the sharp drop “was not a surprise” to the National Retail Federation (NRF) due to the government-mandated shutdown of huge swaths of the American economy starting in mid-March. “The vast majority of retail stores have been closed, we are in the midst of historic unemployment and when it comes to personal finances, discretionary spending takes a back seat to essentials,” Matthew Shay, president and CEO of the Washington, D.C.-based trade association, stated in a press release. “Prior to this pandemic, retail was setting records in year-over-year growth, employment and investment. It is a resilient industry serving a smart consumer, and despite today’s report, we know it will be leading our nation’s economic recovery as this crisis recedes,” added Shay. The monthly report generated by the U.S. Census Bureau is a measure of purchases at stores, gasoline stations, restaurants, bars and online. The double-digit drop in April retail sales follows a revised 8.3 percent drop in March sales. Total spending in April was $403.9 billion compared with $483.5 billion the prior month, according to the U.S. Census Bureau. One of the biggest factors contributing …

May 15, 2020

Development Florida Multifamily Southeast Top Stories

Mill Creek Starts Construction of 292-Unit Modera Creative Village Multifamily Property in Orlando

by Alex Patton May 15, 2020

ORLANDO, FLA. — Mill Creek Residential, a Florida-based developer, has broken ground on Modera Creative Village, a 292-unit luxury multifamily property in the Orlando. Located at 505 Chatham Ave., the eight-story midrise building will feature studio, one-, two- and three-bedroom units as well as 10,000 feet of ground-floor retail space. Amenities include a fitness center with a yoga area and classes, a pool and an outdoor courtyard lounge. Modera Creative Village is part of a master plan for the 68-acre Creative Village district of downtown Orlando. The project is a redevelopment of the former Amway Center sports and entertainment venue. The full development plans include multiple office, residential, retail, hotel and higher education projects. Modera Creative Village is adjacent to the Lynx Central railway station and the Downtown Recreation Complex at Sunshine Park. Other attractions include a range of museums, restaurants and retail centers, including the Bob Carr Theater, Dr. Phillips Performing Arts Center and several art galleries. “The momentum of Creative Village will produce a dynamic urban infill neighborhood with prime opportunity for immediate growth, and we’re excited to be a part of it,” says Eran Landry, vice president of development for Mill Creek Residential. First move-ins are anticipated …

May 15, 2020

Acquisitions Multifamily South Carolina Southeast

Joint Venture Acquires 124-Unit Multifamily Community in Columbia, South Carolina

by Alex Tostado May 15, 2020

COLUMBIA, S.C. — A joint venture between Lexerd Capital Management and LMS Harbison has acquired The Lakes at Harbison, a 124-unit multifamily community in Columbia. The complex, which has been renamed The Lory of Harbison, was originally built in 1980 and sits on nine acres. The property offers one-, two- and three-bedroom floor plans ranging in size from 950 to 1,230 square feet. Communal amenities include a cyber café, pool, fitness center, basketball court, clubhouse, playground and a tennis court. The asset is situated at 100 Fairforest Road, 10 miles northwest of downtown Columbia. Further details of the transaction were not disclosed.

May 15, 2020

District of Columbia Southeast

NMHC Rent Payment Tracker Finds 87.7 Percent of Apartment Households Paid May Rent

by Alex Tostado May 15, 2020

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) released data this morning showing that 87.7 percent of apartment households paid their May rent as of Wednesday. Though the rate is 2.1 percent lower year-over-year, it is a 2.7 percent increase from April. Last week, the NMHC Rent Payment Tracker found 80.2 percent of apartment households paid their May rent as of May 6. “Once again, despite the economic and health challenges facing so many, we have found that apartment residents who live in professionally managed properties are meeting their obligations,” says Doug Bibby, president of NMHC. The NMHC Rent Payment Tracker metric provides insight into changes in resident rent payment behavior over the course of each month, and, as the dataset ages, between months. The NMHC surveyed management companies responsible for 11.4 million units nationwide. There are 21.4 million apartments, in buildings with more than five units, according to the most recent American Community Survey from the U.S. Census Bureau. NMHC’s data does not track affordable housing units or units under control of smaller landlords.

May 15, 2020

Industrial Leasing Activity North Carolina Southeast

Dogwood Industrial Properties Inks Two Leases Totaling 90,180 SF in Charlotte

by Alex Tostado May 15, 2020

CHARLOTTE, N.C. — Dogwood Industrial Properties has signed two industrial leases totaling 90,180 square feet at 5130 Hovis Road in Charlotte. An undisclosed Fortune 500 company signed a 66,430-square-foot lease and Plazit Polygal signed a 23,750-square-foot lease. Dogwood Industrial Properties acquired the 166,980-square-foot property in November when it was 34 percent leased. With the recent signings, the building is now fully occupied. The asset sits on seven acres two miles from Interstate 85 and four miles from I-77. The property features a fenced truck court, 20-foot clear ceiling height, new ESFR sprinklers and an existing CSX rail spur with rail doors. Plazit Polygal North America specializes in manufacturing thermoplastic sheets. Matt Treble, Eric Ridlehoover and Patrick McGrath of Cushman & Wakefield represented the landlord in the transaction.

May 15, 2020

Civic Development Florida Southeast

Skanska USA Delivers $189M Building for University of South Florida Within Water Street Tampa

by Alex Tostado May 14, 2020

TAMPA, FLA. — Skanska USA has delivered University of South Florida (USF) Morsani College of Medicine and Heart Institute, a 13-story, 395,000-square-foot building that will bring 1,800 students, staff and faculty to Water Street Tampa. The building features a 400-seat auditorium, clinical teaching labs and research laboratories, office space and a wellness center. Skanska USA and design firm HOK began construction in August 2017. Additionally, the Morsani College of Medicine is situated a mile from Tampa General Hospital, USF’s primary teaching hospital. Water Street Tampa is a $3 billion mixed-use development in downtown that will offer more than 2 million square feet of office space; 1 million square feet of retail, cultural, educational and entertainment space; and two new hotels totaling more than 650 rooms, including the city’s first five-star hotel. Tampa Bay Lightning owner Jeffrey Vinik created Strategic Property Partners LLC to spearhead the project, along with Cascade Investment LLC. The project’s first residential building, 815 Water Street Tampa, is expected to open in late 2020.

May 14, 2020

District of Columbia Southeast

Additional 2.9M Americans File for First-Time Unemployment Amid COVID-19 Outbreak

by Alex Tostado May 14, 2020

WASHINGTON, D.C. — An additional 2.9 million Americans filed for first-time unemployment for the week that ended May 9, the U.S. Department of Labor reported. Since mid-March, 35.9 million Americans have filed jobless claims due to the COVID-19 outbreak. Economists surveyed by Dow Jones expected a slightly smaller total of 2.7 million claims. Even though the volume of claims are rising overall, the weekly amount has lessened for six consecutive weeks, the Department of Labor found. The four-week moving average was 3.6 million, which is a decrease of 564,000 from the previous week’s revised average.

May 14, 2020

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