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Coronavirus Resources for the Commercial Real Estate Industry

by Jaime Lackey March 13, 2020

REBusinessOnline has compiled a number of commercial real estate industry reports and webinars to help readers find the information they need regarding coronavirus (COVID-19) and commercial real estate. The reports are organized by relevance and timeliness. (This page is no longer updated as of June 1, 2020.) Interested in coronavirus-related news items posted by REBusinessOnline? Click here for the feed. Interested in commercial real estate-related webinars focusing on responses to the pandemic? Click here for the list. Webinars Student Housing Business Up Close with Bill Bayless (05/04/2020) How to Maintain Leasing Velocity in Today’s Environment (04/30/2020) COVID-19 & the Impact on Student Housing: The CEO Perspective (04/17/2020) The Impact of COVID-19 on Student Housing (03/25/2020) Marcus & Millichap Marcus & Millichap Special Update: Multifamily Legislation (05/13/2020) The Shape of Things to Come: How Will the Economy and Retail Real Estate Look After the Global Health Crisis? (05/18/2020) InterFace Conference Group Seniors Housing Marketing and Sales During the Pandemic and Beyond (Upcoming 05/20/2020) California Retail Reboot — How Will California’s Retail and Restaurant Sector Recover Post-Coronavirus? (05/21/2020) Atlanta Retail Reboot (05/08/2020) Texas Retail Reboot (05/07/2020) The Short- and Long-term Impact of COVID-19 on Healthcare and Medical Office Real Estate (04/14/2020, Fee is …

March 13, 2020

Features Heartland Feature Archive Northeast Feature Archive Restaurant Retail Southeast Feature Archive Texas & Oklahoma Feature Archive Western Feature Archive

JLL: Coronavirus Is Impacting Retail Supply Chains

by Sarah Daniels March 12, 2020

With the stock market dropping to lows unprecedented since the Great Recession on Monday and the World Health Organization (WHO) declaring the outbreak of COVID-19 a pandemic, concerns are now rising regarding coronavirus’ long-term impact on domestic investments. But will the disease have any impact on brick-and-mortar retail? According to a research report from JLL, while retail supply chains have already been affected, the health of retail as whole depends heavily on how long the pandemic lasts. Certain sectors have already been impacted, and those in the industry can model their current economic outlook on the course SARS (severe acute respiratory syndrome) took in 2003. However, whether that model will hold as the pandemic evolves remains to be seen. The JLL report explains that the type of short-lived and limited outbreak created by SARS mainly affects the “first and second quarters with many retailers feeling impacts of a disrupted supply chain, but with a subsequent rebound in the following quarters.” Sectors already affected include inventory and complex supply lines. Chinese-manufactured goods may not be able to reach retailers in the coming weeks to months, as the retailers’ existing supply diminishes. Fashion stocks, especially for luxury retailers dependent on Chinese consumers …

March 12, 2020

Acquisitions California Multifamily Top Stories Western

Acacia Capital Buys Park Hacienda Apartment Community in Bay Area for $248M

by Kristin Harlow March 11, 2020

PLEASANTON, CALIF. — JLL Capital Markets has arranged the $248 million sale of Park Hacienda, a 540-unit apartment community within the Hacienda Business Park in Pleasanton, about 30 miles north of San Jose. Equity Residential (NYSE: EQR) sold the property to Acacia Capital Corp. The garden-style community is situated on 24 acres at 5650 Owens Drive. Originally completed in 2000, the property has been partially renovated and features one-, two- and three-bedroom floor plans averaging 998 square feet. Renovated units feature stainless-steel appliances, full-size washers and dryers, and personal patios with storage. Community amenities include two swimming pools, a fitness center, covered parking and direct public park access. Scott Bales, Peter Yorck, Nolan Moore and Max Machiorlette of JLL represented the seller. The sales price of $459,000 per unit makes it one of the largest single-asset, value-add, multifamily sales in Bay Area history, according to JLL. Chicago-based Equity Residential is a publicly traded real estate investment trust focused on the acquisition, development and management of rental apartment properties. The company owns or has investments in 309 properties consisting of 79,962 units, primarily located in Boston, New York, Washington D.C., Seattle, San Francisco, Southern California and Denver. Equity’s stock price closed …

