REBusinessOnline

ULI Panelists Address Social Inequity, Urban Exodus in Emerging Trends Session

The U.S. commercial real estate industry is currently balancing a host of market disruptors, and the good news is that those forces are no longer shrouded in mystery like they were at the onset of the COVID-19 pandemic. Speaking at the annual ULI Fall Meeting, real estate professionals outlined social inequity in the industry, teleworking, and the population and investment exodus from gateway markets as the main issues that the industry will face in 2021.The Urban Land Institute (ULI) …

Americold Acquires Cold Storage Owner Agro Merchants Group for $1.7B

ATLANTA AND SCHIPHOL, NETHERLANDS — Americold Realty Trust (NYSE: COLD) has agreed to acquire Agro Merchants Group, a privately held cold storage warehouse owner based in The Netherlands, for $1.74 billion. Atlanta-based Americold entered into the agreement with Agro Merchants’ owner, an investor group led by funds managed by Los Angeles-based Oaktree Capital Management LP. The move will give Americold its first cold storage properties in Europe.Agro Merchants, which has its North …

Economy is Bouncing Back Ahead of Schedule, Says Wells Fargo Economist at InterFace Event

Just a few months after getting hammered by a pandemic-induced recession, the U.S. economy is rebounding faster than anticipated, according to Mark Vitner, managing director and senior economist with Well Fargo Securities.During his keynote address to kick off the 11th annual InterFace Carolinas conference on Oct. 1, Vitner said the consensus estimate suggests U.S. real gross domestic product (GDP) increased at annualized rate of 30 percent in the third quarter. The Bureau of Economic …

Welltower Sells $1.3B of Seniors Housing and Outpatient Medical Facilities; CEO Steps Down

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has sold three separate portfolios totaling $1.3 billion in value. The portfolios comprise 11 seniors housing facilities in the Western United States, six seniors housing communities in Massachusetts and 20 outpatient medical facilities across five states.Separately, Welltower also announced on Monday a strategic personnel change in the C-suite as the Toledo-based REIT promoted Shankh Mitra from chief operating officer to CEO effective …

CT Realty, PGIM Break Ground on 4.4 MSF Logistics Hub in Southern California’s Inland Empire

JURUPA VALLEY, CALIF. — A joint venture between CT Realty and PGIM Real Estate has broken ground on Agua Mansa Commerce Park in Jurupa Valley, a city within greater Los Angeles’ Inland Empire West submarket. The logistics hub is fully entitled for 4.4 million square feet of industrial space.Newport Beach, Calif.-based CT Realty has undergone predevelopment on the 206-acre industrial park and plans to begin site work immediately. Newark, N.J.-based PGIM has invested in the development on …

Nursing Homes Urge Congress to Provide Additional COVID-19 Funding for Health and Long-Term Care Providers

WASHINGTON, D.C. — The American Health Care Association and National Center for Assisted Living (AHCA/NCAL) has warned Congress that if the federal government doesn’t pass another COVID-19 funding package, public health agencies and healthcare providers could find themselves less than completely prepared heading into the cold and flu season, as well as underfunded to handle another major spike in COVID-19 cases.The Washington, D.C.-based organization represents more than 14,000 nursing …

Sale-Leasebacks are a Popular Choice for Cash-Strapped Companies During the Pandemic, Says Stonemont’s Berryhill

The COVID-19 pandemic has forced commercial real estate owners to explore every possible avenue to raise funds, and one of the more popular transactional methods to secure capital in recent months has proven to be sale-leasebacks.Jeff Berryhill, principal of Stonemont Financial Group, says that companies that have traditionally owned their real estate are turning to sale-leasebacks because it mimics many aspects of ownership, such as long-term control of the asset.“During …

Parkway Breaks Ground on $200M Office Tower in Philadelphia for Law Firm Morgan Lewis

PHILADELPHIA — Parkway Corp., a family-owned real estate developer and manager based in Philadelphia, has started construction of 2222 Market in its hometown.The $200 million office tower will be situated in Philadelphia’s Center City district, and will be the first office property in the submarket not built for Comcast in 30 years.Local law firm Morgan Lewis & Bockius will be the sole occupant of the development and was a key contributor to the design of the property.The …

Yelp: 61 Percent of Restaurants Closed Due to Pandemic Won’t Open Again

SAN FRANCISCO — A majority of U.S. restaurants and cafés that closed their doors in response to the COVID-19 pandemic will remain closed for good, according to crowd-source review giant Yelp.In its September economic impact report, the San Francisco-based firm tallied 32,109 restaurants that were open and operating on March 1 were closed on Aug. 31. Of that total, 19,590 (61 percent) indicated they were permanently closed.Yelp tracks business closures via business owners marking …

A Wave of Distressed Real Estate is on its Way, Says NAI’s Jay Olshonsky

The commercial real estate industry is still managing the COVID-19 pandemic and the heavy toll it has enforced on the national economy. The National Bureau of Economic Research declared in early June the U.S. economy was officially in a recession, less than three months after government-mandated shutdowns began en masse.Jay Olshonsky, president and CEO of New York-based NAI Global, says the sudden economic impact of the pandemic on the commercial real estate industry has already exceeded …

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