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From Pop-Up Shops to Escape Rooms, Minneapolis Embraces Experiential Retail

by Kristin Harlow March 22, 2018

The retail sector in metro Minneapolis continues to adapt to changing consumer preferences, fast-moving economic opportunities and new state laws. Over the course of 2017, the retail real estate market showed positive growth in every category. Absorption of 1.4 million square feet surpassed the 1.3 million square feet of deliveries, according to CoStar Group. The rising cost of construction, low vacancy rate (3.1 percent) and increasing rental rates are creating new barriers to entry for retail businesses. The aforementioned factors, along with a newfound confidence in the rising economy, are causing landlords of all magnitude to become more selective with the quality of tenants they accept. Landlords will continue to become more reserved with regard to the tenant allowances they provide for new tenants. We have seen retail giants such as Walmart and Target add new services that emphasize both value and convenience and bring shoppers back for quick fill-in trips. Minneapolis-based Target Corp. announced the public rollout of its Target Restock program, a next-day delivery service for household essentials that is designed to compete with Amazon’s Prime Pantry. After being beta-tested by its employees, the program is currently only available in about nine markets, but plans are to slowly …

March 22, 2018

Acquisitions Mixed-Use New York Northeast Property Type Top Stories

Jamestown Sells 1.2 MSF Chelsea Market in Manhattan to Google for $2.4B

by John Nelson March 20, 2018

NEW YORK CITY — Jamestown LP has sold Chelsea Market in Manhattan to Google Inc. (NASDAQ: GOOG) for $2.4 billion. Formerly a Nabisco factory in the West Chelsea district, the nearly 1.2 million-square-foot complex features office and retail space, as well as a large food hall on the ground floor that serves more than 500,000 locals and tourists on a monthly basis. The property occupies an entire city block bounded by Ninth and Tenth avenues between 15th and 16th streets. Jamestown will continue to manage Chelsea Market’s food hall and retail component. “I don’t think we could think of a more appropriate buyer and better steward for the asset. We’ve been working with Google for 17 years and we’ve watched them grow from 30 people in an office to now being one of the largest tech employers in the city,” says Michael Phillips, president of Jamestown. “It’s a bittersweet day. We’ve spent a lot of time there, and we love all the tenants. We’ll continue to have our offices there, but I think it’s a good time for Google to step in.” In 2010, Jamestown and its partners sold 111 Eighth Avenue, a roughly 3 million-square-foot office building in Manhattan, …

March 20, 2018

Features Multifamily

RENTCafé: February Multifamily Rents Increasing Fastest in Small Markets

by Katie Sloan March 20, 2018

SANTA BARBARA, CALIF. — The average rent for a multifamily unit in the United States was $1,364 this February, a 2.7 percent year-over-year increase, according to Santa Barbara-based RENTCafé’s latest monthly Apartment Market Report. The cost of renting one-, two- and three-bedroom units increased by 3.2 percent year over year, and by 0.2 percent month over month. This number outpaced rents for studio apartments, which only grew by 2 percent year-over-year and remained stagnant for the month. The average price of a studio apartment across the U.S. in February was $1,258, while the average national price for a three-bedroom unit was $1,649. RENTCafé’s Apartment Market Report is based off of data compiled from actual rents charged in the 250 largest cities in the U.S., coupled with data from multifamily software program Yardi Matrix. The report is based on apartment data related to buildings containing 50 or more units in cities with populations over 100,000, and a rental stock of at least 2,900 apartments. In this report, large cities are classified as having a population of 600,000 people or more; mid-sized cities are cities with a population between 300,000 and 600,000; and small cities are cities with a population of less …

