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Distribution, Warehouse Demand Continues to Outpace Supply in South Florida

by Alex Tostado August 5, 2019

Miami-Dade continues to be propelled by persistent economic growth, bustling port activity, positive investor sentiment and strong leasing, creating a perfect recipe for industrial demand. Following its most successful year ever in 2018, PortMiami broke records yet again in first-quarter 2019, recording its highest ever monthly cargo activity amount in January with a total of 104,183 twenty-foot equivalents (TEUs) of containerized cargo, a 17 percent increase over January 2018. Meanwhile, a $437.5 million expansion project, the largest ever, is planned for Port Everglades in nearby Broward County. The positive fundamentals reverberate throughout the overall South Florida market. Despite the differing industrial inventories of each South Florida market with Miami-Dade County at 186.2 million square feet, Broward County at 96.9 million square feet and Palm Beach County at 39 million square feet, demand for space across the region has fueled unprecedented development activity. Logistics, e-commerce Net industrial absorption in Miami-Dade was impressive during the first quarter, posting positive 1.2 million square feet, a notable 45 percent increase from the net absorption recorded for first-quarter 2018. Several (mostly) preleased, speculative developments contributed to the spike in net absorption. Demand trends against development indicate healthy industrial markets in Broward and Palm Beach as …

August 5, 2019

Acquisitions Healthcare Midwest Multifamily Northeast Ohio Seniors Housing Southeast Texas Top Stories Western

Welltower Shakes Up Portfolio, Commits to Nearly $2.75B in Transactions

by Alex Tostado August 1, 2019

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has expanded its senior living portfolio to the tune of 15 properties worth $949 million across the country. Simultaneously, the healthcare REIT giant exited its partnership with seniors housing operator Benchmark Senior Living, selling its 48-property portfolio to an undisclosed buyer for $1.8 billion. The 48 properties that Benchmark operates total 4,137 units and are located in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. As part of the recapitalization, Benchmark will invest in improvements at the properties. Benchmark will continue to manage the portfolio under a new management agreement with the new capital partner. Ted Flagg of the JLL Capital Markets team represented Welltower in the Benchmark transaction. With the new acquisitions, Welltower expanded its footprint by entering into or expanding partner agreements with senior living operators Balfour Senior Living, Sunrise Senior Living and Discovery Senior Living. The three partnerships yielded 14 properties in Maryland, Colorado, California and Texas. Welltower acquired six properties from Balfour, including Balfour’s flagship Balfour at Riverfront in Denver and the recently opened Lavender Farms, for $308 million. The other four properties are situated in the Denver and Boulder metro areas. Additionally, Welltower has the option to …

August 1, 2019

Market Reports Northeast Northeast Market Reports

Opportunity Zones Sound Good, But Investors Wait for Details, Deals

by Taylor Williams July 31, 2019

The 2017 tax overhaul was supposed to spur $100 billion in investments across the country through the designation of more than 8,700 areas as Opportunity Zones. Investors could reduce or postpone taxes on profit from businesses, partnerships and stocks by reinvesting in the Opportunity Zones. They could also avoid future profits from those reinvestments, provided they make substantial improvements. To get the full benefit, investors would have to buy into eligible projects by the end of 2019. To fully shelter 2018 profits from hedge funds and other partnerships, the deadline was June 29. The land rush hasn’t started. In January, only half of real estate investors surveyed by research firm Preqin were considering investing in Opportunity Zones. More than 90 percent weren’t even involved in an Opportunity Zone project at the time of the survey. The biggest reason for the hesitation is that the rules to take advantage of Opportunity Zones have only begun to be clarified. The IRS and Treasury Department haven’t released the type of detailed guidance that investors need before they are confident enough to move forward. Final regulations on the zones were delayed by the government shutdown earlier this year and have yet to be made …

July 31, 2019

Acquisitions Development Illinois Midwest New York Northeast Student Housing Top Stories

