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Transwestern Arranges $19.7M Sale of Atlanta Retail Properties Leased to Target, Taco Bell

by Alex Tostado March 25, 2020

ATLANTA — Transwestern Real Estate Services has arranged the $19.7 million sale of a single-tenant building leased to Target and an outparcel leased to Taco Bell. The property is situated at the intersection of North Druid Hills and Briarcliff roads in Atlanta, less than one mile from Emory Healthcare and Children’s Healthcare of Atlanta. The Target store spans 154,000 square feet and the Taco Bell restaurant comprises 2,272 square feet. Fred Victor and Jon Kleinberg of Transwestern represented the seller, Lauderhill, Fla.-based Scarlett & Associates Inc., in the transaction. San Francisco-based Stockbridge Capital Group acquired the property.

March 25, 2020

Georgia Southeast

Atlanta Mayor Issues Stay-at-Home Order to Curb Spread of COVID-19

by Alex Tostado March 24, 2020

ATLANTA — Atlanta Mayor Keisha Lance Bottoms has signed an executive order that requires Atlantans to stay in their place of residence in response to the rising number of COVID-19 infections. The order will go into effect at midnight, March 24. Individuals may leave their place of residence only for essential activities, essential governmental functions or to operate essential businesses. According to the Georgia Department of Public Health, Fulton and DeKalb counties — where Atlanta city limits lie — combined to have 226 confirmed cases as of 7 p.m. Monday. Some examples of essential businesses include healthcare operations and essential infrastructure; grocery stores, farmers’ markets, farm and produce stands, supermarkets, food banks and convenience stores; food cultivation, including farming, livestock and fishing; newspapers, TV, radio and other media services; gas stations and auto-supply, auto-repair and related facilities; and banks and related financial institutions. According to Bottoms, essential government functions means all services needed to ensure the continuing operation of the government agencies and provide for the health, safety and welfare of the public. “As mayor of Atlanta, I have been entrusted with making decisions that are specific to our city,” says Bottoms. “Given our population density, high rate of asthma …

March 24, 2020

Market Reports Multifamily Texas Texas Market Reports

Fort Worth Rises on Multifamily Investors’ Radars

by Taylor Williams March 24, 2020

The U.S. economy’s continued expansion, combined with the migration of people from high-tax states in the Northeast and California, bodes well for multifamily real estate investment in metros across the Southeast and Texas. Many cities in the so-called “Sun Belt” will continue to experience strong demand for apartments thanks to the low cost of living and new jobs stemming from corporate investment across the region. The Fort Worth market has been a beneficiary of all of these dynamics, and there are a plethora of compelling reasons why multifamily investors are eager to invest in the Panther City. Population Boom Fort Worth’s population has seen considerable expansion over the past decade, serving as a catalyst for Texas to become a leader in this key fundamental. U.S. Census Bureau data shows that from 2010 to 2018, Texas led the nation in population growth with over 3.5 million new residents, 1 million of which moved to the DFW area between 2010 and 2019. Just this past year alone, Texas continued to be a national leader in population growth, with Tarrant County coming in at No. 3 for total new out-of-state residents, according to the Texas Association of Realtors®. In terms of how this …

March 24, 2020

Features Hospitality Industrial Multifamily Office Restaurant Retail

COVID-19 and Commercial Real Estate: What We Know, What We Don’t

by Jeff Shaw March 23, 2020

The coronavirus pandemic (COVID-19) has not only impacted the physical health of humans around the world, but the health of the U.S. economy as well. While the stock market rallied over 11 percent on Tuesday, its biggest jump in nearly 90 years, on news that a federal stimulus bill to rescue the economy from the coronavirus was imminent, the Dow Jones Industrial Average was still down 31 percent from its most recent high at the closing bell. Meanwhile, economists say weekly jobless claims — new filings for unemployment insurance — could hit 2 million or 3 million. The Labor Department will release the latest figures on Thursday morning. Before the coronavirus hit, weekly jobless claims hovered around 215,000. Though no one knows the true fallout yet — because we’re still in the thick of it. “The impact of the crisis on the commercial real estate market has been dramatic so far, and we are only in the beginning,” says Alex Zikakis, president and founder of Capstone Advisors, a real estate investment, development and asset management company in Carlsbad, Calif. “Many small businesses, especially in retail, are facing extreme pressure as people social distance and only shop for absolute necessities. I …

