Challenges abound for seniors housing: occupancies at historic lows, widespread outbreaks in 2020, steeply increased operating expenses all contribute to the industry difficulties Matt Pipitone, Seniors Housing Platform manager, M&T Realty Capital Corp., outlines when discussing the seniors housing outlook for 2021. When discussing this year and what needs to happen for the industry to recover, Pipitone explains, “The focus will be on the occupancy rebound. How much pent-up demand is there? We expect there to be some improvement in the near-term occupancies as they start climbing back towards more stabilized levels. However, it remains to be seen how quickly things will ramp back up. Each market will be different.” How have occupancy pressures impacted rents and incentives? How will newer projects continue to lease up? Pipitone knows there are many questions, but says “Overall, we hope to see things gradually improve throughout the rest of 2021. We still have a lot of confidence in our clients. They’re resilient, passionate about their residents (and residents’ families and staff) and they’ll persevere.” Watch as Pipitone discusses Fannie, Freddie, refinancing, bank involvement, lasting impacts from the pandemic and much more. This article is posted as part of REBusinessOnline’s Finance Insight series. Click here to …
MYRTLE BEACH, S.C. – The Sembler Co., a St. Petersburg, Fla.-based commercial real estate developer, plans to develop The Mill, a 46-acre mixed-use project in Myrtle Beach’s Carolina Forest community. The new development is slated to include retail, office space and multifamily. Sembler is partnering with Hawthorne Residential Partners on the apartment residences. Sembler and Hawthorne expect to begin construction this summer. The Mill is situated at the intersection of River Oaks Drive and Carolina Forest Boulevard, adjacent to The Parks of Carolina Forest, a roughly 800-unit housing development by D.R. Horton Inc. The Mill will include Marketplace at The Mill, a 66,680-square-foot neighborhood shopping center that features a freestanding, 46,800-square-foot Publix, as well as a six-acre parcel ideal for a medical or traditional office, hotel, mini-storage or other commercial use. The shopping center is expected to be complete by summer 2022. The Mill will also include Hawthorne at The Mill, a 290-unit multifamily residential community. The property will offer one-, two- and three-bedroom units throughout two four-story buildings with elevator access and nine, two-story carriage-style buildings over private garages. The apartment community will also feature over 8,000 square feet of amenity space, including a luxury clubhouse with resident lounge, …
MOUNT PLEASANT, S.C.— SRS Real Estate Partners’ National Net Lease Group has brokered the $7.4 million sale of The Shops at Gregorie Landing, a shopping center located at 2966 Hwy 17 N in Mount Pleasant. Parker Walter, Matthew Mousavi and Patrick Luther of SRS represented the buyer, a private investor from the Northeast who was in a 1031 exchange, in the transaction. Benjy Cooke of Oswald Cooke & Associates represented the seller, an unnamed South Carolina-based developer. The Shops at Gregorie Landing is located approximately 12 miles from Charleston and 11 miles from the South Carolina Aquarium. Completed in 2020, the 11,125-square-foot property is situated on 1.6 acres. The newly constructed three-tenant retail property is fully occupied by Panera Bread, TD Bank and Heartland Dental who have all signed long-term, triple net leases.
RUSTBURG, VA. — S.L. Nusbaum Realty Co. has arranged the $4.7 million sale of Rustburg Marketplace, a 46,700-square-foot shopping center in Rustburg. The Kent Mall LLC, a private real estate investment company based in Pennsylvania, purchased the center from Rustburg Ventures LLC. The center, anchored by Food Lion, was fully leased at the time of sale to nine local and national tenants including Family Dollar, Virginia ABC, Domino’s Pizza and Subway. According to the brokers, 88 percent of the tenants at Rustburg Marketplace have been in place for more than 20 years.
