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Omega Healthcare Investors Agrees to Acquire MedEquities Realty Trust for $600M

by David Cohen January 2, 2019

HUNT VALLEY, MD. AND NASHVILLE, TENN. — Real estate investment trust Omega Healthcare Advisors (NYSE: OHI) has agreed to acquire MedEquities Realty Trust (NYSE: MRT) in a cash and stock transaction valued at $600 million. As part of the transaction, Omega will acquire the fee simple interest in 34 facilities operated by 11 operators in seven states. Omega will also acquire approximately $34 million in mortgage loans. Under the terms of the transaction, MRT shareholders will receive $2 in cash and 0.235 OHI shares for each MRT share owned, which represents $10.26 per share based on Monday’s closing price for OHI. The boards of directors for both companies have unanimously approved the transaction. “This acquisition reinforces our commitment to the skilled nursing and senior housing industry, while adding new asset types to our portfolio furthering our strategic objectives,” says Taylor Pickett, CEO of Hunt Valley-based Omega. “MedEquities has built a high-quality diversified portfolio, which should provide Omega with meaningful future growth opportunities.” Omega is a real estate investment trust that invests in the long-term healthcare industry, primarily in skilled nursing and assisted living facilities. As of Sept. 30, 2018, Omega’s total portfolio consisted of 917 facilities spread across 41 states and the United Kingdom. …

January 2, 2019

Acquisitions California Office Top Stories Western

Paramount Agrees to Acquire Historic Office Tower in San Francisco for $227M

by Kristin Harlow December 21, 2018

SAN FRANCISCO — Paramount Group Inc. (NYSE: PGRE) has agreed to acquire 111 Sutter Street, a 293,000-square-foot office tower in San Francisco’s North Financial District, for $227 million. The transaction, expected to close in the first quarter of 2019, equates to $775 per square foot. Paramount is considering bringing in a joint venture partner at the property. The seller was not disclosed. The building is currently 79.6 percent leased to technology, media, business services and nonprofit tenants. JLL serves as the property’s leasing agent. The 22-story building originally opened in 1927 and was known as the Hunter-Dulin Building. Electrical and plumbing upgrades as well as new elevator systems were added in 2001. The property, which served as NBC’s West Coast headquarters from 1927 to 1942, is on the National Register of Historic Places. The LEED Silver-certified property includes a 24-hour fitness center on the ground floor. New York City-based Paramount is a real estate investment trust that owns and operates Class A office properties in select central business district submarkets of New York City, Washington, D.C. and San Francisco. PGRE’s stock price closed at $12.79 per share on Thursday, Dec. 20, down from $15.58 per share one year ago. — …

December 21, 2018

Acquisitions New York Northeast Office Top Stories

SJP, PGIM Partner to Acquire Office Building in Manhattan for $245M

by Alex Tostado December 20, 2018

NEW YORK CITY — SJP Properties and PGIM Real Estate, the real estate investment business of PGIM Inc., have acquired 470 Park Avenue South in Manhattan’s Midtown South neighborhood for $245 million. Norges Bank Real Estate Management and TH Real Estate sold the 301,178-square-foot office and retail building. New York City-based SJP Properties will lease and manage the property. The partners plan to transform the property to accommodate the modern workforce with a boutique-style hotel lobby, outdoor garden, a game room, café, bar and enhanced rooftop terraces on the 14th and 18th floors, totaling 7,670 square feet. The new owners plan to gear the renovated workspace toward technology and creative sector tenants. The building takes up a city block between 31st and 32nd streets. It was 82 percent leased at the time of the sale with tenants including Priceline.com and Dstillery Inc., a data science firm. “In recent years, the Park Avenue South submarket has seen a large influx of tenants across a variety of industries — technology, healthcare, media, hospitality and more — making it a vibrant live/work/play destination,” says Alfonso Munk, Americas chief investment officer for PGIM Real Estate. “We are pleased to collaborate again with our long-term …

