Western Feature Archive

Key to Successful Retail? Know your Community, Says InterFace San Diego Panel

by Amy Works March 27, 2019

Being in tune with one’s self is always a positive thing — and San Diego seems to thrive at this. The county has such a keen sense of awareness that it even boasts a Self-Realization Center up in Encinitas. Knowing one’s identity extends beyond the spiritual world in this part of California, however. It is also a prudent retail strategy, as panelists at InterFace Conference Group’s San Diego Retail Conference, held March 19 at the Sheraton Hotel & Marina, attested. For retailers and shopping center owners, self-realization centers around your brand’s message. What’s your history? What are your core values? What story are you trying to tell, and what lifestyle are you trying to sell? These answers are important, as they will likely determine your physical location and potential success with that San Diego consumer. This, naturally, also means that retailers and shopping center owners must be just as knowledgeable about their consumer and submarkets as the consumers are about themselves. “We have to go back to the fundamentals that every property is different, every submarket is different,” said Pat Donahue, chairman and CEO of Donahue Schriber and a developer panelist. “We’re in a world where mall operators wanted to …

March 27, 2019

Conference Coverage Features Multifamily Seniors Housing Western Western Feature Archive

Has Seniors Housing Gone ‘Mainstream?’ InterFace Panelists Weigh In

by Kristin Harlow March 26, 2019

LOS ANGELES — Seniors housing has generally been considered a niche asset class with niche residents. After all, there are age restrictions, finite timelines for most residents, third-party advocates (namely, the senior’s family), elevated rental rates, highly trained operators, a limited selection of amenities and oftentimes residents with special needs. None of the above has changed in recent years. What has changed, however, is the onslaught of Baby Boomers inching toward that stage in life where seniors housing services can accommodate their growing needs. What has also changed is the larger investment community’s perception of this product type and its potential, noted Investment Market Update panelists at InterFace Conference Group’s Seniors Housing West event, held March 7 at the Omni Los Angeles. The amount of capital chasing deals was a theme throughout the day-long conference, with numerous speakers noting there just isn’t enough supply to keep up with demand. “Seniors housing and skilled nursing has all this capital chasing it because it’s suddenly not an alternative asset class,” said Talya Nevo-Hacohen, CIO of Sabra Healthcare REIT. “The perception is that this is suddenly mainstream.” Panelists expressed concerns that this sudden interest may entice the wrong type of investors — and …

March 26, 2019

Conference Coverage Multifamily Western Western Feature Archive

InterFace Panel: San Diego Leaves Multifamily Investors Wanting More

by Amy Works March 22, 2019

SAN DIEGO — Multifamily properties in San Diego are in high demand — and not just among Millennials and empty nesters who long for convenience, walkability and beautiful ocean views. Panelists at InterFace Conference Group’s San Diego Multifamily Conference, held March 19 at the Sheraton Hotel & Marina, viewed this market as a hot one… if you can get in. “There hasn’t been a ton of multifamily transaction activity in San Diego,” said Aldon Cole, senior managing director at HFF and moderator of the “Who’s Lending?” panel. “It’s an interesting market that we’re all trying to navigate. We have to adapt in a low-trade environment.” San Diego’s reputation for being a stable market and one where people want to be are two of the factors contributing to this lack of opportunity. “During the last downturn, San Diego was the most stable market,” noted Mark Gleiberman, CEO of MG Properties Group and Developers/Owners panelist. “It always tends to be one of the most stable markets that we’re in. It’s not totally resistant to a downturn, but San Diego tends to fare better in most recessions than other markets.” Desirability paired with strong market fundamentals has created a very competitive landscape among …

March 22, 2019

California Conference Coverage Features Healthcare Western Western Feature Archive