Core Spaces Aligns with Goldman Sachs in $600M Student Housing Deal

by John Nelson July 30, 2019

CHICAGO AND NEW YORK CITY — Student housing developer Core Spaces has entered into a partnership with Goldman Sachs (NYSE: GS) to recapitalize nine of its properties in a deal valued at $600 million. The national portfolio consists of seven operating student housing properties and two projects under development, totaling 4,358 beds. The Wall Street Journal reports that Goldman Sachs will likely utilize its newly launched, $2.5 billion real estate investment fund for the Core student housing portfolio. The newspaper reports that the New York-based financial giant has purchased more than $30 billion in real estate since 2012 mostly using its own capital. Core will keep a small ownership percentage in the portfolio and keep the assets under its management. The deal is a strategic decision by the Chicago-based firm to aggregate its portfolio with an institutional investor and retain an interest in its developed properties for the long haul, says Core’s founder and CEO, Marc Lifshin. “We believe in the long-term performance of our assets,” he says. “Our assets have proven to perform over time. We would rather be involved for the growth period. It creates a much more sustainable model for us going forward.” The operating properties that …

July 30, 2019

Market Reports Texas Market Reports

Heavy Capital Flow Fuels Deal Velocity

by Taylor Williams July 30, 2019

Debt and equity capital for placement in commercial real estate, particularly in the multifamily sector, have never been more plentiful in Texas. With the Federal Reserve recently abandoning and possibly getting set to reverse its interest rate hikes, even more investors and borrowers are coming off the sidelines. According to the Mortgage Bankers Association (MBA), the national level of commercial mortgage debt outstanding rose by $45.4 billion in the first quarter of 2019, a 1.3 percent increase from the fourth quarter of 2018. Multifamily mortgage debt alone increased by $17.9 billion to $1.4 trillion from the fourth quarter of 2018, also an increase of 1.3 percent. The uptick in lending is occurring in the face of an ongoing trade war with China and the elevation of the three-month Treasury yield (2.14 percent as of press time) above the two-year Treasury yield (1.74 percent). Economists often view the latter trend, known as an inverted yield curve, as an indicator of recession, a credible possibility given that the U.S. economy is close to a decades-long expansion. The perceived risk in the marketplace from these factors has steered more investors toward the 10-year Treasury, a traditionally low-risk vehicle for parking funds. This movement …

July 30, 2019

California Development Retail Top Stories Western

Los Angeles Clippers Unveil Plans for $1.1B Basketball Arena in Inglewood

by Taylor Williams July 29, 2019

INGLEWOOD, CALIF. — The NBA’s Los Angeles Clippers have unveiled plans for a $1.1 billion arena and team headquarters in Inglewood, located just southwest of downtown Los Angeles. The Inglewood Basketball & Entertainment Center will be located along Prairie Avenue and West Century Boulevard and offer seating for approximately 18,500 fans. In addition, the building will house the Clippers’ team offices, training facility and a sports medicine clinic, essentially making Inglewood the team’s full-time home. The project will also feature retail, restaurants and educational facilities, as well as public basketball courts and an event plaza. A developer and general contractor have not yet been named, but the project will be entirely privately financed. The proposed site does not house any homes or churches and includes many buildings that have been vacant for decades, according to the developers. It is unclear how many new jobs that the project will create, but the Clippers have pledged to make 35 percent of those jobs local hires. A construction timeline is still being negotiated, but the team’s lease at the Staples Center, which it shares with the Lakers, expires in 2024. In addition, Curbed Los Angeles reports that a lawsuit filed by Madison Square Garden …

