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Robbins Electra Acquires Three Multifamily Communities in Jacksonville, Metro Atlanta for $78.4M

by John Nelson March 7, 2017

JACKSONVILLE, FLA. AND STOCKBRIDGE, GA. — Robbins Electra has purchased three multifamily communities totaling 880 units in Jacksonville and Stockbridge for a combined $78.4 million. The properties include the 352-unit Vue at Baymeadows and the 160-unit Palm Trace in Jacksonville and the 368-unit Marbella Place in Stockbridge. The multifamily investor purchased Vue at Baymeadows for $34.2 million, Palm Trace for $11.7 million and Marbella Place for $32.5 million. Robbins Electra will invest $2.2 million to upgrade Vue at Baymeadows, which was 96 percent occupied at the time of sale; an undisclosed amount to upgrade Palm Trace, which was 95 percent occupied at the time of sale; and nearly $2 million to upgrade Marbella Place, which was 93 percent occupied at the time of sale. Robbins Electra’s portfolio now includes more than 22,400 apartment units totaling over $2.5 billion in value.

March 7, 2017

Affordable Housing Georgia Loans Multifamily Southeast

KeyBank Arranges $14.9M Acquisition Loan for Affordable Housing Property in Metro Atlanta

by John Nelson March 7, 2017

STOCKBRIDGE, GA. — KeyBank Real Estate Capital has arranged a $14.9 million acquisition loan for North Park at Eagle’s Landing, a 244-unit apartment community in Stockbridge, roughly 20 miles south of Atlanta. Built in 1999, the property designates 67 units for tenants earning roughly 80 percent of the area median income. Caleb Marten of KeyBank arranged the seven-year Fannie Mae loan with one year of interest-only payments and a 30-year amortization schedule.

March 7, 2017

Michigan Midwest Retail Top Stories

Brixmor Property Group Acquires 404,000 SF Shopping Center in Ann Arbor for $102M

by Katie Sloan March 7, 2017

ANN ARBOR, MICH. — Brixmor Property Group (NYSE: BRX) has acquired Arborland Center, a 404,000-square-foot, grocery-anchored shopping center located in Ann Arbor, for $102 million. The property is located between the University of Michigan and Eastern Michigan University at 3600 Washtenaw Ave. Kroger anchors the center, which is also home to tenants including DSW, Old Navy, Marshalls, Maurices, Nordstrom Rack, Starbucks Coffee, Ulta Beauty, Bed Bath & Beyond, Petco and Five Below. The property was previously owned by Stamford, Conn.-based AmCap Inc. and was roughly 96 percent occupied at the time of sale, according to reports by Crain’s Detroit Business. With this acquisition, Brixmor owns four assets totaling over 1 million square feet in metro Ann Arbor. The company’s stock price closed on Monday, March 6, at $22.30 per share, down from $24.04 a year ago. — Katie Sloan

March 7, 2017

Indiana Retail Top Stories

Growth of E-Commerce Sales, Intense Competition Lead to hhgregg Store Closures

by Taylor Williams March 6, 2017

INDIANAPOLIS — Electronics and home appliances retailer hhgregg’s Inc.’s decision last week to close 88 stores — or roughly 40 percent of its total outlets — and three distribution facilities over the next two months came in the wake of a rough financial stretch for the company. Net sales decreased 23.7 percent on a year-over-year basis during the company’s most recent fiscal quarter, which ended Dec. 31, 2016, and the gross operating margin declined 4.1 percent. The net loss for the quarter was roughly $58.3 million, despite the fact that this period encompassed the holidays. The company was recently delisted from the New York Stock Exchange for failing to meet minimum requirements. Most commonly, delisting occurs when a security trades below $1 per share for 30 consecutive business days; hhgregg had not closed at or above this level since Jan. 9 of this year As a supplier of consumer goods that span several different sectors, hhgregg has been hit equally hard by the rising popularity of e-commerce and competition from other multichannel retailers like Walmart and Home Depot, both of which have enjoyed upward-trending stock prices throughout the year’s early stages. Its electronics division, in particular, was hit hard by this …

