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CIM Group to Buy Tribune Tower in Chicago for $205M

by Haisten Willis August 31, 2016

CHICAGO — Tribune Media Co. (NYSE: TRCO) has agreed to sell the iconic Tribune Tower in downtown Chicago to Los Angeles-based CIM group for $205 million in cash at closing. The buyer could pay up to an additional $35 million based on contingencies and conditions, which could bring the total up to $240 million. The sale is expected to close by the end of September. Built in 1925, the building features 35 stories and nearly 740,000 square feet. The sale also includes a 36,000-square-foot development site located directly to the east of Tribune Tower, fronting Cityfront Plaza. “Tribune Tower has been a unique part of Chicago’s skyline since the 1920s,” says Peter Liguori, Tribune Media’s president and CEO. “It is a gem of architectural and structural accomplishment and a constant reminder of the important role that Tribune has played in the development of the city itself.” Since the beginning of the year, Tribune Media has sold several smaller properties in markets ranging from South Florida to Seattle for gross proceeds of approximately $89 million. Earlier this year, the company agreed to sell the north block of the Los Angeles Times Square property and the nearby Olympic printing plant, both in Los …

August 31, 2016

Conference Coverage Features Georgia Seniors Housing Southeast Southeast Feature Archive Top Stories

Should Seniors Housing Developers Focus More on Hospitality or Healthcare?

by John Nelson August 31, 2016

ATLANTA — Seniors housing by design has both elements of hospitality and healthcare. But which is more important to developers trying to build the next wave of senior facilities? Each developer has a different opinion, based on a development panel at the third-annual InterFace Seniors Housing Southeast conference, held Aug. 25 at the Westin Buckhead in Atlanta. The all-day event drew approximately 315 industry professionals. Zach Bowyer, managing director of CBRE, moderated the panel entitled “The Outlook for Seniors Housing Development: What’s Being Built, Where, and are Supply and Demand in Balance?” Jeff Arnold, chief operating officer of The United Group of Cos., mostly develops independent living assets in New York, Florida and Georgia. Arnold’s main concern is with the hospitality side of the business, as his projects tend to be lower acuity than some of his counterparts on the stage. “From a design standpoint, we’re trying to drive our age down as much as we can. Right now we trend at about 78 years old. If we could push that under 75, that will give us longevity,” said Arnold. “We try to design more active communities, focusing on things that are more modern.” The independent living sector has legs …

August 31, 2016

New York Northeast Office Retail Top Stories

Qatar Investment Authority Buys 10% Stake in Empire State Realty Trust for $622M

by Haisten Willis August 24, 2016

NEW YORK CITY — An affiliate of Qatar Investment Authority (QIA) has acquired a 9.9 percent interest in New York-based office/retail REIT Empire State Realty Trust (NYSE: ESRT) for $622 million. QIA purchased 29.6 million newly issued Class A common shares of ESRT at $21 per share. The interest was acquired on a fully diluted basis, which is currently 19.4 percent ownership of Class A shares. Darcy Stacom of CBRE Group introduced QIA to ESRT. Goldman Sachs and Eastdil Secured acted as financial advisors. Goodwin Procter, Proskauer Rose and Clifford Chance U.S. acted as counsel. White & Case acted as QIA’s legal counsel. Empire State Realty Trust owns, manages, operates, acquires and repositions office and retail properties across New York City, including the Empire State Building. The company’s office and retail portfolio covers 10.1 million rentable square feet, consisting of 9.4 million rentable square feet in 14 office properties and 720,000 rentable square feet of retail. ESRT’s stock price closed at $20.52 per share on Tuesday, Aug. 23, up from $16.41 one year ago. The State of Qatar founded Qatar Investment Authority in 2005 to strengthen the country’s economy by diversifying into new asset classes. QIA is headquartered in Doha …

