Search results for

"stock"

Texas Flirts With Oversupply of Self-Storage

by Taylor Williams September 8, 2017

Speaking to a panel of real estate professionals in the 1980s on the dangers of overbuilding during a period of economic expansion, Dallas real estate magnate Trammell Crow offered lenders in the crowd a simple proposition: “If you stop lending, I’ll stop developing.” Thirty-one years later, the nature of that relationship has manifested in the Texas self-storage market. After minimal delivery of self-storage properties in 2012 and 2013, development began to surge in 2014. The Texas Self Storage Association (TSSA) estimates that there are now roughly 6,500 facilities statewide, and local sources concur that unit growth from 2014 to the present has been somewhere in the neighborhood of 350 new facilities per year. This development boom has occurred in the face of rising land prices, high property taxes and a constricting pool of skilled labor that has driven up construction costs. Overall economic growth is contributing to the concern as well. Lenders are still lending, thus developers are still developing, betting that the pent-up demand for self-storage properties in Texas still has some gas left in the tank. The bullish perspective on self-storage appears to go beyond the Lone Star State. Tennessee-based hotel data and research firm STR, which has …

September 8, 2017

Georgia Multifamily Southeast Top Stories

Independence Realty Trust to Acquire Nine-Property Multifamily Portfolio for $228.1M

by Nellie Day September 6, 2017

PHILADELPHIA — Independence Realty Trust Inc. (NYSE: IRT) has agreed to acquire a nine-property multifamily portfolio for $228.1 million. The portfolio contains 2,353 units across the U.S. The seller was not disclosed. This acquisition will allow IRT to further develop its presence in core markets like Atlanta, Indianapolis and Columbus, Ohio. It will also allow the REIT to enter two new markets, though further information regarding the assets’ locations was not disclosed. IRT maintains a large multifamily portfolio in the South and Midwest, particularly in Arkansas, Georgia, Florida, Kentucky, Missouri, North Carolina, Oklahoma, Tennessee and Texas. Rents range from $455 per month at Raindance Apartments in Oklahoma City to more than $1,265 per month at Sabal Key in Naples, Fla. The communities within the new portfolio were built or renovated between 2000 and 2011 and feature an average occupancy of 95 percent. Average effective rent per unit was $884 for the three months that ended July 31, 2017. “This acquisition represents another key milestone for IRT, bolstering our current portfolio with a collection of high-quality communities located in amenity-rich, non-gateway markets that are core to our investment thesis,” says Scott Schaeffer, chairman and CEO of IRT. “This is a tremendous …

September 6, 2017

Michigan Midwest Multifamily Student Housing Top Stories

EdR, Northern Michigan University Open First Phase of $75.4M On-Campus Housing Development

by Katie Sloan August 29, 2017

MARQUETTE, MICH. — A public-private partnership between EdR (NYSE: EDR) and Northern Michigan University has opened The Woods, a 417-bed living-learning community located on the university’s campus in Marquette. The property is the first phase of a $75.4 million, 1,229-bed development scheduled for full delivery in 2018. The community features robust internet and wi-fi capabilities, classrooms, study rooms, television lounges and laundry facilities. A large patio area, fireplace and an open lobby are designed to accommodate art shows, student events, university functions and various types of entertainment for residents year round. “When we began this relationship with Northern Michigan University in 2016, we were struck by how dedicated the entire campus was to modernizing and revitalizing the on-campus housing for current and future students,” says Randy Churchey, CEO of EdR. “From student recruitment and retention, to graduation and academic success rates, we’ve seen first-hand what an impact high-quality on-campus housing can make for a university, as well as its students.” EdR is leasing the land from the university and owns the community through its on-campus equity plan titled the ONE Plan program. This public-private partnership is the largest construction project in the university’s history. EdR is one of America’s largest …

