BLOOMFIELD HILLS, MICH. — Agree Realty Corp. (NYSE: ADC) recorded $21.2 million in net income during the first quarter, up from $18.3 million the same period a year ago, a 15.7 percent increase. As of March 31, the retail REIT’s portfolio consisted of 868 properties located in 46 states totaling 16.3 million square feet of gross leasable area. The portfolio was approximately 99.3 percent leased. In regard to COVID-19, as of April 17, Agree received April rent payments from over 87 percent of its portfolio. All of the company’s investment-grade tenants paid April rent. Agree received short-term rent relief requests or requests for further discussions regarding rent from approximately 33 percent of its portfolio. Not all tenant requests will result in modification agreements, nor is the company forgoing its contractual rights under lease agreements. Approximately 81 percent of stores within Agree’s portfolio are currently open, 26 percent of which are operating on a limited basis. The remaining 19 percent are closed. Total acquisition volume for the first quarter of 2020, excluding acquisition and closing costs, totaled $227.7 million and included 51 assets net leased to off-price retail, auto parts, general merchandise, dollar store, home improvement, grocery and auto service retailers. …
CHICAGO — The Habitat Co. has secured financing for the first phase of 43 Green, a $35 million mixed-income project in Chicago’s Grand Boulevard neighborhood. Habitat will develop the transit-oriented development in partnership with P3 Markets. Having received approval for low-income housing tax credits, Habitat and P3 will now focus on completing the design and financing to finalize the capital program for the project. Upon completion, 43 Green is expected to include three buildings centered around the 43rd Street Green Line stop. Each building is slated to include mixed-income apartments and street-level retail space. Phase I will feature 91 units and 7,500 square feet of retail. The developers expect to break ground in 2021.
WICHITA, KAN. — Arbor Realty Trust Inc. has provided three Fannie Mae loans totaling $13.7 million for the acquisition of three multifamily properties in Wichita. Arbor provided an $8.9 million loan for the acquisition of Kingston Cove Apartments. The 252-unit complex includes a fitness center, pool, volleyball court, clubhouse and boat dock. The 12-year, fixed-rate loan features a 30-year amortization. Arbor also provided $2.1 million for the purchase of Danish Village Apartments, a 78-unit property located near the McConnell Air Force Base. Lastly, the company provided $2.7 million for the acquisition of 68-unit Pine Creek Apartments. Eugene Yanovskiy of Arbor’s New York City office originated the loans.
DETROIT — Henry Ford Health System reported a net loss of $234.5 million in the first quarter due to the widespread COVID-19 pandemic. The Detroit-based company says it will furlough 2,800 employees across its six hospitals. In explaining the losses, the health system cited temporary closures, an increased need for caring for COVID-19 patients, and the postponement or cancellation of services and procedures. Additionally, the company expects losses in April and May to surpass the March total. The furloughed employees are those not directly involved in patient care and those from areas where workloads have been drastically reduced or operations have been temporarily closed. Henry Ford Health System employs more than 30,000 people. Executives at Henry Ford Health System will donate between 10 and 25 percent of their salaries to two funds meant to help furloughed employees. The two funds are the newly created COVID-19 Emergency Needs Fund and the Bob and Sandy Riney Helping Hands Fund, which was created in 2012 to help support employees experiencing unexpected hardships. The health system lost $43 million in net operating income (NOI) in March, and net operating loss for the first three months of 2020 was $36.2 million. The company had a …
Over the past few decades, Omaha has grown in both size and reputation as a Midwest gem that offers affordable housing, a solid job market, excellent schools and a central location that makes both business and leisure travel a relative breeze. As our city has grown, our lifestyle has adapted, which has had an interesting impact on commercial real estate. While some developments are flourishing, others have been struggling. Overall, retail growth in Omaha is slow, but occupancy is robust in Class A-located centers. The main corridors in west Omaha (Center, Dodge and Maple streets) have strong occupancy and rents now pushing $40 per square foot NNN for new construction. Restaurants, medical/retail (or “medtail”) and fitness have become the main drivers of recent retail space use. “Treasure hunt” discount concepts such as Ross, Marshalls, TJ Maxx, Burlington and Five Below have all opened multiple locations in the past 24 months in a wide range of demographic areas of Omaha. Mall activity Nationally, the traditional shopping mall concept has been plagued by big-name store closures as consumers continue to turn to online shopping. Locally, some traditional malls are faring better than others. Westroads, which opened in 1968, remains strong in both …
CHICAGO — Joseph J. Duffy Co. and Safeway Construction Co. Inc. are underway on the construction of Hope Manor Village, a $14.9 million affordable housing project in Chicago’s Englewood neighborhood. The nonprofit organization Volunteers of America Illinois is the developer. Worn Jerabek Wiltse Architects PC is the project architect. Plans call for 28 two-bedroom units and 10 three-bedroom units. This is the fourth Hope Manor project that Joseph J. Duffy Co. has built for the developer.
SAGINAW, MICH. — Greystone Bel Real Estate Advisors has arranged the $4 million sale of The Poplars Apartments in Saginaw, approximately 75 miles north of Lansing. Built in 1964, the 105-unit apartment property is located at 4444 State St. The family-owned asset features a swimming pool, patio tables and lounge seating. Austin Hull of Greystone Bel represented both parties in the sale.
PLAINFIELD, IND. — American Residential Services (ARS) has signed a 20,439-square-foot industrial lease at Gateway Business Park in Plainfield near Indianapolis. The Memphis-based plumbing and HVAC company will occupy the space at 853 Columbia Road. The 104,400-square-foot building, developed in 2004, was the first phase of HSA Commercial Real Estate’s Gateway Business Park. The 55-acre park now includes six buildings totaling about 900,000 square feet. Terry Busch and Jared Scaringe of CBRE, along with Christine Muszynski of HSA, represented ownership in the lease transaction.
KINGDOM CITY, MO. — Mumford Co. has negotiated the sale of a 60-room Super 8 hotel in Kingdom City, approximately 25 miles east of Columbia. The sales price was not disclosed. The three-story property is located near I-70. George Arvanitis of Mumford represented the seller, CapeInn LLC, and procured the buyer, Americas Value Inn LLC. The buyer intends to rebrand the property as Amerihost Inn & Suites.
VILLA PARK, ILL. — Marcus & Millichap has brokered the $1.5 million sale of a 7,800-square-foot property net leased to Service King in Villa Park, about 20 miles west of Chicago. The building is located at 724 N. Ardmore Ave. and has a corporate guarantee from Service King, a collision repair center. Andrew Antoniou, Domini Sulo and Chad Lieber of Marcus & Millichap represented the seller, an individual trust. The team also secured and represented the buyer, an out-of-state limited liability company that completed a 1031 tax-deferred exchange.