December 20, 2018

Acquisitions Company News Hospitality Top Stories

LVMH To Acquire Luxury Hospitality Group Belmond for $2.6B

by David Cohen December 19, 2018

PARIS AND LONDON — Luxury group LVMH Moët Hennessy Louis Vuitton has inked a deal to acquire Belmond Ltd. (NYSE: BEL), the owner or manager of 46 luxury hotel, restaurant, train and river cruise properties across the world, including three hotels in the U.S. LVMH will acquire Belmond for $25 per Class A share in cash, which represents an equity value of $2.6 billion and an enterprise value of $3.2 billion. Belmond currently operates properties in 24 countries, including the Hotel Cipriani in Venice, the Hotel Splendido in Portofino, the Copacabana Palace in Rio de Janeiro, Le Manoir aux Quat’Saisons in Oxfordshire, Grand Hotel Europe in St. Petersburg, Maroma Resort & Spa in Mexico and Cap Juluca in Anguilla. Its United States portfolio includes El Encanto in Santa Barbara, Calif.; Inn at Perry Cabin in St. Michaels, Md.; and Charlston Place in Charleston, S.C. LVMH, which is owned by France’s richest man, Bernard Arnault, currently owns three properties in the ski resort of Courchevel, the Maldives and St. Barth’s as well as a group of Bvlgari hotels in Shanghai, Milan, Bali, London, Beijing and Dubai. “Belmond delivers unique experiences to discerning travelers and owns a number of exceptional assets in the …

December 19, 2018

Development Florida Industrial Southeast

McCraney Property Selects General Contractor for 1.3 MSF Orlando Industrial Project

by Alex Tostado December 18, 2018

ORLANDO, FLA. — McCraney Property Co. has chosen Lakeland, Fla.-based Macrobay Construction as the general contractor for a co-development project with Tavistock Development Co. in Orlando. The 1.3-million-square-foot project at Infinity Park is expected to break ground by the end of 2018. According to Tavistock, Infinity Park is a 200-acre mixed-use site located three miles from the Orange County Convention Center.

December 18, 2018

Development New York Northeast Office Top Stories

Google to Invest $1B for Manhattan Campus, Double New York Workforce Over Next Decade

by John Nelson December 18, 2018

NEW YORK CITY — Search engine giant Google (NASDAQ: GOOGL) plans to invest $1 billion to create a new office campus in Manhattan’s Hudson Square district. Situated just south of West Village, the 1.7 million-square-foot campus is a crucial next step for the company’s goal to double its New York workforce to 14,000 over the next 10 years. Google has signed two leases and a letter of intent to establish the campus, to be named Google Hudson Square. The tech firm will occupy 315 and 345 Hudson St. beginning in 2020 and move into 550 Washington St. when it wraps up construction in 2022. The campus will be the primary location for the company’s New York-based Global Business Organization. The site is located near Pier 40 at Hudson River Park and the Holland Tunnel. According to the owner of 315 Hudson, Jack Resnick & Sons, Google will occupy five full floors and portions of another at the 500,000-square-foot building. Google’s new 280,000-square-foot office space will feature open workspaces, a café, rooftop garden and event space. CBRE represented Google and Newmark Knight Frank represented the owner in the lease transaction, which brings the redeveloped office building to full occupancy. Google will …

December 18, 2018

Content Partner Features Lument Multifamily RED Capital Group Texas

RED: Texas Multifamily Performance Moderates in 2018, While Economy Booms

by Jaime Lackey December 14, 2018

With a preference for low taxes and business-friendly regulation, Texas is America’s proving ground for free market economic theories — a crucible in which the benefits of economic liberty are tested. While the long-term impact of the Lone Star State’s experiment remains an open question, it is hard to gainsay its impressive accomplishments to date. Texas recorded the fastest GDP growth among the 50 states (6.0 percent) in second quarter 2018, and the third-fastest compound annual GDP growth rate since the Great Recession (3.1 percent). By way of population growth, Texas ranked second among states since 2010, trailing only Utah. In terms of the 20- to 34-year-old “renter cohort” Texas was the leader, posting a robust 2.1 percent annual rate growth rate. Powerful economic and population growth go hand in hand with multifamily performance. Indeed, the five Texas markets that we model econometrically — Austin, Dallas, Fort Worth, Houston and San Antonio — posted stronger fundamentals in the current decade than the balance of our RED 50 large market peer group in nearly every category. The “Texas 5” occupancy increased by an average of 564 basis points over the period (Reis), nearly three times as much as the non-Texas component. …