March 6, 2017

Arizona Hospitality Top Stories Western

DiamondRock Acquires L’Auberge, Orchards Inn Resorts in Arizona for $97M

by Nellie Day March 1, 2017

SEDONA, ARIZ. — DiamondRock Hospitality Co. (NYSE: DRH) has purchased the 88-room L’Auberge de Sedona and the adjacent 70-room Orchards Inn Sedona for a total of $97 million. The resorts are situated in the Red Rock region of Sedona on the banks of Oak Creek, just south of Flagstaff. DiamondRock plans to reposition the resorts through a $5 million capital investment plan, which will enhance the luxury cottages at L’Auberge, among other improvements. The renovations will be completed during the off seasons over the next two years for minimal disruptions. “This acquisition represents a rare opportunity to own two high-quality resort properties in a coveted, high-barrier-to-entry resort market,” says Mark Brugger, DiamondRock’s president and CEO. “While we believe the initial pricing of the deal is attractive, we have identified significant opportunities to increase profitability.” About $14 million has been invested in the resorts, its guest rooms and restaurants since 2015. Sedona is one of the highest growth markets in the U.S. hospitality industry, DiamondRock notes, with RevPAR (revenue per available room) increasing 11.3 percent in 2016. L’Auberge includes dining options Cress on Oak Creek and Etch Kitchen & Bar, while Orchards Inn features 89Agave Mexican restaurant, among other casual dining …

March 1, 2017

Georgia Restaurant Retail Southeast Top Stories

Parent Company of Burger King Acquires Popeyes Louisiana Kitchen for $1.8B

by Katie Sloan February 21, 2017

ATLANTA — Restaurant Brands International Inc. (RBI) (NYSE: QSR) has agreed to acquire Atlanta-based Popeyes Louisiana Kitchen Inc. (NASDAQ: PLKI) for $1.8 billion. Ontario, Canada-based RBI is the parent company of fast food giants Burger King and Tim Hortons. The company owns a portfolio of over 20,000 restaurants throughout the world. Popeyes will continue to be managed independently in the U.S. following the close of the transaction, which is slated for April of this year. RBI plans to expand the Popeyes brand at an increasing pace in both the U.S. and international markets over the next few years. The concept, founded in New Orleans in 1972, has over 2,600 restaurants in the U.S. and 25 other countries. “Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests around the world,” says Daniel Schwartz, CEO of RBI. “With this transaction, RBI is adding a brand that has a distinctive position within a compelling segment and strong U.S. and international prospects for growth.” Under the terms of the transaction, Popeyes shareholders will receive $79 per share in cash at closing. Following the successful completion of the tender offer, RBI will acquire all remaining shares through a second-step merger …

February 21, 2017

Office Texas Top Stories

Parkway to Sell Minority Interest in Houston’s Greenway Plaza, Phoenix Tower Office Properties for $512.1M

by Jeff Shaw February 20, 2017

HOUSTON — Parkway Properties (NYSE: PKY), a Houston-based REIT, has agreed to sell 49 percent interest in Greenway Plaza and Phoenix Tower, two Class A office properties in the Greenway submarket of Houston, for $512.1 million. Ownership of the two properties will now be a joint venture between Parkway, TH Real Estate, Silverpeak Real Estate Partners and Canada Pension Plan Investment Board. Parkway will retain a 51 percent majority interest in the portfolio, with TH Real Estate and Silverpeak sharing a 24.5 percent interest, and Canada Pension Plan Investment Board owning the remaining 24.5 percent. Greenway Plaza is a 52-acre, master-planned, mixed-use development featuring 11 buildings totaling approximately 4.9 million square feet of office space as its focal point. On-site amenities include a full-service restaurant, an underground food court with 16 restaurants, multiple fitness facilities, three full-service banking centers and conference facilities. Although Phoenix Tower is technically a separate property, it’s located immediately adjacent to Greenway Plaza. The 34-story building totals 665,332 square feet and was built in 1984. Amenities include an on-site deli and a Jack Nicklaus-designed, nine-hole putting green. “This transaction helps to mitigate risk in a single office campus that represents 57 percent of our company’s overall …

