Property Type

Xenia Hotels Agrees to Sell Seven-Property Hospitality Portfolio for $483M

by Alex Tostado March 5, 2020

ORLANDO, FLA. — Xenia Hotels & Resorts Inc. (NYSE: XHR), an Orlando-based hospitality REIT, has agreed to sell a seven-hotel, 1,124-room portfolio for $483 million, or approximately $430,000 per room. Kimpton manages all seven properties in the portfolio, which comprises the 97-room Canary Hotel Santa Barbara in California; 191-room Hotel Monaco Chicago; 189-room Hotel Monaco Denver; 225-room Hotel Monaco Salt Lake City; 230-room Hotel Palomar Philadelphia; 107-room Lorien Hotel & Spa in Alexandria, Va.; and the 85-room RiverPlace Hotel in Portland, Ore. Orlando-based Xenia acquired RiverPlace Hotel, Hotel Palomar Philadelphia and Canary Hotel Santa Barbara in 2015. The company acquired Hotel Monaco Denver, Lorien Hotel & Spa, Hotel Monaco Salt Lake City and Hotel Monaco Chicago in 2013. Xenia expects the sale to close in May, although the undisclosed buyer can extend the deadline to June with an additional deposit payment. The sales price represents a 5.3 percent capitalization rate, according to Xenia. “While these hotels are high-quality assets that are largely consistent with our long-term investment strategy, we believe that this disposition is an illustration of our ability to opportunistically unlock value within our current portfolio and increase shareholder value through portfolio recycling,” says Marcel Verbaas, chairman and chief executive officer …

March 5, 2020

Features Multifamily Seniors Housing

Charles Turner: Labor is Largest Crisis Facing Seniors Housing

by Jeff Shaw March 5, 2020

LOS ANGELES — There is a deficit in seniors housing and it has nothing to do with occupancy rates, investment dollars or development opportunities. It’s the labor shortage, according to Charles Turner, a longtime industry veteran and current CEO of Kare, an application that pairs understaffed seniors housing communities with temporary workers. Turner made the comments as keynote speaker at France Media’s InterFace Seniors Housing West conference, held Feb. 20 at the Omni Los Angeles. “We all know what’s coming in the next decade — an onslaught of baby boomers aging into seniors housing — but what many don’t realize is that the number of caregivers is actually declining,” he said to the audience of about 250 attendees. “I wish I could say I have all the solutions to the labor problems. I don’t.” Citing a study by New York-based senior care researcher PHI, Turner mentioned there will be a national shortage of around 150,000 paid caregivers by 2030, which may compound as older caregivers also age out of the workforce and transition from worker to would-be resident. Though these forward-looking numbers are scary, Turner believes the problems plaguing today’s seniors housing caregivers were scarier. “Caregiving today has high employee turnover,” he …

March 5, 2020

Illinois Industrial Market Reports Midwest Midwest Market Reports

Industrial Landlord Consolidation Means Chicago-Area Tenants Should Be Ready to Negotiate

by Kristin Harlow March 5, 2020

In December 2019, Prologis, the largest industrial landlord in the world, announced its acquisition of Liberty Property Trust, another publicly traded REIT with a large industrial portfolio of its own. This deal, valued at $12.6 billion, seems to have become the norm in recent months. Companies such as Prologis and Blackstone Group, as well as regional ownership groups, have gobbled up industrial investment opportunities whenever they can. Just 10 years ago, the industrial real estate asset class was battling high supply and low rents, due primarily to the Great Recession. But with the growth of e-commerce and omnichannel logistics, this asset class is now considered one of the best investment opportunities available. So how is this consolidation of industrial ownership impacting the Chicago-area industrial market, and what should tenants know so that they can make informed real estate decisions? Local numbers While it seems like there are just a handful of landlords controlling the marketplace, when you look at the numbers, the prognosis isn’t so bad. Nationally, no single owner controls more than 10 percent of the U.S. market. Instead, landlord dominance is more of a local concern, and typical real estate indicators continue to influence lease terms. However, there …

March 5, 2020

Development Mixed-Use Texas

Bright Realty Moves Forward With 140-Acre Crown Centre Mixed-Use Project in Metro Dallas

by Taylor Williams March 4, 2020

LEWISVILLE, TEXAS — Locally based firm Bright Realty has received approval from the City of Lewisville to move forward with the development of Crown Centre, a 140-acre mixed-use project that will be located along State Highway 121 on the northern outskirts of Dallas. The site is approved for up to 2,000 multifamily units, 3 million square feet of office space, 500 hotel rooms and covered parking, as well as 140,000 square feet of retail and open green space. The development will also feature three open spaces with lakes and trails that will connect the buildings, as well as outdoor event space. Construction of a 109,000-square-foot office building is underway at the site and is expected to be complete later this year.

