Property Type

Low Vacancy Rate in Toledo Industrial Market Prompts Call for More Spec Space

by Kristin Harlow May 28, 2020

By Lynette Reichle, Reichle Klein Group On March 12, Ohio’s governor declared a state-wide order closing schools and gatherings of over 100 people. On March 15, he ordered all bars and restaurants to close dining rooms (but could maintain carryout and delivery) with further closings on almost a daily basis. Finally, the stay-at-home order came on the 22nd. As of the writing of this article, it is difficult to estimate the full effects of the COVID-19 pandemic and what the moves our government has taken to protect us will have on our real estate markets. Prior to the spread of the coronavirus, Toledo’s industrial real estate market had been running at unprecedented high levels in both leasing activity and new development for the past several years. While the beginning of this year was decidedly quiet compared with the fourth quarter of 2019, we had every reason to expect strong demand for industrial properties through the remainder of 2020. In fact, the Toledo market still suffers from an inventory problem; virtually every project that was built last year was a build-to-suit. Local and regional developers have yet to develop enough of an appetite to build speculatively. Further, no one in the …

May 28, 2020

Development Georgia Multifamily Southeast

Urban Realty, Prestwick Break Ground on 205-Unit Multifamily Community in East Atlanta

by Alex Tostado May 27, 2020

ATLANTA — Urban Realty Partners and Prestwick Cos. have broken ground on 982 Memorial Drive, a 205-unit multifamily community in Atlanta’s Reynoldstown neighborhood. The five-story property will offer studio and one-bedroom floor plans. The community will be located at 982 Memorial Drive, two blocks from the Atlanta BeltLine Eastside Trail and two miles east of downtown Atlanta. Patterson Real Estate Advisory Group arranged a construction loan through Principal Real Estate Investors and also procured a limited equity partner, Humphreys Capital, on behalf of the developers. A timeline for completion was not disclosed.

May 27, 2020

Company News Kentucky Restaurant Retail Southeast

Papa John’s Reports May as Best Sales Month in Restaurant History

by Alex Tostado May 27, 2020

LOUISVILLE, KY. — Papa John’s International Inc. has reported its May sales were up 33.5 percent in the U.S. and Canada on a year-over-year basis, marking the second month in a row that the pizza chain recorded its highest sales on record, according to president and CEO Rob Lynch. The May sales period was recorded from April 27 to May 24, and the company said it will continue to provide monthly updates through the end of the second quarter. In April, the Louisville-based chain reported a 26.9 percent increase in sales. The introduction of contactless deliveries has helped spike sales, the company said in a press release. Additionally, Papa John’s reported a 7 percent increase in international sales during May. As of Sept. 29, 2019, Papa John’s had 3,296 locations in the U.S. and Canada and a total of 2,047 stores in 47 other countries.

May 27, 2020

Company News Retail Southeast Tennessee

CBL Properties Collects 27 Percent of Rent Checks in April, Predicts Similar Revenue Stream for May

by Alex Tostado May 27, 2020

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.

May 27, 2020

Acquisitions Alabama Retail Southeast

Marcus & Millichap Arranges $12.9M Sale of Walmart in Sylacauga, Alabama

by Alex Tostado May 27, 2020

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.

May 27, 2020

District of Columbia Retail Southeast

NRF: Pandemic Risk Insurance Act Would Provide ‘Greater Resilience’ in Future Outbreaks

by Alex Tostado May 27, 2020

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 …

May 27, 2020

Development Loans Multifamily Texas

Intracorp Receives $194M Construction Loan for 49-Story Residential High-Rise Project in Austin

by Taylor Williams May 27, 2020

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.

May 27, 2020

Retail Texas

Texas Water Parks, Mall Food Courts Cleared to Reopen on Friday

by Taylor Williams May 27, 2020

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.

May 27, 2020

Acquisitions Industrial Texas

JLL Negotiates Sale of 618,052 SF Valwood Crossroads Industrial Park in Metro Dallas

by Taylor Williams May 27, 2020

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.

May 27, 2020

Acquisitions New York Northeast Office

Habib American Bank Acquires Office Building in Manhattan for $28.2M

by Alex Patton May 27, 2020

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.

May 27, 2020

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