Property Type

PREIT Adds Cheesecake Factory to Tenant Mix at Woodland Mall in Grand Rapids as Part of Redevelopment

by Kristin Harlow March 25, 2019

GRAND RAPIDS, MICH. — The Cheesecake Factory is coming to Woodland Mall in Grand Rapids as part of the repositioning of the shopping center, according to PREIT, the mall’s owner. This is the second location in the state of Michigan for The Cheesecake Factory. The first location in the state was in Novi. The restaurant will occupy 8,500 square feet at Woodland Mall and is expected to open in late October. Other new tenants include Black Rock Bar & Grill, Von Maur, Urban Outfitters, REI and Tricho Salon. Von Maur is set to open this fall in the former Sears space. As the second largest redevelopment underway in PREIT’s portfolio, Woodland Mall is expected to generate nearly 20 percent growth in net operating income (NOI) in 2020, according to the company.

March 25, 2019

Indiana Loans Midwest Retail

FM Capital Provides $6M Bridge Loan for Acquisition of Retail Center in Indianapolis

by Kristin Harlow March 25, 2019

INDIANAPOLIS — FM Capital has provided a $6 million bridge loan for the acquisition of a retail center in Indianapolis. The 182,056-square-foot property is comprised of two buildings and an outparcel. The asset is approximately 89 percent occupied. Tenants include Shoppers World, Dollar Tree and Dollar General. The borrower was not disclosed.

March 25, 2019

Georgia Office Southeast Texas Top Stories

Cousins Properties, TIER REIT Merge to Become Office REIT Powerhouse in Sun Belt

by Taylor Williams March 25, 2019

ATLANTA AND DALLAS — Cousins Properties Inc. (NYSE: CUZ) and Dallas-based TIER REIT Inc. (NYSE: TIER), two of the larger office development and investment firms in the country, have entered into an all-stock merger agreement. The combined company, which will retain the Cousins name, will have an equity market capitalization of $5.9 billion and a total market cap of $7.8 billion. Following the merger, the company will continue to function as a Class A office REIT with a combined portfolio of approximately 21 million square feet spread across various markets in the Southeast and Southwest. Both firms are active in leading office markets like Atlanta, where Cousins is based, as well as Charlotte, Dallas and Austin. Cousins owns several trophy assets in Atlanta’s Buckhead area, including 3348 and 3350 Peachtree, which have about 670,000 square feet combined, as well as 816 Congress and 303 Colorado in downtown Austin. TIER REIT owns 3354 Peachtree, a 560,000-square-foot building in Atlanta, as well as the 40-story Burnett Plaza in Fort Worth and the 1.5 million-square-foot Domain office building in Austin. Under terms of the agreement, Cousins will issue 2.98 shares of common stock in exchange for each share of TIER stock. That rate …

March 25, 2019

Market Reports North Carolina Retail Southeast Southeast Market Reports

Raleigh-Durham’s Retail Market Reaches Healthy Supply-Demand Balance

by Alex Tostado March 25, 2019

The Raleigh and overall Triangle retail markets ended 2018 in a strong position with several large sites changing hands, urban growth booming in the downtowns, numerous suburban ground-up projects in the pipeline and traditional malls undergoing major transitions. The market is poised to see retail construction activity grow with a healthy balance of supply and demand, despite national brick-and-mortar retail industry challenges. The Triangle vacancy rate ended the year with a vacancy rate below 7 percent, which represents strong improvement from the end of 2017, even with accounting for the large-scale closing and downsizings in the Triangle. Positive absorption over the past year has included re-leasing 12 Kroger stores, two Gander Mountains, five hhgregg stores and several other significant box vacancies. Fierce grocery competition and continued pressure on “in-store” sales have caused retailers, owners and developers to rethink and recreate the retail experience and development landscape. Downtown urban centers Rapid multifamily and housing gentrification in the downtowns of Raleigh and Durham continue to push mixed-use and high-street retail. With residential and employment densification occurring, Raleigh has experienced several first-time retail events in 2018. Morgan Street Food Hall and Urban Outfitters opened in the Warehouse District, Publix is under construction on …

