Property Type

OU Medicine Acquires HCA’s Interests in Oklahoma City Medical System for $1.1B

by Kristin Harlow March 23, 2018

OKLAHOMA CITY — OU Medicine Inc. has acquired interests in OU Medical System (OUMS), a series of hospitals and medical facilities in and around Oklahoma City. The buyer received nearly $1.1 billion in financing for the transaction. The seller was HCA Healthcare, which sold its full interest in the system. OU Medicine is an affiliate of University Hospitals Authority and Trust (UHAT). HCA Healthcare is a joint operating company operated by HCA and UHAT. OU Medicine, a newly formed 501(c)(3) corporation, completed the acquisition with a $900 million bridge financing and $175 million subordinated debt issuance. Proceeds from the combined nearly $1.1 billion financing were also used to provide liquidity on OU Medicine’s balance sheet, fund a portion of a bed tower expansion and redeem $42.4 million of outstanding UHAT bonds. The bridge financing included $673.4 million of tax-exempt direct purchase senior bonds and a $232.5 million taxable senior loan. UHAT retained Cain Brothers as its exclusive M&A advisor to negotiate the termination of the existing joint operating agreement with HCA. Cain Brothers also acted as financial advisor to assist in sourcing and structuring the bridge financing. OU Medicine was formed to own and operate OUMS, a health system of three …

March 23, 2018

Features Multifamily Seniors Housing Texas

NIC: Collaboration is the Future of Seniors Housing

by Katie Sloan March 23, 2018

The future of seniors housing is dependent on collaboration and cooperation between all the stakeholders in the industry, particularly operators and “senior care enablers,” according to Brian Jurutka, president and CEO of the National Investment Center for Seniors Housing & Care (NIC). The comments came during a question-and-answer session moderated by Mary Ann Donaghy, NIC’s chief marketing and communications officer, at the organization’s Spring Investment Forum, held March 7 to 9 in Dallas. NIC is a Maryland-based nonprofit association that provides data metrics on the seniors housing industry. Examples of senior care enablers include healthcare systems, home health providers, software companies and others who provide care outside of the standard offerings of a seniors housing community. “Historically we have been more focused on the real estate piece,” says Jurutka. “However, one of the components we think is important is that instead of seniors going to healthcare, healthcare will come to seniors. What that means is there are opportunities for value to be created for seniors housing communities.” Examples of such collaborations in action could include: Bringing home health aides into independent living communities to slow the transition to assisted living. Bringing rehabilitation and therapy providers into assisted living communities to …

March 23, 2018

Market Reports Multifamily Texas Texas Market Reports

Multifamily Occupancy Holds Firm in San Antonio Despite Record Deliveries in 2017

by Taylor Williams March 23, 2018

There’s no question that the San Antonio multifamily market has had the reputation of being the steady tortoise in a race against the more nimble Texas hares of Houston, Dallas and Austin. We all know how the fable ends — the hare, confident of an easy win, takes a nap while the tortoise secures victory. Could 2018 be the year that our “slow and steady” hero finds its place at the top of the Texas market performance? As it stands, the Alamo City is enjoying an apartment occupancy rate of 92.1 percent, which is flat on a year-over-year basis. But given the amount of new supply that entered the market in 2017 — a cycle-high 7,230 units — that’s a remarkable number. We ended 2017 with an average rent of $1.14 per square foot, which is flat compared to third-quarter figures, but that number still represents 3.64 percent growth from the $1.10 average from the fourth quarter of 2016. So what does it mean for the market’s immediate future? The San Antonio construction pipeline continues to be a focal point and as things progressed, there have been some surprises. While 2017 marked the cyclical peak for deliveries, and there has …

March 23, 2018

Loans Multifamily New York Northeast

Mack Real Estate Credit Strategies Provides $127M in Financing for Multifamily Development in Brooklyn

by David Cohen March 22, 2018

NEW YORK CITY — Mack Real Estate Credit Strategies has provided Sugar Hill Capital Partners with a $97 million construction loan and a $30 million mezzanine loan to fund the redevelopment of One Prospect Park West in Brooklyn. The nine-story, 169,410-square-foot building, a former senior living facility, was vacant when Sugar Hill acquired it in 2016. Sugar Hill plans to redevelop the property as a multifamily building. The Mack Real Estate financing was arranged by Ronnie Levine, Shamir Seidman and Ben Jacobs of Meridian Capital Group. Kasowitz Benson Torres LLP provided legal representation for Sugar Hill in the transaction and Stroock & Stroock & Lavan LLP represented Mack Real Estate.