March 23, 2020

Company News Hospitality Top Stories

Marriott to Furlough Two-Thirds of Domestic, International Corporate Staff

by Taylor Williams March 23, 2020

BETHESDA, MD. — Marriott International Inc. (NASDAQ: MAR) will furlough approximately two-thirds of its 4,000 corporate staff members in the company’s Bethesda office, as well roughly two-thirds of its international corporate staff, according to multiple media sources. A company spokesperson first confirmed the news to The Wall Street Journal, which also reported that most furloughs are expected to last 60 to 90 days. Hospitality and travel blog One Mile at a Time reported the same time frame. The announcement comes on the heels of Marriott’s decision last week to furlough what could ultimately be tens of thousands of employees at its hotels around the world. According to the company’s website, Marriott owned and operated about 7,300 properties under 30 brands in 134 countries. Those properties total more than 1.3 million rooms. Marriott also employs some 130,000 people worldwide. On a conference call late last week, Marriott CEO Arne Sorenson told investors that after seeing strong growth in revenue per available room (REVpar) in its European and North American hotels during the first two months of the year, these properties were now seeing an average occupancy rate of about 25 percent. That figure stood at roughly 70 percent a year ago, …

March 23, 2020

Charlotte Rent and Occupancy, RED Capital

Content Partner Features Lument Multifamily North Carolina RED Capital Group Southeast

Charlotte Surges into the First Rank of U.S. Growth Markets

by Sarah Daniels March 20, 2020

Charlotte is America’s second-largest commercial banking center, home to one of the country’s biggest financial institutions, Bank of America; soon the headquarters site of another when BB&T and SunTrust merge; and host to more employees of Wells Fargo than call its San Francisco base home. It would be hard to exaggerate the economic benefits the local market secures from this status. One growing but not widely appreciated benefit is the Queen City’s emergence as one of the world’s hotbeds of innovation in fintech, the space in which digital technology and financial services intersect. With support from local financial services giants, well-funded fintech incubators (like Queen City Fintech, hired by IBM to build and run their Hyper Protect accelerators) and a burgeoning start-up community, Charlotte has hatched a small army of successful fintech firms capitalized with more than $2 billion to date. Lately, entrepreneurs in other disciplines have come to appreciate Charlotte’s virtues. Nascent disruptors in the healthcare and electric power sectors are setting down roots in the city, attracted by its low operating and living costs, quality of life, deep well of talent and uniquely collaborative style. The injection of start-up energy into Charlotte’s thriving Fortune 500 business foundation catalyzed …

March 20, 2020

Market Reports Office Texas Texas Market Reports

Population Boom Spurs Momentum in Fort Worth’s Office Market

by Taylor Williams March 20, 2020

These days, one of the most widely-shared facts about Texas’ economy is the fact that the Dallas-Fort Worth (DFW) metroplex adds about 360 new residents per day. But a lesser-known part of that statistic involves the fact that Fort Worth is experiencing a faster rate of population growth than Dallas. According to U.S. Census data, Fort Worth was the third fastest-growing city in the country from 2012 to 2017. In 2018, Fort Worth gained 20,000 new residents, compared to just 2,000 new Dallasites. According to the latest information from the U.S. Census Bureau, Cowtown is now the 13th-most populous city in the United States, having surpassed San Francisco and Columbus, Ohio, to reach a total of 895,000 residents. On the heels of all that population growth has come a rapidly expanding local economy. Census data shows that Fort Worth saw more than a 21 percent increase in its population of employed residents in the five years leading up to 2017. This growth enabled Fort Worth to become the third-fastest-growing U.S. job market. Part of Fort Worth’s appeal is the fact that it has a diverse employment base, with growth in medicine, manufacturing and warehousing/distribution being especially pronounced during this cycle. …