Healthcare Real Estate Investors Choose to Diversify in Face of Fever-Pitch Property Demand, Say InterFace Panelists

by John Nelson March 14, 2019

It’s a highly competitive environment when it comes to healthcare real estate out West, so say InterFace Conference Group’s Healthcare Real Estate West panelists. One of the central themes of the day-long conference, which was held March 6 at the Omni Los Angeles and attracted 219 attendees, was the pent-up property demand from investors. However, most panelists agree the opportunities are somewhat limited due to a lack of new product and the long-term holding pattern many healthcare investors have adopted. “You have all this demand, yet transaction volume is staying flat,” said Darryl Freling, managing principal at MedProperties Realty Advisors and moderator of the 2019 Outlook panel. “Where’s the bottleneck? So much is held by healthcare systems and they’re not letting go because clearly there’s just so much demand.” Shane Seitz, fellow panelist and senior vice president at CBRE, doesn’t see this level of trading picking up, at least not with the current healthcare supply. “REITs don’t get incentivized to turn over their product,” he noted. “They buy and hold. They treat it just like the nonprofit health system does. They want to have it forever. We also have foreign and domestic groups coming in. They historically invest in funds, …

March 14, 2019

California Conference Coverage Features Seniors Housing Western Western Feature Archive

ProMatura’s Wylde: Seniors Housing Must Get Back to Basics

by John Nelson March 12, 2019

LOS ANGELES — Bells and whistles may be a distracting way to get a prospective seniors housing resident’s attention, but Margaret Wylde, CEO of ProMatura Group, believes they can take away from the core purpose of providing a safe, welcoming environment for seniors. “We spend so much money in this industry on amenities that people will never use,” she said. “People want a place they can call home. A place they can live in. A place where they don’t have to hide their things. We can cut out some amenities and invest more in rentable space and give them a better home to live in.” Wylde made the comments during her keynote address at InterFace Seniors Housing West, held March 7 at the Omni Los Angeles. The audience for her address was nearly 300 seniors housing industry professionals. The latest data from Mississippi-based research firm ProMatura notes that amenities aren’t identified as a priority to seniors, though they can make their families feel optimistic about a facility. The actual residents are focused on the type of unit, floor plan and price. “Gardening areas, libraries — they don’t help,” said Wylde. “It’s not about how much we can cram in to entertain. …

March 12, 2019

California Features Multifamily Walker & Dunlop Western Western Feature Archive

Expect Multifamily Debt Market to Grow Overall in 2019, Says Walker & Dunlop’s Jeff Burns

by Taylor Williams February 28, 2019

SAN DIEGO — While agency volume may decrease slightly in 2019 due to tougher energy conservation standards in green lending programs offered by Fannie Mae and Freddie Mac, the multifamily debt market overall is expected to grow this year, according to a veteran mortgage banker. Jeff Burns, managing director at Walker & Dunlop’s Walnut Creek, Calif., office, spoke to REBusinessOnline at the MBA 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo. The event, held at the Manchester Grand Hyatt San Diego, took place Feb. 10-13. Although the 10-year Treasury yield is down about 50 basis points since reaching 3.2 percent in early November, most economists expect long-term rates to rise in 2019. (Investor worries over trade conflicts, a volatile equities market and falling oil prices led to a precipitous drop in the yield on the benchmark Treasury note.) Burns, who is responsible for new loan origination in California and the western United States, discussed trends in agency lending as well as the state of the multifamily market. What follows are his edited responses: Rebusinessonline.com: What trends are you seeing in agency financing for the multifamily sector in the western region? Jeff Burns: Fannie Mae and Freddie Mac continue to …

February 28, 2019

Features Retail Western Western Feature Archive

10 Ways to Screw Up a Retail Investment Sale

by Amy Works January 9, 2019

By Philip D. Voorhees, Vice Chairman, CBRE During more than 730 retail investment transactions in the Western U.S. totaling more than $11 billion, we’ve identified some sure-fire ways to make an already tough retail investment sale transaction even more challenging. Our pain is your gain. In the cases below, we’re giving you the test after the lessons! 1. Move Slowly, and Lack Urgency. Nothing kills a retail investment sale transaction like a lack of urgency. All too often, sellers fail to have a Purchase and Sale Agreement (PSA) ready when an agreement is reached on the Letter of Intent (LOI), subsequently squandering a week or two while their attorney completes the draft PSA. It can also be difficult to circle the partners to obtain consensus on the next action step if you don’t have a “point” person designated as the lead for a partnership. Sellers will oftentimes mirror slow PSA comment turnaround times from a buyer, assuming the stance that, “if the buyer is slow, we’ll take our time, too.” This makes no sense: Eyes on the prize, sellers! Solutions: • Approve template LOI/counter proposal and PSA drafts early in the marketing process. • Put legal counsel on standby when …