March 22, 2018

Industrial Loans Massachusetts Northeast

JLL Arranges $36.3M Loan for 775,000 SF Industrial Portfolio in Suburban Boston

by David Cohen March 22, 2018

LITTLETON AND MIDDLEBOROUGH, MASS. — JLL Capital Markets has arranged a $36.3 million loan for L&B Realty Advisors to finance the purchase of a two-building industrial portfolio in suburban Boston. L&B Realty Advisors acquired the portfolio on behalf of an institutional client. The 775,000-square-foot portfolio consists of two warehouse distribution buildings, one in Littleton and the other in Middleborough. Both buildings are fully leased, with the 275,000-square-foot building at 154 Campanelli Drive in Middleborough occupied by a single tenant. The 480,000-square-foot building at 1 Distribution Center Circle in Littleton is leased to six tenants. A life insurance company provided the 10-year loan.

March 22, 2018

Acquisitions Industrial Texas

Binswanger Arranges Sale of 700,644 SF Grocery Distribution Center in Houston

by Taylor Williams March 22, 2018

HOUSTON — Philadelphia-based Binswanger has arranged the sale of a 700,644-square-foot grocery distribution center situated on 70.2 acres at 10700 Telge Road in Houston. The facility was formerly leased to Randalls, a grocer owned by Idaho-based Albertson’s that operates 44 stores in Texas. It includes 517,500 square feet of dry and perishable grocery warehouse space, 113,200 square feet of frozen warehouse space and 6,200 square feet of office space. Other features include 25- to 40-foot ceiling heights and an ESFR sprinkler system. Holmes Davis of Binswanger represented the seller, Albertsons Cos., in the transaction. Cory Driskill and Will Mundinger of Crow Holdings Industrial represented the buyer internally. Crow Holdings plans to expand the facility by developing three additional buildings on the site.

March 22, 2018

Acquisitions Multifamily Student Housing Texas

29th Street Acquires Two Student Housing Properties Totaling 1,249 Beds Near Texas State University

by Taylor Williams March 22, 2018

SAN MARCOS, TEXAS — 29th Street Capital (29SC) has acquired The Edge and The Lodge, two student housing properties totaling 1,249 beds near Texas State University (TXST) in San Marcos. The properties span 431 units and are located within a mile of TXST’s campus. Both feature amenities such as shuttle service to campus, fitness centers, pools, study rooms, salon services, sport courts, game rooms and dog parks. 29SC will invest more than $4 million in capital upgrades to both properties’ unit interiors and communal amenities. The seller and sales price were not disclosed.

March 22, 2018

SurePoint-Self-Storage-Missouri-City-Texas

Development Industrial Self-Storage Texas

SurePoint, Johnson Development to Build 673-Unit Self-Storage Facility in Metro Houston

by Taylor Williams March 22, 2018

MISSOURI CITY, TEXAS — A partnership between San Antonio-based SurePoint Self Storage and Houston-based Johnson Development Corp. will develop a 673-unit self-storage facility in Missouri City, a southwestern suburb of Houston. The three-story property, which will be SurePoint’s fifth facility in the Houston area, will span 67,000 square feet of mostly climate-controlled rentable space. Construction is scheduled to begin over the summer.

March 22, 2018

Sherwin-Williams-Distribution-Center-Waco-Texas copy

Development Industrial Texas

Sherwin-Williams Opens $39M Distribution Center in Waco

by Taylor Williams March 22, 2018

WACO, TEXAS — Paint manufacturer and retailer Sherwin-Williams has opened its $39 million distribution center in Waco. The 615,000-square-foot center will service eight states, including Texas, and will require a workforce of 326 employees. The company projects that daily activity at the center will involve the rolling out of 65 trucks delivering roughly 3 million pounds of paint to 700 stores. Bob Moore Construction served as general contractor for the project.

March 22, 2018

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 623-Unit Self-Storage Facility in Edmond, Oklahoma

by Taylor Williams March 22, 2018

EDMOND, OKLA. — Marcus & Millichap has brokered the sale of U Storage OK, a 623-unit self-storage facility in Edmond, a northern suburb of Oklahoma City. The Class A property features both climate- and non-climate-controlled units and recently underwent a 28,000-square-foot expansion. Trey Hammond and Michael Mele of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Brian Fulton of Marcus & Millichap represented the buyer, a private investment group. Both parties requested anonymity.

March 22, 2018

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