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Austin Multifamily Market’s New Focus: Workforce Housing

by Taylor Williams April 12, 2019

As demand for housing increases with Austin’s growing population, all eyes are on the multifamily housing market. But with rents rising as well, pressure on the already-sparse affordable housing stock is more intense than ever. Traditionally, affordable housing has served as a resource for low-income residents, those who earn at or below 60 percent of the area median income (AMI). Providing affordable housing has become a major priority for Austin’s city council and developers during this cycle. But a growing concern involves the segment of the population caught in the middle: those who may not qualify to live in traditional affordable housing properties, but for whom market-rate apartment prices are getting uncomfortably high. The solution? Workforce housing. Rapid Residential Growth Average rent is increasing faster in Austin than in any other major metropolitan city in Texas. This activity is pushing workers out of housing they could afford in areas that are convenient for them and forcing many into long commutes from unfamiliar neighborhoods. According to industry data, in 2018, rents in Austin rose by 4.4 percent, in contrast to 3.8 percent in Fort Worth, 3.5 percent in San Antonio and 2.7 percent in Dallas. And the squeeze on lower-income residents …

April 12, 2019

Development Illinois Industrial Midwest

Meridian Breaks Ground on 84,000 SF Meat Processing Facility in Chicago

by Kristin Harlow April 11, 2019

CHICAGO — Meridian Design Build has broken ground on an 84,000-square-foot USDA meat processing plant for Amylu Foods in Chicago’s Stockyards Industrial Park. The new sausage processing facility will include 56,000 square feet of production and cold-storage space and a freezer. The property will also include 16,500 square feet of corporate office space, including separate raw and cooked facilities, test kitchens and a laboratory. An expandable ammonia refrigeration plant will accommodate plant cooling and production loads. Harris Architects and Kimley-Horn make up the project team.

April 11, 2019

Development Indiana Industrial Midwest Top Stories

Brightmark Energy Receives $260M Financing for Plastics-to-Fuel Plant in Indiana

by Alex Tostado April 11, 2019

ASHLEY, IND. — Brightmark Energy has received $260 million in financing to build the nation’s first commercial-scale plastics-to-fuel plant in Ashley, a small town of fewer than 1,000 residents in the northeast corner of Indiana. The financing includes $185 million in Indiana green bonds, which were underwritten by Goldman Sachs & Co. Brightmark plans to invest $47 million in the plant, according to KPC News, a local news outlet. Brightmark is the controlling owner of RES Polyflow, an Ohio-based energy technology company that innovated the process for converting plastics directly into transportation fuel and other products. Brightmark acquired a majority interest in the company in November. Brightmark Energy Ashley Indiana will convert up to 100,000 tons of plastics into 18 million gallons per year of ultra-low-sulfur diesel and naphtha blend fuels and nearly 6 million gallons a year of commercial-grade wax in a process that is expected to be 93 percent efficient. The outputs could also be used to produce the feedstocks necessary for manufacturing plastic again, “thus creating the world’s first truly circular economy technology for plastics,” according to Brightmark. “We are excited about the market’s confidence in the validity of this technology to economically convert single-use plastics for …

April 11, 2019

Leasing Activity Office Texas

Madison Marquette Negotiates 95,883 SF of Office Leases at Bank of America Center in Downtown Houston

by Taylor Williams April 9, 2019

HOUSTON — Madison Marquette has negotiated 95,883 square feet of lease transactions at Bank of America Center, located at 700 Louisiana St. in downtown Houston. Deal highlights include international law firm Kilpatrick Townsend & Stockton LLP leasing 17,519 square feet; asset management firm Carlson Capital LP renewing its 8,774-square-foot lease; and financial services provider BMO Capital Markets Corp. renewing its 30,275-square-foot lease and taking an additional 7,065 square feet of space. John Spafford and Madeline Gregory represented the landlord, Houston-based M-M Properties, in the lease negotiations.

April 9, 2019

Leasing Activity Retail Top Stories

Parent Company of Kay, Zales, Jared to Close 150 Jewelry Stores

by Taylor Williams April 8, 2019

HAMILTON, BERMUDA — Signet Jewelers (NYSE: SIG), which owns jewelry retailers Kay, Zales and Jared, will close approximately 150 North American stores after the 2019 holiday shopping season, the company said in its latest earnings report. These store closings follow Signet’s previous shuttering of 262 stores, most of them in North America, and are part of a larger downsizing program that will reduce the Bermuda-based retailer’s total store count by 13 percent over a three-year period. According to the earnings report, Signet’s same-store sales declined by 2 percent during the fourth quarter of the most recent fiscal year, which ended on Feb. 2, 2019. Same-store sales were projected to drop by another 2.5 percent during the current fiscal year. In a statement, Signet CEO Virginia Drosos pointed to several factors behind the company’s struggles, including increased competition in the jewelry space and weak demand from the United Kingdom market. Drosos also noted that sales of select merchandise for the holiday season fell below projections. A Signet spokesperson also told Business Insider that the broader struggles of American malls, in which many Signet stores are housed, contributed to the decision to close this wave of stores. “Signet is too highly exposed …

April 8, 2019

Loans Mississippi Multifamily Southeast

Dougherty Mortgage Provides $20.7M Refinancing Loan for Apartment Community Near Memphis

by Alex Tostado April 5, 2019

OLIVE BRANCH, MISS. — Dougherty Mortgage LLC has provided a $20.7 million Fannie Mae refinancing loan for The Plantation Apartment Homes, a 336-unit community in Olive Branch. The 12-year loan features a 30-year amortization schedule. Plantation Apartment Group LP was the borrower. The Plantation Apartment Homes is situated about 24 miles southeast of downtown Memphis and offers community amenities such as a stocked fishing lake, swimming pool, fitness center, playground, two clubhouses and laundry facilities.

