Top Stories

Seniors Housing Operators Share Their Secrets to Smart Growth at InterFace Conference in Chicago

by Katie Sloan June 30, 2016

CHICAGO — The U.S. economy may be stuck in low gear, but tactical and targeted growth strategies can produce outsized returns in the seniors housing space, according to a panel of property owners and operators who spoke during France Media’s InterFace Seniors Housing Midwest conference. The event, which took place June 21 at The Westin Chicago River North hotel, attracted 265 attendees from the seniors housing industry. Close attention to rental rates and occupancies boosts top-line revenue growth, said panelist Joe Solari, vice president of corporate development at Capital Senior Living. The Dallas-based company owns and operates 126 independent and assisted living properties. “We focus on buildings that are less than 90 percent occupied,” said Solari. Other successful growth strategies at Capital Senior Living include converting independent living units to those designed for a higher level of care, and the acquisition of stabilized communities in locales where the company already operates. “We can absorb these properties without almost any increase in corporate overhead,” said Solari. Moderated by Adam Heavenrich, managing director of Chicago-based Heavenrich & Co., the panel shared other effective corporate growth strategies. Participants included Bob Karn, executive vice president and CFO, Allegro Senior Living; Isaac Scott, principal, Anthem …

June 30, 2016

California Multifamily Top Stories Western

City of Anaheim Approves $364M, 1,079-Unit Luxury Apartment Building Near Angel Stadium

by Jeff Shaw June 29, 2016

ANAHEIM, CALIF. — The mayor and city council of Anaheim have unanimously approved construction of Jefferson Stadium Park, a 17.9-acre development adjacent to Angel Stadium of Anaheim, home of Major League Baseball’s Los Angeles Angels. Multifamily developer JPI is building the $364 million project, which centers around a 1,079-unit luxury apartment community. The development also includes a 1.1-acre public park and 14,600 square feet of retail space. The company plans to break ground in December. Residents of Jefferson Stadium Park will have access to Anaheim’s Regional Transportation Intermodal Center (ARTIC). The development is one mile from the Downtown Disney Shopping District, Disneyland and California Adventure theme parks. Also nearby is the public marketplace of the Anaheim Packing District. This is the second project for JPI in Anaheim’s Platinum Triangle neighborhood. Currently under construction is the $120 million Jefferson Platinum Triangle, a 400-unit luxury apartment community scheduled for occupancy in the fall of 2017. “Anaheim’s Platinum Triangle is a model for development efforts that encourage new projects, enhancing quality living experiences for the community,” says Heidi Mather, senior vice president and development partner for JPI. “This new project only strengthens our commitment to be a part of the revitalization of this …

June 29, 2016

Hospitality Maryland Restaurant Retail Southeast Top Stories

Cordish Companies Unveils Plans for $200M Expansion at Maryland Live! Casino

by Katie Sloan June 28, 2016

HANOVER, MD. — The Cordish Companies has unveiled plans for a $200 million expansion at Maryland Live! Casino in Hanover. The expansion will include a 17-story, flagship Live! Hotel tower; an event center; meeting spaces; new dining options; a Live! Retail store; approximately 1,000 additional parking spaces; and a day spa and fitness center. The hotel will offer 310 luxury guest rooms, 52 of which will be suites. The Grand Event Center will feature a 1,500-seat concert venue with a built-in performance stage. The development’s event center will also offer flexible pre-function and meeting space, an executive boardroom and banquet seating capable of hosting up to 800 guests. New dining options will include a 24-hour café, a gelato bar and a signature lobby bar with more than 50 seats. Contractors, project architects and designers tapped by The Cordish Cos. for the project include Klai Juba Wald Architects, McLaren Engineering Group, Laurence Lee Associates, Cleo Design Corp., Selbert Perkins, Corsi & Associates, Lynne Curry Spa Consulting, Giovanetti Schulman Assoc. and EDSA. Tutor Perini Corp. will be the project’s general contractor. The project is expected to create approximately 400 new jobs and 550 construction jobs for the region, according to the developers. …

