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Howard Hughes Corp. to Sell $2B in Real Estate Assets Following Leadership Changes, Headquarters Move

by John Nelson October 22, 2019

DALLAS — The Howard Hughes Corp. (NYSE: HHC), a mixed-use and residential real estate developer and operator with projects across the country, has announced a series of changes for the nine-year-old company. The Dallas-based firm plans to focus on its master-planned communities in Texas, Hawaii, New York, Maryland and Nevada and sell its non-core assets valued at roughly $2 billion over the next 12 to 18 months. HHC expects to net $600 million in cash proceeds from the sales. The Dallas Morning News reports that HHC will put several high-profile projects up for sale, including the Outlet Collection at Riverwalk in New Orleans, the Bridges of Mint Hill in Charlotte, Elk Grove in Sacramento and 110 North Wacker, a 56-story office tower under construction in Chicago. HHC says the office tower will deliver in October 2020 and is 69 percent preleased. HHC recently sold Cottonwood Mall in Salt Lake City for $56 million and plans to shop Monarch City, a 261-acre mixed-use project that the Allen City Council approved earlier this summer. Leadership change, HQ move Paul Layne, president of HHC’s Central region, is taking over as CEO effective immediately as David Weinreb and Grant Herlitz are stepping down from …

October 22, 2019

California Features Multifamily Seniors Housing Western

NIC: Seniors Housing Occupancy Ticks Upward to 88 Percent as Construction Slows

by Alex Patton October 22, 2019

ANNAPOLIS, MD. — Seniors housing occupancy increased to 88 percent in the third quarter of 2019 from its lowest level in eight years (87.7 percent) recorded during the previous quarter, according to data from the National Investment Center for Seniors Housing & Care (NIC). NIC is an Annapolis-based data firm serving the seniors housing industry. Of the 31 metropolitan markets that comprise NIC’s Primary Markets, San Jose (95.5 percent) and Minneapolis (91.3 percent) experienced the highest occupancy rates in the third quarter. Las Vegas (82.3 percent) and Houston (81.5 percent) recorded the lowest occupancy rates. San Antonio experienced the largest occupancy increase from a year ago, rising from 80.2 percent to 84.6 percent. Baltimore saw the largest year-over-year decrease, falling from 92.5 percent to 90.6 percent. “San Jose retains the distinction of having the highest occupancy rate of any major market in the country, as significant barriers to entry constrain development,” says Chuck Harry, NIC’s head of research and analytics. “Houston, on the other hand, places fewer restrictions on development, which is pressuring occupancy.” During the quarter, net new unit demand totaled 4,977 units, the greatest number of new units in any quarter since NIC began reporting the data in …

October 22, 2019

Leasing Activity Retail Top Stories

Hamilton Beach to Close All 160 Kitchen Collection Stores by End of 2019

by Taylor Williams October 21, 2019

GLEN ALLEN, VA. — Hamilton Beach Brands Holding Co. (NYSE: HBB) has announced that it will close all stores of its retail subsidiary, The Kitchen Collection, by the end of the year. Kitchen Collection employs approximately 800 people at 160 stores across 37 states. The company previously closed about 35 underperforming stores in an effort to maintain long-term profitability, but higher operating losses in the first half of 2019 have prompted Hamilton Beach Brands to shutter the chain entirely. “Despite our best efforts to return Kitchen Collection to profitability through footprint consolidation, further deterioration in foot traffic has lowered our outlook for the prospects of a future return to profitability and positive cash flow generation,” says Gregory Trepp, president and CEO of Hamilton Beach Brands Holding Co. Hilco Merchant Resources is handling the closing process for Kitchen Collection, which is now offering discounts and sales on a number of items like toasters, blenders and slow cookers. Conway MacKenzie is serving as financial advisor to the company. Hamilton Beach Brands is a designer, marketer and distributor of branded small electric household and specialty housewares appliances, as well as commercial products for restaurants, bars and hotels. Kitchen Collection is a national specialty …

October 21, 2019

Acquisitions Industrial Kansas Midwest

NGZ Arranges Sale of 517,391 SF Industrial Building in Kansas City

by Kristin Harlow October 18, 2019

KANSAS CITY, KAN. — Newmark Grubb Zimmer has arranged the sale of a 517,391-square-foot industrial building in Kansas City for an undisclosed price. Overstock.com, an online furniture and home goods retailer, and Riverside Transport fully occupy the property, which is located at 5300 Kansas Ave. Mark Long and John Hassler of NGZ brokered the transaction. Sealy & Co. purchased the asset from BH Properties.

