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VICI Properties Completes Acquisition of JACK Cleveland Casino, Thistledown Racino for $843.3M

by Kristin Harlow January 27, 2020

CLEVELAND AND NORTH RANDALL, OHIO — VICI Properties Inc. (NYSE: VICI) has completed the acquisition of JACK Cleveland Casino and JACK Thistledown Racino for approximately $843.3 million. The company financed the transaction with cash on hand. JACK Cleveland Casino opened in May 2012 in the historic Higbee Building in downtown Cleveland. The property features approximately 96,000 square feet of gaming space, 1,300 gaming machines, 120 table games and eight food and beverage outlets. The casino is connected to both the 205-room Ritz-Carlton hotel and the 440-room Renaissance hotel. JACK Thistledown Racino is located in North Randall, about 10 miles southeast of Cleveland. The racino — a combination of a horse racing track and a casino — opened in April 2013. Situated on 129 acres, it features the race track, approximately 57,000 square feet of gaming space, 1,459 gaming machines and six food and beverage outlets. The venue hosts the Ohio Derby horse racing event every summer. The transaction increases VICI’s “exposure to the limited license state of Ohio, which continues to be one of the healthiest gaming markets across the country,” according to John Payne, president and COO of VICI. Simultaneous with the closing of the transaction, VICI entered into …

January 27, 2020

Development Mixed-Use North Carolina Southeast Top Stories

Joint Venture to Develop $95M Mixed-Use Tower in Charlotte

by Alex Tostado January 23, 2020

CHARLOTTE, N.C. — A joint venture between Armada Hoffler Properties Inc. (NYSE: AHH), David Furman of Centro City Works and Charles Campbell of Flagship Healthcare Properties has unveiled plans for Ten Tryon, a 215,000-square-foot mixed-use development in Charlotte. The building will feature a Publix grocery store as well as a Fortune 100 office tenant. The developers expect the project will cost $95 million. The 15-story building, which is being designed to LEED standards, will feature 175,000 square feet of office space, a 340-space parking garage and a 9,000-square-foot indoor/outdoor rooftop restaurant. The project will be situated between 9th and 10th streets on North Tryon Street as part of the larger North Tryon Vision Plan that is geared toward developing and sustaining growth in the neighborhood. Armada Hoffler Construction Co., a wholly owned subsidiary of Armada Hoffler Properties, will serve as the general contractor for the project. The company anticipates breaking ground during the second quarter of 2020 with expected completion in summer 2022. The site is two blocks from the Ninth Street light rail station, providing tenants with multiple transportation options, and offers easy access to Interstate 277 for commuters. “Ten Tryon has everything we look for in a new ground-up development …

January 23, 2020

Market Reports Midwest Midwest Market Reports Missouri Multifamily

Capital Continues to Flow to the City of Fountains

by Kristin Harlow January 23, 2020

Private capital delivered several new investors to Kansas City in 2019 and the new year will undoubtedly see plenty of competitive bidding and elevated pricing. Overall, the investment market continues to be supported by Kansas City’s diversified economy, with job growth weighted on the Kansas side at 2.7 percent over Missouri’s 1.1 percent (as of August 2019). Targeting talent Kansas City’s low cost of living, educated workforce and business-friendly environment attracted several coastal employers to the Heartland. This trend will likely continue in 2020. The U.S. Department of Agriculture announced the relocation of two research agencies from Washington, D.C., representing a landmark win with 525 total jobs. Other wins in 2019 included Honeywell’s centralization of its operational offices from Seattle to Kansas City; Niagara Bottling moving 50 jobs from California; Hostess Brands relocating a distribution center from Illinois; and CarMax announcing 300 jobs for its Customer Experience Center after completing a nationwide search. Annual employment growth (as of August 2019) delivered nearly 20,000 jobs with additions in healthcare, biotech and business services, substantiating the selling point of a diversified economy capable of weathering future storms. Employers have found their fit, but more importantly, their talent is seeing reasons they can …