December 14, 2018

Development Office Texas Top Stories

Apple to Invest $1B in Austin Campus, Create New Sites in California, Seattle

by Alex Tostado December 13, 2018

AUSTIN, TEXAS — Apple (NASDAQ: AAPL) will expand its operations in Austin by building a $1 billion campus in North Austin, the Cupertino, Calif.-based company announced Thursday morning. The new campus will be located less than one mile from existing facilities, though the exact site and development timeline were not disclosed. Apple officials said the 133-acre campus is expected to initially employ 5,000 new workers with the potential to house 15,000 employees, which Apple says would make it the largest private employer in Austin. The jobs to be created will be in engineering, research and development, operations, finance, sales and customer support. “Apple is proud to bring new investment, jobs and opportunity to cities across the United States and to significantly deepen our quarter-century partnership with the city and people of Austin,” says Apple CEO Tim Cook. “Talent, creativity and tomorrow’s breakthrough ideas aren’t limited by region or ZIP code, and, with this new expansion, we’re redoubling our commitment to cultivating the high-tech sector and workforce nationwide.” The Austin Business Journal reports that the Texas capital is the second-largest hub for Apple outside company headquarters. A recent report by Yardi Systems Inc. pegged Apple as one of Austin’s largest office landlords with …

December 13, 2018

Features

Will Fed Hit Pause Button on Rate Hikes In Wake of November Jobs Report?

by Taylor Williams December 12, 2018

The U.S. economy added 155,000 jobs in November, according to the Bureau of Labor Statistics (BLS), falling well short of the consensus forecast of 195,000 jobs. Still, November marked the 98th consecutive month of employment gains. Meanwhile, the unemployment rate held steady at 3.7 percent, while year-over-year wage growth registered 3.1 percent, one of the highest rates of the cycle. Given the recent volatility in the stock market, the shrinking spread between the two- and 10-year Treasury yields and the adverse impacts of tariffs on U.S. manufacturing, the latest jobs report raises an interesting question: Will the Federal Open Market Committee (FOMC), the branch of the Federal Reserve Board that shapes monetary policy, decide to increase the fed funds rate another quarter percentage point to 2.5 percent at its next meeting on Dec. 18-19? Rebusinessonline.com spoke with three economists on what the jobs data means for America’s short-term fiscal policy, as well as expectations for retail and manufacturing output and job growth during the holiday season. This month’s featured participants are Michael Hicks, director of the center for business and economic research at Ball State University; K.C. Conway, chief economist at CCIM; and Itziar Aguirre, senior research analyst at CBRE. …

December 12, 2018

Acquisitions Michigan Midwest Ohio Retail Top Stories

Sherwin Williams to Sell, Lease Back More than 100 Stores for $150M

by David Cohen December 12, 2018

BLOOMFIELD HILLS, MICH. — The Sherwin-Williams Co. (NYSE: SHW) has agreed to a sale-leaseback transaction with net lease REIT Agree Realty Corp. (NYSE: ADC) for more than 100 retail properties. Agree will pay more than $150 million for the portfolio. The transaction is expected to close on or before the end of December. The undisclosed properties are located in more than 25 states. The five states with the largest concentration of properties include Florida, New York, North Carolina, Texas and Georgia. “We are pleased to have entered into this agreement with Sherwin-Williams,” said Joey Agree, President of Agree Realty Corp. “This unique transaction is incremental to our operating strategy, demonstrates additional differentiated capabilities and further solidifies the strength of our first-class real estate portfolio.” Bloomfield Hills-based Agree Realty Corp. currently owns and operates a portfolio of 537 properties in 45 states for a total of 10.6 million square feet of gross leasable space. Cleveland, Ohio-based Sherwin-Williams was founded in 1866 and is a leader in the manufacture, development, distribution, and sale of paints, coatings and related products to professional, industrial, commercial, and retail customers. The company operates more than 4,900 retail stores across the United States. Sherwin Williams’ stock price closed …

December 12, 2018

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