Property Type

Student Housing Survey: Development Remains Underway Despite Slowdowns Due to COVID-19

by Alex Tostado June 4, 2020

The COVID-19 pandemic has had a major impact on all aspects of on- and off-campus student housing. In an attempt to better assess that impact and the sector’s outlook for the future, Student Housing Business, sister publication to REBusinessOnline, conducted a survey of industry professionals over the course of several weeks in May. The survey was separated by industry function for specific elements of the business, allowing SHB to better understand the pandemic’s distinct influence on each segment of the industry. Of the survey’s 569 respondents, 39 defined their company’s role in the industry as that of a developer or contractor. In this segment of the industry, 17 percent of companies let go of or furloughed employees at the corporate level and instituted pay cuts. Student housing development has continued to move forward throughout the pandemic, with 83 percent of respondents indicating that construction is still continuing on their projects. Of those with projects still underway, 63 percent indicated that they had faced slowdowns due to COVID-19. When asked if any of the companies’ development projects had been halted, 53 percent of respondents indicated that they had not. Of the 37 percent that have had a project halted, most indicated that construction …

June 4, 2020

Acquisitions New York Northeast Retail

Cushman & Wakefield Arranges Sale of 51,794 SF Grocery-Anchored Shopping Center in Boonton, New Jersey

by Alex Patton June 3, 2020

BOONTON, N.J. — Cushman & Wakefield has arranged the sale of Del’s Village Shopping Center, a 51,794-square-foot grocery-anchored retail property in Boonton, a northwestern suburb of New York City. The sales price was $12.5 million. Kings Food Market anchors the shopping center, which is located at 115 Hawkins Place, and the property was 97 percent leased at the time of sale. Seth Pollack, Andrew Merin and David Bernhaut led a Cushman & Wakefield team that represented the seller, ROI Management, in the transaction. The team also procured the buyer, a private investor.

June 3, 2020

Massachusetts Northeast Restaurant Retail

Breweries, Distilleries, Wineries Included in Phase II of Reopening, Says Massachusetts Gov. Baker

by Alex Patton June 3, 2020

BOSTON — Craft brewing companies, liquor distilleries and wineries that also serve food have been included in Phase II of the Massachusetts reopening plan, according to a statement by Gov. Charlie Baker on Monday, June 1. The ruling clarified initial confusion as to whether craft beverage producers would be treated as restaurants, which will reopen in Phase II, or bars, which will reopen in Phase III. The state, particularly the metro Boston area, is known for a robust community of craft breweries, including Boston Beer Co., owner of Samuel Adams Boston Brewery. However, beverage producers that do not also serve food will be treated as bars. Massachusetts began Phase I of its reopening plan, which included the gradual reopening of outdoor services, construction, personal services, curbside retail and office space, on May 18. Gov. Baker is expected to decide if the state will proceed to Phase II, which includes in-store retail, restaurants, lodging and additional personal services, on Monday, June 8. As of June 2, the Centers for Disease Control and Prevention reported more than 100,800 cases of COVID-19 in Massachusetts and more than 7,000 deaths.

June 3, 2020

Massachusetts Northeast Office

Franklin Street Properties Reports 95 Percent Office Rent Collection in April, No Property Damage from Protests

by Alex Patton June 3, 2020

WAKEFIELD, MASS. — Franklin Street Properties Corp. (NYSE: FSP), a Wakefield, Mass.-based REIT, has reported that it collected 95 percent of rent payments due for May at its office properties despite revenue concerns amid the COVID-19 outbreak. When the outbreak began in the United States, office users across the country were forced to lay off employees while others were restricted to working from home. Even as states begin to reopen and some employees are returning to their offices, many companies are reconsidering lease signings and expansions. In addition, Franklin reported that none of its properties has sustained significant damage as a result of the ongoing nationwide protests. Franklin owns and operates 35 office properties totaling approximately 9.5 million square feet, primarily located in infill and central business districts in 10 Southeastern and Midwestern states. Some tenants have requested rent relief in the form of deferrals for varying lengths of time, which Franklin has granted in particular instances while seeking extended lease terms. The REIT’s stock price closed at $5.15 per share on June 2, down from $7.52 per share at the same time last year.

June 3, 2020

Leasing Activity Northeast Office Pennsylvania

CBRE Negotiates 32,500 SF Office, Lab Prelease at One uCity Square in Philadelphia

by Alex Patton June 3, 2020

PHILADELPHIA — CBRE has negotiated a 32,500-square-foot office and lab prelease for biotechnology company Century Therapeutics in Philadelphia’s University City district. The space is located at One uCity Square, a 400,000-square-foot mixed-use development currently under construction and that will feature Class A office, lab and retail space. The project is slated for completion in early 2022. Bob Zwengler, Matthew Knowles and Anthony Pell led a CBRE team that represented Century Therapeutics in the lease negotiations. A joint venture between University City Science Center, Wexford Science & Technology LLC and Ventas Inc. owns the property.

