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Conference CoverageMultifamilyTexasTexas & Oklahoma Feature ArchiveTop Stories

Apartment Locators, Property Managers in Houston Cash In On Rent Slump, Say InterFace Panelists

by Taylor Williams

HOUSTON — While it’s not an ideal time to be a multifamily property owner in Houston, it is a good time to be working on behalf of one. With their clients sitting on excess supply, apartment locators — middlemen who match tenant preferences to properties — are being increasingly called upon to deliver tenants. Locators work on commission, typically earning about 20 percent of the first month’s rent for their services. But in Houston’s soft market, that figure is rapidly rising. Ricardo Rivas, chief investment officer at Allied Orion Group and one of several panelists who spoke at the InterFace Houston Multifamily conference on March 28, noted that while locators are costly, the services they provide in a down market are crucial. “They [locators] are our best friends right now,” Rivas said to 175 industry professionals who gathered at the Royal Sonesta Hotel. “We reach out to them, we throw them parties and we give them big incentives to bring tenants over.” Todd Marix, a senior managing partner in HFF’s Houston office who spoke on an earlier panel, addressed the rising operating costs that landlords are facing. In his view, fees paid to apartment locators are quietly doing major damage …

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New YorkNortheastOfficeTop Stories

TF Cornerstone Secures $325M Refinancing for Carnegie Hall Tower in Manhattan

by Nellie Day

NEW YORK CITY — TF Cornerstone has secured a $325 million refinancing for Carnegie Hall Tower, a 555,000-square-foot, trophy office property on Manhattan’s “Billionaire’s Row.” The 60-story building is located at 152 W. 57th Street. Carnegie Hall Tower opened in 1991 and was designed by Cesar Pelli. The building features a vaulted entrance and a through-block grand lobby adorned with Italian marble, brass and hardwood accents similar to its landmark neighbor, Carnegie Music Hall. Many floors offer 360-degree views of New York City, including Central Park, the skyline, the Hudson and East rivers and the Atlantic Ocean. “Delivered in 1991 during an economic recession, the property took time to lease up and stabilize,” says Jeremy Shell, executive vice president of TF Cornerstone. “The market was soft but the principals of our firm were persistent in waiting out the vacancies of the early 1990s. [Cornerstone] went to great lengths to keep the property solvent and to ultimately realize their vision for Carnegie Hall Tower.” Some of the tower’s current notable tenants include TR Winston & Company, Metacapital, Kingdon Capital, 13D Management, Grubman Indursky Shire & Meiselas law firm and Greystone & Company. Singer & Bassuk Organization (SBO) arranged the financing through …

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FeaturesRetailTop Stories

Reis: Despite Bankruptcies, Retail Vacancy Holds Steady, Rents Increase

by Jeff Shaw

NEW YORK CITY — Despite a rash of bankruptcies and store closures by major retailers during the first quarter of 2017, the U.S. retail market overall is quite healthy, according to a report by Reis, a New York-based commercial real estate analytics firm. To gather its data, Reis tracked multi-tenant neighborhood and community shopping centers of 10,000 square feet or larger in 77 primary metro areas throughout the United States. Last week, Payless ShoeSource became the 10th retailer to file for Chapter 11 bankruptcy so far this year, according to CNBC. Others include Gander Mountain, BCBG Max Azria, Wet Seal, Limited Stores, Gordmans Stores, hhgregg, Eastern Outfitters, RadioShack, General Wireless Operations and Michigan Sporting Goods Distributors. Aeropostale also closed nearly 600 locations in 2017, while Sports Authority gave back 460 storefronts after its liquidation. Macy’s, JC Penney and Sears are undertaking additional store closures Despite the headline-grabbing stories that would imply retail is struggling, Reis reports that the vacancy rate held steady at 9.9 percent during the first quarter of 2017 — identical to both the previous quarter and previous year. Both asking and effective rents increased as well. Asking rents rose to $20.55 per square foot, an increase of …

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HealthcareIllinoisMidwestTop Stories