August 24, 2016

Hospitality Louisiana Southeast Top Stories

Laguna Development Corp., Eagle Holdings to Acquire Isle of Capri Casino Hotel Lake Charles in Louisiana for $134.5M

by Katie Sloan August 23, 2016

WESTLAKE, LA. — Kicks Entertainment LLC, a newly formed entity owned by Albuquerque, N.M.-based Laguna Development Corp. and Eagle Holdings LLLP, has agreed to acquire Isle of Capri Casino Hotel Lake Charles in Westlake for $134.5 million. The casino is located in Southwest Louisiana, approximately midway between New Orleans and Houston, Texas. The property — to be acquired from Isle of Capri Casinos Inc. (NASDAQ: ISLE) — includes a 50,000-square-foot riverboat casino, a 493-room hotel, a variety of dining and beverage outlets and covered parking, according to reports by Albuquerque Business First. Isle of Capri Casinos has owned and operated the Lake Charles location for over 20 years. The sale is expected to close in late 2017 or early 2018. Isle of Capri Casino Hotel Lake Charles features 1,150 slot machines, 35 table games, 13 poker tables, two hotels totaling 490 rooms, three restaurants, 14,000 square feet of meeting/banquet space, an RV park and a concert venue. Laguna Development Corp. is a wholly owned subsidiary of Pueblo of Laguna. The Native American Pueblo also owns Dancing Eagle Casino, Route 66 Casino and Casino Xpress in New Mexico. Isle of Capri Casinos Inc. owns or operates a portfolio of 14 casinos …

August 23, 2016

Loans Midwest Multifamily Ohio

KeyBank Arranges $858M in Financing for Owner, Operator of Manufactured Housing Communities

by Christina Cannon August 18, 2016

CLEVELAND — KeyBank Real Estate Capital has arranged $858 million in debt financing for YES! Communities LLC, an owner and operator of manufactured housing communities that is managed by Stockbridge Capital Group LLC. The financing consisted of one Fannie Mae and one Freddie Mac credit facility totaling $733 million and a $125 million syndicated, corporate-level revolving credit facility. Wells Fargo also arranged a credit facility for the company, which announced earlier this week that it sold 71 percent equity interest to two global investors, including GIC, a sovereign wealth fund from Singapore. In connection with the transaction, YES! Communities’ three manufactured home portfolios will be consolidated into a single entity. Chris Black of Cleveland-based KeyBank arranged the agency financing.

August 18, 2016

Market Reports Midwest Midwest Market Reports Office Uncategorized Wisconsin

Late to the Economic Recovery, Madison’s Office Sector is Now in a Growth Mode

by Christina Cannon August 18, 2016

The Madison office market finally emerged from its post-recession stupor in 2015 and chalked up its best performance since the early 2000s. The 430,000 square feet of positive net absorption recorded last year exceeded the combined total of the previous three years. This strong trend continues in 2016. Nearly 150,000 square feet of office space was leased during the first quarter, driving the vacancy rate down to 10.2 percent. The Madison office market was slow to recover from the Great Recession. As recently as 2014, office vacancies increased, and only 67,000 square feet of net positive absorption was tallied that year. As the state capital and home to the University of Wisconsin, the local economy depends on government and education as base industries — sectors where employment and spending had been retreating until recently. Insurance, financial services, medical services, research, information technology and software development are also important and growing sectors in Madison, accounting for a lot of new office leasing activity. Who’s taking space? Among the large lease deals in recent months: Arrowhead Research inked a deal to occupy 68,000 square feet in University Research Park; M3 Insurance completed and moved into its building at 828 John Nolen Drive; …

August 18, 2016

Georgia Multifamily Southeast Tennessee Top Stories

Mid-America Apartment Communities to Acquire Post Properties in $4B Multifamily REIT Merger

by Nellie Day August 15, 2016

MEMPHIS, TENN., AND ATLANTA — Mid-America Apartment Communities (NYSE: MAA) has agreed to acquire Post Properties (NYSE: PPS) in an all-stock deal that values Post, a developer and operator of upscale multifamily communities, at nearly $4 billion. The merger will create a Sunbelt-focused, publicly traded multifamily REIT. The acquisition brings together two multifamily portfolios totaling approximately 105,000 multifamily units in 317 properties. The combined company plans to focus on urban and suburban locations in large and secondary markets within the Sunbelt region, which stretches from coast to coast along the southern United States. The combined company’s 10 largest markets by unit count will be Atlanta; Dallas, Fort Worth, Austin and Houston, Texas; Charlotte and Raleigh, N.C.; Orlando and Tampa, Fla.; and Washington, DC. Each share of Post common stock will be converted into 0.71 shares of newly issued MAA common stock, per the agreement. Former MAA equity holders will maintain about 67.7 percent of the combined company’s equity, while former Post equity holders will hold the remaining 32.3 percent on a pro-forma basis. The all-stock merger is intended to be a tax-deferred transaction. The combined company is expected to have a pro-forma equity market capitalization of about $12 billion, as …