October 18, 2019

Market Reports Multifamily Texas Texas Market Reports

DFW Multifamily Lenders Remain Disciplined

by Taylor Williams October 11, 2019

The joint effects of heavy supply additions, rising construction costs and the possibility of an looming recession have multifamily lenders in Dallas-Fort Worth (DFW) exercising caution and restraint on new construction financing, even as jobs and people continue to flow into the metroplex and fuel demand for housing. The sector’s fundamentals are very encouraging. According to data from CoStar Group, the metroplex has added approximately 23,000 new units over the past 12 months. At just over 25,000 units, absorption during that period has more than adequate. Vacancy currently sits at 7.5 percent. In addition to the market adding 80,000-plus jobs and 100,000-plus people for several consecutive years, strong demand for Class B properties with value-add potential has kept rent growth moving forward. Concessions have begun to sprout up in a handful of submarkets that have seen particularly concentrated levels of new supply, but the metroplex still posted overall rent growth of 2.9 percent over the last 12 months, according to CoStar. In addition, lenders are keenly aware of the construction industry’s ongoing challenge to add skilled labor. Labor stress is creating longer construction timelines and stabilization periods. “Two years ago, we had subcontractors walking off our job sites because they …

October 11, 2019

Leasing Activity New York Northeast Office Top Stories

LinkedIn Signs Lease Expansion at Empire State Building, Increases Footprint to 501,600 SF

by Kristin Harlow October 10, 2019

NEW YORK CITY — LinkedIn has signed its eighth lease expansion at the Empire State Building in Manhattan. The deal increases LinkedIn’s footprint by three-and-a-half floors totaling 188,653 square feet. Since 2011, the online job posting and networking platform has grown to 501,600 square feet at the iconic building. Sunnyvale, Calif.-based LinkedIn has offices in more than 30 cities around the world. The company, acquired by Microsoft in 2016, has more than 15,000 full-time employees. There are approximately 645 million LinkedIn users worldwide. Empire State Realty Trust Inc. (NYSE: ESRT) owns the Empire State Building, which rises 1,454 feet. Tenants at the property have access to a 15,000-square-foot fitness center, conference center and in-building dining options. With an Energy Star rating of 86, the Empire State Building is in the top 20 percent in energy efficiency among all buildings measured, according to ESRT. Sacha Zarba, Lauren Crowley Corrinet and Chris Hogan of CBRE represented LinkedIn in the expansion lease. Ryan Kass and Shanae Ursini of ESRT provided landlord representation. ESRT is a real estate investment trust that owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York City metro area. The company’s portfolio …

October 10, 2019

Acquisitions California Office Western

NKF Brokers $16.8M Sale of Creative Office Building in Tustin, California

by Amy Works October 8, 2019

TUSTIN, CALIF. — Newmark Knight Frank (NKF) has brokered the sale of 2642 Michelle Drive at Create Tustin, a creative office building located in Tustin. A joint venture between Harbor Associates and Stockbridge sold the asset to Excelsior Partners for $16.8 million. At the time of sale, the 50,832-square-foot property was fully leased to Avid Bioservices (formerly Peregrine Pharmaceuticals), Advantage Sales & Marketing and GPA Consultants. Built in 1980 and renovated in 2017, the two-story building is situated on 2.8 acres within the Irvine Business Complex. The asset features efficient rectangular floorplates, contemporary interior finishes and modern creative office build-outs, as well as approximately 200 parking spaces. Sean Fulp, Ryan Plummer, Mark Schuessler, Paul Jones, Blake Bokosky and Brandon White of NKF represented the seller, while the buyer was self-represented in the transaction.