March 20, 2020

California Company News Indiana Midwest Retail Top Stories Western

Simon, URW Among Latest to Temporarily Close Retail Centers Amid Coronavirus Outbreak

by Alex Tostado March 19, 2020

INDIANAPOLIS AND LOS ANGELES — Simon Property Group and Unibail-Rodamco-Westfield (URW) have announced they will temporarily close their respective shopping centers across the United States amid the worldwide COVID-19 outbreak. Simon (NYSE: SPG) closed all of its U.S. properties at 7 p.m. local time Wednesday. URW will close its properties starting today. URW, which is headquartered in Paris and has offices in Los Angeles and New York City, operates 47 properties in the U.S. Due to European governments implementing crowd bans, URW began shuttering centers in France, Spain, Poland, Austria, the Czech Republic and Slovakia on March 16. In a corresponding move, the company began actively reducing non-staff expenses and deferring non-essential capital expenditure. Unless instructed otherwise by local authorities, URW will reopen its properties March 29. URW says “essential” retailers will remain open. Essential stores are typically defined as grocery stores, pharmacies, convenient stores, etc. “We have not made this decision lightly and believe this is in the best interest of protecting our various stakeholders. We look forward to reopening these centers in the very near future,” says Jean-Marie Tritant, U.S. President of URW. “In the meantime, we are doing everything possible to make sure that ‘essential’ retail outlets …

March 19, 2020

Baltimore Multifamily Rent and Occupancy Forecast March 2020

Content Partner Lument Market Reports Maryland Multifamily RED Capital Group Southeast Southeast Market Reports

Underappreciated Multifamily Markets: Maryland Edition

by Jaime Lackey March 17, 2020

Although attractive multifamily investment opportunities may still be available in gateway cities, investors increasingly are sourcing deals in secondary markets where land and asset prices are lower, cap rates a bit more generous and an unpicked gem of value-add fruit can still be found on the vine by intrepid late-cycle buyers. Parties looking to replicate past successes may not have to look too far afield as Maryland markets — overshadowed of late by Washington and Philadelphia — offer much of what they seek with perhaps a lower degree of risk. In the last decade and particularly the last three years, the catalyst for economic growth in the Capital Area has shifted from government to high-tech services. As the tide turned, the focus of commercial real estate activity moved south toward Washington’s central core and Northern Virginia. In the process, the Maryland suburbs lost some of their star power. The diminished status of Montgomery and Prince George’s counties wasn’t entirely a matter of perception. Suburban Maryland apartment performance materially underperformed national averages in 2017 and 2018, and the spread widened between cap rates applied to Maryland properties on one hand and District and Northern Virginia assets on the other. Same-store property …

March 17, 2020

Features Loans Multifamily

Managing Volatility, Disruption Is Crucial to Multifamily Debt Market, Says Freddie Mac’s Martinez

by Taylor Williams March 16, 2020

As markets, consumers and businesses react to the novel coronavirus, lenders and mortgage bankers across the country find themselves reflecting on the volatility that characterized the multifamily debt market in 2019 and wondering just how similar 2020 could be. To be sure, market uncertainty is par for the course during presidential election years, and the market event related to coronavirus is creating additional anxiety. The multifamily debt markets are also working to move away from the LIBOR index as a benchmark for pricing loans to a new index, creating the need for adjustment within the industry when that move takes effect in 2021. But beyond those factors, lenders and mortgage bankers anticipate continued strength in multifamily loan production fueled by strong fundamentals and low interest rates. These topics formed the basis of discussion for much of the Mortgage Bankers Association and CREFC’s Multifamily Housing Convention & Expo, held February 9-12 in San Diego. The event afforded ample opportunities for publications that cover the industry to meet individually with multifamily finance professionals and gauge their outlooks on the health and prospective performance of the market in 2020. Rebusinessonline.com took advantage of those opportunities to sit down and talk with Rich Martinez, …

March 16, 2020

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