June 28, 2016

Features Top Stories

Food Halls Make Their Way onto the California Foodie Scene

by Katie Sloan June 28, 2016

There were food courts, then there were food trucks. Now, the latest trend to fill the needs of today’s fast-paced culinary crowd is the food hall. Though the Todd English Food Hall at The Plaza hotel in Manhattan is generally credited with starting this latest development trend, the idea of creating a large space with multiple vendors offering fresh, locally sourced fare, is nothing new to California. Pair that with a little natural sunlight and communal seating, and you have the recipe for success in the sun-worshiping state. “California has long suffered a dearth of quality fast-casual dining,” says Anthony Deen, creative director of branded environments for CBX, a New York-based creative marketing service that specializes in food halls, among other things. “Pretty much every neighborhood in California has one great cheap place to eat, but to get variety, customers have to follow food trucks around. Food halls will solve these problems.” Though the food hall scene has not yet penetrated every region of California, its presence is definitely felt up and down the coast. It started with classics like the Ferry Building Marketplace in San Francisco, Grand Central Market in Downtown Los Angeles and the Original Farmer’s Market, which …

June 28, 2016

Office Southeast Top Stories Virginia

The Meridian Group Acquires International Place Office Building Near D.C. for $106.5M

by Nellie Day June 27, 2016

ROSSLYN, VA. — The Meridian Group has acquired International Place, a 293,539-square-foot office building in Rosslyn, for $106.5 million. Beacon Capital Partners sold the building, which is located at 1735 N. Lynn St. in an area of Northern Virginia that sits directly across the Potomac River from Georgetown. International Place is across from the Rosslyn Metro station, which contains Blue, Orange and Silver lines and is only one stop away from Washington, D.C. The Pentagon, Reagan National Airport, Tysons and Dulles International Airport are also in close proximity. The LEED-Gold certified building’s amenities include a new ground-floor, 4,376-square-foot fitness center, conference facility and management office. International Place also has “the largest potential for balconies and outdoor space in the Rosslyn-Ballston Corridor,” according to the buyer. The building overlooks the Jefferson Memorial, Memorial Bridge and Potomac River. It also features a centralized location near JBG Cos.’ newly constructed Central Place Development. This project features a 17,000-square-foot public plaza, a 377-unit residential tower and 45,000 square feet of ground-level retail. Bill Collins, Paul Collins, Drew Flood and Shaun Weinberg of Cushman & Wakefield represented the seller in this transaction. — Nellie Day

June 27, 2016

Georgia Hospitality Mixed-Use Southeast Top Stories

Great Wolf Resorts to Open $150M Lodge, Indoor Water Park in LaGrange, Georgia

by Christina Cannon June 24, 2016

LAGRANGE, GA. — Great Wolf Resorts Inc. has unveiled plans to open a new $150 million destination resort in La Grange, approximately 70 miles southwest of Atlanta, by 2018. The company has entered into a partnership with the state of Georgia and the City of LaGrange, but no other details of the partnership have been released. Great Wolf Lodge Georgia will offer 500,000 square feet of entertainment space. The centerpiece of the resort will be a 93,000-square-foot indoor water park that will include a multi-level treehouse, tipping water bucket, high-thrill water slides, a lazy river, wave pool, several zero depth entry pools and kids water play areas. The lodge will also include 456 rooms that will each accommodate at least five people. Rooms will include refrigerators, microwaves and coffee makers. Great Wolf Lodge will also offer kid-focused suites such as the Wolf Den and KidCabin, which will feature various themes and bunk beds. Other entertainment options will include a ropes course, climbing attraction, miniature golf, bowling alley, spas, dining options and numerous shows and programs. The lodge will also feature over 16,000 square feet of meeting and conference space with audio-visual technology and catering options. “Creating more than 600 jobs and …

June 24, 2016

Arizona Office Top Stories Western

Desert Troon Sells 638,717 SF Office Portfolio in Scottsdale for $122M

by John Nelson June 23, 2016

SCOTTSDALE, ARIZ. — Desert Troon Cos., a Scottsdale-based real estate developer, has sold a 638,717-square-foot office portfolio within the 260-acre Perimeter Center business park in Scottsdale. The buyers, Wentworth Property Co. LLC (WPC) and Northwood Investors, purchased the Class A portfolio for $122 million. Desert Troon originally developed the five-building portfolio, which features Perimeter Gateway I, II, III and V, and Terra Verde. WPC plans to start renovations to the portfolio immediately, including upgrades to the lobbies and common areas of Perimeter Gateway I, II and V, as well as adding a cafe, tenant lounge and fitness center to Perimeter Gateway I that will be available to tenants of all four Perimeter Gateway buildings. WPC also plans to convert roughly 162,000 square feet of the portfolio into spec space, with each building having two or three spec office suites. In addition, WPC plans to build two new parking garages, with construction starting in the third quarter for an estimated 2017 completion. Tom Knoell Jr. represented Desert Troon internally in the transaction, and Jeff Wentworth, Chris Walker, Mike Beall and Sean Spellman of Cushman & Wakefield represented the buyers. “As one of the premier office portfolios in the state, it has …