March 20, 2018

Industrial New York Northeast Top Stories

Blackstone REIT Acquires 22 MSF Industrial Portfolio for $1.8B

by Katie Sloan March 13, 2018

NEW YORK CITY — Blackstone Real Estate Income Trust Inc. (NYSE: BX) has acquired the Canyon Industrial Portfolio, a 22 million-square-foot portfolio of industrial assets, for approximately $1.8 billion. The portfolio consists of 146 last-mile, infill warehouses and distribution buildings with major concentrations in Chicago; Dallas; Baltimore; Washington, D.C.; Los Angeles; the Inland Empire region of southern California; and south and central Florida. The portfolio was 90 percent occupied at the time of sale by tenants including Amazon, FedEx, DHL, Coca-Cola, Fiat Chrysler and the U.S. Government. The seller in the transaction was undisclosed. With the closing of this acquisition, New York City-based Blackstone’s portfolio totals $7 billion in gross asset value across 272 assets, primarily concentrated in 33 million square feet of industrial assets and 17,200 multifamily apartments. The company seeks to invest in stabilized, income-generating U.S. commercial real estate across property types including multifamily, industrial, retail and hotel. Blackstone stock closed on Monday, March 12, at $34.43 per share, up from $27.95 one year ago. — Katie Sloan

March 13, 2018

Idaho Office Top Stories Western

City Office REIT Sells Office Campus in Boise for $86.5M

by John Nelson March 9, 2018

BOISE, IDAHO — City Office REIT Inc. (NYSE: CIO) has sold Washington Group Plaza, a four-building office campus situated on 24 acres in Boise. The Vancouver-based REIT sold the property to St. Luke’s, Idaho’s only nonprofit healthcare system, for $86.5 million. City Office REIT recently executed a 148,000-square-foot lease at the complex with St. Luke’s. The company operates 14 hospitals and medical centers in Idaho, four of which are in Boise. Located at 400 Broadway Ave., 701 Morrison Drive and 720 and 800 Park Blvd., Washington Group Plaza is situated within walking distance to Boise State University, Boise River the Ada County Courthouse and Idaho’s only Whole Foods Market. The recently renovated campus spans 557,510 square feet and features 1,050 structured parking spaces and 896 surface spaces. Amenities include an on-site cafeteria, fitness center and a 250-seat auditorium. “The four office buildings that comprise Washington Group Plaza were contributed to City Office as part of the initial public offering in April 2014,” says Greg Tylee, chief operating officer and president of City Office REIT. “Since that time, we have implemented substantial operational improvements and cost savings.” City Office REIT will use proceeds from the sale to repay approximately $32.1 million …

March 9, 2018

Data Centers Georgia Southeast Top Stories

Facebook to Invest $750M in 970,000 SF Data Center Campus in Georgia

by Kristin Harlow March 8, 2018

ATLANTA — Georgia Gov. Nathan Deal announced yesterday that social media giant Facebook Inc. (NASDAQ: FB) will invest $750 million and create at least 100 full-time jobs with its new data center in Stanton Springs, a 1,620-acre industrial park located roughly 30 miles east of Atlanta in Newton County. The Newton Data Center will include two buildings totaling 970,000 square feet and will help Menlo Park, Calif.-based Facebook provide apps and services to more than 2 billion people around the world. The new facility will be Facebook’s ninth data center in the United States. New jobs will include positions in engineering and management, as well as opportunities for data center technicians. The Newton Data Center will be fully powered by clean and renewable energy, and cooled using outdoor air instead of air conditioners. The facility will also house Facebook’s specialized hardware that powers its apps and other services. The buildings are expected to be fully operational in 2020. EJane Caraway, director of life sciences and corporate solutions for the Georgia Department of Economic Development, represented the state’s Global Commerce Division in partnership with the Joint Development Authority of Jasper, Morgan, Newton and Walton counties, Walton EMC, the Metro Atlanta Chamber, Georgia …

March 8, 2018

California Office Retail Top Stories Western

Hudson Pacific, Macerich to Redevelop Westside Pavilion Mall in Los Angeles to Office Space for $450M

by Jeff Shaw March 6, 2018

LOS ANGELES — Hudson Pacific Properties (NYSE: HPP) and Macerich (NYSE: MAC) have formed a joint venture to redevelop Westside Pavilion, a 600,000-square-foot shopping mall located in west Los Angeles, into creative office space. The project is expected to cost between $425 and $475 million. At completion, the development will be home to 500,000 square feet of state-of-the-art creative office space, while retaining 100,000 square feet of existing entertainment retail space. The 12-screen Landmark Theatres, Westside Tavern restaurant and other shops primarily located on the ground floor will remain in the reconfigured space, according to reports by the Los Angeles Times. Anchor Macy’s is set to close at the end of this month, and Nordstrom left the property last year to open at Westfield Century City. Project completion is scheduled for summer 2021. Hudson Pacific will hold a 75 percent stake in the property, and will act as managing member, day-to-day operator and developer. Macerich will hold the remaining 25 percent. “Westside Pavilion is a perfect opportunity for us to reposition a marquee asset in a premier location,” says Victor Coleman, chairman and CEO of Hudson Pacific. “The project is poised to capture the strong demand from tenants for creative office …

