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RetailTexasTop Stories

Whitestone REIT to Purchase Two Retail Assets in Houston, Dallas for $204.6M

by John Nelson

HOUSTON AND DALLAS — Whitestone REIT (NYSE: WSR) has entered into separate purchase agreements to acquire BLVD Place in Houston and Eldorado Plaza in Dallas for a combined $204.6 million. The sellers were undisclosed. The Houston-based REIT expects to close the acquisitions in May, subject to customary closing conditions. Upon closing, BLVD Place will be Whitestone’s 28th property in the Houston region and Eldorado Plaza will be the company’s seventh property in the Dallas area. Situated at 1800 Post Oak Blvd. in Uptown Houston, the 216,944-square-foot BLVD Place was 99 percent leased at the time of sale to tenants such as Whole Foods Market, Elaine Turner, North, Peska, Pinkberry, True Food Kitchen, New Balance and Verizon Wireless. The brewpub within Whole Foods was the first brewery located inside a grocery store in the United States. BLVD Place also features office space, including the regional headquarters for Frost Bank. Houston-based Wulfe & Co. developed the first two phases of BLVD Place. The acquisition of BLVD Place includes 1.4 acres of land that Whitestone REIT will use to develop a $45 million, six-story mixed-use building. The future project will feature 46,000 square feet of retail space on the first two floors and …

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Market ReportsMidwestMidwest Market ReportsRetailWisconsin

Flurry of New Development Fuels Retail Resurgence in Milwaukee

by Kristin Harlow

The Milwaukee-area apartment market wasn’t the only real estate sector to benefit from continued job growth and household formation in 2016. The optimistic employment outlook, together with an influx of millennials who, according to Gallup, are spending more on nonessentials, has benefitted the local retail market as well. It’s a trend that we expect to continue in 2017. Filling a retail void A market that historically has been largely underserved in terms of new retail development has essentially reversed its standing, with approximately 1.6 million square feet delivered in the last two years alone, according to CoStar Group. A more diversified economy less susceptible to the highs and lows of other markets, taken together with Milwaukee’s public-private partnerships and lower real estate taxes compared with neighboring states, has created a pro-development environment that appeals to retailers and developers alike. Known for its older stock of shopping centers, the region has seen a surge in redevelopment activity, particularly in the suburbs, where previously underutilized assets are being rebranded and reimagined. In November 2016, HSA Commercial acquired the 217,346-square-foot Brookfield Fashion Center in Brookfield, just west of Brookfield Square Mall. Built in 1986, the center houses stalwart tenants that have been retained …

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MultifamilyTexas

Abby Development to Build 234-Unit Apartment Community in Tyler

by Taylor Williams

TYLER, TEXAS — Abby Development has acquired 16 acres on Grand Boulevard near the intersection of Old Jacksonville Highway in Tyler for the development of Auberge of Tyler, a 234-unit, Class A multifamily community. Amenities will include a stocked fishing lake, saltwater pool, 24-hour fitness center, resident coffee bar and a yoga studio. Construction is scheduled to begin in late 2017, and completion is slated for the first quarter of 2019.

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FeaturesOfficeTexasTexas & Oklahoma Feature ArchiveUncategorized

Business Parks Energize the Lone Star State

by Jaime Lackey

Speculative development and e-commerce tenant demands are driving forces in Dallas and Houston’s industrial markets. By Brian Lee The biggest developments in the biggest state in the lower 48 are making big news: industrial business parks in Texas’ top markets continue to show strong development and leasing activity. Cushman & Wakefield shared a “very encouraging” industrial outlook on the Dallas-Fort Worth metro area. With slightly less than 24 million square feet of absorption in 2016, market demand continues to outpace supply, which included 22 million square feet of new construction last year. PwC and Urban Land Institute ranked the metro second nationally for real estate prospects in 2017 and fulfillment centers No. 1 in both the development and investment categories, ahead of 23 other property types. “The evolution of the e-commerce sector continues to shape the industrial market as a whole,” says Adam Hammack, senior director of Industrial Agency Leasing in Cushman & Wakefield’s Dallas office. Site selection factors for large e-commerce users comprise fresh building functionality, modern infrastructure and the ability to attract and retain labor, which includes nearby transit and retail options for industrial park personnel, according to Hammack. Focusing on the effects of the energy downturn doesn’t …

