PETOSKEY, MICH. — Big Lots has signed a 31,896-square-foot lease at Petoskey Town Center near North Central Michigan College. U.S. Properties eeewGroup (USPG) owns the 174,870-square-foot shopping center. Big Lots will occupy a former Kmart location, filling over 37 percent of the building. Petoskey Town Center is home to Hobby Lobby, AAA, Grondin’s Hair Center and Petoskey Sewing Center. The town of Petoskey is situated about 65 miles northeast of Traverse City. Ohio-based USPG owns approximately 4 million square feet and redevelops shopping centers in 10 states across the Midwest and Southeast.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $4.3 million sale of a 26,787-square-foot commercial building at 1414-1424 Cromwell Ave. in the Mount Eden neighborhood of The Bronx. The property is currently leased to a parking operator but is also zoned for warehouse use. Jason Gold, Michael Tortorici and Daniel Mahfar of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.
WHITEHOUSE STATION, N.J. — Locally based brokerage firm Kislak Commercial Real Estate Services Inc. has arranged the $3.9 million sale of a 44,300-square-foot industrial property in the Northern New Jersey community of Whitehouse Station. Peter Wisniewski of Kislak represented the seller, Palumbo Realty LLC, in the transaction. Wisniewski also procured the buyer, 27 Ridge Road LLC
CHARLOTTE, N.C. — Blackstone Real Estate Partners and Starwood Capital Group have agreed to form a 50/50 joint venture to acquire Extended Stay America (NYSE: STAY) in a deal valued at $6 billion. Barry Sternlicht, CEO of Starwood Capital (NYSE: STWD), cited Extended Stay America’s performance amid the COVID-19 pandemic as a key factor behind the acquisition. “Extended Stay has demonstrated resilience over the past year despite persistent challenges due to government lockdowns and travel restrictions,” says Sternlicht. “We are excited about the company’s growth opportunity as restrictions ease and we’re confident that, in partnership with Blackstone, our team has the right experience to drive continued success.” “Travel and leisure is one of Blackstone’s highest conviction investment themes, and we have confidence in the extended stay model,” adds Tyler Henritze, Blackstone’s head of U.S. acquisitions. The Charlotte-based hotel owner operates 649 Extended Stay America hotels in the United States spanning over 69,000 rooms. The company’s subsidiary, hospitality REIT ESH Hospitality Inc., owns 563 of those hotels. The remaining 86 properties are franchised, according to Extended Stay America’s fourth-quarter 2020 earnings report. Blackstone and Starwood Capital’s cash offer is for $19.50 per share, a premium of 15.1 percent to Extended Stay …
By Shawn Ackerman, president of Houston retail, Henry S. Miller Brokerage COVID-19 is on everyone’s mind. From landlords to tenants, all are desperately trying to predict the future, because the past has destroyed many businesses. Retailers such as Luby’s, Chuck E. Cheese, Lane Bryant, 24 Hour Fitness, Gold’s Gym, Pier 1 Imports and Tuesday Morning all filed bankruptcy in 2020. Not only did numerous tenants file for bankruptcy, but many more are also barely holding on. What does the future hold for Houstonians? Only time will tell. Until the market stabilizes, we will continue to compare notes with others in the retail sector on how best to navigate. Of course, market uncertainty is not only a retail issue. The unemployment rate, while down considerably from the double-digit numbers seen at the onset of the pandemic, remains a cause for concern. Laid-off workers don’t have the disposable income they may have had while employed. Many people have thus curbed their shopping habits. Until the job market gains traction, retailers will have to be patient to see the long-term effects of this roller coaster ride. Mall Struggles Continue Heaviest hit in the retail section have been malls. With anchors like J.C. Penney, …
“When you’re hot, you’re hot.” These old lyrics from Jerry Reed ring loud and clear these days for industrial real estate in Nashville and Middle Tennessee. Over the past five years, Nashville has been on a tear with industrial activity. At the start of 2021, Nashville appears to be pushing the fast forward button, even with COVID-19. There is a growing list of buyers, developers and users looking to enter the Nashville industrial market at unprecedented levels. With that said, can the supply of industrial product and land keep up with the demand? Where will the product be built? And what will it look like? Historically, Nashville has never seen a large supply of speculative big boxes built in comparison to our neighbors such as Memphis and Atlanta. Unless a build-to-suit, larger buildings have had a longer lease-up time in comparison to our neighboring cities. Nashville is a meat and potato market with the vast majority of our deals in the 75,000- to 150,000-square-oot range. Sure, like any market today we have seen our large third-party logistics deals with the likes of Amazon, Geodis and FedEx leading the way. Typically, our market may see one or two of these larger …
