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RLJ Lodging Trust Sells Two Hotel Resorts in Myrtle Beach for $156M

by Taylor Williams July 1, 2019

MYRTLE BEACH, S.C. — RLJ Lodging Trust (NYSE: RLJ), a Maryland-based hospitality REIT, has sold Kingston Resorts, comprising the Hilton Myrtle Beach Resort and Embassy Suites by Hilton Myrtle Beach Oceanfront Resort, for $156 million. The properties span 385 rooms and 255 rooms, respectively. The sales price equates to $244,000 per room at a capitalization rate of 6.7 percent, inclusive of $44.5 million in capital expenditures. The buyer was privately held real estate firm EOS Investors LLC, which describes the 160-acre property as “the largest and most comprehensive oceanfront conference venue between Atlantic City, New Jersey, and West Palm Beach, Florida.” The buyer notes that the acquisition includes over 1,600 residential condominiums and townhomes in addition to the hotels. The two Hilton-operated hotels offer an array of amenities, including pools, tennis courts, fitness centers, spas, business centers, bike rental services and onsite restaurants and bars. Guest rooms feature private balconies, and suites with kitchen and living areas are available. The properties also feature over 100,000 square feet of event space. Hilton will continue to operate the assets following the sale. “This transaction is a continuation of our strategic efforts to sell non-core hotels and recycle capital into more accretive opportunities …

July 1, 2019

Development Office South Carolina Southeast Top Stories

Lowe’s to Anchor Planned 23-Story Office Tower Development in Charlotte

by Jeff Shaw June 28, 2019

CHARLOTTE, N.C. — Home improvement retail giant Lowe’s (NYSE: LOW) has unveiled plans for Design Center Tower, a 23-story office tower in Charlotte. Development costs are estimated at $153 million, according to theCharlotte Observer. The 357,000-square-foot building, which Lowe’s is referring to as a global technology center, will fill a vacant parking lot in Charlotte’s bustling South End, about 1.5 miles southwest of the city center. The plot is adjacent to a Lynx light rail station as well as the city’s Rail Trail system of walking/biking paths. The developer, a joint venture between Childress Klein and RAM Realty Advisors, plans to break ground on the Design Center Tower this August, with Lowe’s moving in by late 2021. Lowe’s will occupy the top 15 floors of the building. The ground floor will feature 20,000 square feet of retail and restaurants. North Carolina is contributing $54 million in state incentives for the project, to be paid over 12 years based on Lowe’s meeting job creation and investment requirements, reports the Observer. Lowe’s expects to bring 2,000 high-paying tech jobs to the building, 1,600 of which will be new and 400 of which will relocate from the company’s headquarters in nearby Mooresville, the …

June 28, 2019

Development Industrial Midwest Missouri

US Capital Development Breaks Ground on $20M Industrial Build-to-Suit for 1st Phorm in Fenton, Missouri

by Kristin Harlow June 27, 2019

FENTON, MO. — US Capital Development has broken ground on a $20 million industrial build-to-suit for 1st Phorm at Fenton Logistics Park in Missouri. The sports nutrition products manufacturer expects to occupy the 182,400-square-foot facility by early next year. Upon completion, the property will house more than 400 employees and feature an auditorium, gym, podcast room, basketball court, kitchen and media rooms in addition to office and warehousing space. With the addition of the new 1st Phorm facility, US Capital Development will have invested more than $111 million in developing Fenton Logistics Park and delivered 50 percent of the industrial space planned within the park. The developer continues to breathe new life into the site of the former Chrysler Plant, which now features 648,411 square feet of completed space, with 88 percent of those buildings occupied. M+H Architects is serving as the architect on the 1st Phorm project, while Stock & Associates is the consulting engineer and Alper Audi Inc. is the structural engineer. CBRE’s Jon Hinds and Katie Haywood represented US Capital Development while Noel Fehr of NAI Desco represented 1st Phorm.