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ConnecticutMultifamilyNortheastTop Stories

Starwood Capital Group to Acquire Forestar Group for $605M

by Kristin Harlow

GREENWICH, CONN. — Starwood Capital Group has agreed to acquire Forestar Group Inc., a residential and mixed-use real estate development company, for $605 million. Starwood will acquire all of the outstanding shares of Forestar’s common stock for $14.25 per share in cash. The Forestar Board of Directors has unanimously approved the merger agreement and has recommended approval of the merger by Forestar’s stockholders. The transaction is expected to close in the third quarter of 2017. “Over the past 18 months Forestar has significantly reduced costs and outstanding debt, exited non-core assets and focused on its core community development business. While executing these key initiatives, the board and management have been evaluating longer term strategic alternatives,” says James Rubright, chairman of the Forestar board. “After conducting a thorough review assisted by highly experienced financial and legal advisors, the board believes that engaging in the transaction with Starwood is the best option to maximize stockholder value.” JMP Securities LLC is serving as financial advisor to Forestar, while Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor. Kirkland & Ellis LLP is serving as legal advisor to Starwood. Austin, Texas-based Forestar Group maintains a portfolio of 50 residential and mixed-use …

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HealthcareIllinoisMidwestTop Stories

Care Capital Properties to Acquire Six Behavioral Health Hospitals for $400M

by Katie Sloan

CHICAGO — Care Capital Properties Inc. (NYSE: CCP) has entered into a definitive agreement to acquire six behavioral health hospitals in a sale-leaseback transaction for $400 million. The six-property portfolio contains a total of 712 beds in California, Arizona and Illinois. The hospitals primarily provide acute inpatient and outpatient psychiatric care, addiction services, geriatric psychiatric care and child and adolescent psychiatric care. Signature Healthcare Services LLC, one of the largest privately owned behavioral healthcare providers in the United States, currently owns the properties. As part of the transaction, CCP has agreed to fund up to $50 million in expansion and improvements within the portfolio. CCP will also have an option, exercisable beginning in the fourth quarter of 2018, to purchase one additional building for an amount that is expected to be approximately $20 million. Acquired properties include Aurora Charter Oak Hospital in Covina, Calif.; Aurora Vista del Mar Hospital in Ventura, Calif.; Aurora San Diego Hospital in San Diego; Aurora Arizona West in Glendale, Ariz.; Aurora Arizona East in Tempe, Ariz.; and Aurora Chicago Lakeshore Hospital in Chicago. Upon completion of the transaction, which is slated for the second quarter of 2017, CCP will lease the properties to affiliates of …

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New JerseyNew YorkNortheastRetailTop Stories

Urban Edge to Acquire $325M Retail Portfolio in New York, Philadelphia, St. Louis

by Taylor Williams

NEW YORK, PHILADELPHIA AND ST. LOUIS — Urban Edge Properties (NYSE: UE), a real estate investment trust, has entered into a contract to acquire a seven-property portfolio of retail assets for $325 million. The portfolio was 83 percent leased at the time of sale. The portfolio, which spans approximately 1.5 million square feet of leasable space, will consist primarily of retail properties in the New York City area, with holdings in the Philadelphia and St. Louis areas as well. According to CoStar Group, affiliates of New Jersey-based Acklinis Realty Holding LLC have owned the portfolio for the last four decades. The contributors will exchange their interests for approximately $127 million of UE’s operating partnership units, which are valued at $27.02 per unit. Urban Edge will also assume $33 million in existing debt, issue roughly $117 million of non-recourse, secured debt and fund the remaining $48 million in cash. Among the portfolio’s New York City-area properties are Yonkers Gateway Center, a 436,770-square-foot asset located at 2500 Central Park Ave. in Yonkers, which is 88 percent leased to tenants such as Burlington Coat Factory, PetSmart and Alamo Drafthouse; and The Plaza at Woodbridge, a 413,013-square-foot center located at 675 U.S. Highway 1 in …

