Property Type

Williams Co. Southeast to Remodel Over 20 Target Stores in Florida, North Carolina

by John Nelson July 7, 2016

ORLANDO, FLA. — Williams Co. Southeast, an Orlando-based general contractor and construction manager, plans to remodel more than 20 Target stores in Florida and North Carolina. The company recently finished the remodel of three Florida stores in Gainesville, Jacksonville and Wesley Chapel and two North Carolina stores in Durham and Greensboro. Williams expects to wrap up construction of all the remodeled stores by October. The company has previously constructed more than 400 Target projects in 11 states.

July 7, 2016

Loans Multifamily South Carolina Southeast

KeyBank Arranges $10M Acquisition Loan for Apartment Community in South Carolina

by John Nelson July 7, 2016

SIMPSONVILLE, S.C. — KeyBank Real Estate Capital has arranged a $10 million Fannie Mae loan for The Lexington Place Apartment Homes in Simpsonville. Built in 2000, the 144-unit apartment community is situated on 10.3 acres. Timothy DeWispelaere of KeyBank’s commercial mortgage group arranged the 10-year, non-recourse loan on behalf of the undisclosed borrower.

July 7, 2016

Florida Retail Southeast

Marcus & Millichap Brokers $8.3M Sale of Net-Leased Urban Outfitters in Palm Beach County

by John Nelson July 7, 2016

DELRAY BEACH, FLA. — Marcus & Millichap has brokered the $8.3 million sale of a net-leased Urban Outfitters store located at 306 E. Atlantic Ave. in Delray Beach. Urban Outfitters signed a 10-year lease with two five-year renewal options in May 2014. The 11,073-square-foot, two-story store is fully leased to Urban Outfitters. Howard Bregman of Marcus & Millichap’s Fort Lauderdale office represented the buyer, Menin Development Inc., in the transaction. Last year Bregman represented Menin in acquiring the neighboring George Buildings at 326 and 400 E. Atlantic Ave.

July 7, 2016

Alabama Retail Southeast

Bayer Properties to Buy 125 Acres of Land Near The Summit Birmingham

by John Nelson July 7, 2016

BIRMINGHAM, ALA. — Bayer Properties has placed a 125-acre tract of land across Highway 280 from The Summit Birmingham under contract. AT&T is selling a large portion of the tract in connection to its plan to relocate various offices within Birmingham. Bayer Properties plans to develop a project that will be complementary to The Summit and the surrounding area. The Summit’s tenant roster includes Belk, Gus Mayer, Saks Fifth Avenue, Anthropologie, Gap, J. Crew, Urban Outfitters, Carmike Summit 16, Orvis, lululemon athletica, Gymboree, Restoration Hardware and Pottery Barn. Birmingham-based Bayer Properties currently owns and/or operates retail and office properties totaling approximately 10 million square feet, including The Summit in Birmingham.

July 7, 2016

California Office Top Stories Western

Boston Properties Completes $511.1M Acquisition of Stake in Colorado Center in Santa Monica

by John Nelson July 7, 2016

SANTA MONICA, CALIF. — Boston Properties Inc. (NYSE: BXP) has completed the previously announced acquisition of a 49.8 percent interest in Colorado Center, a 1.2 million-square-foot office campus in Santa Monica. The Boston-based REIT purchased the minority stake from Blackstone (NYSE: BX) for approximately $511.1 million. Teachers Insurance and Annuity Association (TIAA) owns the remaining 50.2 percent interest in Colorado Center. Boston Properties will be the managing partner of the TIAA-Boston Properties joint venture. Situated in Los Angeles County, Colorado Center comprises six office buildings and a three-level, 3,100-space underground parking garage. There is currently no debt on the property, according to Boston Properties. The asset was 68 percent leased at the time of sale. The acquisition marks the entry to metro Los Angeles for Boston Properties, which has previously focused on four other gateway markets: Boston, New York, San Francisco and Washington, D.C. “We are very pleased to enter the Los Angeles market through our acquisition of Colorado Center,” says Owen Thomas, CEO of Boston Properties. “Colorado Center is a proven and premier office campus, which provides us the opportunity to use our real estate skills to enhance and lease the property and realize the substantial upside potential we …

