Author Archives

Seniors Housing Industry Looks for New Ways to Bend Cost Curve, Improve Health Outcomes

SAN DIEGO — Breaking down the silos between the traditional real-estate-based seniors housing providers and the growing number of health, wellness and supportive services providers will lead to better health outcomes for residents and slow the long-term growth of medical costs. But it’s a shift that won’t happen overnight. That’s one of the key messages Bob Kramer, founder and CEO of the National Investment Center for Seniors Housing & Care (NIC), aims to deliver. The 2017 NIC..

March 24, 2017

Natixis Provides $102.8M Loan to Transform Historic Office Building in Philadelphia into Luxury Apartments

PHILADELPHIA — Natixis has provided a $102.8 million first mortgage loan to Post Brothers, which will use the capital to redevelop the historic Atlantic Building in Philadelphia as a 268-unit luxury apartment complex. The Atlantic Building is a 330,000-square-foot, 21-story office building located at 260 S. Broad St. in Philadelphia’s Center City submarket. World-renowned architect Rafael Viñoly designed the building, which was completed in the 1920s. Post Brothers will rename the..

March 21, 2017

The Scion Group-Led JV Acquires 11-Property Student Housing Portfolio for $640 Million

CHICAGO — The Scion Group, along with sovereign wealth fund partners GIC and Canada Public Pension Investment Board (CPPIB), has acquired a portfolio of 11 student housing properties throughout the United States for $640 million. Harrison Street Real Estate owned nine of the properties in partnerships with Trinitas, Opus, CA Ventures and Vertex Nine. In addition, Scion, GIC and CPPIB acquired another asset from Trinitas and another property in Chicago from an undisclosed entity. The..

March 16, 2017

M&M: Homeownership Hits 12-Year Low as Young Households Favor Apartments

Homeownership rates in the United States have hit a 12-year low due to a combination of younger people’s preference for apartments, a low housing inventory that has inflated sales prices and strong absorption in the multifamily sector, according to a research brief from Marcus & Millichap. Single-family homes are experiencing low inventory compared to demand, with the supply of available homes holding steady for several months. The current supply represents just 3.6 months of sales, a..

March 14, 2017

Parkway to Sell Minority Interest in Houston’s Greenway Plaza, Phoenix Tower Office Properties for $512.1M

HOUSTON — Parkway Properties (NYSE: PKY), a Houston-based REIT, has agreed to sell 49 percent interest in Greenway Plaza and Phoenix Tower, two Class A office properties in the Greenway submarket of Houston, for $512.1 million. Ownership of the two properties will now be a joint venture between Parkway, TH Real Estate, Silverpeak Real Estate Partners and Canada Pension Plan Investment Board. Parkway will retain a 51 percent majority interest in the portfolio, with TH Real Estate and..

February 20, 2017

Sunstone Hotel Investors Sells 444-Room Fairmont Newport Beach For $125M

NEWPORT BEACH, CALIF. — Sunstone Hotel Investors Inc. (NYSE: SHO) has sold Fairmont Newport Beach, a 444-room hotel in the Southern California city of Newport Beach, for $125 million. Although the buyer was not disclosed, Marriott has added the hotel to its website as The Duke Hotel Newport Beach. Meanwhile, Visit Newport Beach, a nonprofit organization that promotes the city’s tourism, has also begun referring to the hotel as The Duke. The hotel property features 22,000 square feet..

February 13, 2017

Kennedy Wilson Acquires 282-Unit Multifamily Community in Seattle for $141M

SEATTLE — A joint venture between real estate investment company Kennedy Wilson (NYSE: KW) and an undisclosed partner has acquired Radius, a 282-unit multifamily community in Seattle’s South Lake Union submarket, for $141 million. Radius is a class-A apartment community built in 2015. Amenities include two rooftop decks, gaming room, fitness center and a private resident media room. The seller was not disclosed. Radius is located directly across the street from the world headquarters..

February 6, 2017

Southeastern Ports Adjust to Expanded Panama Canal

The Southeast’s top seaports and their surrounding industrial real estate markets have braced themselves for years for the larger post-Panamax vessels that can now pass through the newly expanded Panama Canal. The 102-year-old canal opened in late June 2016 following its $5.4 billion expansion, creating a shortcut for the larger ocean carriers coming from Asia. The opening of Panama Canal’s expansion was delayed by two years, missing the 100-year anniversary of its 1914 debut. Shipping..

February 2, 2017

Texas Developers Bet on Entertainment

Recognizing that today’s retail environment stresses experience over shopping, developers of mixed-use communities in Texas are more frequently signing entertainment-oriented tenants to spaces that traditionally would have been reserved for department stores and inline soft goods retailers. Developers pursue different types of entertainment tenants, depending on the projects, their locations and their audience. All of the projects leverage a growing number of new options in the food and..

January 31, 2017

Capital One Arranges $534.9M Loan to Finance Starwood’s Acquisition of 34-Property Medical Office Portfolio

GREENWICH, CONN. — Capital One Healthcare has arranged a $534.9 million loan to fund Starwood Property Trust’s (NYSE: STWD) acquisition of 34 medical office buildings in 12 states. The 1.9 million-square-foot portfolio includes properties in California, Colorado, Florida, Georgia, Illinois, Indiana, Nevada, New Jersey, New York, North Carolina, Tennessee and Texas. The seller and purchase price were not disclosed. “This strategic acquisition provides us with a safe, resilient income..

January 30, 2017