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MidwestMissouriRestaurantRetailTop Stories

JAB Continues Expansion into U.S Restaurant Industry with $7.5B Acquisition of Panera Bread

by John Nelson

ST. LOUIS — JAB Holding Co., the private investment firm that purchased Krispy Kreme Doughnuts last year, has agreed to purchase Panera Bread Co. (NASDAQ: PNRA) in a transaction valued at approximately $7.5 billion. JAB will acquire Panera Bread for $315 per share in cash and will assume approximately $340 million of net debt. Panera Bread’s board of directors has unanimously approved the purchase agreement, which is expected to close in the third quarter of this year. “We strongly support Panera’s vision for the future, strategic initiatives, culture of innovation and balanced company versus franchise store mix,” says Olivier Goudet, partner and CEO of JAB. “We are excited to invest in, and work together with, Panera’s management team and franchisees to continue to lead the industry.” As of Dec. 27, 2016, there were 2,036 bakery-cafes in 46 states and in Ontario, Canada operating under the Panera Bread, Saint Louis Bread Co. or Paradise Bakery & Café names. Information about whether or not the transaction will affect Panera Bread’s restaurant locations was not disclosed. After 25 years operating as a publicly traded company, Panera Bread will become private and continue to be operated independently by its management team. Speaking to The …

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MidwestOhioRetail

Shopping Center Owner DDR to Cut 65 Jobs, Streamline Organization

by Kristin Harlow

BEACHWOOD, OHIO — DDR Corp. (NYSE: DDR) has unveiled plans to streamline its organizational structure and eliminate 65 positions, including nine officer level roles. The decision is a result of efforts to gain efficiencies, provide appropriate staffing for the company’s current and future operations, facilitate decision-making and lower operating costs, according to the company. The changes are expected to generate a stabilized annual reduction to recurring general and administrative expenses of approximately $6 million. The company expects that the vast majority of its employees will remain based in the Beachwood headquarters location, about 19 miles southeast of Cleveland. As part of the reorganization, DDR has also appointed Conor Fennerty as senior vice president. Fennerty will be responsible for capital raising activities and management of the company’s planning and analysis functions. DDR, a self-managed REIT, is an owner and manager of 319 value-oriented shopping centers comprising 106 million square feet in 35 states and Puerto Rico. The company’s stock price closed at $12.74 per share on Monday, April 3, down from $17.34 per share a year ago.

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Westin Maui Resort & Spa
HawaiiHospitalityTop StoriesWestern

Marriott Sells 759-Room Hawaiian Resort for $317M

by Jeff Shaw

LAHAINA, HAWAII — Marriott International Inc. (NASDAQ: MAR) has sold the Westin Maui Resort and Spa to a joint venture between Trinity Investments LLC and Oaktree Capital Management LP for approximately $317 million. The 759-room oceanfront resort is situated on 12 acres along Ka’anapali Beach in Lahaina, a town on the island of Maui’s western coast. Guestrooms are split between two 12-story buildings: the 553-room Ocean Tower, which recently underwent a multimillion-dollar renovation, and the 206-room Beach Tower. According to Bloomberg, the sale represents an effort to dispose of assets that Marriott acquired in its $14 billion takeover of Starwood Hotels & Resorts Inc., which was completed in September 2016. Under the terms of the transaction, Marriott will continue to manage the property. “The sale demonstrates the strength of the Westin brand and reaffirms our commitment to our asset-light strategy as we continue our merger integration,” said Leeny Oberg, chief financial officer of Bethesda, Md.-based Marriott. The deal raises Trinity’s volume of transactions in Hawaiian hospitality properties over the last six months to more than $600 million. As part of the agreement, the buyers have committed to providing capital improvements to the Beach Tower, as well as to the resort’s …

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