August 29, 2017

Industrial Midwest Ohio Top Stories

Amazon to Open 855,000 SF Fulfillment Center at Former Mall Site Near Cleveland

by Camren Skelton August 28, 2017

NORTH RANDALL, OHIO — Amazon (NASDAQ: AMZN) has unveiled plans to open an 855,000-square-foot fulfillment center at the former site of Randall Park Mall in North Randall, roughly 15 miles southeast of Cleveland. “Along with Team NEO and the Village of North Randall, the Cleveland Port Authority and the Greater Cleveland Partnership, we are pleased to partner with Amazon to revitalize and bring jobs back to a property that has stood vacant for too long,” said John Minor, JobsOhio president and chief investment officer. “Amazon’s investment at a site where the nation’s largest shopping mall once stood will now support digital retail jobs.” The new center will create approximately 2,000 full-time associate jobs with benefits. Employees will work with Amazon Robotics to pack and ship smaller customer items such as electronics, toys and books. Amazon currently employs more than 4,500 full-time hourly associates at its two existing Ohio fulfillment centers in Etna and Obetz. “Our ability to expand in Ohio is the result of two things: incredible customers and an outstanding workforce in the state,” said Sanjay Shah, Amazon’s vice president of North American customer fulfillment. “We very much appreciate the state and local elected leaders who have supported Amazon’s arrival …

August 28, 2017

Features Retail Top Stories

The ‘Space’ Age Of Retail – Integrating Technology into Today’s Shopping Center

by Katie Sloan August 22, 2017

It was not so long ago that the actual merchandise was the focal point of most malls and shopping centers throughout the country. Technology, social media and the rise of a new generation have changed that focus. Or, at least, altered that focus, blurring the lines between products and services, retail and entertainment and ecommerce and bricks and mortar. Nowadays, shopping centers and the store brands that inhabit them must be much more. In fact, many are now tasked with being all things to all people. They can babysit your kids, act as your personal shopper, tell you which parking space is open, deliver your purchase to your front door, provide you with items that might complement your purchase and so on. While there are a variety of very creative, well-informed and innovative people behind all of these new and emerging services, most of them have come to fruition through the use of technology. Yes, the term once reserved for the computer science, engineering and medical fields has now become a premier commodity — rivaling that of even the merchandise — in the shopping centers of America. Though the actual blueprint for the next wave of retail real estate remains …

August 22, 2017

California Hawaii Hospitality Top Stories Western

Trinity, Oaktree to Form $3B Hospitality Joint Venture

by Taylor Williams August 21, 2017

HONOLULU AND LOS ANGELES — Trinity Investments LLC and funds managed by Oaktree Capital Management have entered into a joint venture partnership, with plans to invest up to $3 billion in hospitality assets in Hawaii, California, Mexico and Japan. The formation of the joint venture follows Trinity and Oaktree’s $317 million acquisition of the 759-room Westin Maui Resort and Spa in April. That transaction more than doubled Trinity’s volume of hospitality investment for 2017. In addition to the four markets mentioned, the joint venture may also pursue investment opportunities in select gateway markets in the continental United States. Honolulu-based Trinity will oversee the joint venture and be responsible for its acquisitions and asset management. “Expanding our relationship with Oaktree provides us with additional capital to increase our scale in our core markets,” says Sean Hehir, president and CEO of Trinity. “Oaktree is a savvy investor that recognizes the success of our platform and shares our bullish outlook on these markets.” The stock price of Los Angeles-based Oaktree Capital Group LLC closed at $46.60 per share on Friday, Aug. 18, up from $43.87 on Aug. 25, 2016. — Taylor Williams

August 21, 2017

California Company News Multifamily Seniors Housing Western

Sabra Shareholders Approve Merger with Care Capital Properties

by Nellie Day August 16, 2017

IRVINE, CALIF. — Sabra Health Care REIT Inc. shareholders have voted to approve the company’s planned merger with Care Capital Properties, despite objections of several major shareholders. The proposed merger was announced in May. If completed, the transaction will create a healthcare REIT with a pro forma total market capitalization of roughly $7.4 billion and an equity market capitalization of roughly $4.3 billion. The all-stock transaction is scheduled to close Thursday, subject to customary closing conditions. Several shareholders vehemently opposed the merger, most notably Hudson Bay Capital, which owns 3.9 percent of Sabra shares. The company cited a report by advisory firm Institutional Shareholder Services that suggested Sabra was overpaying for CCP, and that headwinds in the skilled nursing sector would cause the CCP portfolio (which is nearly all skilled nursing) to struggle. The new REIT will be headquartered in Irvine and include a healthcare portfolio comprised of 564 investments across 43 states and Canada. Sabra’s current executive team will manage the company, which will continue to trade under the SBRA ticker symbol. The vote occurred at Sabra’s special meeting of stockholders. The company reports that holders of more than two thirds of the shares voted at the meeting in …