June 27, 2019

Acquisitions Maryland Multifamily Retail Southeast Top Stories Virginia

WashREIT Agrees to Sell Eight Retail Assets, Increases Focus on Multifamily Sector

by Alex Tostado June 27, 2019

WASHINGTON, D.C. — WashREIT (NYSE: WRE) has agreed to sell five of its retail properties for $485 million, plus an additional three power centers, as part of a strategic move to increase its investment in the multifamily sector. The buyers are two undisclosed institutional investors. The first sale agreement includes five retail properties totaling 800,000 square feet. Those assets include Gateway Overlook in Columbia, Md.; Wheaton Park in Wheaton, Md.; Olney Village Center in Olney, Md.; and Bradlee Shopping Center and Shoppes of Foxchase in Alexandria, Va. The second transaction includes three Maryland properties spanning 850,000 square feet. The properties are Centre at Hagerstown in Hagerstown, and Frederick Crossing and Frederick County Square in Frederick. WashREIT said it will disclose the sales price of the second transaction after the deal’s closure, which is expected to occur in late July. Simultaneously, WashREIT has agreed to acquire an urban-infill, value-add multifamily community for $70 million. Details about the property were not disclosed at this time. Earlier this year, WashREIT announced that it would acquire a portfolio of seven multifamily properties in the Washington, D.C. area for $461 million, thereby increasing its multifamily portfolio from 28 percent to 45 percent based on net …

June 27, 2019

Development Florida Multifamily Southeast

Linkvest Capital, Futura to Develop 260 Apartment Units Within Orlando’s Lake Nona District

by Alex Tostado June 25, 2019

ORLANDO, FLA. — A joint venture between Linkvest Capital and Futura will build Futura at Nona Cove, a 260-unit apartment complex within Orlando’s Lake Nona master-planned development. The multifamily community will be built in phases, with the first phase expected to begin in the first quarter of 2020 and deliver in the third quarter of 2021. The building will stand five stories high and will offer studio, one-, two- and three-bedroom floor plans ranging from 623 to 1,315 square feet. Communal amenities will include a clubroom, resident lounge, swimming pool, fitness center, jogging trails, dog park, dog spa and a gazebo. The property will also feature 32,000 square feet of retail space and a four-story, 122,000-square-foot self-storage facility. Charlan Brock Associates designed Futura at Nona Cove. Plans for future phases were not disclosed. Tavistock is developing Lake Nona, a master-planned, 11-square-mile mixed-use project that comprises 7.1 million square feet of residential and commercial space.

June 25, 2019

Acquisitions Office Texas

HFF Negotiates Sale of 433,132 SF Office Building in Houston’s Greenway Area

by Taylor Williams June 25, 2019

HOUSTON — HFF has negotiated the sale of 20 Greenway Plaza, a 433,132-square-foot office building in Houston. The 10-story property was renovated in 2014 and was 95 percent leased at the time of sale to tenants such as Merrill Lynch, Sunnova Energy Corp., REALEC Technologies, Mitsubishi and Koch Industries. Dan Miller and Trent Agnew of HFF represented the seller, Principal Real Estate Investors, in the transaction and procured the buyer, Stockdale Capital Partners. Wally Reid of HFF arranged acquisition financing through Cigna Realty Investors on behalf of the buyer. The loan was structured with a seven-year term and a fixed interest rate.

June 25, 2019

Acquisitions Company News Hospitality Nevada Retail Top Stories Western

Eldorado Resorts to Acquire Caesars Entertainment for $17.3B, Creating World’s Largest Gaming Company

by John Nelson June 25, 2019

RENO AND LAS VEGAS, NEV. — Eldorado Resorts Inc. (NASDAQ: ERI) and Caesars Entertainment Corp. (NASDAQ: CZR) have agreed to merge operations in a cash and stock deal valued at $17.3 billion. Eldorado plans to purchase the assets and operations of Caesars, creating the world’s largest gaming company. If approved and executed, the combined company would operate under the Caesars name and continue to trade on the Nasdaq Global Select Market. The combined company would own and operate approximately 60 casino-resorts and gaming facilities across 16 states. The combined company will also oversee the completion of the $1.2 billion room remodeling program of Caesars’ Las Vegas Strip assets. Eldorado will acquire all the outstanding shares of Caesars using $7.2 billion in cash, approximately 77 million Eldorado common shares and the assumption of Caesars outstanding net debt, excluding face value of the existing convertible note (i.e. short-term debt that converts to equity). Eldorado and Caesars shareholders will hold approximately 51 percent and 49 percent of the combined company’s outstanding shares, respectively. The combined company’s board of directors will consist of 11 members, six from Eldorado’s board of directors and five from Caesars’ board of directors. The board of directors for both …

