REBusinessOnline

Strong December Jobs Report Delivers ‘Dose of Good News’ In Uncertain Environment, Say Economists

U.S. stocks took a beating in the final month of 2018, with the S&P 500 falling 6.2 percent for the year and the Dow Jones Industrial Average down 5.6 percent. There was no Santa Claus rally on Wall Street down the stretch. Instead, the mood was more “bah humbug.” To add insult to injury, the year ended with a partial government shutdown amid a budget impasse in Washington, D.C. Then came along a strong December jobs report, which provided a reassuring sign that the U.S. economy …

As Affordable Housing Demand Grows, Developers Struggle to Keep Up

A shortage of more than 7.2 million affordable housing units exists nationwide for households with incomes at or below the poverty level, defined as 30 percent of area median income, according to the National Low Income Housing Coalition. But finding affordable housing is not just an issue for impoverished people. Typically, renters who earn up to 60 percent of area median income are also eligible to live in affordable housing properties.  Clearly, affordable housing developers are in …

Skilled Nursing Occupancy Increases Slightly, May Be First Sign of Recovery

ANNAPOLIS, Md. — The skilled nursing occupancy rate saw a slight uptick in the third quarter of 2018, increasing 14 basis points to 82.2 percent, according to data from the National Investment Center for Seniors Housing & Care (NIC). Despite the increase, occupancy is still a full percentage point below year-earlier rates and has been on a sharp slide for the last three to four years. NIC is an Annapolis-based nonprofit data firm serving the seniors housing industry. The …

Largest Skilled Nursing Operator in Texas, Senior Care Centers, Declares Bankruptcy

DALLAS — Senior Care Centers, a Dallas-based operator of more than 100 seniors housing communities in Texas and Louisiana, has filed for Chapter 11 bankruptcy protection in U.S. bankruptcy court for the Northern District of Texas. The company is the largest skilled nursing provider in Texas, but has struggled to pay its rent. Sabra Health Care REIT (NASDAQ: SBRA) and LTC Properties (NYSE: LTC) — two publicly traded real estate investment trusts that combined own 49 Senior Care Centers …

Complacency Equals Vulnerability in Seniors Housing Industry, Warns Benchmark CEO Tom Grape

Tom Grape has a sobering message for a senior living industry facing a growing number of disruptive forces, including rapid technological change and shifting consumer preferences that pose a threat to the long-term health of the sector. “If we continue to think of ourselves as senior living operators in the way that we have, I personally think we’re vulnerable. If we think of ourselves in ways that will allow us to compete for this new era, we’ll be positioning ourselves …

Gary Cohn Talks Economy, Trade, Term Limits at NIC Conference

CHICAGO — Gary Cohn, a Wall Street titan who served as chief economic advisor to President Donald Trump for more than a year, has a two-word solution to America’s broken political system: term limits. “We have to come to the realization that professional politicians are not what we need in this country. We have to get to term limits because the fact that politicians are governing for one purpose and one purpose only, which is re-election, and raising money from constituents is why we …

Koelsch Communities Plans $15M Memory Care Community Puyallup, Washington

PUYALLUP, Wash. — Koelsch Communities has unveiled plans for Deer Ridge Memory Care, a 52-unit standalone memory care community in Puyallup, approximately 35 miles south of Seattle. Deer Ridge will total roughly 42,000 square feet, with an estimated project cost of $15 million. The community will stand on a four-acre site that is under contract to close for approximately $2 million later this year. Koelsch plans to break ground in April of 2019, with an anticipated opening in June of …

Salesforce to Expand Regional Headquarters in Atlanta, Adding 600 New Jobs

ATLANTA — Salesforce (NYSE: CRM), a customer relationship software and services provider, is set to expand its regional headquarters in Atlanta. The company will grow its current footprint in The Atlanta Plaza, located in the city's Buckhead district, which will now be known as Salesforce Tower Atlanta. The lobby, and each new floor set for occupancy by the company, will be renovated as part of the expansion. Salesforce currently occupies four floors of The Atlanta Plaza …

Republic Urban Properties Sells Luxury Apartment Community in San Jose for $104M

SAN JOSE, CALIF. — Republic Urban Properties has sold Meridian at Midtown in San Jose for $104 million. The luxury apartment community includes 218 units and 14,000 square feet of ground-floor retail space. The property is situated at 1432 W. San Carlos St., less than one mile west of downtown and just north of I-280. The location is surrounded by restaurants and retail, as well as just a few blocks from a light rail station. Built in 2015, the mid-rise property offers amenities such as …

InterFace Keynote Address: Panic Over E-Commerce’s Effect on Retail Real Estate is Full of Myths

NEW YORK CITY — News headlines such as “Retail Is Dead” have painted a picture of desolation and destruction for the current state of retail real estate in the United States. However, while e-commerce “is the most discussed, it’s also the most misunderstood,” according to Melina Cordero, global head of retail research for CBRE. Cordero’s remarks came during her keynote address at the InterFace Net Lease conference held on Wednesday, Oct. 3. The ninth annual event drew 265 real …

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