Property Type

Aegis Living, Blue Moon Capital Buy Seniors Housing Portfolio in Western US from Healthpeak for $350M

by John Nelson January 12, 2021

BELLEVUE, WASH. AND BOSTON — Aegis Living, a seniors housing owner and operator based in Bellevue, has acquired 10 properties from Healthpeak Properties Inc. (NYSE: PEAK). Aegis already operated the communities under a lease agreement with Healthpeak Properties, a Denver-based real estate investment trust (REIT). Aegis’ joint venture partner on the $350 million acquisition is Blue Moon Capital Partners LP, a Boston-based private equity investor in the seniors housing sector. The portfolio is located in Washington, California and Nevada, totaling 702 units of assisted living and memory care. The acquired communities include: • Aegis Living Callahan House (Shoreline, Wash.) • Aegis Living Shoreline (Shoreline, Wash.) • Aegis Living Kirkland (Kirkland, Wash.) • Aegis Living Las Vegas (Las Vegas) • Aegis Living Dana Point (Dana Point, Calif.) • Aegis Gardens Fremont (Fremont, Calif.) • Aegis Living Granada Hills (Granada Hills, Calif.) • Aegis Living San Francisco (San Francisco) • Aegis Living Pleasant Hill (Pleasant Hill, Calif.) • Aegis Living Ventura (Ventura, Calif.) The transaction is the largest in Aegis’ history. The acquisition is the next step in the company’s growth strategy, which includes doubling its ownership portfolio by 2030, according to Aegis’ founder and CEO Dwayne Clark. “At a time when …

January 12, 2021

Market Reports New York Northeast Northeast Market Reports Retail

NYC Retail Market Embraces Hard Change on the Fly

by Taylor Williams January 12, 2021

By Kristin Hiller and Taylor Williams Retail and restaurant reopenings this fall gave a modest boost to the New York City retail market in the third quarter. But even with the easing of some operational restrictions, business activity remains diminished in a city known for its hustle and bustle. Both retail tenants and landlords have had to regroup and quickly adapt to the curveballs thrown at them by COVID-19 over the past nine months. While retail and restaurant users in some areas are finding more success than others, the market as a whole has been characterized by falling rents and a pronounced shift to delivering goods, services and experiences through different channels. In order to get a better handle on current market conditions and the outlook for 2021, Northeast Real Estate Business spoke with retail real estate experts in New York City, Northern New Jersey and surrounding markets. Submarket Fortunes Vary Without question, the city’s retail market is still suffering from a lack of office workers and a reduced tourist population as a result of COVID-19. According to recent data from CBRE, through September, the average office re-occupancy rate in Manhattan was 11 percent, meaning that roughly 89 percent of …

January 12, 2021

Features Retail

Reduce High Retail Occupancy Costs by Ensuring Property Valuation Isn’t Excessive

by Jeff Shaw January 11, 2021

By Morris Ellison, Womble Bond Dickinson E-commerce was here to stay even before the pandemic devastated small businesses and placed an even greater premium on technology. In the changed landscape, lowering occupancy costs by reducing property taxes is one of the most important steps businesses can take to remain competitive. Stay-at-home orders still prevent many shoppers from visiting their favorite brick-and-mortar stores, while fear of contagion exacerbates consumers’ reluctance to shop in person. Regardless of customer traffic, however, retailers still incur fixed costs including insurance, enterprise software, property taxes and, arguably, rent. Online-only retailers’ occupancy costs are much lower, making it difficult for small brick-and-mortar businesses to compete. Put differently, sales taxes decline with reduced sales but property taxes do not. Landlords and tenants in triple net leases often fail to examine property taxes, but the survival of both may depend on reducing this cost. Other costs such as insurance and the enterprise software needed to run the business generally lie beyond a small business’ control and do not diminish with reduced business volume. The active 2020 hurricane season certainly has not reduced insurance costs. During the pandemic, some landlords have deferred or forgiven rent, but this forbearance provides no …

January 11, 2021

Development Industrial Kentucky Southeast

Ball to Develop $305M Aluminum Manufacturing Facility in Bowling Green, Kentucky

by Alex Tostado January 11, 2021

BOWLING GREEN, KY. — Ball Corp. plans to open a new 500,000-square-foot building in Bowling Green that will serve as a manufacturing facility for aluminum can tops. According to the Kentucky Economic Development Finance Authority, Ball will invest $305 million to develop the facility. The Westminster, Colo.-based company expects to create 200 jobs at the property, which is scheduled to open in early 2022. The project’s construction is also expected to support 391 jobs. The facility will be situated within Transpark, a 300-acre industrial development owned by the City of Bowling Green and Warren County. Ball will be the first tenant at the site. Transpark has CSX Railroad service through the southern end of the property and is located five miles from Interstate 65. A design team for the project was not disclosed. Ball supplies aluminum packaging solutions for beverage, personal care and household products customers, as well as aerospace and other technologies and services primarily for the U.S. government.

