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Jay Madary: Supply, Demand in Check for Midwest Apartment Market

by Kristin Harlow April 4, 2017

The following is a Q&A with Jay Madary, president and CEO of Oak Brook, Ill.-based JVM Realty, regarding the state of the multifamily market in the Midwest. JVM owns and operates Class A and B apartment communities in Midwest markets such as Cleveland, Indianapolis, Kansas City and suburban Chicago. Madary was also quoted in the March issue of Heartland Real Estate Business in an article discussing apartment amenities and property management trends. Heartland Real Estate Business: What is your assessment of the health of secondary and tertiary multifamily markets in the Midwest? Jay Madary: They’re healthy. Supply and demand are in balance, and rents are affordable for residents. When you combine those rents with the strong income levels in the region, you can see there’s room for steady rent growth, unlike some of the primary coastal markets such as San Francisco and New York. From an investment perspective, the lower acquisition costs for apartment communities in the Midwest allow for higher returns than you’ll find in gateway markets. Residents of the Midwest are commonly described as steady and reliable, and that describes the multifamily market in the region as well. It may not have a lot of sizzle in the form of enormous rent …

April 4, 2017

Colorado Hospitality Top Stories Western

Ashford Hospitality Prime Acquires Park Hyatt Beaver Creek in Colorado for $145.5M

by Katie Sloan April 3, 2017

BEAVER CREEK, COLO. — Ashford Hospitality Prime Inc. (NYSE: AHP) has acquired the 190-room Park Hyatt Beaver Creek Resort & Spa in Beaver Creek, Colo., for $145.5 million. The seller was not disclosed. The property amenities include ski-in and ski-out access; a heated outdoor pool and five outdoor hot tubs beneath a mountain waterfall; an outdoor fire pit; spa; fitness club; and onsite ski rental and boot fitting. The hotel also features 20,000 square feet of flexible indoor and outdoor meeting space, and dining options including a bar and grill, café and a complimentary s’mores happy hour held daily at the fire pit. Concurrent with the acquisition, Ashford Hospitality Prime received a $67.5 million, non-recourse mortgage loan. The financing features interest-only payments, and provides for a floating interest rate of LIBOR plus 2.75 percent with a two-year term and three one-year extension options. The property will continue to be operated as a Park Hyatt under a management agreement with Hyatt. Ashford Hospitality Prime is a real estate investment trust focused on investing in luxury hotels and resorts. The company’s stock closed on Friday, March 31 at $10.61 per share, down from $11.67 one year ago. — Katie Sloan

April 3, 2017

New Jersey Northeast Office Top Stories

CitiBank, Goldman Sachs Provide $124.5M Loan for Acquisition of Three Office Buildings in Newark Area

by Jeff Shaw March 31, 2017

FLORHAM PARK, N.J. — CitiBank and Goldman Sachs & Co. have provided $124.5 million in acquisition financing for three Class A office properties in Florham Park, N.J., a city approximately 20 miles west of Newark. HFF arranged the 10-year, fixed-rate loan on behalf of Mack-Cali Realty Corp. (NYSE: CLI), a REIT specializing in office and multifamily properties throughout the Northeast and mid-Atlantic. RXR Realty, a New York City-based developer and property manager, sold the three buildings, which are part of a six-property portfolio, to Mack-Cali for an undisclosed price. Jon Mikula of HFF represented Mack-Cali in the loan placement transaction. All three buildings are located on John F. Kennedy Parkway in the city’s Short Hills neighborhood. The building at 51 JFK Parkway was built in 1988, spans approximately 250,000 square feet and is currently leased to tenants such as Merrill Lynch’s Wealth Management division, Wells Fargo Advisors and accounting firm KPMG. The six-story property at 101 JFK Parkway was constructed in 1981, clocks in at roughly 190,000 square feet and is currently leased to tenants such as Investors Savings Bank. The date of completion and square footage of 103 JFK Parkway were not available, but the property is currently leased to …

