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Why New Multifamily Construction Is Accelerating in Metro Milwaukee

by Kristin Harlow November 2, 2017

The Milwaukee multifamily sector is plowing forward on a number of different fronts. Development activity is continuing its impressive run with a series of high-rise towers in various stages of construction or planning. Popular neighborhoods such as Walker’s Point, Bayview and the East Side are filling in with low- and mid-rise projects, many of which feature a mixed-use component. From an investment standpoint, multifamily is still the sector du jour, with a widening investor pool of both local and out-of-state buyers. Leading the charge on the development front is Northwestern Mutual’s 7Seventy7, which is currently under construction in downtown Milwaukee with an anticipated opening in summer 2018. The 34-story complex will feature 322 apartments, ground-floor commercial and 1,400 parking spaces, many of which will service employees at the company’s recently completed 1.1 million-square-foot headquarters located only one block away. Other major projects yet to break ground but slated to reshape the skyline in the coming years include: • The Couture — Barrett Lo Visionary Development is planning to build a 44-story tower with 300-plus units, retail and parking across the street from the planned Lakefront Gateway Plaza, which will connect the area between the Milwaukee Art Museum and the Summerfest …

November 2, 2017

Features Top Stories

InterFace On-Campus Housing Brings Focus to Generation Z, Successful 3Ps

by Katie Sloan November 2, 2017

PHILADELPHIA — Over 240 leading figures in on-campus student housing gathered last week for the 5th annual InterFace On-Campus Housing conference at the Loews Hotel in Philadelphia. Each year, the conference brings together a cross-section of all the stakeholders in on-campus housing, from academic institutions to developers, owners and vendors. The first day of the conference, Oct. 24, began with on-campus tours of Drexel University and the University of Pennsylvania, where attendees were able to visit The Summit at University and Chestnut Square by American Campus Communities at Drexel University, and New College House at the University of Pennsylvania. In lieu of the tour, attendees were also able to attend facilitated discussions on incorporating retail into student housing and key issues and trends on-campus. Both events were followed by a successful cocktail reception. Day two kicked off with speed networking, a popular event which provides attendees a venue to meet fellow industry experts in short, one-minute conversations designed to spark conversation and grow new relationships. Keynote speaker Michael Wood, youth expert with The 747 Group, continued the day with a deep look into the differences and similarities between generations from the baby boomers forward, and provided a look into important factors to …

November 2, 2017

Hospitality Indiana Loans Midwest Top Stories

Ashford Hospitality Trust Closes $427M Refinancing for 17-Property Hotel Portfolio

by Nellie Day November 1, 2017

DALLAS — Ashford Hospitality Trust (NYSE: AHT) has closed a $427 million refinancing of 17 properties within its hotel portfolio. The hotels in the portfolio are situated throughout the West, Midwest and South. The new loan is expected to result in annual interest savings of about $9.8 million. Properties included in the portfolio are — Courtyard Alpharetta, Georgia — Courtyard Bloomington, Indiana — Courtyard Crystal City, Virginia — Courtyard Foothill Ranch, California — Embassy Suites Austin, Texas — Embassy Suites Dallas, Texas — Embassy Suites Houston, Texas — Embassy Suites Las Vegas, Nevada — Embassy Suites Palm Beach, Florida — Hampton Inn Evansville, Indiana — Hilton Garden Inn Jacksonville, Florida — Hilton Nassau Bay, Texas — Hilton St. Petersburg, Florida — Residence Inn Evansville, Indiana — Residence Inn Falls Church, Virginia — Residence Inn San Diego, California and — Sheraton Indianapolis, Indiana The new mortgage loan has a two-year initial term and five, one-year extension options. The loan is interest-only features a floating interest rate of LIBOR plus 3 percent. The previous mortgage loan that was refinanced was the BAML 17 Pool loan with a final maturity date in December 2021. “The early execution of this refinancing provided us with …

