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Amazon signs lease in Newnan, Ga.; Bluerock Residential JV sells Atlanta project

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Amazon signs lease in Newnan, Ga.; Bluerock Residential JV sells Atlanta project

Commercial real estate

* Amazon.com Inc. is leasing an over 1 million-square-foot facility at The Cubes at Bridgeport in Newnan, Ga., the Atlanta Business Chronicle reported, citing Georgia Gov. Brian Kemp. The deal will help create 500 jobs at the facility in the 500-acre industrial project south of Atlanta being developed by St. Louis real estate developer CRG.

Amazon is also developing a new fulfillment center on Atlanta's east side, the report noted.

* A joint venture of Bluerock Residential Growth REIT Inc. and Catalyst Development Partners sold a midrise apartment project on a four-acre site on Cheshire Bridge Road in Atlanta for $65.6 million, the Atlanta Business Chronicle reported, citing real estate records. Eaton Vance Real Estate Investment Group was the buyer of the 282-unit Helios Apartments.

* A joint venture of Woodfield Investments and Argosy Real Estate Partners secured a $100.6 million senior loan from PCCP to develop a 380-unit community in an opportunity zone in downtown Charleston, S.C., Multi-Housing News reported. The Morrison Yard community at 838 Morrison Drive will comprise 25,960 square feet of ground-floor commercial space, a 10-story building and a six-story structure.

* Commercial real estate firm Madison Marquette Inc. purchased office buildings at 3250 Mary St. and 3225 Aviation Ave. in Miami's Coconut Grove neighborhood for a combined $47.4 million, The Real Deal reported.

* Developer Parkway Corp. and law firm Morgan Lewis & Bockius reached a 20-year deal for a $200 million build-to-suit headquarters for the firm at 2222 Market St. in Center City, Philadelphia, the Philadelphia Business Journal reported. The firm will lease the entire 19-story, 305,000-square-foot building, which is anticipated to break ground this summer.

* Dutchints Development LLC is planning to demolish the former Garden City Casino and the former Harry's Hofbrau in West San Jose, Calif., on 10.34 acres to make way for the development of an office park, a parking garage and a hotel, the Silicon Valley Business Journal reported. The project would include up to three office buildings with a combined total of more than 1.31 million square feet of space; a parking structure with about 3,873 spaces and a seven-story, 180-room hotel.

Housing

* The average home sale price in the Crystal City, Va., area, which was the location chosen by Amazon for its second headquarters, increased 4% between 2018 and 2019, Inman reported, citing housing data released by the Northern Virginia Association of Realtors. The average home sale price rose to $614,236 from $590,582 in Arlington County's Alexandria City, Arlington and Fairfax counties.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng decreased 2.81% to 27,985.33, while the Nikkei 225 declined 0.91% to 23,864.56.

In Europe, around midday, the FTSE 100 was down 1.00% to 7,574.58, and the Euronext 100 was up 0.03% to 1,159.19.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

On the macro front

No notable reports are due out today.

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Data Dispatch: Industrial, residential REITs expected to report growth in Q4 FFO per share: Chart Watch: Consensus analyst estimates indicate industrial and residential REITs will report the largest year-over-year increase in FFO per share for the fourth quarter, while regional mall and hotel REITs are forecast to report yearly declines.

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