August 16, 2017

Industrial New Jersey Northeast

Terreno Realty Acquires Two Industrial Land Parcels in Newark, New Jersey

by Amy Works August 15, 2017

NEWARK, N.J. — Terreno Realty Corp. has purchased two industrial land parcels in Newark for an undisclosed price. The transactions include a 7.2-acre improved land parcel located at 178 Stockton St. and a 10.6-acre improved land parcel at 422-470 Frelinghuysen Ave. Alex Conte, Jason Crimmins, Kenneth Crimmins and Peter Murano of The Blau & Berg Co. represented the buyer and undisclosed seller in the transactions. The properties, which offer easy access to U.S. highways, ports and Newark Liberty International Airport, are currently available for lease.

August 15, 2017

Florida Mixed-Use Southeast Top Stories

Kimco Begins Phase I of $1B Mixed-Use Development in South Florida

by Kristin Harlow August 11, 2017

DANIA BEACH, FLA. — Kimco Realty Corp. (NYSE: KIM) has broken ground on the Phase I retail portion of Dania Pointe, a mixed-use project in Dania Beach, a beachside suburb of Fort Lauderdale in Broward County. Total project costs are estimated at $1 billion, according to local media reports. Slated to open in time for the 2018 holiday season, the $109 million Phase I comprises 300,000 square feet of retail space, which is approximately 80 percent preleased to tenants such as T.J. Maxx, Hobby Lobby, BrandsMart and Ulta Beauty. Upon completion, Dania Pointe will be a 1 million-square-foot, open-air lifestyle community incorporating over 100 retail tenants and restaurants. Future phases will include up to 500,000 square feet of Class A office space, 1,000 luxury apartment and condominium units and two hotels. Dania Pointe is located near the Fort Lauderdale-Hollywood International Airport and adjacent to Oakwood Plaza, which Kimco also owns. Hoar Construction and locally based developer Salzman Real Estate Advisors also make up the project team. New York-based Kimco is a real estate investment trust focused on owning and operating open-air shopping centers. As of June of this year, the company’s portfolio spanned 510 shopping centers and 84 million square …

August 11, 2017

Georgia Healthcare Southeast Top Stories

Healthcare Realty Trust to Buy Medical Office Portfolio in Atlanta for $612.5M

by John Nelson August 10, 2017

ATLANTA — Healthcare Realty Trust Inc. (NYSE: HR), a healthcare REIT based in Nashville, has agreed to purchase 15 medical office buildings located in the metro Atlanta area from Meadows & Ohly for $612.5 million. More than 85 percent of the portfolio is located on hospital campuses, and all of the assets are associated with three leading health systems in Atlanta. The portfolio spans 1.3 million square feet and was 96.2 percent leased at the time of the deal announcement. The assets have an average building age of 9.7 years. The portfolio is expected to produce net operating income of $29.9 million in 2018. The portfolio includes nine properties totaling 772,400 square feet associated with WellStar Health System, including a 165,400-square-foot, off-campus facility currently under construction. Set to open in September, the asset is fully preleased to WellStar. The other eight facilities are situated on three hospital campuses and are nearly 60 percent leased to WellStar, which operates 11 hospitals and has a 21 percent market share, making it the leading health system in the Atlanta MSA. Three medical office buildings totaling 276,700 square feet are affiliated with Piedmont Healthcare, the third-largest healthcare system in the Atlanta market with 14.5 …

August 10, 2017

Newer Posts

Older Posts