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Increased Development Activity in Cedar Rapids Flows Across Property Types

by Kristin Harlow August 10, 2017

These are momentous times for the Cedar Rapids economy. On the jobs front, the unemployment rate for the Cedar Rapids area stood at 3.2 percent in May, even tighter than the national unemployment rate of 4.3 percent for the same period. Meanwhile, the housing market recorded its lowest inventory of housing on the market in two years with 1,482 active listings in June 2017, 540 less than June 2015. On average, the number of days that houses were on the market dropped from 87 to 62 in the last year-and-a-half, while the median house price increased to $166,646. The city has seen dramatic housing, commercial and industrial growth in the last several years. Municipal and business leaders are addressing several issues, including: • affordable housing for entry-level workers and those earning 30 to 50 percent of the area median income; • recruitment of workers to fill an abundance of job openings; • more recreational, retail and cultural opportunities to attract Millennials to the city to fill the job openings; • completion of the flood protection system to reinforce the confidence of developers in creating projects along the Cedar River. What follows is an update on the performance of the major …

August 10, 2017

Florida Hospitality Southeast Top Stories

Sunstone Acquires New Hotel, Marina in Key West for $175M

by John Nelson July 27, 2017

KEY WEST, FLA. — Sunstone Hotel Investors Inc. (NYSE: SHO) has purchased the 175-room Oceans Edge Hotel & Marina in Key West for $175 million. The newly constructed, oceanfront hotel and marina complex is situated across 20 land and water acres on Stock Island and is the largest purpose-built luxury resort and marina in Key West. Sunstone purchased the asset from the developer, Singh Resorts, a hotel development and management firm headed by Pritam Singh. The hotel, which opened in January, will operate as an independent property and be managed by Singh Hospitality. Oceans Edge has 86 suites, all of which have private balconies and views of the Atlantic Ocean. The hotel’s rooms are spread across four buildings and have an average size of 470 square feet, which are among the largest hotel rooms available in the Key West market, according to Sunstone. The hotel also features six swimming pools, a full-service restaurant, waterfront bar, on-site water sports and paddle shop and a fitness facility. As part of the transaction, Sunstone also acquired a combined 52 wet and dry boat slips and amenities in the attached marina, which offers direct deep channel access to popular fishing spots off the coast. …

July 27, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Ready Capital Structured Finance Secures $12.1M Loan for Mixed-Use Building in the Bronx

by Amy Works July 25, 2017

NEW YORK CITY — Ready Capital Structured Finance has arranged a $12.1 million loan for the refinancing, renovation and stabilization of a mixed-use building located at 926 Southern Blvd. in the Woodstock neighborhood of the Bronx. The undisclosed borrower will use the loan to complete a gut renovation and reconfiguration of the loft apartments and street-level retail suites. The 50,700-square-foot building features residential units and 6,700 square feet of retail space. The non-recourse, interest-only loan features a 24-month term with one extension option, flexible pre-payment and is inclusive of facilities to provide future funding for capital expenditures and interest and carry reserves. David Cohen of Ready Capital negotiated the financing.

July 25, 2017

New York Northeast Retail Top Stories

Fashion Retailer Michael Kors to Acquire Jimmy Choo for $1.35B

by Katie Sloan July 25, 2017

NEW YORK CITY — Global fashion retailer Michael Kors has agreed to acquire Jimmy Choo, a London-based luxury footwear and accessories brand, for approximately $1.35 billion. Jimmy Choo PLC (LON: CHOO) has approximately 150 company-operated retail stores, 560 multi-brand locations and more than 60 franchise stores in locations worldwide. The company has a strong presence in the Americas, Europe, the Middle East, and Asia. With this acquisition, Michael Kors Holdings Limited (NYSE: KORS) hopes to grow Jimmy Choo sales to $1 billion; balance its portfolio with greater product diversification; enhance the company’s position in the men’s and women’s luxury footwear segment; and enhance exposure to global markets, with a particular focus on Asia. Michael Kors expects the transaction to close during fourth-quarter 2017. “Jimmy Choo [is] an iconic brand with a rich history as a leading global luxury house,” says John Idol, chairman and CEO of Michael Kors. “We believe that Jimmy Choo is poised for meaningful growth in the future and our company is committed to supporting the strong brand equity that Jimmy Choo has built over the last 20 years.” Michael Kors has committed bridge financing from JPMorgan Chase Bank N.A. and Goldman Sachs Bank USA to satisfy fund requirements of the U.K. Takeover Code. The transaction is expected …

July 25, 2017

Features Loans Multifamily Top Stories

Fannie Mae Off to Hot Start, Freddie Mac Pushing Past Market ‘Disruption’ That Slowed Its First-Quarter Production

by John Nelson July 19, 2017

Fannie Mae started off the year with a bang, producing $17.4 billion in multifamily financing in the first quarter, up about 38 percent compared to the first quarter of 2016. The quarterly total was also up 20 percent from its fourth-quarter 2016 production. Compared to its counterpart, Freddie Mac had a slower start to the year, producing $12.7 billion in the first quarter, down about 28 percent from both first-quarter and fourth-quarter 2016. Hilary Provinse, Fannie Mae’s senior vice president of customer engagement, says the driver of Fannie Mae’s hot start is the increased activity in its green product lines, which incentivize borrowers to perform energy and water efficiency improvements at their properties to qualify for financing with reduced interest rates. “Fannie Mae is the market leader in green rehab financing,” says Provinse. “In 2016, we did $3.6 billion in green financing volume. In the first quarter of 2017 alone we did $5 billion.” David Brickman, executive vice president of Freddie Mac’s multifamily business, says that Freddie Mac’s first-quarter production was more affected by the “pause” in the market in late 2016 and early 2017 than Fannie Mae. “There was a little disruption in the fourth quarter of last year …

