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Lowe’s to Close 20 Underperforming Stores in U.S., 31 in Canada

by John Nelson November 6, 2018

MOORESVILLE, N.C. — Lowe’s Cos. Inc. (NYSE: LOW) has unveiled its plans to close 20 underperforming stores in the United States as part of its ongoing strategic reassessment. Additionally, the company will close 31 Canadian stores. The Mooresville-based home improvement retailer stated that most associates at these stores will be extended opportunities to transition to a similar role at a nearby Lowe’s store. The majority of affected stores are located within 10 miles of another Lowe’s store. Lowe’s expects to close the impacted stores by Feb. 1, 2019, which is the end of the company’s 2018 fiscal year. The list of the closed stores can be found here. The company intends to conduct store-closing sales for most of the impacted locations, with the exception of select stores in the U.S. that will close immediately. “The store closures are a necessary step in our strategic reassessment as we focus on building a stronger business,” says Marvin Ellison, president and CEO of Lowe’s. Previously the CEO of J.C. Penney, Ellison was appointed over the summer to lead Lowe’s, taking over for Robert Niblock. Shortly after the hire, Lowe’s announced plans to close all 99 Orchard Supply Hardware stores, as well as a …

November 6, 2018

California Development Retail Top Stories Western

Taubman Centers Completes $500M Redevelopment of Los Angeles Mall

by Taylor Williams November 5, 2018

LOS ANGELES — Michigan-based Taubman Centers Inc. (NYSE: TCO) has completed its $500 million redevelopment of Beverly Center, an 883,000-square-foot shopping mall in Los Angeles. Bloomingdale’s and Macy’s currently anchor the eight-story property, which is home to more than 100 tenants. In terms of design, the redevelopment delivered new and expanded floor openings that allow more natural light into the building, as well as an exterior LED lighting system. The property’s street-level landscaping was upgraded, and more open spaces for hosting events were incorporated into the new design. Italian firm Studio Fuksas designed the project. More than 30 new retail and restaurant tenants have been announced at Beverly Center. Included in the new lineup of retailers are Apple, Brooks Brothers, Kiehl’s, Michael Kors, Polo Ralph Lauren and Zara. Zara will occupy a 28,300-square-foot space, making this location Zara’s largest in Los Angeles. New dining concepts include sit-down, full-service restaurants like Farmhouse Los Angeles and Yardbird Southern Table & Bar, as well as fast casual eateries such as Eggslut, Coffee Commissary and Pitchoun! Bakery & Café. “Even before the renovation was complete, traffic and sales productivity materially improved, and the center continues to perform above our expectations,” said William Taubman, COO …

November 5, 2018

Illinois Midwest Mixed-Use Top Stories

Tribune Media to Start Construction of 8 MSF River District in Chicago

by Katie Sloan November 1, 2018

CHICAGO — Tribune Real Estate Holdings, a subsidiary of Tribune Media Co. (NYSE: TRCO), has received approval from the City of Chicago to begin an 8 million-square-foot mixed-use development at 700 and 777 W. Chicago Ave. The approval was the last step before construction could begin. The development — named The River District — will include 4,100 residential units and 2,000 feet of riverfront pedestrian walkways upon completion. Phase I of development will include 1,250 to 1,500 residential units, a 1.8-acre public park and 560 feet of pedestrian walkways along the river. The remaining phases will be built out based on market demand. The property supports an additional 7 million square feet of development. Chicago-based architectural firm Solomon Cordwell Buenz designed the master plan for the property. “The River District will be a dynamic new neighborhood that will transform the face of the North Branch and serve as a natural extension of Chicago’s downtown, connecting neighborhoods and people,” says Murray McQueen, president of Tribune Real Estate Holdings.“With today’s approval, we can take the next steps to build an in-demand neighborhood that will help the city continue to attract and retain new jobs and talent.” A timeline for development has yet to be …