Care Capital Properties to Acquire Six Behavioral Health Hospitals for $400M

by Katie Sloan

CHICAGO — Care Capital Properties Inc. (NYSE: CCP) has entered into a definitive agreement to acquire six behavioral health hospitals in a sale-leaseback transaction for $400 million. The six-property portfolio contains a total of 712 beds in California, Arizona and Illinois. The hospitals primarily provide acute inpatient and outpatient psychiatric care, addiction services, geriatric psychiatric care and child and adolescent psychiatric care. Signature Healthcare Services LLC, one of the largest privately owned behavioral healthcare providers in the United States, currently owns the properties. As part of the transaction, CCP has agreed to fund up to $50 million in expansion and improvements within the portfolio. CCP will also have an option, exercisable beginning in the fourth quarter of 2018, to purchase one additional building for an amount that is expected to be approximately $20 million. Acquired properties include Aurora Charter Oak Hospital in Covina, Calif.; Aurora Vista del Mar Hospital in Ventura, Calif.; Aurora San Diego Hospital in San Diego; Aurora Arizona West in Glendale, Ariz.; Aurora Arizona East in Tempe, Ariz.; and Aurora Chicago Lakeshore Hospital in Chicago. Upon completion of the transaction, which is slated for the second quarter of 2017, CCP will lease the properties to affiliates of …

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MultifamilyStudent HousingTexasTexas & Oklahoma Feature ArchiveTop Stories

InterFace Student Housing Brings Industry Executives to Austin

by Taylor Williams

AUSTIN, TEXAS  — Over 1,200 leaders from across all facets of the student housing industry descended on Austin last week for the 9th annual InterFace Student Housing conference, held at the J.W. Marriott. The conference concluded April 7 after two-and-a-half days of networking and educational sessions on topics ranging from the state of the industry, to leasing and marketing, development and design. While the industry is evolving, sunny skies continue to be the forecast for years to come. Rising rental rates are coupled with record-breaking levels of asset sales, and an increase in institutional and foreign investment, further legitimizing the sector. The conference kicked off Wednesday, April 5, with the 6th annual SHB Open Golf Outing at Barton Creek Resort & Spa, and then moved to the third floor of the J.W. Marriott Austin, where a record-breaking number of attendees met to network and dine over a range of industry topics. The afternoon began with a round of Speed Networking, where over 100 industry experts participated in short, four-minute conversations designed to spur discussion and foster new relationships. The group then moved into 25 InterFace+ Info Roundtables on topics ranging from the possible obsolescence of interior amenities, to international student housing opportunities and …

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New JerseyNew YorkNortheastRetailTop Stories

Urban Edge to Acquire $325M Retail Portfolio in New York, Philadelphia, St. Louis

by Taylor Williams

NEW YORK, PHILADELPHIA AND ST. LOUIS — Urban Edge Properties (NYSE: UE), a real estate investment trust, has entered into a contract to acquire a seven-property portfolio of retail assets for $325 million. The portfolio was 83 percent leased at the time of sale. The portfolio, which spans approximately 1.5 million square feet of leasable space, will consist primarily of retail properties in the New York City area, with holdings in the Philadelphia and St. Louis areas as well. According to CoStar Group, affiliates of New Jersey-based Acklinis Realty Holding LLC have owned the portfolio for the last four decades. The contributors will exchange their interests for approximately $127 million of UE’s operating partnership units, which are valued at $27.02 per unit. Urban Edge will also assume $33 million in existing debt, issue roughly $117 million of non-recourse, secured debt and fund the remaining $48 million in cash. Among the portfolio’s New York City-area properties are Yonkers Gateway Center, a 436,770-square-foot asset located at 2500 Central Park Ave. in Yonkers, which is 88 percent leased to tenants such as Burlington Coat Factory, PetSmart and Alamo Drafthouse; and The Plaza at Woodbridge, a 413,013-square-foot center located at 675 U.S. Highway 1 in …

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ArizonaColoradoMultifamilyOregonTop StoriesWashingtonWestern