March 11, 2020

Content Partner Development Features Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Opportunity Zones, HUD: Delivering More Workforce Housing

by Sarah Daniels March 6, 2020

Many of today’s headlines about multifamily housing have focused on the market’s two extremes: homelessness and high-end penthouses. Meanwhile, a crisis has been growing in the “missing middle;” there is a shortage of affordable rental housing for middle-class workers like teachers, firefighters and police officers. In recent years, middle-income families have been struggling with flat wages and rising childcare, education and healthcare costs. Not only are families being priced out of homeownership, but they’re finding fewer rental units in their price range. Indeed, rents have been rising, particularly in cities with booming economies. Nationwide, only 37 percent of all available units rent out at or below $1,200 per month, according to the National Low Income Housing Coalition (NLIHC) Out of Reach report and the Joint Center for Housing Studies of Harvard University. Yet only in 13 states do workers earn an average of at least $22.96 per hour, the amount required to comfortably afford a $1,200/month apartment. Charlotte is short 34,000 affordable housing units and Salt Lake City lacks 54,000. In total, there is a need for hundreds of thousands more affordable rental units. The problem is a matter of supply as well as demand. Formidable obstacles currently impede the …

March 6, 2020

Acquisitions Hospitality Top Stories

Xenia Hotels Agrees to Sell Seven-Property Hospitality Portfolio for $483M

by Alex Tostado March 5, 2020

ORLANDO, FLA. — Xenia Hotels & Resorts Inc. (NYSE: XHR), an Orlando-based hospitality REIT, has agreed to sell a seven-hotel, 1,124-room portfolio for $483 million, or approximately $430,000 per room. Kimpton manages all seven properties in the portfolio, which comprises the 97-room Canary Hotel Santa Barbara in California; 191-room Hotel Monaco Chicago; 189-room Hotel Monaco Denver; 225-room Hotel Monaco Salt Lake City; 230-room Hotel Palomar Philadelphia; 107-room Lorien Hotel & Spa in Alexandria, Va.; and the 85-room RiverPlace Hotel in Portland, Ore. Orlando-based Xenia acquired RiverPlace Hotel, Hotel Palomar Philadelphia and Canary Hotel Santa Barbara in 2015. The company acquired Hotel Monaco Denver, Lorien Hotel & Spa, Hotel Monaco Salt Lake City and Hotel Monaco Chicago in 2013. Xenia expects the sale to close in May, although the undisclosed buyer can extend the deadline to June with an additional deposit payment. The sales price represents a 5.3 percent capitalization rate, according to Xenia. “While these hotels are high-quality assets that are largely consistent with our long-term investment strategy, we believe that this disposition is an illustration of our ability to opportunistically unlock value within our current portfolio and increase shareholder value through portfolio recycling,” says Marcel Verbaas, chairman and chief executive officer …

March 5, 2020

Florida Leasing Activity Office Southeast

Spotify Signs 20,000 SF Office Lease Within Oasis at Wynwood in Miami

by Alex Tostado February 28, 2020

MIAMI — Spotify has signed a 20,000-square-foot lease to anchor the office component of The Oasis at Wynwood, a mixed-use development in Miami’s Wynwood submarket. The music streaming company is based in Stockholm and has its U.S. headquarters in New York City. The Oasis at Wynwood will feature 20,000 square feet of office space; 17,000 square feet of retail space; and a 35,000-square-foot landscaped courtyard featuring an outdoor food hall, a stage that will have live music programming on a nightly basis, an outdoor bar and a 75-foot tower featuring rotating art installations. New York City-based developer Carpe Real Estate is developing the project, which is slated to open by the end of this year. Brian Gale and Andrew Trench of Cushman Wakefield represented the landlord in the transaction. JLL represented Spotify.

February 28, 2020

Data Centers Development Industrial Office Top Stories

Google to Invest $10B This Year in Office, Data Centers Across the United States

by Alex Tostado February 27, 2020

MOUNTAIN VIEW, CALIF. — Google (Nasdaq: GOOGL) plans to invest $10 billion in office and data centers in 11 states this year that will create thousands of jobs. The 11 states will be Colorado, Georgia, Massachusetts, Nebraska, New York, Oklahoma, Ohio, Pennsylvania, Texas, Washington and California, according to Sundar Pichai, CEO of Google and its parent company, Alphabet Inc. In 2019, Mountain View-based Google announced it would invest $13 billion in major office and data center expansions in 14 states. Combined with other investments, Alphabet was the largest investor in the United States last year, according to the Progressive Policy Institute’s Investment Heroes 2019: Boosting U.S. Growth report. Data Centers Google plans to open or expand 13 data centers nationwide. Data center expansions in the South include locations in Georgia, Texas, Virginia, Alabama, South Carolina and Tennessee. In the Midwest, the company will open a new data center in Ohio and expand an existing center in Iowa. Nebraska and Oklahoma will see expanded data centers. Lastly, Google will expand data centers in Oregon and Nevada. Office Space Google plans to open new offices or expand its existing space in 19 communities. Google office expansions are slated for Minnesota, Wisconsin, Illinois …