November 1, 2018

Market Reports Multifamily Northeast Northeast Market Reports Pennsylvania

Investors Key in on Southwest Philadelphia Multifamily Sector

by David Cohen October 31, 2018

Apartments in Philadelphia’s urban core command premium rent, prompting more renters to consider living in the surrounding suburbs. Rising demand for apartments in submarkets both near and far from Center City have helped lower vacancy and improve rent growth. Southwest Philadelphia, in particular, has exhibited these trends despite elevated construction activity. The combination of favorable property fundamentals amid supply additions draws strong investor interest, leading to increased transactions and higher sales prices. Multifamily properties in Southwest Philadelphia are outperforming those in Center City. Over the past four years, apartment inventory in both submarkets rose by almost proportional amounts, 10 percent versus 14 percent, respectively. Yet, over that time, vacancy in the suburban submarket dropped 100 basis points to a rate of 4.2 percent while the downtown rate went up 70 basis points to 5.3 percent. Rent growth showed a similar disparity. In the same four-year span, average effective rent appreciated 18 percent in Southwest Philadelphia but only 6 percent in Center City. The steep decline in vacancy and strong rent growth during this construction wave have demonstrated a healthy amount of demand in the submarket as residents seek more affordable housing options. As of June 2018, the average apartment in …

October 31, 2018

Acquisitions District of Columbia Office Southeast Top Stories

JBG Smith Sells 154,384 SF Office Building in Washington, D.C. for $65M

by Taylor Williams October 29, 2018

WASHINGTON, D.C. — Maryland-based REIT JBG Smith Properties (NYSE: JBGS) has sold the Lion Building, a 154,384-square-foot office property in Washington, D.C., for $65 million. The Lion Building, which is located at 1233 20th St. near Dupont Circle, houses the embassies of Vietnam and South Sudan. The location puts the property within walking distance of three different Metrorail stations, 500 retail stores and restaurants and eight hotels. Jim Meisel, Andrew Weir, Matt Nicholson and David Baker of HFF represented JBG Smith in the sale. This quartet of investment advisory professionals also procured the buyer, a joint venture between private investment manager GreenOak Real Estate and Mid-Atlantic investment firm MRP Realty. Cary Abod, Dan McIntyre and Robert Carey of HFF arranged $47.6 million in acquisition financing for the transaction. The lender and loan terms were not disclosed. JBG Smith’s stock price closed at $37.10 per share on Friday, October 26, up from $31.26 per share a year ago. The company, which is listed on Standard & Poor’s MidCap 400 Index, owns and operates assets in infill markets around the Washington, D.C. area. — Taylor Williams

October 29, 2018

California Development Florida Massachusetts Multifamily Student Housing Washington Western

Capstone Development Opens Three Student Housing Communities in California, Seattle Totaling 980 Beds

by Amy Works October 25, 2018

BIRMINGHAM, ALA. — Birmingham-based Capstone Development Partners has opened five on-campus student housing communities totaling 3,000 beds, including two in California and one in Seattle. Development costs reached $350 million, $150 million of which was financed using private equity, with the remaining $200 million financed through a 501(c)3 nonprofit owner or a university using tax-exempt debt. Properties include Montage on College at San Diego State University in San Diego; Calaveras Hall at the University of the Pacific in Stockton, Calif.; Vi Hilbert Hall at Seattle University in Seattle; The Village Phase 2 at The University of South Florida in Tampa, Fla.; and the University of Massachusetts Boston Residence Hall and Dining Center in Boston. Montage on College at San Diego State University was built through a ground lease with the San Diego State University Real Estate Foundation. The property offers more than 300 beds of apartment-style housing. Community amenities include a resort-style spa, barbecue area, outdoor lounge and fire pit, community kitchen, fitness center, gaming and media room, and various study spaces. Capstone Development Partners’ management entity, Capstone Management Partners, operates the property. Calaveras Hall at the University of the Pacific offers 380 beds tailored to upper-level students. Shared amenities …

October 25, 2018

Development Louisiana Multifamily Seniors Housing Southeast

Abby Development Breaks Ground on 255-Unit Seniors Housing Property in Lafayette, Louisiana

by Amy Works October 24, 2018

LAFAYETTE, LA. — Dallas-based Abby Development has broken ground for The Vincent, a seniors housing development in Lafayette. Situated on 20 acres on Verot School Road, The Vincent will feature 255 units comprising independent living apartments and cottages, as well as assisted living and memory care units. Onsite community amenities will include a stocked fishing lake, multiple landscaped courtyards with water features, walking trails, movie theaters, indoor and outdoor swimming pools, pharmacy and general store, libraries and a fitness center. Additionally, residents will have access to housekeeping, transportation, laundry service and meals prepared in-house by executive chefs. The one- and two-bedroom independent living apartments and two- and three-bedroom independent living cottages will feature private patios/balconies, high-end finishes, full-size washer/dryer connections and fully equipped kitchens. Each cottage will also include a private two-car garage. The studio, one- and two-bedroom assisted living units will feature full-size refrigerators and microwaves, walk-in closets and high-end finishes. The memory care wing will offer private and semi-private floorplans in a secure environment.