March 31, 2017

Mixed-Use Multifamily New York Northeast Retail Top Stories

XIN Development International Receives $108M Construction Loan for Mixed-Use Development in Hell’s Kitchen

by Katie Sloan March 28, 2017

NEW YORK CITY — XIN Development International Inc. — the U.S. development arm of Chinese developer Xinyuan Real Estate Co. Ltd. — has received $108 million in financing for the construction of a mixed-use property at 615 Tenth Ave. in the Hell’s Kitchen neighborhood of Manhattan. The seven-story development will offer 82 residential units and 36,053 square feet of retail space. The retail portion of the property is currently 76 percent pre-leased to an undisclosed national credit tenant. Adam Hakim and James Murad of Eastern Consolidated secured the construction financing on behalf of the borrower through Bank of the Ozarks. Hakim also arranged a $27 million bridge loan with Bank of the Ozarks on behalf of XIN Development to finance the acquisition of the property last year. An expected completion date for the development has yet to be announced. Xinyuan Real Estate Co. Ltd. (NYSE: XIN) is the only Chinese real estate developer listed on the New York Stock Exchange. The company focuses on the development of large-scale residential projects. The company’s stock price closed at $4.44 per share on Monday, March 27, up from $4.40 one year ago. — Katie Sloan

March 28, 2017

Market Reports Massachusetts Northeast Northeast Market Reports Office

Boston Office Market Continues Its Run of Positive Returns

by Camren Skelton March 22, 2017

Greater Boston’s office market is continuing a very strong streak, closing 2016 and the fourth quarter on a good note. The year saw 1.4 million square feet positively absorbed with 789,000 square feet absorbed in the fourth quarter. The current vacancy rate is 12.7 percent, slightly lower than the market average over the last five years of 13.6 percent. Average Class A asking rents are $43.12 per square foot, which has appreciated 9.1 percent in the last three years. Neither the quarter nor the year are aberrations. The market is on an extended run of positive returns. Office space in the Greater Boston market has now seen positive absorption in 14 of the last 15 quarters, accumulating 12 million square feet positively absorbed over that period. The Boston CBD contributed 59,000 square feet of positive absorption in the fourth quarter, decreasing the vacancy rate 0.1 percentage points to 9.6 percent. The most absorption of the CBD submarkets occurred in the Financial District, which saw 69,000 square feet positively absorbed. Average Class A asking rents are currently $55.09 per square foot in the CBD, led by Back Bay, which has an average asking rate of $62.51 per square foot. Across the …

March 22, 2017

New Jersey Northeast Office Top Stories

Mack-Cali Acquires 1.1 MSF Office Portfolio in New Jersey for $368M

by Kristin Harlow March 17, 2017

MADISON AND SHORT HILLS, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has acquired a 1.1 million-square-foot office portfolio that includes six Class A properties in northern New Jersey for $368 million. The sales price of the portfolio is one of the highest ever recorded statewide in the office sector, according to a news release. RXR Realty LLC sold the portfolio, which includes 1, 3 and 7 Giralda Farms in Madison and 51, 101 and 103 JFK Parkway in Short Hills. The portfolio is 91 percent leased to tenants such as KPMG, Wells Fargo, Merrill Lynch, UBS, Dun & Bradstreet, Investors Bank, Citibank, Franklin Mutual Advisors, Pfizer and Prudential. All of the properties are located in the Route 24 corridor and benefit from a strong retail amenity base, including The Mall at Short Hills, the downtown areas of Morristown, Madison and Summit and the retail offerings along Route 10. “This acquisition signifies Mack-Cali’s substantially expanded presence in the affluent Short Hills submarket — positioning us as the owner of nearly all of the Class A office space, as well as some of the most premier assets in the Madison submarket,” said Michael J. DeMarco, president of Mack-Cali, in a press release. “This transaction exemplifies …