June 3, 2020

New York Northeast Retail

Urban Edge Launches Dedicated Grab-And-Go Services at Retail Properties

by Alex Patton June 3, 2020

NEW YORK CITY — Urban Edge Properties, a New York City-based management company, has launched dedicated grab-and-go shopping services at select retail properties in New York and New Jersey. Urban Edge will offer short-term parking spaces located near stores that allow shoppers to pick up items ordered online or briefly enter the store. The spaces are designed to limit the amount of time customers physically spend in stores and to emphasize social distancing as retailers gradually begin to reopen their stores amid the COVID-19 outbreak. Urban Edge has launched the new service at 16 properties, including Bergen Town Center and Hudson Mall in Jersey City and Burnside Commons in New York. Additional properties will launch the program throughout June and July. Restaurant and other essential retailers are already using the parking spots.

June 3, 2020

Kansas Midwest Retail

AMC Theatres: ‘Substantial Doubt’ Exists Regarding Ability to Stay in Business

by Kristin Harlow June 3, 2020

LEAWOOD, KAN. — AMC Entertainment Holdings Inc. (NYSE: AMC) says it has “substantial doubt” for its ability to remain in business after shutdowns due to the coronavirus. If the movie theater chain is not able to recommence operations within its estimated timeline, it will require additional capital. The Leawood, Kan.-based company temporarily suspended operations at all of its theaters through June and is generating no revenue. Even if governmental operating restrictions are lifted in certain jurisdictions, AMC says distributors may delay the release of new films until operating restrictions are eased more broadly both domestically and internationally. AMC today released preliminary results from its first quarter that ended March 31. Total revenues for the three months amounted to $941.5 million, compared with $1.2 billion the same time period last year. Net loss for the first quarter is projected between $2.1 billion and $2.4 billion. Net loss for the same time period in 2019 was $130.2 million. As of April 30, AMC had a cash balance of $718.3 million. Second-quarter results are projected to be worse. AMC operates 1,000 theaters and 11,000 screens across the globe. It closed all 630 U.S. locations in mid-March. AMC’s stock price closed at $5.65 per …

June 3, 2020

Development Healthcare North Carolina Office Southeast

Healthcare Company Grail to Invest $100M in New Cancer Center in Durham

by Alex Tostado June 3, 2020

DURHAM, N.C. — Grail Inc. will invest $100 million at a new laboratory facility in Durham’s Research Triangle Park, a project that is expected to create about 400 new jobs. Menlo Park, Calif.-based Grail will be able to detect more than 50 types of cancer from a single blood sample at the facility. The average salary at the cancer center will be in line with Durham’s average household income of $71,756 per year, according to North Carolina Gov. Roy Cooper. Over the course of 12 years, the project is estimated to grow the state’s economy by $1.2 billion. The North Carolina Economic Investment Committee approved a Job Development Investment grant, which authorizes the potential reimbursement of $5.2 million to Grail if the company meets specific job creation measures and investment targets. This will mark Grail’s first production lab outside of California. Jay Phillips, Wayne Kumagai, Ben Stern and Doug Brock of Newmark Knight Frank (NKF) represented Grail in the land transaction. Alan Reeves, Joe Gioino, Ramya Sannananjegowda and Bob Hess, also of NKF, advised the buyer on the site selection. A timeline for construction was not disclosed.

June 3, 2020

Development Florida Industrial Southeast

Easton Group to Develop 266,000 SF Warehouse Near Miami

by Alex Tostado June 3, 2020

HIALEAH GARDENS, FLA. — Easton Group will develop a 266,000-square-foot warehouse in Hialeah Gardens near Miami. An affiliate of Easton acquired an 8.5-acre site for $8.2 million. In September, a different Easton affiliate bought an adjacent 8.5-acre site for $5.6 million. Easton will develop the 266,000-square-foot property across the entire 17-acre site, which is located on NW 107th Street near the Florida Turnpike. The facility will feature 32-foot clear heights and 75 trailer parking spaces. Construction is expected to start in the first quarter of 2021, and leasing efforts are already underway. Ware Malcomb designed the property. Dalton Easton internally represented the buyer in both land transactions. The seller(s) was not disclosed.

June 3, 2020

Loans Maryland Multifamily Southeast

KeyBank Provides $66.7M Refinancing Loan for Multifamily Community Near Baltimore

by Alex Tostado June 3, 2020

ELKRIDGE, MD. — KeyBank has provided a $66.7 million Freddie Mac refinancing loan for Verde at Howard Square, a 344-unit multifamily community in Elkridge. The 16-year loan features 10 years of interest-only payments followed by a 30-year amortization schedule. The property, which was built in 2019, comprises eight four-story buildings spanning 20 acres. Communal amenities include covered parking, a business center, clubhouse, fitness center, pool, lounge deck, game room and a dog-washing room. Dirk Falardeau of KeyBank originated the loan on behalf of the borrower, Atapco Properties.

June 3, 2020

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