CHATTANOOGA, TENN. — CBL Properties reports it collected 27 percent of billed cash rents in April as retail stores and restaurants closed due the COVID-19 outbreak. The Chattanooga-based mall owner said during its first quarter earnings report that a majority of its 68 properties closed in March due to the COVID-19 outbreak. As of May 25, 66 malls were reopened. CEO Stephen Lebovitz says he and his team anticipate collecting 25 to 30 percent of cash billed rents for the month of May. Lebovitz also said CBL granted rent abatements and deferrals to several tenants and expect to collect April and May rents later in 2020 and into 2021. CBL also reported that its same-center net operating income (NOI) declined 8.7 percent year-over-year in March. Additionally, in an effort to save cash, CBL delayed approximately $60 million to $80 million in expenditures and redevelopments for 2020. CBL owns 91 total properties in 26 states, including Mayfaire Town Centre in Wilmington, N.C.; Fayette Mall in Lexington, Ky.; Brookfield Square in Milwaukee; The Outlet Shops at Atlanta in Woodstock, Ga.; and CoolSprings Crossing in Franklin, Tenn.
SYLACAUGA, ALA. — Marcus & Millichap has arranged the $12.9 million sale of a 178,420-square-foot Walmart in Sylacauga. The property, which was built in 1996, is double net-leased to Walmart with 11 years remaining on the lease. The asset is located at 41301 U.S. Highway 280, 45 miles southwest of downtown Birmingham. Don McMinn of Marcus & Millichap’s Taylor McMinn Group represented both the buyer, Agree Development, and the seller, RP Payton Park LLC, in the transaction.
WASHINGTON, D.C. — The National Retail Federation (NRF) has shown its support for the Pandemic Risk Insurance Act (PRIA), a proposed bill that would establish a federal program to help businesses obtain insurance coverage for future pandemics. PRIA is based on a model of the Terrorism Risk Insurance Act (TRIA), which was enacted following the attacks of Sept. 11, 2001, and grants companies the ability to get insurance money from a terrorist attack. “The development of a public-private partnership to address this risk will provide certainty for businesses and organizations of all sizes and will ensure that we can meet future pandemic events with greater resilience,” says NRF vice president for government relations, banking and financial services Leon Buck. The bill was written with input from Washington, D.C.-based NRF, which says the potential funding would only cover future pandemics and not provide coverage for the current COVID-19 outbreak. The funding would reimburse insurers when claims related to a pandemic or epidemic exceed $250 million nationwide. Coverage would also be required for large gatherings, ranging from sporting events to concerts to conventions, that are canceled. The program would be capped at $750 billion. The bill has been assigned to the House Financial …
AUSTIN, TEXAS — Intracorp, a developer with five offices across North America, has received a $194 million construction loan for its 49-story condominium project at 44 East Ave. in Austin’s Rainey Street District. MSD Partners LP and Bank OZK provided the financing. Situated on the edge of Lady Bird Lake, the building will offer one-, two-, three- and four-bedroom floor plans ranging in size from 500 to 3,500 square feet. Amenities will include a pool, community kitchen and a rooftop lounge. The project, which is the only condo development currently under construction in downtown Austin, is expected to be complete in 2022. Nearly half the residences have already been sold.
AUSTIN, TEXAS — Texas Gov. Greg Abbott has issued a proclamation allowing the state’s water parks, driver education programs and food-court dining areas within shopping malls to resume operations at limited capacities. Beginning Friday, May 29, under Phase II of the state’s reopening plan, these establishments may reopen at 25 percent of their normal operating limits. All businesses must adhere to designated sanitation and social-distancing protocols as well. In addition, starting Sunday, May 31, recreational sports programs for adults can resume, but games and similar competitions may not begin until June 15. This announcement follows the governor’s plan to allow bars to reopen in advance of Memorial Day weekend.
CARROLLTON, TEXAS — JLL has negotiated the sale of Valwood Crossroads, a two-building, 618,052-square-foot industrial park located in the northern Dallas suburb of Carrollton. Built in 2019, the property features a cross-dock building and a rear-load building with clear heights ranging from 32 to 36 feet. Both buildings also feature deep truck courts and ESFR sprinkler systems, and are leased to Smith System Manufacturing Co., a provider of furniture for schools. Stephen Bailey and Dustin Volz of JLL represented the seller and developer, Atlanta-based Core5 Industrial Partners, in the transaction. Denver-based investment firm Black Creek Group purchased the asset for an undisclosed price.
NEW YORK CITY — Habib American Bank has acquired the Lord Memorial Building, a 32,270-square-foot office building in the Midtown East neighborhood of Manhattan, for $28.2 million. Located at 150 E. 45th St., the property includes approximately 5,168 square feet of retail space on the ground floor and 27,102 square feet of office space on the second through seventh floors. The building was constructed in 1950 for the seller, Children’s Aid Society, and later extended to seven stories in the mid-1960s. Children’s Aid occupied the building at the time of sale but will now vacate its space. Jonata Dayan of Co-op & Condo Sales and Brett Weiss of HSP Real Estate Group represented Habib in the transaction. Bob Knakal, Jonathan Hageman and Clint Olsen led a JLL team that represented Children’s Aid Society.
NEW YORK CITY — Home Street Partners, a New York-based developer, has completed construction of Home Street Residences, a 63-unit multifamily building in the Foxhurst neighborhood of The Bronx. The 75,000-square-foot building is located at 1017 Home St., and 30 percent of the units are reserved for homeless seniors. Residences average 550 square feet. Body Lawson Associates designed the property, and Bronx Pro Group is the operator. Approximately 50,000 people have already applied for an apartment, according to Body Lawson Associates.
IRVING, TEXAS — The American Athletic Conference has signed an 18,000-square-foot office lease at The Summit at Las Colinas in Irving for its new headquarters. The company will relocate its 30 employees later this summer from Providence, R.I., where it has been based since 1979. Conor McCarthy and Jeremy McGown of JLL represented the conference in the lease negotiations. James Esquivel and Ahnie Sheehy, also with JLL, represented the landlord, Gemini Rosemont Commercial Real Estate. The 19-story, 376,000-square-foot Summit at Las Colinas currently houses tenants such as the College Football Playoff, Nexstar Media, JPMorgan Chase and General Motors. Renovations to the building’s common areas will begin later this year. The American Athletic Conference, formerly known as the Big East, comprises 11 members and includes two Texas educational institutions: the University of Houston and Southern Methodist University.
CLARENCE CENTER, N.Y. — Greystone has provided an $8.6 million construction loan for the expansion of Bristol Village, an 84-unit, 110-bed seniors housing community in Clarence Center, located approximately 20 miles northeast of Buffalo. The fixed-rate loan will fund the construction of 23,000 square feet of residential and community spaces, which will include 32 additional beds. The loan will convert to permanent financing when the expansion project is completed and will run concurrent with the property’s existing HUD-insured loan, which Greystone originated in 2011. The facility was originally constructed in 2003. Lisa Fischman of Greystone arranged the loan.