July 29, 2019

California Development Mixed-Use Multifamily Office Retail Top Stories Western

San Francisco Planning Commission OKs Pinterest-Anchored Mixed-Use Project

by John Nelson July 26, 2019

SAN FRANCISCO — For the second time in a week, the San Francisco Planning Commission has approved a significant mixed-use development in the city’s SoMa (South of Market) district. Following its approval of the Flower Mart redevelopment project, the commission has approved a 1.1 million-square-foot mixed-use development located at 88 Bluxome St. The project, led by developers Alexandria Real Estate Equities Inc. (NYSE: ARE) and TMG Partners, is nearly 60 percent preleased. The co-developers describe 88 Bluxome as a “high-tech office and laboratory project.” Social media giant Pinterest has signed on to anchor the development with a 490,000-square-foot office lease. The Bay Club, a fitness and social club offering events and a wide range of sports classes, will also anchor the project. The 88 Bluxome campus will feature a technology and life science facility with ground-floor retail space and outdoor deck space on multiple levels of the building. The project also includes an expansion of the neighborhood’s existing Gene Friend Recreation Center, adding two swimming pools and a public activity space. Other features of 88 Bluxome will be a childcare center, a pedestrian “art walk” with commissioned pieces from internationally renowned and local artists, light industrial space available for use …

July 26, 2019

Acquisitions New York Northeast Office

ABS Partners Arranges $37.2M Sale of Office Property in New York City

by Alex Patton July 25, 2019

NEW YORK CITY — ABS Real Estate Partners has arranged the $37.2 million sale of 62 West 45th Street, a 55,000-square-foot office property in Manhattan. The building rises 12 stories and includes ground-floor retail space, 11 office units and a newly renovated lobby and elevators. The site is expandable by an additional 4,000 square feet. Alan Cohen, Jay Caseley, Steven Hornstock and Alex Warner of ABS represented the seller, 62 West 45th Street Associates LLC, in the transaction. Cohen and Casely will also head up leasing efforts. The buyer was New Jersey-based Renaissance Properties.

July 25, 2019

Company News Northeast Pennsylvania Retail Top Stories

GNC to Close Up to 900 Stores by End of 2020; Retail Analyst Offers Insight

by Alex Tostado July 25, 2019

PITTSBURGH — The vitamin and health supplement niche of the brick-and-mortar retail market continues to experience intense competitive pressure, observes veteran retail consultant Jeff Green. So it came as no surprise to Green when GNC Holdings Inc. (NYSE: GNC) officials revealed in a second-quarter earnings call earlier this week that it will shutter up to 900 stores in North America by the end of 2020. “It used to be that specialty health supplements were only found in specialty stores such as GNC, Vitamin Shoppe and other regional chains,” says Green, a partner at Phoenix-based Hoffman Strategy Group. “Now you can find the same products sold at traditional supermarkets, specialty food stores and discount department stores.” Citing a decrease in mall traffic over time, Tricia Tolivar, CFO of Pittsburgh-based GNC, said during the earnings call Monday that the company could close up to 500 of its 800 stores that are currently located in malls across the United States and Canada. Ken Martindale, CEO of GNC, added that 28 percent of the company’s stores are situated in malls, while 61 percent are in strip centers. “The negative trends in traffic that we’ve seen in mall stores over the past several years have accelerated …

July 25, 2019

San Francisco Flower Mart Redevelopment Rendering

California Development Mixed-Use Office Retail Top Stories Western

San Francisco Planning Commission Approves 2.3 MSF Flower Mart Redevelopment Project

by Jeff Shaw July 23, 2019

SAN FRANCISCO — The San Francisco Planning Commission has unanimously approved plans to redevelop the historic Flower Mart in the city’s South of Market (SoMa) district as a 2.3 million-square-foot mixed-use property. Kilroy Realty Corp. (NYSE: KRC) is leading the development, which will preserve and update the 115,000-square-foot Flower Mart, while also adding 2.1 million square feet of creative office space, a 100,000-square-foot retail market hall and one acre of public open space. The project still requires approval from the San Francisco Board of Supervisors and the city’s mayor, which Kilroy hopes to receive by October. The project is the product of more than five years of negotiations and partnership between Kilroy Realty, the wholesale flower vendor community and the city. Kilroy expects to break ground in mid-2020 and deliver all phases by 2024. The Flower Mart vendors will be moved to an interim location during construction. “The Flower Mart Project represents the future of Central SoMa and San Francisco,” says John Kilroy, the developer’s chairman and CEO. “The project’s vibrant mix of uses, abundant neighborhood-serving retail and innovative work environments will make it the transformational hub that the city and the neighborhood need.” “This is one of the best …

July 23, 2019

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