January 23, 2020

Development Florida Industrial Southeast

Sysco Completes Expansion of 150,000 SF Food Processing Facility in Orlando

by Alex Tostado January 21, 2020

ORLANDO, FLA. — Sysco Corp., a global food distribution and marketing organization, has completed the expansion of FreshPoint Central Florida, a food processing facility located at 8801 Exchange Drive in Orlando. FreshPoint, Sysco’s specialty produce company, operates the facility. The expansion doubles the facility’s size to 150,000 square feet and includes a new culinary center for demonstrations and staging, new equipment for produce processing, LED lighting, energy-efficient coolers and a new system for collecting produce waste. FreshPoint Central Florida stocks a wide variety of locally grown products throughout the year, including tomatoes, citrus, row crop vegetables, Zellwood Triple Sweet Corn, microgreens, peaches, specialty potatoes, tropical fruits, grapes and figs.

January 21, 2020

Loans Multifamily New York Northeast Top Stories

Morgan Stanley Provides $142.6M Refinancing for Multifamily Portfolio in The Bronx

by John Nelson January 21, 2020

NEW YORK CITY — Morgan Stanley (NYSE: MS) has provided $142.6 million in permanent financing for an 18-property multifamily portfolio in the Bronx. The Greenwich, Conn.-based borrower, The Morgan Group, will use the loans to refinance the nearly 1,000-unit portfolio, which includes 29 commercial units. Black Bear Capital Partners (BBCP) arranged the financing in three separate 10-year, interest-only loans. The financing includes a $77 million loan with a fixed interest rate of 3.78 percent; a $33.3 million loan fixed at 3.92 percent; and a $32.3 million loan fixed at 3.65 percent. The low-leverage loan package replaces Morgan Group’s existing debt, which was close to maturation. Bryan Manz, Rob Serra and Emil DePasquale of BBCP arranged the financing for Morgan Group, which owns a large multifamily rental portfolio in the Bronx, Manhattan, Queens, Brooklyn and Westchester County. “BBCP, The Morgan Group, and Morgan Stanley worked diligently to close this complex refinancing package in timely and efficient manner,” says Manz. “We look forward to arranging additional transactions with both parties.” Morgan Stanley is a global financial services firm that operates in more than 41 countries. The company provides investment banking, securities, wealth management and investment management services. Morgan Stanley’s stock price closed …

January 21, 2020

Market Reports North Carolina Office Southeast Southeast Market Reports

Triangle’s Office Vacancy is up Due to New Supply, but Job Growth is in a Good Spot

by Alex Tostado January 20, 2020

The Raleigh-Durham region’s strong job growth is fueling sustained demand from tenants, keeping the office market firmly in favor of landlords despite a notable increase in construction activity in recent months. According to the Bureau of Labor Statistics, the region added 24,200 nonfarm payroll jobs between October 2018 and October 2019 for a growth rate of 2.5 percent. Unemployment rose slightly from 3 percent to just 3.1 percent during this time as nearly 36,000 people entered the local labor force. Raleigh-Durham continued to witness economic development wins in 2019 as well. Major job announcements came from office-using tenants such as Xerox (600 jobs), Q2 Solutions (700 jobs), Parexel (260 jobs), AmeriHealth Caritas (300 jobs) and HZO (500 jobs). In its recently published Emerging Trends in Real Estate report, the Urban Land Institute and PricewaterhouseCoopers (PwC) named Raleigh-Durham as the No. 2 market in the United States to watch for overall real estate prospects in 2020. The region’s quality of life, robust population and job growth and highly educated workforce are supporting sustained business expansion and healthy leasing fundamentals across all asset classes. Raleigh-Durham’s office market continues to experience the most landlord-favorable conditions since the dot-com boom in the late 1990s. …