February 27, 2020

Philadelphia Rent & Occupancy Graph 2020

Content Partner Features Lument Market Reports Multifamily Northeast Northeast Market Reports Pennsylvania RED Capital Group

Philadelphia’s New Brand Identity in Commercial Real Estate

by Sarah Daniels February 26, 2020

Interest in Philadelphia among commercial real estate investors has been on the rise for years. But the Eastern Pennsylvania market managed to maintain a relatively low profile in the public consciousness, overshadowed by its larger East Coast primary market rivals, each with its own clear brand identity. But this is largely a thing of the past. Philadelphia has emerged lately as a leader in cutting-edge biotech and life science innovation. The city is a magnet for gene and cell-level therapy entrepreneurs, a status that is rapidly evolving into a distinct brand. Billions in venture capital and real estate investment have followed, elevating the Athens of America to the top rank of U.S. competitors for global investment cash. The multifamily sector is a chief beneficiary of the trend. Fueled by strong demand for luxury space, builders ratcheted apartment development higher over the past 10 years, raising construction starts from about 4,000 units per year at mid-decade to 6,000 annually since 2017. Currently, there are about 8,000 multifamily units under construction, and the pace isn’t likely to slow much this year. The magnitude of the supply surge is anticipated with a degree of trepidation in some quarters. Philadelphia renters have never absorbed …

February 26, 2020

New Jersey Northeast Northeast Market Reports Pennsylvania Retail

Philadelphia Retail Market Embraces Change in ’20s

by Alex Patton February 25, 2020

As our economy fades out of one decade and cruises into the next, a look in the rearview mirror reveals more than 10 years of expansion and 10-year GDP growth in excess of 26 percent. Sean Beuche, Marcus & Millichap The Philadelphia and Northeastern retail investment sales markets should be both thankful for progress made and road bumps navigated and mindful of several current trends affecting transactions and challenges looming on the horizon for owners and tenants of single and multi-tenant retail assets alike. Savvy Investors enter 2020 with the wind at their backs in many respects while also facing some familiar and unconventional challenges ahead. The 3.7 percent unemployment remains near a 50-year low, meaning that consumers are gainfully employed with money to spend. Mixed-use developments that capture the live-work-play lifestyle are ubiquitous and keep placemaking everywhere they spring up. Millennials and baby boomers alike are demanding walkable communities and opportunities to spend more of their money closer to home via dining out, signing up for memberships at gyms and fitness centers. Both these groups are enjoying the experiential retail that every landlord desires in their centers and portfolios. Stocks of publicly traded retailers like Target, Walmart, and Home …

February 25, 2020

Market Reports Multifamily Texas Texas Market Reports

How Austin’s Growth Creates Opportunities for Multifamily Developers, Investors

by Taylor Williams February 18, 2020

With its unique culture, relatively low cost of living, warm weather and booming economy, Austin has emerged as one of the fastest-growing cities in the United States. As more people and companies flock to this vibrant city, the multifamily real estate market looks primed for growth from both a development and investment perspective. At its core, this real estate potential lies in the fact that the housing supply needs to keep up with a growing population of workers. According to the Austin Board of Realtors (AboR), in October 2019, the number of homes sold reached new highs, while the inventory of single-family homes reached new lows. As this gap shows, and as ABoR notes in its report, housing demand is outpacing housing stock, particularly in areas close to major employers and transit options. To remedy this problem, multifamily developers and investors can step in to build multi-unit buildings throughout Austin. Adding multifamily buildings can help tackle the housing shortage much faster than building more single-family homes, and many newcomers to Austin are young, well-paid professionals looking to rent apartments in exciting urban neighborhoods. As such, developers and investors can look to add more units in both existing high-density areas that …

February 18, 2020

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