Berkeley Point Capital Provides $250.5M Loan for Acquisition of Multifamily Portfolio in Western Region

by Kristin Harlow

WASHINGTON, OREGON, COLORADO AND ARIZONA — Berkeley Point Capital has provided a $250.5 million loan for the acquisition of a multifamily portfolio located in the western United States. Starwood Capital Group acquired the portfolio from Holland Partners. Built between 1985 and 2002, the portfolio comprises 2,136 units across 11 properties in Washington, Oregon, Colorado and Arizona. Berkeley Point Capital used Freddie Mac’s Adjustable-Rate Mortgages (ARM) product to provide the 10-year loan. Due to rent levels at the properties, 25 percent of the loan balance qualified as affordable and exempt from Freddie Mac’s production cap. Charlie Haggard and Kevin Mignogna of Berkeley Point Capital arranged the financing. Berkeley Point Capital, based in Bethesda, Md., provides financing for multifamily properties, with a portfolio of $55 billion representing 3,600 loans in 49 states. Greenwich, Conn.-based Starwood Capital Group is a private investment firm with $52 billion of assets under management. —Kristin Hiller

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MidwestMissouriRestaurantRetailTop Stories

JAB Continues Expansion into U.S Restaurant Industry with $7.5B Acquisition of Panera Bread

by John Nelson

ST. LOUIS — JAB Holding Co., the private investment firm that purchased Krispy Kreme Doughnuts last year, has agreed to purchase Panera Bread Co. (NASDAQ: PNRA) in a transaction valued at approximately $7.5 billion. JAB will acquire Panera Bread for $315 per share in cash and will assume approximately $340 million of net debt. Panera Bread’s board of directors has unanimously approved the purchase agreement, which is expected to close in the third quarter of this year. “We strongly support Panera’s vision for the future, strategic initiatives, culture of innovation and balanced company versus franchise store mix,” says Olivier Goudet, partner and CEO of JAB. “We are excited to invest in, and work together with, Panera’s management team and franchisees to continue to lead the industry.” As of Dec. 27, 2016, there were 2,036 bakery-cafes in 46 states and in Ontario, Canada operating under the Panera Bread, Saint Louis Bread Co. or Paradise Bakery & Café names. Information about whether or not the transaction will affect Panera Bread’s restaurant locations was not disclosed. After 25 years operating as a publicly traded company, Panera Bread will become private and continue to be operated independently by its management team. Speaking to The …

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FeaturesRetailTop Stories

M&M: Despite Department Store Closings, Retail Sales Boosted by Three Significant Trends

by Kristin Harlow

Retail sales vaulted 4.4 percent in 2016, driven by consistent job growth, wage growth and high consumer confidence, according to a research brief from Marcus & Millichap. These three trends have fostered a strong retail consumption environment that will continue to support retail center performance. Consistent job growth saw the addition of 2.4 million workers in 2016. Wage growth has averaged 2.3 percent annually and consumer confidence has remained near decade highs. Obscuring the positive performance in local community retail establishments was the department store closures from Sears, Macy’s and JC Penney, as well as the bankruptcy of hhgregg. In 2016, sales fell 5.6 percent in the department store segment and 6 percent for electronics retailers. Other specialty stores, such as Ulta Beauty and Dick’s Sporting Goods, have reported strong sales growth and opportunity for expansion. Ulta Beauty unveiled plans for 100 new locations over the coming year. Sales in the health and personal care sector grew 6.1 percent last year. Dick’s Sporting Goods plans to open 43 new stores this year. Sporting goods sales rose 4.6 percent. Vigorous grocery demand continues in local communities. Grocery chains will anchor and open more than 280 local neighborhood centers this year. As …

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Company NewsKansasMidwestRetailTop Stories

Payless ShoeSource Files for Bankruptcy, Plans to Close 400 Stores

by Nellie Day

TOPEKA, KAN. — Payless ShoeSource has filed for Chapter 11 bankruptcy and announced plans to immediately close nearly 400 underperforming stores. The company, which bills itself as the largest specialty family footwear retailer in the Western Hemisphere, currently operates approximately 4,400 stores in more than 30 countries. The shoes and accessory retailer was founded in 1956 in Topeka, Kan. “This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify,” says W. Paul Jones, the company’s CEO. “We will build a stronger Payless.” Payless has entered into a Plan Support Agreement (PSA) with its lenders to reduce its debt load by almost 50 percent. The plan will also allow Payless to lower its annual cash interest costs, access additional capital and provide a path to emergence from Chapter 11 with a sustainable capital structure. The agreement will also allow Payless to invest in areas that may provide further growth, including omnichannel expansion, product and inventory initiatives, and international expansion in Latin America and elsewhere. The company plans to optimize its store footprint through the immediate store closures, as well as managing its existing real estate lease portfolio. This may include modifying …

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