February 20, 2017

New York Northeast Top Stories

Japanese Tech Conglomerate to Acquire Fortress Investment Group for $3.3B

by John Nelson February 16, 2017

NEW YORK AND TOKYO — SoftBank Group Corp., a Tokyo-based tech conglomerate, has entered into a definitive merger agreement under which the company will acquire equity firm Fortress Investment Group LLC (NYSE: FIG) for approximately $3.3 billion in cash. Founded in 1998, Fortress has 1,100 employees and $70.1 billion in assets under management as of Sept. 30, 2016. Private equity funds and permanent capital vehicles, including commercial real estate, comprise about 65 percent of the company’s portfolio. Within the multifamily sector, Fortress manages New Senior Investment Group Inc., a seniors housing REIT that as of Sept. 30 owned 154 properties in 37 states. “Fortress’ excellent track record speaks for itself, and we look forward to benefitting from its leadership, broad-based expertise and world-class investment platform,” says Masayoshi Son, chairman and CEO of SoftBank Group Corp. “For SoftBank, this opportunity will immediately help expand our group capabilities, and, alongside our soon-to-be-established SoftBank Vision Fund platform, will accelerate our SoftBank 2.0 transformation strategy of bold, disciplined investment and world class execution to drive sustainable long-term growth,” adds Son. SoftBank’s global portfolio of companies includes advanced telecommunications, internet services, artificial intelligence, smart robotics, clean energy technology and Internet of Things (IoT) providers. Last …

February 16, 2017

California Hospitality Top Stories Western

Sunstone Hotel Investors Sells 444-Room Fairmont Newport Beach For $125M

by Jeff Shaw February 13, 2017

NEWPORT BEACH, CALIF. — Sunstone Hotel Investors Inc. (NYSE: SHO) has sold Fairmont Newport Beach, a 444-room hotel in the Southern California city of Newport Beach, for $125 million. Although the buyer was not disclosed, Marriott has added the hotel to its website as The Duke Hotel Newport Beach. Meanwhile, Visit Newport Beach, a nonprofit organization that promotes the city’s tourism, has also begun referring to the hotel as The Duke. The hotel property features 22,000 square feet of indoor function space, a bamboo garden, 10,000 square feet of outdoor function space, water features and an outdoor fire pit. Sunstone cited low revenue per available room (RevPAR) as the reason for the sale. The hotel earned a RevPAR that was 25 percent below the company’s average, according to Robert Springer, Sunstone’s chief investment officer. Per the company’s third-quarter report, the RevPAR for the hotel was $136.42 compared to a company average of $174.44. The sales price equates to a 5.2 percent capitalization rate and results in $44 million of gains for Sunstone. “The sale, which is consistent with our capital allocation strategy, monetizes an asset at an attractive valuation, increases our portfolio quality, RevPAR and near-term growth prospects, and reduces …

February 13, 2017

District of Columbia Market Reports Multifamily Southeast Southeast Market Reports

Rent Growth, Leasing Activity to Remain Robust in D.C.’s Apartment Market

by John Nelson February 13, 2017

There are many things to be optimistic about in metropolitan Washington, D.C.’s multifamily market. Here are some facts to consider: — The D.C. metro multifamily vacancy averages 3.4 percent compared to the national average of 4.5 percent. — The D.C. region has seen $3.174 billion in multifamily sales activity year-to-date with an average cap rate of 5.2 percent. — Private investors are leading multifamily sales activity in the D.C. metro region and responsible for 64 percent of the deal flow. — Multifamily investment sales are up by 4.5 percent compared to the first half of 2015. — An influx of new workers to fill the 92,500 new jobs added in the last year has heightened demand for multifamily units despite an abundance of new supply. With a low unemployment rate of just 4.1 percent and job growth far exceeding the national average, and at its highest point since December 2000, the Nation’s Capital is humming with activity. Last year, D.C.’s multifamily market saw staggering amounts of new construction deliver with net absorption levels that surpassed all expectations. Many of the young workers are interested in an urban live-work-play environment ripe with amenities and relish the opportunity to decrease commute times …

February 13, 2017

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