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Oakmont Properties Acquires Fusion 355 Multifamily Complex Near Denver for $90M

by Amy Works May 20, 2020

BROOMFIELD, COLO. — Sacramento, Calif.-based Oakmont Properties has purchased Fusion 355, an apartment property located at 355 Eldorado Blvd. in Broomfield’s Interlocken neighborhood. Stockton, Calif.-based AG Spanos sold the asset for $90 million. Built in 2019, Fusion 355 features 286 apartments in a mix of apartment and townhome floor plans with in-unit washers/dryers, ceiling fans, storage units, vaulted ceilings and hardwood flooring. The 256,376-square-foot property is a controlled access, smoke-free community with a 24-hour fitness center; yoga studio; dog park; media and game rooms; elevator access; bike storage; a heated swimming pool with spa and Baja deck; community garden; 400 parking spaces; and private garages. At the time of sale, the property was 85 percent leased. Dan Woodward, David Potarf and Matt Barnett of CBRE Capital Markets Denver represented the seller, while Marc Ross of CBRE’s Sacramento office represented the buyer in the transaction.

May 20, 2020

Midwest Minnesota Retail

Target Releases First-Quarter Earnings, Experiences Surge in Digital Sales

by Kristin Harlow May 20, 2020

MINNEAPOLIS — Target Corp. (NYSE: TGT) reported a 10.8 percent increase in total sales during the first quarter, including digital sales growth of 141 percent. The Minneapolis-based retailer’s first quarter ended on May 2. While revenue rose 11.3 percent to $19.6 billion in the first quarter on a year-over-year basis, operating income fell 58.7 percent to $468 million during the first quarter. Target invested heavily in its response to COVID-19, spending roughly $500 million in cleaning and safety measures as well as extra pay and benefits for its employees. Target also says it experienced a slowdown in apparel and accessories sales as guests stocked up on categories like essentials and food and beverage. It also experienced “unusually strong digital volume” as shoppers turned to online purchases.

May 20, 2020

Company News Retail Texas Top Stories

J.C. Penney Files for Chapter 11 Bankruptcy, Secures $900M for Debt Restructuring

by Taylor Williams May 18, 2020

PLANO, TEXAS — J.C. Penney Co. (NYSE: JCP) has filed for Chapter 11 bankruptcy protection in a bid to strengthen its finances through an extensive debt restructuring. The company filed on the evening of Friday, May 15 in the U.S. Bankruptcy Court for the Southern District of Texas, located in Corpus Christi. The Plano-based retailer has secured $900 million in debtor-in-possession financing from its existing first-lien lenders that is expected to knock several billion dollars off its total debt load. J.C. Penney, a company with a 118-year operating history, said that it would disclose in the coming weeks the number and locations of which stores would be closing. Currently, due to the coronavirus pandemic, about 40 of J.C. Penney’s approximately 850 U.S. stores are open, with another dozen or so offering curbside pickup only. In mid-March, the retailer began furloughing workers at its supply chain and distribution centers in response to the outbreak of COVID-19. Furloughs of store associates and corporate staff followed two weeks later. “While we had been working in parallel on options to strengthen our balance sheet and extend our financial runway, the closure of our stores due to the pandemic necessitated a more fulsome review to …

May 18, 2020

Acquisitions California Company News District of Columbia Southeast Top Stories Western