October 24, 2018

Acquisitions California Industrial Loans Western

CIT Arranges $50M Acquisition Financing for Six-Property Industrial Portfolio in San Diego

by Amy Works October 24, 2018

SAN DIEGO — CIT Group’s Real Estate Finance division has arranged $50 million in financing for the acquisition of a six-property industrial portfolio in San Diego’s Otay Mesa submarket. BKM Capital Partners purchased the assets, which total 14 buildings and 703,215 square feet, from Stockbridge Capital Group for an undisclosed price. Cushman & Wakefield represented the seller in the transaction. The light industrial multi-tenant properties offer access to major transportation routes and the border crossing to Mexico. At the time of sale, the portfolio was 97 percent occupied by a diverse range of 44 tenants. The properties are: Border Point Business Park at 6754, 6744 and 6794 Calle De Linea San Diego International Center at 883 Siempre Viva Road Faraday Industrial Park at 2325, 2345, 2365, 2375 Michael Faraday Drive and 2350 Marconi Place Otay Business Center at 6987 and 6995 Calle De Linea Frontera Business Center at 2695 Customhouse Court Otay Crossing Business Park at 2340 Enrico Fermi Drive and 10025 Siempre Viva Road

October 24, 2018

Features Heartland Feature Archive Illinois Midwest Retail

Marry Online Efficiency With Brick-and-Mortar Retail, Say Experts at ICSC Chicago Deal Making

by Kristin Harlow October 23, 2018

CHICAGO — How retailers can best integrate online and brick-and-mortar sales as well as utilize new technology to analyze shopper activity were two of the most prominent discussion points at this year’s Chicago Deal Making & VRN Outlet Convention. The event, hosted by the International Council of Shopping Centers (ICSC), took place at Navy Pier on Oct. 17-18 and attracted more than 2,400 registered attendees. In a recently released study from ICSC, a new store opening was shown to boost a brand’s web traffic within that market by an average of 37 percent. There’s a special term for it, known as the “halo effect.” The magic formula for today’s retailers and shopping centers is to marry online efficiency with brick-and-mortar locations, according to Karen Fluharty, partner with Montville, N.J.-based Strategy + Style Marketing Group. Fluharty’s remarks came during the “Future of Outlets” session. Today, an omnichannel presence is increasingly critical to a retailer’s competitiveness. Online retailers with growing sales have started successfully transforming their “clicks” into “bricks.” Warby Parker and Bonobos are two of the most well-known online retailers with a steady expansion of physical stores. What’s beneficial for outlet centers is that nine out of 10 consumers say they …

October 23, 2018

Market Reports Multifamily Texas Texas Market Reports

Multifamily Roundup: High-Growth Austin vs. Steady San Antonio

by Taylor Williams October 19, 2018

Despite being located 80 miles apart, the Austin and San Antonio metros might as well be on different planets when comparing growth and multifamily operations during the current business cycle. While both multifamily markets have been in growth mode since the Great Recession, Austin has outpaced San Antonio with a rapid rate of expansion during this time. Austin’s job growth has risen steadily at an average annual pace near 4 percent since 2010. In addition, strong migration to the metro has contributed to the 20,000-plus households that have been created annually during this span. In comparison, San Antonio’s total employment has risen by an average of 2.7 percent annually for the past eight years, though the rate has dipped below 2 percent over the past four quarters. The pace of migration remains healthy, but the rate of household formation has been slower in the Alamo City. These differences in job growth, migration and household formation have impacted each metro’s apartment market differently. Development Disparities Developers have targeted Austin over the past few years, and the market has received significant supply additions. The metro has consistently ranked in the top 10 markets across the country for new deliveries over the past …

October 19, 2018

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