July 19, 2017

Georgia Market Reports Office Southeast Southeast Market Reports

Atlanta’s Office Market Continues to Thrive, Though a Test Looms on the Horizon

by John Nelson July 17, 2017

It is no secret that Atlanta has been a booming market in the post-recession era. Metro Atlanta added more than 85,000 jobs in 2016, while the unemployment rate has dropped to 4.9 percent, back to a prerecession level (2007). Atlanta has ranked near the top of the largest 10 office markets in annual job growth, outpacing the likes of New York, Los Angles and Chicago. There was 3.3 percent job growth in 2016, outpaced by only one large metropolitan peer, Dallas-Fort Worth. Rent Growth The Atlanta office market has shared this success as rents have continued to climb to record levels and vacancy levels have dropped. Since the end of 2012, overall gross asking rents have risen 22.1 percent, or $4.41 per square foot. Thanks to major relocations by companies such as Honeywell, GE Digital and Synovus, and major expansions by Kaiser Permanente, Sage, Anthem and Kabbage, among others, Atlanta’s overall office vacancy rate has plummeted 540 basis points from the end of 2012 (from 22.3 percent to 16.9 percent in the first quarter of 2017). Construction With market fundamentals in a stronger state than at any other time in recent history, the introduction of new product presents a litmus …

July 17, 2017

District of Columbia Office Southeast Top Stories

Ocean West Capital, Hana Asset Management Purchase NASA Headquarters Building in D.C. for $360M

by John Nelson July 13, 2017

WASHINGTON, D.C. — An investment group led by Ocean West Capital Partners and Hana Asset Management Co. Ltd. has purchased Two Independence Square in Washington, D.C. The seller, Piedmont Office Realty Trust (NYSE: PDM), has invested roughly $50 million to renovate the building. Constructed in 1992 as the headquarters for NASA, the nine-story, 606,000-square-foot property is located at 300 E St. S.W., about three blocks off the National Mall in Washington’s Southwest submarket. Two Independence Square houses NASA leadership, who provide overall guidance and direction to the U.S. government. The building’s James E. Webb Memorial Auditorium hosts agency news conferences and social events. Designed by Kohn Pederson Fox Associates, NASA’s headquarters also feature a lending library, NASA Exchange store, the history office and archives and production facilities for NASA TV. The agency occupies 99 percent of the building and renewed its lease in 2011 with a lease term running through 2028. Hana Asset Management, a subsidiary of Hana Financial Group, is the largest financial group in Korea. The firm comprises 21 subsidiaries, including banks, securities, trusts, asset management firms, investment banks and life insurance companies. The company employs 23,000 professionals worldwide and manages $5 billion of assets throughout Asia, the …

July 13, 2017

Retail Texas

Baker Katz Acquires 22,000 SF Retail Property in Metro Houston

by Taylor Williams July 12, 2017

PASADENA, TEXAS — Houston-based retail brokerage firm Baker Katz has acquired a 22,000-square-foot retail asset located at the intersection of Fairmont Parkway and Beltway 8 in Pasadena. The property was 70 percent leased at the time of sale to tenants such as Supercuts, Leslie’s Pool Supplies and Mattress Overstock. The seller and other terms of sale were not disclosed.

July 12, 2017

Oregon Retail Top Stories Western

Kimco Realty Acquires 746,000 SF Shopping Center in Portland for $131.8M

by Nellie Day July 12, 2017

PORTLAND, ORE. — Kimco Realty Corp. (NYSE: KIM) has acquired Jantzen Beach Center, a 746,000-square-foot open-air shopping center in Portland, for $131.8 million. The property is located at in northern Portland near the Oregon-Washington border. Jantzen Beach Center was 96 percent occupied at the time of sale. Notable tenants include Home Depot, Target, TJ Maxx, HomeGoods, Ross Dress for Less, Burlington, Petco, Best Buy, DSW and Michaels. Jantzen Beach Center was built in 1972. It underwent more than $40 million in renovations and upgrades between 2010 and 2014. The center’s location near the Oregon-Washington border allows it to pull visitors from more than 70 miles away due to Oregon’s lack of sales tax. “The center pulls customers from the 9 percent sales tax state of Washington into the no-sales-tax state of Oregon,” says Nick Kassab of HFF, who, along with Brian Ley, represented the unnamed seller in this transaction. “Given that opportunities to acquire a top-performing center of this size and scale in the Pacific Northwest are few and far between, the sale received significant interest from institutional investors across the country.” Kimco purchased the center free and clear of any existing debt. The New Hyde Park, N.Y.-based REIT acquired …

July 12, 2017

Florida Industrial Southeast

Amazon to Open 850,000 SF Fulfillment Center in Orlando’s Lake Nona Development

by Camren Skelton July 10, 2017

ORLANDO, FLA. — Amazon has unveiled plans to open an 850,000-square-foot fulfillment center at Lake Nona, Orlando’s 17-square-mile master-planned development. Slated to open in 2018, the new site will create 1,500 full-time jobs. The project is being developed in a partnership between Seefried Industrial Partners and an affiliate of USAA Real Estate Co. Tavistock Development Co., master developer of Lake Nona, sold the site and will develop the infrastructure for the project. The property will utilize automated processes supported by Amazon Robotics, a Massachusetts-based manufacturer of robotic fulfillment systems. The new fulfillment center will bring Amazon’s workforce in Florida to more than 9,000.

July 10, 2017

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