August 15, 2016

Features Top Stories

Economists: Solid July Jobs Report Portends Future Good Times for Commercial Real Estate

by Jeff Shaw August 11, 2016

For the second month in a row, U.S. nonfarm payroll employment experienced a big increase, according to the latest figures from the Bureau of Labor Statistics (BLS). In June, employers added 287,000 net new payroll jobs, beating economist forecasts by more than 50 percent. The job gains in July generated more positive headlines, as employers added 255,000 new payroll jobs, once again blowing away economist forecasts that predicted 180,000. These numbers are especially welcome after a disappointing May, where job growth of 24,000 fell well short of predictions. REBusinessOnline asked two economists — Robert Bach, director of research for Newmark Grubb Knight Frank, and Ryan Severino, senior economist and director of research for Reis — what this news means for the commercial real estate industry as a whole. REBusinessOnline: The employment data has looked fairly healthy in the last few months. Yet, U.S. gross domestic product (GDP) increased at a 1.2 percent annual rate in the second quarter (subject to revision), which isn’t terrific. What are we to make of these seemingly mixed signals about the health of the economy? Ryan Severino: GDP has never been the best measure of the health of the economy. That’s not really what it was intended to do, though …

August 11, 2016

adidas-speedfactory-atlanta-cherokee-county

Georgia Industrial Southeast Top Stories

Adidas to Open Shoe Factory in Metro Atlanta, Move Production from Asia

by Haisten Willis August 10, 2016

ATLANTA — German sportswear brand Adidas has announced plans to open a new footwear production site in the Atlanta area in 2017, eventually bringing part of the company’s manufacturing from Asia to the United States. The facility, which will be known as adidas Speedfactory, is designed to allow the company to create products more quickly and closer to U.S. consumers using a highly automated process. The 74,000-square-foot facility will be located in Cherokee County, a suburban area roughly 30 miles northwest of Atlanta. It is scheduled to open in the second half of 2017 and will produce 50,000 pairs of shoes a year while employing 160. The U.S. factory will complement another Speedfactory facility operating in Germany. Adidas’ strategic partner Oechsler will operate both the U.S. and German facilities. Adidas is headquartered in a small town in Bavaria. The company is publicly traded on the Frankfurt Stock Exchange under the symbol ADS. Its parent company, Adidas Group, includes several other sports-goods brands such as Reebok and TaylorMade. — Haisten Willis

August 10, 2016

California Hospitality Mixed-Use Top Stories Western

Waldorf Astoria to Anchor 2 MSF Mixed-Use Complex in San Francisco

by Katie Sloan August 9, 2016

SAN FRANCISCO — Waldorf Astoria Hotels & Resorts — Hilton’s (NYSE: HLT) luxury hotel arm — has unveiled plans for the new Waldorf Astoria San Francisco, which will anchor a 2 million-square-foot, mixed-use complex located on Mission Street in San Francisco’s SoMa neighborhood. The hotel will occupy the first 21 stories of a mixed-use tower designed by architecture firm Foster + Partners. Hirsch Bedner Associates will be in charge of designing the interior. Amenities at the Waldorf Astoria San Francisco will include a spa and “Peacock Alley” restaurant offering San Francisco-inspired cuisine and libations. Development costs and a completion date for the project have yet to be announced. The new development will be located at the center of a vast redevelopment project surrounding the Transbay Transit Center. The Transbay Center District and Redevelopment Plans include more than 6 million square feet of new downtown office space; 4,400 units of new housing, 1,200 of which will be affordable; approximately 100,000 square feet of new retail space; and nearly 1,000 new hotel rooms. The redevelopment of the Transbay area will also incorporate more than 11 acres of new public parks and open space, including a 5.4-acre rooftop park at the Transit Center …

August 9, 2016

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