January 11, 2021

Development Multifamily North Carolina Southeast

Ardmore Residential to Develop 396-Unit Apartment Community Near Raleigh

by Alex Tostado January 11, 2021

CLAYTON, N.C. — Ardmore Residential has purchased 20 acres in Clayton to develop Ardmore at Flowers, a planned 396-unit apartment community in the Raleigh-Durham area. The property will offer one-, two- and three-bedroom floor plans with modern kitchens, designer cabinetry and wood-style vinyl flooring. Communal amenities will include a cyber café, two fitness centers, two pools, several grilling areas, a clubhouse and a dog park. The developer expects to break ground on the community in the spring. Greensboro, N.C.-based Ardmore acquired the land from Southwest Crossroads Holdings LLC for $6.5 million. Sarah Godwin and John Mikels of JLL worked in partnership with John Koonce of York Properties to represent the seller in the transaction.

January 11, 2021

Acquisitions Florida Georgia North Carolina Retail Southeast

Slate Grocery REIT to Acquire Five Grocery-Anchored Properties in Three States for $54.3M

by Alex Tostado January 11, 2021

TORONTO — Slate Grocery REIT has entered into an agreement to acquire five grocery-anchored shopping centers in North Carolina, Florida and Georgia for $54.3 million. The five assets comprise 396,471 square feet and were 95 percent leased at the time of sale. The three North Carolina properties are Bells Fork, a 71,666-square-foot center in Greenville anchored by Harris Teeter; Tanglewood Commons, a 78,520-square-foot property in Winston-Salem anchored by Harris Teeter; and Westin Center, a 66,890-square-foot, Food Lion-anchored asset in Fayetteville. The Florida property is Mission Hills, an 85,078-square-foot property in Naples anchored by Winn-Dixie. The fifth property is Parkway Station, a 94,317-square-foot, Kroger-anchored retail center in Atlanta. The sale is expected to close in the first quarter of this year. The seller(s) was not disclosed.

January 11, 2021

District of Columbia Multifamily Southeast

NMHC: 76.6 Percent of Renters Paid January Rents in First Week

by Alex Tostado January 11, 2021

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) Rent Payment Tracker has found that 76.6 percent of residents made full or partial January rent payments as of Jan. 6. Washington, D.C.-based NMHC surveyed its network of 11.3 million professionally managed apartment units across the country. The most recent figure is a 120-basis point increase over Dec. 6, 2020, when 75.4 percent of households made partial or full payments. January 2021, however, showed a 170-basis point decrease — or 192,613 households — from January 2020. “While there is light at the end of the tunnel with the rollout of vaccines, the country and the multifamily industry continue to face steep challenges,” says Doug Bibby, president of NMHC. “The [U.S. Congress’] recently passed COVID relief package included $25 billion in desperately needed rental assistance, as well as expanded unemployment insurance. Now, it is critical that those funds reach those in need as quickly and efficiently as possible.” The NMHC Rent Payment Tracker is powered by Entrata, MRI Software, RealPage, ResMan and Yardi.

January 11, 2021

Acquisitions Retail Southeast Tennessee

Palomar Group Arranges $1.8M Sale of Starbucks-Occupied Building Near Chattanooga

by Alex Tostado January 11, 2021

SIGNAL MOUNTAIN, TENN. — The Palomar Group has arranged the $1.8 million sale of a 2,100-square-foot retail building in Signal Mountain leased to Starbucks. The property is situated as an outparcel to a Food City-anchored shopping center at the intersection of Signal Mountain and Mountain Creek roads, four miles northwest of downtown Chattanooga. Starbucks has 10 years remaining on the double-net lease, which includes four five-year extension options. The Palomar Group represented the seller, an undisclosed private investor based in New York, in the transaction. Chris Schellin of Westwood Net Lease Advisors represented the buyer, an undisclosed real estate developer based in Charleston, S.C.

January 11, 2021

Acquisitions Civic Office Oklahoma Texas

Tanenbaum Equity Partners Buys Portfolio of Government-Leased Office Properties for $106.5M

by Taylor Williams January 11, 2021

OKLAHOMA CITY — Tanenbaum Equity Partners (TEP), a subsidiary of Oklahoma City-based Gardner Tanenbaum, has purchased a portfolio of 42 federally leased properties in 11 states for $106.5 million. Most of the buildings, which collectively total 573,000 square feet, were constructed as build-to-suits for government agencies such as the Social Security Administration, the Department of Homeland Security and the Veterans Administration. A Dallas-based team of Sunny Sajnani, Todd McNeill and Brandon Wilhite of Marcus & Millichap Capital Corp. arranged acquisition financing through Arkansas-based Centennial Bank on behalf of TEP. A Colliers International team led by Geoff Ficke represented TEP in the sale. The seller was CoreCivic, according to the Nashville Business Journal.

January 11, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 320-Unit Huntington Apartments in Plano

by Taylor Williams January 11, 2021

PLANO, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Huntington, a 320-unit apartment community that is located less than a mile from the Legacy West corporate campus in Plano. The property was built on five acres in 2018 and features studio, one- and two-bedroom units averaging 914 square feet. Amenities include a pool, fitness center, lounge and a dog park. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, Catalyst Urban Development, and procured the buyer, Fairfield Residential.

January 11, 2021

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