June 25, 2019

Parkside-Austin-Bergstrom-International-Airport

Market Reports Retail Texas Texas Market Reports

Airports Shield Retailers From E-Commerce

by Taylor Williams June 14, 2019

E-commerce has cut through brick-and-mortar retail in a Darwinian fashion, establishing clear winners and losers and drastically re-shaping landlords’ approaches to leasing. Purveyors of certain soft goods — apparel, jewelry, electronics — have seen their footprints at malls and retail centers dwindle as online shopping has infiltrated American consumer behavior. But given a little financial credit and strong branding that integrates local culture, these same concepts can find success in airport settings. “Local concepts create a sense of place and introduce travelers and visitors to what’s special about that place,” says Nicole Linton, marketing manager at Paradies Lagardere, a travel retail company that operates more than 1,000 stores and restaurants across 100 North American airports. “By adapting local concepts to airport settings, we help our partners create brand recognition, which leads to increased sales.” Of course, no airport is clamoring for any retailer — local or not — whose sales are declining and whose stores are closing. But once a retail or restaurant concept makes it onto an airport’s tenant roster, it enjoys higher price points and a captive audience, two key facets of sales growth that have increasingly eluded brick-and-mortar operators in the e-commerce era. “Retailers like the insulation …

June 14, 2019

Conference Coverage Features Multifamily Seniors Housing

InterFace Seniors Midwest: Brookdale CEO Sees ‘Bright Future’ Following Major Turnaround Initiative

by Jeff Shaw June 13, 2019

CHICAGO — A lot has happened at Brookdale Senior Living (NYSE: BKD) over the last few years in what can only be described as a tumultuous period. Operating 844 communities as of March 31, the company is still the largest owner and operator of seniors housing in the country. However, Brookdale’s stock price has struggled mightily in recent years. While trading at nearly $40 per share as recently as 2015, the company’s stock price has not gone above $10 per share since late 2017. (The stock closed at $6.52 per share on Tuesday, June 11.) The Brentwood, Tennessee-based company entertained acquisition offers at least twice, but instead settled on a change of leadership and a turnaround plan. Lucinda “Cindy” Baier was promoted from CFO to CEO in 2018 and immediately started trying to right the ship at Brookdale, in large part by paring the size of its portfolio up to 20 percent. Her efforts appear to be paying off. According to the company’s first-quarter 2019 earnings report, same-community revenue per occupied unit (RevPOR) increased 3.7 percent on a sequential-quarter basis and 3.1 percent on a year-over-year basis. In addition, same-community independent living occupancy remained at 90 percent for a second …

June 13, 2019

Acquisitions California Multifamily Retail Top Stories Western

Douglas Emmett Acquires Apartment, Retail Complex in Los Angeles for $365M

by Jeff Shaw June 11, 2019

LOS ANGELES — Douglas Emmett Inc. (NYSE: DEI) has acquired The Glendon, a multifamily and retail complex in the Westwood Village neighborhood of Los Angeles, for $365 million. Built in 2008, The Glendon features 350 apartment units and 50,000 square feet of ground-floor retail space on a 4.3-acre plot. The multifamily and retail components combined were 97 percent occupied at the time of sale. The Glendon common areas were recently upgraded and the property is midway through a total unit renovation, which DEI plans to complete. Westwood Village is located approximately 12 miles west of downtown Los Angeles. The neighborhood is home to UCLA’s main campus, and abuts popular locations such as Los Angeles National Cemetery and Bel-Air Country Club. The Glendon is also located within walking distance of more than 2.1 million square feet of DEI-owned office space. DEI is a Santa Monica-based real estate investment trust. Although the seller was not officially disclosed, Clarion Partners purchased the property in 2014, according to Los Angeles Business Journal. With the acquisition of The Glendon, DEI has grown its total multifamily portfolio by over 20 percent in the last two years to more than 4,000 units in West Los Angeles and …

June 11, 2019

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