NEW YORK CITY — Maplewood Senior Living and Omega Healthcare Investors Inc. have opened Inspīr Carnegie Hill, a high-rise senior living community in Manhattan’s Upper East Side neighborhood. Inspīr Carnegie Hill rises 23 stories at 1802 Second Ave. The property features 215 units of assisted living and memory care with a range of studio to two-bedroom options and over 50,000 square feet of amenity spaces. Community amenities include a salon, an open-air SkyPark, a lounge, library, fitness center, heated saltwater pool, screening room, two fine dining options with meals included, a 24-hour attended lobby, concierge, Mercedes-Maybach house car available daily and limousine service available upon request. Additionally, the community will offer residents Stage Access, an on-demand streaming platform that delivers performing arts content directly to residents via television or virtual reality. The seniors housing community also has a partnership with The Actors Fund, which integrates entertainment and arts professionals into the rhythm of each day through dance, music, storytelling and acting. Claire Davenport has joined the property’s integrated care team as house geriatrician through a collaboration with the Brookdale Department of Geriatrics and Palliative Medicine at the Icahn School of Medicine at Mount Sinai, which was recently ranked the No. …
RICHMOND, VA. — BHI, a commercial bank based in New York, has provided $26.5 million in construction financing for the redevelopment of 629 E. Main St. in downtown Richmond, a 12- story office building that will be converted to a mixed-use property. Douglas Development Corp. (DDC) is the borrower, and it plans to convert the property into 188 rental units with studios, one- and two-bedroom apartments, as well as 132,806 square feet of commercial space. Built in 1922, the property will have a complete renovation of the building, while still preserving its historic interior and architectural details. The property is located 0.4 miles from the Virginia State Capitol building and a half-mile from City Hall. BHI is the U.S. operation of Israel-based Bank Hapoalim. 629 Main Street is the second transaction that BHI has funded for DDC.
ANNAPOLIS, MD. — Pennrose and the Housing Authority of the City of Annapolis (HACA) have broken ground on the Newtowne 20 revitalization at 810 Brooke Court in Annapolis. The redevelopment will replace the previous public housing property with new apartments, a new community building and open space. The project is slated to be complete in spring 2022. The Newtowne 20 redevelopment will replace the former 78 units with energy-efficient apartments in a mix of both stacked and garden-style apartment buildings with a central green space. Plans for the site also include a 3,500-square-foot community clubhouse with amenity spaces, new basketball court and a tot lot. Previous Newtowne 20 residents have been temporarily rehoused and will have the opportunity to return to the new development once complete. The Newtowne 20 redevelopment involves a U.S. Department of Housing and Urban Development (HUD) program that enables housing authorities to convert public housing properties to a more stable Section 8, voucher-based model. This program allows housing authorities to leverage private funding sources for projects like Newtowne 20. The owner, a joint venture doing business as Newtowne 20 LLC, is funding the roughly $24 million project with multiple layers of capital sources, including multifamily bonds, …
LAKE MARY, FLA. — Ten Capital Management, a privately held real estate investment management firm, has acquired five buildings in Technology Park, a business park located at 100, 200, 250, 255 and 525 Technology Parkway in Lake Mary. Somerset Properties is Ten Capital’s partner on the transaction. The seller and sales price were not disclosed. The Technology Park property is a 297,386-square-foot, five-building flex-office and light industrial campus. Recent leasing activity at the property has resulted in more than 91,000 square feet of new tenants over the last 12 months, and it was 87 percent leased to 16 tenants at the time of sale. The business park offers access to Interstate 4 and Lake Mary Boulevard.