June 23, 2016

Conference Coverage Features Illinois Midwest Multifamily Seniors Housing Top Stories

Non-Core Properties Present Best Buying Opportunities in Seniors Housing Today, Say InterFace Panelists

by Christina Cannon June 23, 2016

CHICAGO — What are the best buying opportunities today for investors in the seniors housing space? The answer begins with an understanding of the deals that are among the least attractive, according to veteran broker Ryan Saul. A property that is 99 percent full that trades at a 6.5 percent cap rate could hardly be called opportunistic because there is no upside, points out Saul, managing director of Chicago-based Senior Living Investment Brokerage. Instead, buying a property that is 75 percent occupied for $100,000 a unit with a broken management team in place presents real opportunity, he believes. “You can go in, turn it around and really add value so that you can sell it stabilized for a much larger premium.” Saul’s insights came during a panel discussion on the state of the investment market at InterFace Seniors Housing Midwest, which took place Tuesday at the Westin Chicago River North Hotel. The conference attracted 265 attendees from a cross-section of the seniors housing industry. Moderated by Ben Firestone, managing director of Blueprint Healthcare Real Estate Advisors, the investment panel discussed who’s buying, who’s selling and what’s driving deal velocity. In addition to Firestone, the panelists included Talya Nevo-Hacohen, chief investment …

June 23, 2016

District of Columbia Loans Mixed-Use Office Retail Southeast Top Stories

KeyBank, Walton Street Originate $196M Refinancing for The Atlantic Building in D.C.

by Haisten Willis June 22, 2016

WASHINGTON, D.C. — A partnership between KeyBank Real Estate Capital and an affiliate of Walton Street Capital LLC have originated a $196 million first mortgage loan for Douglas Development Corp. The loan is secured by The Atlantic Building, a 280,000-square-foot trophy office building with ground-floor retail located in the east end of Washington D.C. The 10-year, fixed-rate loan includes a 65 percent loan-to-value ratio and refinances the existing debt on the property. KeyBank and Walton Street will provide servicing and advisory services for the life of the loan. The Atlantic Building is located at 950 F St. N.W. The property integrates seven historic buildings and facades with a 10-story office building next to Ford’s Theatre, the site where President Abraham Lincoln was assassinated in 1865. Built in 1887, the building was the city’s first privately constructed high-rise with elevator service. The historic exteriors have since been preserved and incorporated into the modern version of the property, which was redeveloped between 2004 and 2006. The Atlantic Building includes 283,512 rentable square feet, of which 29,172 square feet is retail and 35,340 square feet is office. In addition, there are 322 below-grade parking spaces and Metro access from the red, blue and …

June 22, 2016

Features Retail Top Stories

Wave of Store Closures Presents Opportunity to Reimagine Retail Spaces

by Christina Cannon June 22, 2016

The recent move by several national retail chains to close hundreds of their stores across the country creates a tremendous opportunity for shopping center owners, developers, communities and design professionals. This is a nationwide trend that reflects a shift in how we are shopping and living today. Property owners around the country are evaluating what to do with these empty big boxes. In years past, if a large retailer couldn’t be found, the space would be divided into two or three smaller retail spaces. This remains a viable option today in some cases. Expanding retailers with a store footprint of 10,000 to 20,000 square feet are also attracted to these locations. Breaking down the large boxes to mid-size footprints creates an opportunity for expanding retailers to open a new store in an established, mature location. However, with more cities encouraging mixed-use and vertical developments, owners are studying options to break out of the confines of the enclosed mall to create a multi-use environment. Such developments might include residential, hotel, shopping, dining and office uses, much like what is found on the vibrant streets of the world’s greatest cities. This forward thinking is redefining shopping centers and big-box retail spaces across …

June 22, 2016

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