July 7, 2016

Features Multifamily Seniors Housing Top Stories

NIC: Seniors Housing Occupancy, New Construction Sag Slightly in Second Quarter

by Jeff Shaw July 7, 2016

ANNAPOLIS, Md. — The average occupancy rate for independent living and assisted living properties in the second quarter of 2016 dropped to 89.7 percent, as new inventory outpaced absorption of units, according to a quarterly report from the National Investment Center for Seniors Housing & Care (NIC). The occupancy rate represents a decrease of 30 basis points from the prior quarter, and brings average occupancy back down to where it was a year ago. During the past three years, occupancy has averaged 89.8 percent. As of the second quarter of 2016, occupancy was 2.8 percentage points above its cyclical low of 86.9 percent during the first quarter of 2010. The skilled nursing sector saw the same drop of 30 basis points to 87.1 percent. Despite the lower occupancy rate the second quarter, annual asking rents for independent living and assisted living continued to grow, increasing 3.2 percent. This is an increase of 10 basis points over the first-quarter growth rate and 80 basis points over the previous year. It’s the highest rate since the second quarter of 2008, NIC reports. In skilled nursing, the asking rent growth stayed flat at 2.8 percent. Annual absorption for independent living and assisted living …

July 7, 2016

Industrial Market Reports Northeast Northeast Market Reports Pennsylvania

Lehigh Valley’s Industrial Sector Sees Increasing Rents and Spec Construction

by Jaime Lackey July 7, 2016

With increasing rental rates, strong investor demand for core product and record levels of speculative construction, spirits are high in the Lehigh Valley with regard to industrial real estate opportunities. The record volume of product deliveries the past two years underscores the strong industrial demand in the Lehigh Valley. Vacancy has dropped from 15.9 percent in the first quarter of 2009 to a record-low 4.9 percent at the end of 2015, according to CoStar. The average net industrial rental rate jumped 11.1 percent during the past 18 months, an even more impressive figure when compared against the 10-year average of 1.65 percent rental rate growth in Lehigh Valley for modern distribution buildings. After many years of flat rental growth, year-end 2015 industrial leases were completed in the $4.75- to $4.95-per-square-foot range in the Allentown-Bethlehem-Easton, Pennsylvania MSA. In 2016, expect a modest increase in rental rates as the delivery of new construction across the northeastern Pennsylvania region will slow growth and push vacancy rates higher. Leasing activity has been broadly distributed along the regional I-78 and I-81/I-80 corridors. Within the valley, industrial growth has occurred primarily along the main interchanges of I-78, U.S. 22 and Route 33. In the past 12 …

July 7, 2016

Multifamily Seniors Housing Washington Western

Emerald Communities Completes $60M Expansion at CCRC Near Seattle

by Nellie Day July 6, 2016

REDMOND, WASH. — Emerald Communities has completed the $60 million expansion of Emerald Heights, a nonprofit continuing care retirement community in the Seattle suburb of Redmond. The expansion included a 43-unit independent living addition named Trailside, new health services clinic, full-continuum-of-care addition named The Corwin Center, fitness center, auditorium and new dining venue. Emerald Heights is located on 38 acres and is home to more than 550 seniors. The community opened in 1992. Emerald Communities is a nonprofit operator of continuing care retirement communities. Its second community, the 275-unit Heron’s Key, is currently under construction in Gig Harbor, another suburb of Seattle.

July 6, 2016

Colorado Multifamily Seniors Housing Western

Grace Healthcare Exits Western Markets with $15.3M Sale of Three Colorado Skilled Nursing Facilities

by Nellie Day July 6, 2016

PAONIA, GLENWOOD SPRINGS AND ROCKY FORD, COLO. — Seniors housing owner/operator Grace Healthcare has officially exited all Western U.S. states with the $15.3 million sale of its final three skilled nursing communities in Colorado. Evans Senior Investments negotiated the sale to an undisclosed California-based investor. The price equates to $67,700 per bed. The new owners will lease the properties to a new operator that already has a presence in Colorado. The three properties are Paonia Care and Rehab Center in Paonia, Grace Healthcare & Rehab in Glenwood Springs and Pioneer Health Care Center in Rocky Ford. Located on the Western Slope in Colorado, Paonia Care and Rehab Center is approximately 70 miles from the city of Grand Junction. The facility features 60 beds in a 16,424-square-foot, single-story building. Located 80 miles southwest of Aspen, Grace Health & Rehab is located on 1.5 acres and features 54 skilled nursing beds and 16 assisted living beds. Pioneer Health Care Center features 94 beds on 4.1 acres. The 36,842-square-foot community offers memory care and rehabilitative care. In June, Grace announced it had sold all its remaining California and Arizona properties in a $14.7 million deal, also negotiated by Evans Senior Investments.

July 6, 2016

California Retail Western

Faris Lee Investments Brokers $5M Sale of Rite Aid Property in Moreno Valley

by Nellie Day July 6, 2016

MORENO VALLEY, CALIF. — Faris Lee Investments has arranged the sale of a Rite Aid property located at 24991 Alessandro Blvd. in Moreno Valley. Karaglanov Trust acquired the asset from P&A Development for $5 million. Built in 1998 and situated on 1.66 acres, the property features 16,730 square feet of retail space. Jeff Conover of Faris Lee represented the seller, while Century 21 Golden Realty represented the buyer in the deal.

July 6, 2016

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