November 1, 2017

Affordable Housing Features Top Stories

Not-So-Affordable Affordable Housing: Low Cap Rates, Funding Challenges Impact Niche Sector

by Katie Sloan October 31, 2017

Always on the lookout for new yield-producing products, commercial property investors have turned affordable housing into the latest hot alternative real estate asset. Backed by government subsidies and incentives, affordable housing investments provide the relative safety and income of a high-yield Treasury bond or net-lease investment, which is hard to pass up in the crowded field that has driven up conventional property prices. “A lot of cash buyers and funds have come into the affordable housing market. They see it as a stable asset class,” says Heidi Burkhart, founder and president of New York-based Dane Real Estate, an affordable housing brokerage that has closed some $1.5 billion in transactions since 2008. “It’s a cool time to be in affordable housing; it’s a hot topic.” It’s going to get hotter. Economic and cultural trends portend a shortage of the product for years to come as college debt, unpredictable job creation, high home prices, rising rents and other variables are blocking home ownership and weighing down renters, according to observers and Affordable Housing: Emerging Asset Class, Global Investment Possibilities, a report issued by CBRE in July. In New York City, some 54 percent of renters in 2015 were “cost-burdened,” paying more than …

October 31, 2017

Illinois Midwest Retail Top Stories

Walgreens to Shutter 600 Stores as Part of $4.38B Rite Aid Acquisition

by John Nelson October 26, 2017

DEERFIELD, ILL. — Walgreens Boots Alliance Inc. (NASDAQ: WBA), a global pharmacy-led enterprise comprising brands such as Walgreens and Duane Reade, plans to shutter 600 of its stores as part of its $4.38 billion purchase of rival Rite Aid Corp. During a conference call on Wednesday, Oct. 25, Walgreens spokesman Michael Polzin said the 600 shuttered stores will mostly be Rite Aid locations within close proximity to existing Walgreens stores as the company looks to optimize its retail store footprint. On Sept. 19, Walgreens announced it had secured regulatory clearance for its acquisition of 1,932 stores, three distribution centers and related inventory from Rite Aid. According to Walgreens’ earnings report released yesterday, the first few Rite Aid stores were acquired in the past week. Walgreens plans to transfer ownership of the remaining stores in phases as it aims to complete the store transfers by spring 2018. Walgreens has reviewed its combined U.S. store portfolio to determine the affected stores. The company expects to start closings between spring 2018 and mid-2019. As a result of the store closures, Walgreens expects to realize $300 million in annual savings through Aug. 31, 2020. The savings will be derived primarily from procurement, cost savings …

October 26, 2017

California Retail Top Stories Washington Western

ROIC Acquires Two West Coast Shopping Centers for $96.5M

by Nellie Day October 25, 2017

FULLERTON, CALIF., AND VANCOUVER, WASH. — Retail Opportunity Investment Corp. (ROIC) has acquired two shopping centers on the West Coast for a total of $96.5 million. The purchase includes Fullerton Crossroads, a 221,636-square-foot, grocery-anchored community center in Fullerton, and Riverstone Marketplace, a 108,323-square-foot, grocery-anchored shopping center in Vancouver. Fullerton Crossroads was built in 1971 at 3200–3362 E. Yorba Linda Blvd. It was renovated in 1996 and 2005. The center is 98 percent leased to tenants like Ralphs, Kohl’s, JoAnn Fabric & Craft and Daiso Japan. Riverstone Marketplace is located at 19215 and 19221 S.E. 34th St. and 3415, 3425 and 3505 S.E. 192nd Ave. in the Fisher’s Landing area of Vancouver. The center is 99 percent leased, with Quality Food Center as the anchor. ROIC represented itself in this stock transaction, while JLL’s Geoff Tranchina represented the seller, the Uhlmann Family Trust. “The seller was looking to divest itself of the day-to-day operations of these properties while maintaining its relationship and exposure to high-quality, West Coast retail real estate,” says Tranchina. “These unique tax-deferred structures, while complex to execute, provide long-term holders of real estate the potential to diversify their risk, eliminate management responsibilities and provide liquidity flexibility in the …

October 25, 2017

Hospitality Loans Massachusetts Northeast Top Stories

Starwood Provides $140M Refinancing for Two Boston Hotels Totaling 510 Rooms

by Taylor Williams October 23, 2017

BOSTON — Starwood Property Trust, a Connecticut-based lender, has provided $140 million in refinancing for the Aloft Hotel and the Element Hotel, two hospitality properties totaling 510 rooms in Boston’s Seaport District. Starwood provided the funds on behalf of the borrower, a venture between a fund managed by an affiliate of Los Angeles-based Ares Management and Boston-based CV Properties LLC. HFF arranged the financing. The 13-story Aloft Hotel offers 330 rooms, as well as amenities such as a pool, fitness center, gourmet eatery and 12,000 square feet of meeting space. The six-story Element Hotel features 180 rooms with kitchens and flexible workspaces, as well as a pool, fitness center, meeting space and a bike-sharing program. Both hotels are situated adjacent to the Boston Convention and Exhibition Center (BCEC). Anthony Cutone and Matthew Enright of HFF, which secured construction financing for both properties in 2014, led the debt placement effort. “The hotels opened for business in early 2016 and have enjoyed a strong reception due in part to the phenomenal growth of the Seaport area, the quality of the development and the strong demand generated from the BCEC,” said Cutone. HFF’s stock price closed at $43.13 per share on Friday, Oct. …

