Property Type

The Houston Retail Market: What’s Changed After A Year of the Pandemic

by Taylor Williams March 15, 2021

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, …

March 15, 2021

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Nashville Shifts in Location, Size to Support its Red-Hot Industrial Market

by John Nelson March 15, 2021

“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 …

March 15, 2021

Development Multifamily Seniors Housing Top Stories

Maplewood Senior Living, Omega Healthcare Investors Open 23-Story Senior Living Community in Manhattan

by Julia Sanders March 12, 2021

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. …

March 12, 2021

Development Loans Mixed-Use Multifamily Office Southeast Virginia

BHI Provides $26.5M Construction Financing for Mixed-Use Conversion Project in Richmond

by Julia Sanders March 12, 2021

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.

March 12, 2021

Affordable Housing Development Multifamily Southeast

Pennrose, HACA Break Ground on Newtowne 20 Affordable Housing Redevelopment Project in Annapolis, Maryland

by Julia Sanders March 12, 2021

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, …

March 12, 2021

Acquisitions Florida Industrial Southeast

Ten Capital Management Acquires Business Park in Lake Mary, Florida

by Julia Sanders March 12, 2021

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.

March 12, 2021

Acquisitions Florida Hospitality Southeast

Hersha Hospitality Trust Sells 140-Room Hotel in Miami’s Coconut Grove Neighborhood

by Julia Sanders March 12, 2021

MIAMI — Hersha Hospitality Trust has sold the Residence Inn by Marriott, a three-building, 140-room hotel at 2835 Tigertail Ave. in Miami’s Coconut Grove neighborhood. John Crotty, Michael Fay, David Duckworth, Brian de la Fé, Emily Brais and Berkley Bloodworth of Avison Young represented the seller in the transaction. AB Asset Management purchased the hotel for an undisclosed price. Situated at the intersection of Tigertail Avenue and Mary Street, the hotel sits on over two acres. The property is 14 miles from Miami Beach and 5.6 miles from Miami International Airport.

March 12, 2021

Acquisitions Loans Multifamily North Carolina Southeast

NorthMarq Arranges $8.6M Acquisition Loan for Tryon House Apartments in Charlotte

by Julia Sanders March 12, 2021

CHARLOTTE, N.C. — NorthMarq has arranged an $8.6 million bridge loan for the acquisition and renovation of Tryon House Apartments located at 508 North Tryon St. in Charlotte. The 84-unit property is located near the city’s Uptown district. Dave Stewart and Ryan Taylor of NorthMarq arranged the financing through a national debt fund on behalf of the buyer, Elevate Capital. The seller was not disclosed. Tryon House was built in 1927, and is close to all of Uptown’s amenities, such as the LYNX Blue Line light rail system, Charlotte’s banking headquarters and The EpiCentre and First Ward Business Center.

March 12, 2021

Company News Retail Texas

Callaway Completes Previously Announced Merger with Topgolf

by Taylor Williams March 12, 2021

CARLSBAD, CALIF. AND DALLAS — Carlsbad, Calif.-based equipment and apparel manufacturer Callaway Golf Co. (NYSE: ELY) has completed its merger with Topgolf Entertainment Group. The deal was originally announced in October 2020. Under the terms of the merger agreement, Callaway issued approximately 90 million shares of its common stock to the shareholders of Topgolf, excluding Callaway, which previously held approximately 14 percent of Topgolf’s outstanding shares. Callaway shareholders now own approximately 51.3 percent of the outstanding shares of the newly combined entity, and former Topgolf shareholders (excluding Callaway) own approximately 48.7 percent. Both firms have strong real estate ties to Texas. Topgolf Is based in Dallas and operates approximately 15 percent of its 80 venues across the country in Texas markets. Callaway has been a longstanding industrial user at AllianceTexas in Fort Worth, recently expanding its total footprint at the Hillwood-owned development to roughly 784,000 square feet. “Callaway and Topgolf are just better together,” said Chip Brewer, president and CEO of Callaway. “Callaway’s leadership in the global golf equipment market and geographic diversity, combined with Topgolf’s revolutionary technology platform and access to golfers of all abilities, will allow both companies to accelerate growth and create competitive advantages.”

March 12, 2021

Development Industrial Midwest Ohio

Opus Completes 75 Logistics Center in Middletown, Ohio

by Kristin Harlow March 12, 2021

MIDDLETOWN, OHIO — The Opus Group has completed 75 Logistics Center, a 612,589-square-foot speculative warehouse in Middletown, about 32 miles north of Cincinnati. Corporate apparel brand Cintas and global logistics company DHL have fully leased the building. In addition to convenient access to I-75, the project features a clear height of 36 feet, 40 dock doors and 79 trailer positions. Opus served as developer, design-builder, architect and structural engineer. Opus also served as interior designer for the tenant improvements. The project was a joint venture with Founders Properties.

March 12, 2021

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