March 17, 2017

Multifamily Texas Top Stories

Marcus & Millichap Closes Sale of 1,164 Apartment Units Throughout Texas for $80.5M

by Nellie Day March 15, 2017

DALLAS — Marcus & Millichap’s (NYSE: MMI) Dallas-based multifamily investment sales team has closed the sale of six multifamily assets within the state of Texas totaling $80.5 million. The communities contain a total of 1,164 units. Four of the properties reside within the Dallas-Fort Worth area, known as the Metroplex, while another is situated 60 miles northeast of Dallas in Commerce, and the other is in Waco. The Metroplex-area properties include the 380-unit Spring Lake in Haltom City, the 306-unit Tradewind in Mesquite, the 200-unit Village at the Crossroads in Irving and the 76-unit Oaks Branch in Garland. “The Metroplex’s diverse and growing economy continues to attract investors, creating increased buyer competition for apartment assets and accelerating deal flow,” says Nick Fluellen, a member of Marcus & Millichap’s multifamily investment sales team. “Local investors are particularly focused on properties with some value-add component, as was the case with these assets.” The remaining two properties are the 128-unit Bradford Place in Commerce and the Village Condominiums, a 74-unit apartment asset in Waco. “All of the properties provide new ownership with excellent opportunities to add value in various ways, including the continuation or implementation of strategic upgrade plans,” adds Bard Hoover, who, …

March 15, 2017

California Industrial Western

CenterPoint Properties Plans 404,600 SF Industrial Development in Manteca

by Nellie Day March 9, 2017

MANTECA, CALIF. — CenterPoint Properties plans to develop a 404,600-square-foot industrial facility at CenterPoint Intermodal Center in Manteca, just south of Stockton. The build-to-suit project will be situated on 25 acres adjacent to the domestic Union Pacific Intermodal. CenterPoint is building the facility for 5.11 Tactical, a brand of tactical apparel and gear.

March 9, 2017

Maryland Office Southeast Top Stories

First Potomac Realty Trust, AEW Sell Two Office Assets in Maryland for $59.5M

by John Nelson March 9, 2017

COLUMBIA AND GLEN BURNIE, MD. — First Potomac Realty Trust (NYSE: FPO) and an affiliate of AEW Capital Management have sold two office developments in Maryland for $59.5 million. An affiliate of Adler Kawa Real Estate Advisors purchased the two assets: Rivers Park I and II in Columbia and Aviation Business Park in Glen Burnie. The sale of the 428,268-square-foot portfolio is part of First Potomac Realty Trust’s strategic plan, which includes the sale of $350 million of non-core assets. First Potomac owned a 25 percent interest in Rivers Park I and II and a 50 percent interest in Aviation Business Park. “The sale of these joint-venture assets marks another meaningful step forward at FPO,” says Robert Milkovich, CEO of First Potomac Realty Trust. “In 2017, we have generated over $100 million of proceeds, at our share, providing capital to repay debt and fund our redevelopment program, and have now sold $311 million of assets. As we progress through 2017, we remain focused on completion of our strategic plan and driving long-term value for our shareholders.” First Potomac’s share of the gross proceeds from the sales — approximately $19 million — was utilized to pay down its share of mortgage …

March 9, 2017

Georgia Retail Southeast

Sprouts Opens New Store in Metro Atlanta, Two More to Open in Second Quarter

by John Nelson March 8, 2017

DECATUR, GA. — Sprouts Farmers Market has opened its newest 30,000-square-foot store at 2551 Blackmon Drive in Decatur, a suburb of Atlanta in DeKalb County. The Phoenix-based natural and organic grocer plans to open two other stores in metro Atlanta: a Tucker location that will open in April and a Woodstock store that will open in June. With these three new stores, Sprouts will have a total of 16 locations in the metro Atlanta area. The grocer currently operates more than 250 stores in 13 states.

March 8, 2017

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