October 23, 2017

Hospitality Texas Top Stories

The Statler Hotel Reopens in Dallas Following $255M Redevelopment

by Katie Sloan October 17, 2017

DALLAS — The Statler Hotel, an iconic hotel located in downtown Dallas, has reopened as part of the Curio Collection by Hilton following a $255 million redevelopment. The 19-story hotel originally opened in 1956 as one of Conrad Hilton’s first convention properties. Owned and redeveloped by Centurion American Development Group, the hotel offers 219 luxury residences, 159 guest rooms, restaurants and retail. Amenities at The Statler include a rooftop pool; 33,000 square feet of meeting and event space, including entertainment suites, an outdoor garden court, 10 meeting rooms and a 13,154-square-foot grand ballroom; and a fitness center including bowling and games. Restaurants and bars on the property slated to open later this year include Overeasy, an upscale diner; Bourbon & Banter, an underground cocktail lounge; Fine China, a full-service Asian restaurant and cocktail bar; Waterproof, a poolside roof deck bar and lounge; and Scout, a 12,000-square-foot social space serving American food. Dallas-based Aimbridge Hospitality manages The Statler, which Merriman Anderson/Architects designed. Local chef Graham Dodds leads all five of the property’s restaurants. Curio Collection by Hilton launched in 2014, and is a global portfolio of more than 40 upscale hotels and resorts. Hilton’s (NYSE: HLT) stock price closed on Monday, …

October 17, 2017

New York Northeast Office Top Stories

Columbia Property Trust Buys Two Office Properties in Manhattan for $514M

by Nellie Day October 13, 2017

NEW YORK CITY — Columbia Property Trust Inc. (NYSE: CXP) has purchased two office properties in the Chelsea submarket of New York for $514 million. The acquisition includes two adjoining office buildings that total 281,294 square feet at 245-249 W. 17th St., as well as a 165,670-square-foot office building at 218 W. 18th St. The seller was not disclosed. Twitter’s New York headquarters occupies the majority of the boutique buildings on 17th Street. The adjoining buildings include a six-story western tower and a 12-story eastern tower that serves as a showroom for the high-end modern furniture chain Room & Board. The nearby 12-story building on 18th Street houses the New York City headquarters of beverage and lifestyle company Red Bull, along with several other office tenants. This acquisition has allowed Columbia to increase its New York presence to a total of 2.6 million square feet of Class A office space spread throughout seven assets. This represents 44 percent of the trust’s overall portfolio. “Our acquisition of these prime Midtown South buildings allows us to expand within New York, where we already held the largest concentration in our portfolio, and will further establish Columbia as a significant player in Manhattan’s most dynamic …

October 13, 2017

Illinois Midwest

Eisenberg Foundation Raises $550,000 for Cancer Research, Names Scholars at Annual Dinner

by Kristin Harlow October 10, 2017

CHICAGO — The Harold E. Eisenberg Foundation’s 19th annual dinner drew 750 guests and raised over $550,000 to benefit the foundation’s two-pronged mission of funding gastrointestinal cancer research and advancing real estate education. The event took place at the Hilton Chicago on Sept. 26. The 2017 scholars include Amanda Doster and James Alex Collins of Indiana University, Ines Andrade Gruest and Logan Walker of the University of Illinois, Justin Hucek of DePaul University and Ashley Pollock of Roosevelt University. Each student will work hand-in-hand with real estate innovators for six months and receive a $5,000 scholarship. Also unveiled at the event were details of the foundation’s largest gift in its history — $1.5 million to fund the foundation’s OncoSET program at the Robert H. Lurie Comprehensive Cancer Center at Northwestern University. The research program provides a more personalized medicine option for cancer patients by combining oncology with genomics. Steven Weinstock of Marcus & Millichap was the event’s chair while Kevin Wolfberg of Schain, Banks, Kenny & Schwartz Ltd. was the vice-chair.

October 10, 2017

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