October 8, 2019

Acquisitions Hospitality Illinois Midwest Top Stories

Blackstone to Acquire 65 Percent Stake in Great Wolf Resorts, Form $2.9B JV With Centerbridge

by Kristin Harlow October 2, 2019

CHICAGO AND NEW YORK CITY — Blackstone Real Estate Partners IX, an affiliate of Blackstone (NYSE: BX), is acquiring a 65 percent controlling interest in Great Wolf Resorts Inc. Although the specific price of the investment was not disclosed, Blackstone and existing owner Centerbridge Partners LP will form a new $2.9 billion joint venture to own the company. Chicago-based based Great Wolf is an owner and operator of family-oriented entertainment resorts, with 18 locations around the country. Each lodge contains a full-service hotel, indoor waterpark, recreational activities and various food and beverage offerings. A new resort in Northern California is slated to open next year. “Great Wolf has enriched the guest experience and opened seven new lodges since 2015,” says Tyler Henritze, head of U.S. acquisitions for Blackstone. “We look forward to investing in these properties to further deliver for guests and grow the company.” Murray Hennessy, CEO of Great Wolf, says that the company stands to benefit greatly from Blackstone’s insights and expertise in hospitality. The sale comes at a time when theme park companies are benefitting from higher consumer spending on travel and leisure, according to Bloomberg. Blackstone has previously invested in SeaWorld Entertainment Inc. and helped buy …

October 2, 2019

California Development Office Top Stories Western

Boston Properties, CPPIB to Develop 1.1 MSF Office Campus in Silicon Valley

by John Nelson October 1, 2019

SAN JOSE, CALIF. — Boston Properties Inc. (NYSE: BXP) has formed a joint venture with institutional investor Canada Pension Plan Investment Board (CPPIB) to develop Platform 16, a 1.1 million-square-foot office campus in downtown San Jose. Boston Properties, a developer and owner of Class A office buildings, holds a 55 percent ownership stake in the joint venture. The Silicon Valley project will comprise three buildings situated near Diridon Station, the largest multi-modal transportation hub in the Bay Area consisting of the Caltrain, VTA light-rail and the ACE train lines, as well as the planned BART and high-speed rail lines. Platform 16 will also be near Guadalupe River Park and adjacent to Google’s planned transit village spanning 8 million square feet. “Platform 16 is ideally located in one of the largest technology hubs in the country,” says Aaron Fenton, vice president of development for Boston Properties. “With easy access to public transportation, as well as local housing, culture, food and entertainment, Platform 16 will help companies attract and retain the talent they need to support their growth.” Designed by Kohn Pedersen Fox Associates, Platform 16’s name originates from its proximity to Diridon Station and its planned 16 outdoor terraces across the …

October 1, 2019

Company News Industrial Top Stories

Blackstone Agrees to Acquire Colony Industrial For $5.9B

by Taylor Williams September 30, 2019

NEW YORK CITY AND DALLAS — Blackstone Real Estate Partners IX, an affiliate of New York City-based global investment firm Blackstone (NYSE: BX), has agreed to acquire Colony Industrial, the Dallas-based industrial arm of Colony Capital Inc. (NYSE: CLNY). The deal is valued at approximately $5.9 billion. Terms of the deal call for Blackstone to purchase Colony Capital’s logistics portfolio, which consists of approximately 60 million square feet across 465 light industrial buildings in 26 U.S. markets. The transaction is expected to close during the fourth quarter. The sale also includes Colony’s 51 percent ownership interest in a 4 million-square-foot portfolio of distribution assets and the affiliated operating platform that manages those properties. “This acquisition of high-quality warehouses demonstrates our continued strong conviction in logistics and positive e-commerce trends,” says Nadeem Meghji, head of real estate Americas at Blackstone. “As retailers continue to shorten delivery times and expand their last-mile footprints, we believe warehouses in dense population centers will continue to experience outsized demand growth.” Willkie Farr & Gallagher served as legal counsel; Morgan Stanley and Eastdil Secured served as financial advisors; and CBRE National Partners served as real estate advisor to Colony Capital. Simpson Thacher & Bartlett served as …

September 30, 2019

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