March 4, 2020

Development Multifamily Northeast Pennsylvania Student Housing

Toll Brothers to Open Phase I of 1,093-Bed Student Housing Project Near Penn State

by Alex Patton March 4, 2020

State College, PA. — Toll Brothers Campus Living is set to open Phase I of The Yards at Old State, a 1,093-bed student housing development located near Pennsylvania State University in State College. The first phase of development will include 164 fully furnished, cottage-style units. Shared amenities will include a 21,000-square-foot clubhouse, resort-style swimming pool with hot tubs, an indoor basketball court, a state-of-the-art fitness center and study spaces. Phase I is set to open in summer 2020.

March 4, 2020

Development Multifamily New Jersey Northeast

Walters Nears Completion of 60-Unit Multifamily Property in West Creek, New Jersey

by Alex Patton March 4, 2020

WEST CREEK, N.J. — The Walters Group has completed three of the five buildings at its 60-unit Cornerstone at Grassy Hollow development in West Creek, located approximately 55 miles southeast of Philadelphia. The property offers one-, two- and three-bedroom floor plans and amenities including a community clubhouse, fitness center and picnic area. Walters expects to complete the remaining two buildings this spring.

March 4, 2020

Acquisitions Industrial New Jersey Northeast

Cannabis-Based Healthcare Provider Buys 50,274 SF Industrial Property Near Philadelphia

by Alex Patton March 4, 2020

VINELAND, N.J. — Columbia Care, a cannabis-based health and wellness company, has purchased a 50,274-square-foot industrial property in Vineland, located approximately 40 miles south of Philadelphia. Situated at 1560 N.W. Blvd., the property features 27-foot ceiling heights and 2,749 square feet of office space. The property was vacant at the time of sale. Jonathan Klear and Fred Meyer of NAI Mertz represented the seller, LS Capital, in the transaction. The sales price was undisclosed.

March 4, 2020

Loans Mixed-Use Texas

JLL Arranges Financing for Montrose Collective Mixed-Use Project in Houston

by Taylor Williams March 4, 2020

HOUSTON — JLL has arranged construction financing and joint venture equity for Montrose Collective, a mixed-use project that will be located in Houston’s Montrose District. Preliminary plans call for 150,000 square feet of creative office, medical office and retail space across four buildings. Colby Mueck, Ryan West, Matthew Putterman, Jett Lucia and Matthew Williamson of JLL arranged the construction loan through Bank OZK and delivered an institutional investor advised by JPMorgan Asset Management as the joint venture equity partner. The borrower was locally based development and investment firm Radom Capital.

March 4, 2020

Acquisitions Connecticut Northeast Retail

Houlihan-Parnes Brokers Sale of 31,150 SF Retail Center in West Haven, Connecticut

by Alex Patton March 4, 2020

WEST HAVEN, CONN. — Houlihan-Parnes Realtors LLC has brokered the $2.1 million sale of Woodlawn Shopping Center, a 31,150-square-foot retail center in West Haven, a southwestern suburb of New Haven. At the time of sale, space at the shopping center was leased to 10 retail tenants including several restaurants, a bowling alley and a beauty salon. The property also includes a 20,000-square-foot vacant parking lot across the street. Jeremiah Houlihan of Houlihan-Parnes represented the buyer, a family-owned real estate holding and managing company based in Yonkers, New York. The seller was undisclosed.

March 4, 2020

Acquisitions Retail Texas

Baker Katz Acquires 139,926 SF North Park Plaza Shopping Center in Beaumont

by Taylor Williams March 4, 2020

BEAUMONT, TEXAS — Houston-based retail brokerage and investment firm Baker Katz has acquired North Park Plaza, a 139,926-square-foot shopping center in Beaumont. The property is situated on 14.3 acres across from Parkdale Mall, which is being redeveloped by Tennessee-based CBL Properties. Target anchors the center, which also houses tenants such as Kirkland’s, Spec’s Wine & Spirits, Skechers, Mattress Firm and Longhorn Steakhouse. Ryan West of JLL represented the seller, Weingarten Realty Investors, a Houston-based REIT, in the transaction.

March 4, 2020

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