CoStar Group Agrees to Purchase Ten-X for $190M

by Alex Tostado May 14, 2020

WASHINGTON, D.C. — CoStar Group Inc. (NASDAQ: CSGP) has agreed to purchase Ten-X for $190 million. The all-cash deal is expected to close in the third quarter of this year. Irvine, Calif.-based Ten-X was launched in 2009 with the goal of providing a digital platform to complete commercial real estate transactions during the Great Recession. Since its founding, nearly $24 billion worth of commercial real estate transactions have been completed on the site. Companies such as Fannie Mae, Bank of America, JP Morgan Chase, Blackstone, Starwood, BlackRock, Capital One, MetLife, LNR, UBS and PNC have used the website to complete transactions. CoStar hopes the acquisition will position the combined company as a major player in the distressed commercial property market that COVID-19 is expected to leave in its wake. “We believe that the volume of distressed properties coming to market will surge and that this combined platform will support the market’s recovery,” says CoStar CEO Andrew Florance regarding the acquisition. Echoing Florance’s sentiment, Ten-X CEO Steve Jacobs says, “Just like CoStar Group, we are focused on driving volume and efficiency and have devoted ourselves to addressing the massive, untapped demand for digital commercial real estate solutions. We see significant demand …

May 14, 2020

Industrial Massachusetts Northeast

Plymouth Industrial REIT Executes 426,000 SF in New Leases During First Quarter

by Alex Patton May 11, 2020

BOSTON — Plymouth Industrial REIT Inc. (NYSE: PLYM), a Boston-based investment firm focused on the acquisition and management of industrial properties, executed more than 426,000 square feet of new leases during the first three months of 2020, according to the company’s latest quarterly report. Commercial leasing has declined amid the COVID-19 health crisis, but industrial owners have benefited from demand for distribution and warehousing space, especially from e-commerce users. At the end of the quarter, Plymouth owned 125 industrial buildings totaling approximately 20 million square feet, including 11 properties totaling 2.1 million square feet that were purchased in the first quarter. Plymouth reported 96.3 percent occupancy across its portfolio, which is primarily located in the Midwest and Southeast regions, as well as in New Jersey and Maine. Plymouth’s stock price closed at $13.98 per share on May 8, down from $15.55 per share a year ago.

May 11, 2020

Multifamily New Jersey Northeast

Mack-Cali Reports 96.7 Percent Multifamily Rent Collection in April

by Alex Patton May 7, 2020

JERSEY CITY, N.J. — Mack-Cali Realty Corp. (NYSE: CLI), a Jersey City-based REIT, reports that it collected 96.7 percent of multifamily rent payments due for April at its multifamily properties across the country despite the COVID-19 outbreak. Many multifamily tenants across the country have been unable to work due to temporary business closures and employee layoffs and furloughs, raising questions as to whether they would be able to pay their April rents. Mack-Cali’s 6,524-unit multifamily portfolio, operated by its subsidiary Roseland Residential Trust, was 95.7 percent occupied as of the end of 2019 with an average rent of $3,028 per unit. The company recently opened The Emery at Overlook Ridge, a 140-unit property in Malden, Massachusetts, with 52 percent of units preleased. Including The Emery, Mack-Cali had five multifamily developments totaling 1,942 units under construction at the end of the quarter. The portfolio is located in Massachusetts, New Jersey, New York, Virginia and Washington, D.C. Mack-Cali’s stock price closed at $14.82 per share on May 6, compared with $22.92 per share at the same time last year.

May 7, 2020

Massachusetts Northeast Office

Franklin Street Properties Reports 98 Percent Office Rent Collection in April

by Alex Patton May 5, 2020

WAKEFIELD, MASS. — Franklin Street Properties Corp. (NYSE AMERICAN: FSP), a Wakefield, Massachusetts-based REIT, reports that it collected 98 percent of rent payments due for April at its office properties despite revenue concerns amid the COVID-19 outbreak. Office users across the country have been forced to lay off employees while others are restricted to work from home, leading many companies to reconsider lease signings and expansions. Franklin owns and operates 35 office properties totaling approximately 9.5 million square feet, primarily located in infill and central business districts in 10 states concentrated in the Southeast and Midwest. The REIT reported a $1.1 million net loss in the first quarter, however, and expressed that it cannot predict rental income in future months. Tenants have requested rent relief requests in the form of deferrals for varying lengths of time, which Franklin may grant in some instances while seeking extended lease terms. The REIT’s stock price closed at $5.05 on May 4, compared with $7.97 at the same time last year.

