This week’s Mid-Atlantic Business Minute once again contains positive economic news. Those of us who represent clients in transactions and investments have been seeing activity continue to grow at a strong pace. This activity is not anecdotal as is shown by the upward adjustment of second quarter GDP growth and low jobless claims during the month of August. These events suggest that now may be an ideal time for those with cash and credit capacity to get off the sidelines and to make capital investments and acquisitions in order to take advantage of the continued economic growth.
Gaithersburg’s Lakeforest Mall sells at auction for fraction of its former worth
The auction came after the mall’s owner, Five Mile Capital, went into foreclosure. Read More
Morgan Properties Acquires Mark Center Portfolio in Alexandria For $509 Million
Source: The Washington Post
Morgan Properties announced Wednesday that it has acquired the Mark Center portfolio in Alexandria for $509 million. Read More
Economic Development in the DMV
Another delay for the $268M Potomac Yard Metro station
WASHINGTON — The opening of a new Metro station in Alexandria’s Potomac Yard has been pushed back until spring 2021, according to The Washington Post. Read More
DC named first LEED ‘Platinum City’ in the world
WASHINGTON — D.C. already leads the nation for environmentally friendly green building construction per capita, and now it gets the highest citywide award for green building. Read More
Jobless Claims Cling Near Post-recession Low
The average of new unemployment claims over the past month is the second lowest since the end of the financial crisis. Read More.
U.S. Second-Quarter GDP Growth Revised Up
Source: Fox Business
The U.S. economy grew faster than initially thought in the second quarter, notching its quickest pace in more than two years, and there are signs that the momentum was sustained at the start of the third quarter. Gross domestic product increased at a 3.0 percent annual rate in the quarter. The upward revision from the 2.6 percent pace reported reflects robust consumer spending as well as strong business investment. Read More.
US construction spending drops 0.6 percent in July
WASHINGTON (AP) — U.S. construction spending fell in July for the third time in four months as strength in home construction wasn’t enough to offset weakness in nonresidential building and government projects. Read More
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