March 6, 2018

Features

GSU’s Rajeev Dhawan: Decisive Year Ahead for Federal Reserve

by John Nelson March 6, 2018

ATLANTA — Rajeev Dhawan, director of the Economic Forecasting Center at Georgia State University’s (GSU) J. Mack Robinson College of Business, anticipates that the Federal Reserve will raise the federal funds rate several times this year. “Three is a safe bet based on my projections for growth,” writes Dhawan in his quarterly Forecast of the Nation report released last week. The veteran economist expects Jay Powell, who succeeded Janet Yellen in January as the new Fed chair, to set forth the first hike at the next Federal Open Market Committee (FOMC) meeting on March 20-21. But that isn’t a given, according to Dhawan. Financial Markets ‘Skittish’ Since the beginning of the year, the 10-year Treasury yield jumped nearly 50 basis points and hit a four-year peak at 2.94 percent on Feb. 21. (The latest 10-year rate as of this writing was 2.81 percent.) The suddenness of the upswing, and the near “correction” (or 10 percent drop) in February of the Dow Jones industrial average may be signaling that it’s not a good time for the Fed to raise short-term rates. “This first one may get delayed if financial markets are in turmoil,” writes Dhawan. “The recent volatility in markets is …

March 6, 2018

Company News Multifamily Seniors Housing Top Stories

Seniors Housing Operator HCR ManorCare to File for Bankruptcy Following $385M Rent Delinquency

by Taylor Williams March 5, 2018

BETHESDA, MD. — HCR ManorCare, an Ohio-based seniors housing operator, will file for Chapter 11 bankruptcy protection and transfer its management operations to its landlord, Quality Care Properties (NYSE: QCP). HCR ManorCare, which currently manages about 320 seniors housing properties, is the second-largest skilled nursing operator in the country. The company’s management contracts also span the assisted living, hospice and home care sectors. The move follows HCR’s declaration of approximately $385 million in delinquent rent payments. Reuters reports that the company’s total debt is roughly $7.1 billion and that QCP will put its own management teams in place at properties previously managed by HCR. Under the terms of the agreement, HCR’s operating subsidiaries will not file for Chapter 11 bankruptcy protection. The parent company’s name and brand will also remain in place, but as a wholly owned subsidiary of QCP. QCP itself is a spin-off of healthcare REIT HCP (NYSE: HCP), which created the company specifically to remove HCR ManorCare’s 320 properties from its portfolio. QCP and HCR have been in negotiations for months regarding hundreds of millions in unpaid rent. In addition, QCP will give up its REIT designation, as it will now both own and operate its properties. “This …

March 5, 2018

Florida Multifamily Southeast

Cushman & Wakefield Brokers $71.4M Sale of New Multifamily Community in South Florida

by Camren Skelton March 2, 2018

FORT MYERS, FLA. — Cushman & Wakefield has brokered the $71.4 million sale of Spectra Apartments, a 324-unit multifamily community in Fort Myers. Robert Given, Zachary Sackley, Neal Victor, Luis Elorza, Brad Capas and Gary Tasman of Cushman & Wakefield arranged the transaction on behalf of the seller, Naples-based Stock Development, which completed construction on the property in July 2017. Mark Grace and Will Baker of Walker & Dunlop represented the buyer, a joint venture between Coastal Ridge Real Estate and H. Katz Capital, and secured a Freddie Mac loan on behalf of the partnership. The deal marks the 20th joint venture acquisition between the firms, which currently own and operate $867 million of student housing and multifamily properties throughout the U.S. Spectra Apartments offers a mix of one- to three-bedroom units with an average size of 993 square feet. Community amenities include a resort-style pool, cabanas with TVs and wet bar, tennis court, playground, cardio and yoga rooms, fitness center and a dog park.

March 2, 2018

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