May 5, 2020

Development New York Northeast Office Top Stories

SL Green Forms Partnership for $2.3B One Madison Avenue Redevelopment in Manhattan

by John Nelson May 5, 2020

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has formed a joint venture partnership with the National Pension Service of Korea (NPS) and Hines for the $2.3 billion redevelopment of One Madison Avenue in Manhattan. The 1.4 million-square-foot office project is situated in the borough’s Midtown South neighborhood facing Madison Square Park near the 23rd Street subway station. SL Green, which is self-described as Manhattan’s largest office landlord, has sold a 49.5 percent interest in One Madison Avenue to NPS and Hines, which have combined to invest “no less than $492.2 million” of equity into the redevelopment. SL Green and Hines are co-developing the project, and Kohn Pedersen Fox Associates (KPF) is leading the design. The SL Green-NPS-Hines-KPF team is also working together to develop One Vanderbilt Avenue, an office project currently underway in Manhattan’s East Midtown neighborhood. The existing office building at One Madison Avenue will be demolished down to the ninth floor, and the development group will build 17 glass and steel, column-free floors above. The podium levels at the base of the existing building will have 90,000 square foot floor plates, while the new floors above will feature 36,000-square-foot floor plates. The 10th and 11th …

May 5, 2020

Miami Red Capital Rent and Occupancy RED Capital

Content Partner Features Florida Lument Multifamily RED Capital Group Southeast

Cresting Wave of Job Losses Upends Miami Multifamily Sector

by Sarah Daniels May 5, 2020

How will the COVID-19 fallout impact the Miami multifamily market? Although many investors are approaching markets known for leisure travel and cruise industries with caution these days, RED Mortgage Capital research posted last week indicates Fort Lauderdale/Broward County may offer a more attractive risk and reward profile than is commonly understood in the intermediate term, even under severe recessionary stress. Can the same be said of Miami as many of the same arguments apply? Let us stipulate that coronavirus has struck Magic City a particularly sharp blow. Miami relies on international tourism to a larger degree than most other domestic travel destinations and has experienced greater tourism revenue and job losses as a result. Travel industry consultants STR analyzed the top 25 tourist destinations in America and noted that Miami hotels recorded the largest decline in average daily hotel room rates in April (-56.8 percent from 2019), while the metro area’s hotel occupancy plunged to 20 percent from 95 percent in 2019. Employment data are available only through March at this writing, but even at this early stage, job losses were severe. The Miami-Miami Beach metropolitan division employed population fell 86,000 in March, a one-month decline of 6.5 percent. Job …

May 5, 2020

Company News Development Mixed-Use Office Southeast Virginia

Amazon Executive Says Company is ‘Beginning to Scale’ at HQ2 Campus in Northern Virginia

by John Nelson April 30, 2020

ARLINGTON, VA. — Amazon (Nasdaq: AMZN) is “beginning to scale” at its HQ2 campus underway in Arlington, according to Jay Carney, the company’s senior vice president of global corporate affairs. During a weekly webinar series conducted by Walker & Dunlop, Carney said the corporate campus, dubbed Met Park, is under construction and that the company is hiring in earnest, though he said it will “take some time” to reach the previously announced 25,000 goal. Carney, who was the former White House press secretary during President Barack Obama’s administration, led Amazon’s national HQ2 search in 2017 and 2018 to find a second home for the company outside of Seattle. The e-commerce giant ultimately chose both Northern Virginia and Long Island City in the Queens borough of New York City in late 2018, in addition to a 1 million-square-foot outpost in Nashville, Tenn. Amazon pulled out of its planned New York City location in early 2019. Clark Construction is the general contractor for the HQ2 campus, and JBG Smith is Amazon’s development partner, as well as its landlord for office space that Amazon is using in the rebranded National Landing district in Arlington’s Crystal City submarket. Carney said the company is not …

April 30, 2020

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