April 5, 2019

Acquisitions District of Columbia Hospitality Southeast Top Stories

Metrovest Equities, BLDG Management Acquire 343-Room Hotel in Capitol Hill for $111M

by Kristin Harlow April 5, 2019

WASHINGTON, D.C. — A partnership between Metrovest Equities Inc. and BLDG Management has acquired the Liaison Washington Capitol Hill, a 343-room hotel in the Capitol Hill submarket of Washington, D.C., for $111 million. Located at 415 New Jersey Ave., the property is the closest hotel to the U.S. Capitol building. It is within walking distance of Union Station, the National Mall, Georgetown University Law Center and the Walter E. Washington Convention Center. Amenities include an on-site restaurant, swimming pool, patio with fire pit, meeting and event space, and fitness center. The buyer plans to convert the hotel into the Yotelpad Capitol Hill. Yotel is a lifestyle-oriented hospitality concept. This will be the first Yotel extended-stay project in Washington, D.C. Daniel Peek and Cyrus Vazifdar of HFF marketed the property on behalf of the seller, Pebblebrook Hotel Trust (NYSE: PEB). Scott Aiese and Chris Hew of HFF arranged a bridge loan with a life insurance company for the acquisition. Pebblebrook is a publicly traded real estate investment trust that acquires and invests in upscale, full-service hotels in urban markets. The Bethesda, Md.-based company owns 61 hotels totaling approximately 14,600 rooms. The company’s stock price closed at $31.60 per share on April …

April 5, 2019

Acquisitions Company News Industrial Michigan Midwest Top Stories

Kellogg to Sell Cookie and Snack Businesses for $1.3B, Including Seven Food Manufacturing Facilities

by John Nelson April 2, 2019

BATTLE CREEK, MICH. — Kellogg Co. (NYSE: K) has agreed to sell select businesses in its cookie, snack and pastry lines to Italian candy giant Ferrero Group for $1.3 billion. The sale also includes six Kellogg-owned food manufacturing facilities across the United States, as well as a Kellogg-leased facility in Baltimore. The six food plants include two assets in Chicago; two in Florence and Louisville, Ky.; one in Allyn, Wash.; and another in Augusta, Ga. Ferrero and its affiliated companies will acquire Kellogg brands such as Keebler, Mother’s, Famous Amos, Murray’s and Murray’s Sugar Free, as well as cookies manufactured for Girl Scouts of the U.S.A. by Little Brownie Bakers. The sale also includes Kellogg’s fruit and fruit-flavored snacks, pie crusts and ice cream cones businesses. In 2018, these combined businesses recorded net sales of nearly $900 million and operating profit of approximately $75 million, according to Kellogg. The Battle Creek-based food manufacturer will retain the rest of its North American snacking businesses, including its crackers, salty snacks, healthy snacks and toaster pastries brands such as Pop-Tarts, Eggo, Cheez-It and Pringles. Kellogg and Ferrero expect the transaction to close in July. Evercore was lead advisor to Kellogg on the transaction, …

April 2, 2019

Acquisitions North Carolina Retail Southeast

Tanger Outlets Sells Four Outlet Malls for $130.5M

by Alex Tostado April 1, 2019

GREENSBORO, N.C. — Tanger Factory Outlets Center Inc. (NYSE: SKT) has sold four non-core outlet malls for $130.5 million. The four centers are located in Nags Head, N.C.; Ocean City, Md.; Park City, Utah; and Williamsburg, Iowa. The four properties were 95.8 percent occupied at the time of the sale. Greensboro-based Tanger Outlets expects to use $128.7 million of the proceeds to pay off existing debt. Tanger operates 40 outlet malls across 20 states and Canada. The company is planning to build a mall in downtown Nashville. The buyer(s) was not disclosed. Tanger Outlets’ stock price opened at $20.64 per share Monday, down from $22.16 per share one year ago.

April 1, 2019

Company News New York Northeast

Ready Capital, Owens Realty Mortgage Complete Merger

by David Cohen March 29, 2019

NEW YORK CITY — Ready Capital Corp. (NYSE: RC) and Owens Realty Mortgage Inc. (NYSE: ORM) have officially completed their merger. As of March 29, ORM ceased to be publicly traded on the New York Stock Exchange. The newly combined company will conduct business under the name Ready Capital Corp. and will continue to trade on the NYSE under the symbol RC. In addition, pursuant to the merger agreement, the size of Ready Capital’s board of directors has increased from six to seven members. Gilbert E. Nathan, an independent director of ORM, was appointed to Ready Capital’s board of directors. Ready Capital specializes in small- to medium-sized balance commercial loans. Maryland-based Owens Realty Mortgage is a specialty finance mortgage company that provides customized, short-term acquisition and transition capital to small balance and middle-market investors.

March 29, 2019

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