January 20, 2020

Acquisitions Hospitality Nevada Retail Top Stories Western

MGM Growth Properties, Blackstone REIT to Buy MGM Grand, Mandalay Bay Casinos in Las Vegas for $4.6B

by John Nelson January 14, 2020

LAS VEGAS — MGM Growth Properties has agreed to form a joint venture with Blackstone Real Estate Income Trust Inc. to acquire the Las Vegas real estate assets of the MGM Grand and Mandalay Bay casinos and resorts for $4.6 billion. MGM Growth (NYSE: MGP) will own 50.1 percent of the joint venture, and Blackstone Real Estate, a non-traded REIT managed by Blackstone (NYSE: BX), will own 49.9 percent. The MGM Grand and Mandalay Bay comprise 9,743 hotel rooms combined, as well as approximately 3 million square feet of meeting space and approximately 300,000 square feet of casino space across 226 acres on the Las Vegas Strip. MGM Growth currently owns the Mandalay Bay’s real estate, and MGM Resorts International (NYSE: MGM) currently owns the MGM Grand’s real estate. At closing, which is expected to occur this quarter, MGM Resorts will enter into a long-term, triple-net master lease with the new ownership for both properties and provide a full corporate guarantee of rent payments. MGM Resorts’ initial annual rent for both venues will be $292 million. MGM Resorts will continue to manage and operate all aspects of the properties on a day-to-day basis, with the joint venture owning the properties …

January 14, 2020

Development Industrial Midwest Missouri

Kadean Begins Construction of $13M Distribution Facility in Kansas City

by Kristin Harlow January 10, 2020

KANSAS CITY, MO. — Kadean Construction has broken ground on a new $13 million warehouse and distribution facility at KCI Intermodal Business Centre in Kansas City. Known as Logistics Centre VI, the 349,440-square-foot building will feature a clear height of 32 feet, up to 67 dock positions and parking for 91 trailers and 390 cars. Completion is scheduled for June 2020. M+H Architects and Stock & Associates make up the project team. Trammell Crow Co. is the developer. Kadean previously built Logistics Centre II, III and IV and is in the process of completing Logistics Centre V.

January 10, 2020

Acquisitions California Industrial Top Stories Western

Molson Coors to Halt Production at Metro Los Angeles Brewery, Sell Property for $150M

by Alex Tostado January 9, 2020

IRWINDALE, CALIF. — Molson Coors Beverage Co. (NYSE: TAP; TSX: TPX) will cease production at its Irwindale brewery by September. The Denver- and Montreal-based beer company has simultaneously entered into a purchase option agreement with Pabst Brewing Co. for the 40-year-old facility. Pabst has 120 days to exercise its purchase option, according to a filing with the Securities and Exchange Commission. The sales price was undisclosed, but multiple media outlets report the property will trade for $150 million. The brewery, which features iconic beer tanks highly visible from Interstate 210, opened in 1980 and houses 470 employees. The property is located at 15801 W. First St., 23 miles east of downtown Los Angeles. Until September, products produced in Irwindale will be transitioned to other breweries, primarily in Golden, Colo.; and Fort Worth, Texas. The company did not address the status of the 470 employees who currently work at the brewery. “This move will allow us to optimize our brewery footprint while streamlining our operations for greater efficiency across the network,” says Brian Erhardt, chief integrated supply chain officer for Molson Coors. “While it was a very difficult decision, we have extra capacity in our system, and Irwindale’s production can be …

January 9, 2020

Acquisitions Georgia Loans Retail Southeast

JLL Arranges $34.6M Acquisition Loan for Barrett Pavilion Shopping Center in Metro Atlanta

by Alex Tostado January 8, 2020

KENNESAW, GA. — JLL has arranged $34.6 million in acquisition financing for Barrett Pavilion, a 458,740-square-foot retail center in Kennesaw, 22 miles northwest of downtown Atlanta in Cobb County. The borrower and buyer is a partnership between Lincoln Property Co. and Stockbridge. Tarik Bateh and Jennifer Swanson of JLL negotiated the four-year, floating-rate loan through Prime Finance. Margaret Caldwell and Margaret Jones of JLL represented the seller, a partnership between Nuveen Real Estate and SITE Centers Corp., in the sale. Barrett Pavilion is situated on approximately 55 acres near the interchange between Ernest W. Barrett Parkway and Interstate 75 near Kennesaw State University. Barrett Pavilion’s anchor tenants include Target, AMC Theatres, Jo-Ann Fabric and Crafts, Best Buy, buybuy BABY, Old Navy, Ulta Beauty, Total Wine & More and REI.

January 8, 2020

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