January 9, 2019

California Features Retail Western Western Feature Archive

Revival is Afoot at the Nation’s Regional Malls

by John Nelson October 30, 2018

The malls of yesteryear are not dead, but many are in need of a revival if they want to thrive tomorrow and beyond, believes Leslie Lundin, co-founder and managing partner at LBG Real Estate Cos. Lundin, who held the “Transforming Challenges into Opportunities” workshop on Monday at ICSC’s Western Dealmaking Conference at the Los Angeles Convention Center, asserts that many mall properties are situated in prime traffic corridors — meaning the traffic is there but it’s up to the owner to take advantage of these numbers. She points to the Shops at Hilltop, a 1.2-million-square-foot shopping center in the San Francisco East Bay submarket of Richmond, as one example. LBG acquired the asset, which is currently undergoing a rebranding and re-tenanting just off Interstate 80 in a dense traffic corridor that sits 20 miles northeast of San Francisco, in July 2017. It is set to become an Asian-themed shopping and entertainment destination that includes a movie theater, live theater, grocery store, food hall, and more than 100,000 square feet of restaurants along with various entertainment-related tenants. The Shops at Hilltop will also include off-price, valued-based tenants such as H&M, Forever 21 and Saks Off Fifth. Rich Walter, executive vice president …

October 30, 2018

Arizona Conference Coverage Features Industrial Western Western Feature Archive

InterFace Brokerage Panel: Phoenix Industrial ‘Moving Up the Food Chain’

by Jaime Lackey September 21, 2018

The InterFace Phoenix Industrial conference and networking event was held on Wednesday, Sept. 12, featuring three panel discussions. The brokerage panel, moderated by Rob Martensen, executive vice president with Colliers International, featured a lively discussion about activity in local submarkets and a recap of the reasons Phoenix is winning deals over Southern California and Nevada. Industrial Activity in Arizona Microsoft recently purchased 267 acres for a data center in the West Valley, said Anthony Lydon, national director, Industrial Supply Chain & Logistics Solutions with JLL. Qualified data centers receive waivers on personal property tax for 10 years, Lydon said, noting that each rack in a data center is approximately $1 million in personal property, so data centers are certainly enjoying the benefits of locating in Arizona. Arizona will also be a huge winner in the manufacturing sector, Lydon added. He cited Colorado-based food packaging provider Ball Corp. as an example of a company that was looking at Mexico for space before the 2016 election but has since opened a plant in the West Valley submarket of Phoenix due to the strategic location between Mexico and Southern California. Minnesota-based Andersen Windows & Doors is buying 64 acres from Opus to build …

September 21, 2018

Conference Coverage Features Multifamily Western Feature Archive

It’s All About Job Growth for Phoenix Multifamily, Say InterFace Panelists

by Amy Works September 20, 2018

With moderator John Lotardo, senior vice president of Commonwealth Land Title Co., at the helm, owners and developers dove into a discussion about Phoenix’s multifamily market — current trends, future activity and more — at the InterFace Phoenix Multifamily Conference on Sept. 11 in Scottsdale. And the main consensus for the Phoenix market? It’s all about the job growth, absorption is steady and the current activity should continue for the next few years. Decrease in Homeownership, Increase in Jobs Overall the marketplace has experienced an increase in job growth, particularly throughout the workforce sector, resulting in a steady need for multifamily housing options across the area. “Homeownership has gone down approximately 12 percent overall and jobs are increasing,” noted John Rials, executive vice president of Western Wealth Capital. This trend is creating a more complex demand for housing throughout the market. While there is an increase in jobs, it’s important to note that the majority of those jobs are workforce-level. Developers and owners need to be cognizant of rent ceilings for residents, explained Nicole Wray, senior director with Greystar. New Audiences, New Exposure Along with meeting the needs of the continuing influx of renters, owners and developers are navigating the …

September 20, 2018

Newer Posts

Older Posts