March 25, 2019

Conference Coverage Multifamily Western Western Feature Archive

InterFace Panel: San Diego Leaves Multifamily Investors Wanting More

by Amy Works March 22, 2019

SAN DIEGO — Multifamily properties in San Diego are in high demand — and not just among Millennials and empty nesters who long for convenience, walkability and beautiful ocean views. Panelists at InterFace Conference Group’s San Diego Multifamily Conference, held March 19 at the Sheraton Hotel & Marina, viewed this market as a hot one… if you can get in. “There hasn’t been a ton of multifamily transaction activity in San Diego,” said Aldon Cole, senior managing director at HFF and moderator of the “Who’s Lending?” panel. “It’s an interesting market that we’re all trying to navigate. We have to adapt in a low-trade environment.” San Diego’s reputation for being a stable market and one where people want to be are two of the factors contributing to this lack of opportunity. “During the last downturn, San Diego was the most stable market,” noted Mark Gleiberman, CEO of MG Properties Group and Developers/Owners panelist. “It always tends to be one of the most stable markets that we’re in. It’s not totally resistant to a downturn, but San Diego tends to fare better in most recessions than other markets.” Desirability paired with strong market fundamentals has created a very competitive landscape among …

March 22, 2019

Acquisitions Retail Texas

HFF Brokers Sale of 180,000 SF Grocery-Anchored Retail Center in Fort Worth

by Taylor Williams March 22, 2019

FORT WORTH, TEXAS — HFF has brokered the sale of The Village at Camp Bowie, an 180,000-square-foot retail center in Fort Worth. Anchored by Sprouts Farmers Market, the property was 89 percent leased at the time of sale to tenants such as Verizon Wireless, Keller Williams Realty, Tuesday Morning and Orangetheory Fitness. Jim Batjer, Barry Brown, Ryan Shore and Aaron Johnson of HFF represented the seller, a joint venture between Lincoln Property Co. and Boston-based Long Wharf Capital. The buyer was brokerage and investment firm Dunhill Partners Inc.

March 22, 2019

Healthcare Loans Texas

MCA Arranges $40M Loan for Plano-Based Hospice Operator

by Taylor Williams March 22, 2019

PLANO, TEXAS — Metropolitan Capital Advisors (MCA) has arranged a $40 million business recapitalization loan for Heart to Heart Hospice, a Plano-based organization that operates 36 properties across Texas, Michigan and Indiana. Todd McNeill and Kevan McCormack of MCA arranged the loan, specific terms of which were not disclosed, through Cerberus Capital Management LP.

March 22, 2019

Loans Multifamily Texas

Ready Capital Originates $25.8M Acquisition Loan for Apartment Community in San Antonio

by Taylor Williams March 22, 2019

SAN ANTONIO — New York City-based Ready Capital (NYC: RS) has originated a $25.8 million loan for the acquisition, renovation and stabilization of a 392-unit apartment community located in the Far North Central submarket of San Antonio. The nonrecourse loan carries a floating interest rate, 36-month term and flexible prepayment options. The capital improvement program will upgrade both the unit interiors and common areas. The sponsor was not disclosed.

March 22, 2019

Loans Multifamily Texas

BMC Capital Closes $18M Loan for Refinancing of Houston-Area Multifamily Asset

by Taylor Williams March 22, 2019

HOUSTON — BMC Capital has closed an $18 million loan for the cash-out refinancing of an undisclosed, Class B multifamily property in the Houston area. The nonrecourse loan featured a fixed 5.25 percent interest rate, 10-year term and a 30-year amortization schedule. The borrower was not disclosed.

March 22, 2019

Industrial Leasing Activity Texas

NAI Partners Negotiates 46,150 SF Industrial Lease in North Houston

by Taylor Williams March 22, 2019

HOUSTON — NAI Partners has negotiated a 46,150-square-foot industrial lease at 1400 Kowis St. in north Houston. According to LoopNet Inc., the property was built in 1974 and is zoned for manufacturing. Chris Caudill and Joel Michael of NAI Partners represented the landlord, NRE LLC, in the lease negotiations. Stephen Schneidau of Cushman & Wakefield and Bill Schneidau of Independent Real Estate Commercial represented the tenant, Flo Trend, a provider of specialty products for the industrial and energy sectors.

March 22, 2019

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