OWENSBORO AND PADUCAH, KY. — DLP Real Estate Capital has acquired the Chandler Park multifamily property portfolio, which consists of two Kentucky communities in Owensboro and Paducah. The 560-unit portfolio includes one-, two- and three-bedroom units and marks DLP’s first expansion in Kentucky. The seller, Chandler Apartment Homes, sold Owensboro for $35.4 million and Paducah for $25.7 million. Built in 2014, the 320-unit Chandler Park, Owensboro is located at 3750 Ralph Ave. The property sits on over 17 acres with 17 residential buildings and includes a swimming pool, fitness center and green space with grills. The apartments have open floor plans, patios and balconies, stainless steel appliances, granite countertops and are pet-friendly. Built in 2016, the 240-unit Chandler Park, Paducah is located at 2651 Perkins Creek Drive. The property sits on almost 12 acres with seven apartment buildings and includes a swimming pool, fitness center, clubhouse and dog park. The apartments have open floor plans, stainless steel appliances with granite countertops, private patios and balconies and are pet-friendly. Brian Devlin, Brandon Wilson and John Seale of The Kirkland Co. brokered the portfolio sale. Kirkland Co., based in Nashville, is a brokerage firm that specializes in the sale of apartment communities …
CHESTER, VA. — Cushman & Wakefield | Thalhimer has facilitated the $1.9 million sale of approximately six acres of land located on the corner of Route One at Moore’s Lake Road in Chester. David Smith of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the sellers, Americana Park LLC and Trollingwood Land LLC. Bon Secours St. Francis Medical Center, a medical center located in Midlothian, Va., purchased the property for the development of a freestanding emergency clinic.
Ralph Cram, President of Envoy Net Lease Partners, LLC, is seeing dramatic change in the net lease space in 2021: in the past couple months he’s seen cap rates with 25 to 35 basis point drops on active deals, increased 1031 exchange activity and robust interest in net-lease properties. “What we’ve really seen in the last six months is the demand for investment-grade, net-lease properties has skyrocketed — partly because people aren’t buying nonessential or non-investment-grade tenants.” There is a supply constraint though: with many 2020 projects delayed, Cram anticipates 12 months before supply can reach the market — making for a tight market. Finance criteria for net lease clients, construction loan programs, development risks, outlining the process for lending overall and 2021 goals are concepts covered in this video interview for Finance Insight. This article is posted as part of REBusinessOnline’s Finance Insight series. Click here to subscribe to the Finance Insight newsletter, a four-part newsletter series, followed by video interviews delivered to your inbox in March.
PALM BEACH GARDENS, FLA. — Cushman & Wakefield has secured a $25.4 million loan to refinance Corporate Center at the Gardens located in Palm Beach Gardens. Jason Hochman, Mike Ciadella and Ron Granite of Cushman & Wakefield secured the new long-term, non-recourse loan through BankUnited on behalf of the owners, Alchemy-ABR Investment Partners and Breakers Capital Partners. Gavin Loughlin and John Litan at Greenberg Traurig served as Alchemy-ABR-BCP’s legal counsel in the refinancing. Located at 4200-4400 Northcorp Parkway, the 114,123-square-foot Corporate Center at the Gardens has been nearly 100 percent occupied since Alchemy-ABR-BCP’s acquisition. The building serves as the corporate headquarters for Garden of Life – Nestle, Olympus Insurance and The Weiss Group. Additionally, the property is the only South Florida location for Oxford Global Resources. Alchemy-ABR Investment Partners, based in New York City, is a fully integrated real estate investment and development company.
ALTAMONTE SPRINGS, FLA. — Axiom Realty Partners LLC has sold The Studios at Uptown, a 108-unit, all-studio apartment community located in Altamonte Springs, for $10.9 million. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller in the transaction. Denny Romain, Charles Crapse and Alex Kupp of Cushman & Wakefield arranged acquisition financing through Ameris Bank on behalf of the buyer, Ty and Tovah Lohman of Ormond Beach, Fla. Located at 245 Loraine Drive, The Studios at Uptown was 97 percent occupied at the time of sale. Community amenities include a swimming pool with a sundeck, tennis courts and onsite laundry facilities on each floor. The property is 26 miles from Walt Disney World Resort and 48 miles from Daytona Beach.
FLORENCE, KY. — Ohio-based MAGNA Properties has acquired Florence Shops, a 50,068-square-foot, multi-tenant shopping center located at 7541-7565 Mall Road in Florence. The property was fully leased at the time of sale. Patrick Metz of Stan Johnson Co. represented MAGNA Properties in the $5.5 million acquisition. The seller was an undisclosed local developer. The Florence Shops is situated on 4.1 acres approximately 13 miles from Cincinnati. The acquisition includes additional development potential on an adjacent pad site. The center’s neighboring tenants include Kroger, Old Navy, Ulta Beauty and Barnes & Noble. The center was last renovated in 2015.