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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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Conference CoverageFeaturesMultifamilyTexasTexas & Oklahoma Feature ArchiveTop Stories

Millennials in Houston Multifamily Driver’s Seat, Say InterFace Panelists

by Taylor Williams

Tenant concessions, ranging from free rent to complimentary carpet cleanings to distribution of gift cards, have become the norm in Houston’s multifamily market over the last few years. And according to several industry experts who spoke at the InterFace Houston Multifamily Conference on March 28, it’s the millennials who are taking advantage of them. Houston has become an especially attractive destination for millennials in recent years. According to a survey by JAXUSA Partnership, which tracks demographic trends throughout major metros, between 2010 and 2013, the metro ranked sixth in population growth of residents age 20 to 29. Tenants receive fewer concessions in submarkets without a lot of new construction. In Houston, this primarily means suburbs — The Woodlands, Pearland, and Katy. In submarkets closer to downtown, where there is generally more construction, concessions have come to serve as bargaining chips for prospective renters. For Houston landlords, operating in a market where concessions have become standard has made lease renewals harder to come by. Stacy Hunt, executive director of multifamily development and management firm Greystar, sees a direct correlation between millennials and lease renewals. “Properties in [sub]markets where you have a lot of millennials — Downtown, Heights, Washington Avenue — it’s tougher …

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Westin Maui Resort & Spa
HawaiiHospitalityTop StoriesWestern

Marriott Sells 759-Room Hawaiian Resort for $317M

by Jeff Shaw

LAHAINA, HAWAII — Marriott International Inc. (NASDAQ: MAR) has sold the Westin Maui Resort and Spa to a joint venture between Trinity Investments LLC and Oaktree Capital Management LP for approximately $317 million. The 759-room oceanfront resort is situated on 12 acres along Ka’anapali Beach in Lahaina, a town on the island of Maui’s western coast. Guestrooms are split between two 12-story buildings: the 553-room Ocean Tower, which recently underwent a multimillion-dollar renovation, and the 206-room Beach Tower. According to Bloomberg, the sale represents an effort to dispose of assets that Marriott acquired in its $14 billion takeover of Starwood Hotels & Resorts Inc., which was completed in September 2016. Under the terms of the transaction, Marriott will continue to manage the property. “The sale demonstrates the strength of the Westin brand and reaffirms our commitment to our asset-light strategy as we continue our merger integration,” said Leeny Oberg, chief financial officer of Bethesda, Md.-based Marriott. The deal raises Trinity’s volume of transactions in Hawaiian hospitality properties over the last six months to more than $600 million. As part of the agreement, the buyers have committed to providing capital improvements to the Beach Tower, as well as to the resort’s …

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FeaturesHeartland Feature ArchiveMultifamilyTop Stories

Jay Madary: Supply, Demand in Check for Midwest Apartment Market

by Kristin Harlow

The following is a Q&A with Jay Madary, president and CEO of Oak Brook, Ill.-based JVM Realty, regarding the state of the multifamily market in the Midwest. JVM owns and operates Class A and B apartment communities in Midwest markets such as Cleveland, Indianapolis, Kansas City and suburban Chicago. Madary was also quoted in the March issue of Heartland Real Estate Business in an article discussing apartment amenities and property management trends. Heartland Real Estate Business: What is your assessment of the health of secondary and tertiary multifamily markets in the Midwest? Jay Madary: They’re healthy. Supply and demand are in balance, and rents are affordable for residents. When you combine those rents with the strong income levels in the region, you can see there’s room for steady rent growth, unlike some of the primary coastal markets such as San Francisco and New York. From an investment perspective, the lower acquisition costs for apartment communities in the Midwest allow for higher returns than you’ll find in gateway markets. Residents of the Midwest are commonly described as steady and reliable, and that describes the multifamily market in the region as well. It may not have a lot of sizzle in the form of enormous rent …

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ColoradoHospitalityTop StoriesWestern

Ashford Hospitality Prime Acquires Park Hyatt Beaver Creek in Colorado for $145.5M

by Katie Sloan

BEAVER CREEK, COLO. — Ashford Hospitality Prime Inc. (NYSE: AHP) has acquired the 190-room Park Hyatt Beaver Creek Resort & Spa in Beaver Creek, Colo., for $145.5 million. The seller was not disclosed. The property amenities include ski-in and ski-out access; a heated outdoor pool and five outdoor hot tubs beneath a mountain waterfall; an outdoor fire pit; spa; fitness club; and onsite ski rental and boot fitting. The hotel also features 20,000 square feet of flexible indoor and outdoor meeting space, and dining options including a bar and grill, café and a complimentary s’mores happy hour held daily at the fire pit. Concurrent with the acquisition, Ashford Hospitality Prime received a $67.5 million, non-recourse mortgage loan. The financing features interest-only payments, and provides for a floating interest rate of LIBOR plus 2.75 percent with a two-year term and three one-year extension options. The property will continue to be operated as a Park Hyatt under a management agreement with Hyatt. Ashford Hospitality Prime is a real estate investment trust focused on investing in luxury hotels and resorts. The company’s stock closed on Friday, March 31 at $10.61 per share, down from $11.67 one year ago. — Katie Sloan

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