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Hilton to Spin Off Real Estate into 70-Property Hotel REIT

by Nellie Day February 29, 2016

MCLEAN, VA — Hilton Worldwide (NYSE: HLT) has announced plans to spin off the majority of its real estate business into a publicly traded REIT. The company also plans a second spinoff, putting its Hilton Grand Vacations timeshare business into a third publicly traded company. The company hopes the spinoffs will help focus Hilton Worldwide’s model on its core business. “The transactions we announced today will result in three pure-play companies, enabling dedicated management teams to fully activate their respective businesses,” says Christopher Nassetta, president and CEO of Hilton Worldwide. “We intend to have the appropriate leadership, strategies and capital structures in place to set up all three companies for further success.” If approved by the Securities and Exchange Commission (SEC), Hilton’s new REIT will include about 70 properties and 35,000 rooms, comprising one of the largest and most geographically diversified publicly traded lodging REITs. The REIT’s portfolio will contain luxury and upper-upscale assets in high-barrier-to-entry urban and convention markets, top resort destinations, select international regions and strategic airport locations. The new timeshare company will contain nearly 50 club resorts in the United States and Europe. The company will have a long-term license agreement with Hilton Worldwide to market, sell …

February 29, 2016

California Hospitality Top Stories Western

Tutor Perini to Build $285M Resort, Casino Expansion in Southern California

by John Nelson February 25, 2016

TEMECULA, CALIF. — The Pechanga Development Corp., the economic development branch of the Pechanga Band of Luiseño Indians, has selected Tutor Perini Building Corp. to expand the Pechanga Resort & Casino in Temecula, roughly 60 miles north of San Diego. The contract is valued at $285 million. “Perini was the general contractor for the original Pechanga resort that opened in 2002. This development will complement our current offerings, enhance the resort experience for guests, and cement Pechanga Resort & Casino as the preeminent luxury gaming destination in California,” says Patrick Murphy, president of the Pechanga Development Corp. The resort expansion project involves adding a AAA Four Diamond, 568-room hotel wing; a standalone luxury two-story spa and salon with 17 treatment rooms, a fitness center and hydrotherapy pool terrace; a resort-style pool complex with eight pool areas; two new restaurants; and an additional 67,000 square feet of event space. Tutor Perini previously completed multiple phases of the Pechanga Resort & Casino over the past 13 years. Tutor Perini expects the expansion to be “substantially completed” by the end of 2017. Pechanga Resort & Casino is the largest resort/casino in California and employs roughly 4,000 team members, according to the casino’s website. …

February 25, 2016

Multifamily Top Stories

Forest City Sells Military Housing Business to Hunt Cos. for $208.8M

by Katie Sloan February 23, 2016

CLEVELAND — Cleveland-based Forest City Realty Trust Inc. (NYSE: FCEA and FCEB) has completed the sale of its military housing business to Hunt Cos. Inc. for $208.8 million. The military housing business consists of fee-income streams from property management, asset management, and construction and development of family housing communities for the Navy, Marines and Air Force, as well as minority equity interest in the real estate at each location. The business includes 14,500 housing units comprised of single-family homes, duplexes and triplexes. Properties in the transaction include military housing installations at the Air Force Academy in Colorado Springs, Colo.; Air Force Southern Group, consisting of four Air Force bases including Arnold Air Force Base in Tennessee, Charleston and Shaw Air Force bases in South Carolina, and Keesler Air Force Base in Mississippi; Navy and Marine Corps bases in Hawaii; military housing associated with three Naval installations in the Puget Sound area of Washington; and six military housing communities at Naval Station Great Lakes in Illinois, Naval Surface Warfare Center in Crane, Ind., and Navy-Mid-South in Millington, Tenn. As part of the transaction, Hunt is extending employment offers to the majority of Forest City’s associates currently in the military housing business. …

February 23, 2016

Georgia Loans Retail Southeast

BMC Capital Arranges $1M Refinance of McDonald’s, Verizon Property in Metro Atlanta

by John Nelson February 22, 2016

WOODSTOCK, GA. — BMC Capital has arranged a $1 million cash-out refinance of a McDonald’s and Verizon Wireless store in Woodstock, a northern suburb of Atlanta. Brian Gramlich of BMC Capital’s Dallas office arranged the five-year loan through an unnamed bank of behalf of the borrower. The loan was structured with a fixed 3.63 percent interest rate and a 25-year amortization schedule.

February 22, 2016

District of Columbia Industrial Market Reports Southeast Southeast Market Reports

Leasing Demand Supports D.C. Industrial Market’s Measured New Construction

by John Nelson February 22, 2016

New industrial demand in the Washington, D.C., metropolitan region has come not only from its strong service economy, but also a rapidly growing consumer goods supply chain, e-commerce distribution seeking speed of delivery, data centers and even government contractors. Both occupiers and investors seek modern, state-of-the-art building design and features. The Washington metro industrial market (185 million square feet inclusive of flex space) was well into the single digits with a sub-9 percent vacancy rate as of the third quarter of 2015. New construction has returned with 2.7 million square feet poised for delivery. The overall market is fairly balanced between suburban Maryland and Northern Virginia comprising 88.3 million square feet and 87.3 million square feet, respectively. The remaining 9.3 million square feet is located in the District of Columbia. Vacancy has been on a downward trajectory for the region as a whole. The current 8.8 percent rate represents a drop of 100 basis points compared with the third quarter of 2014. The largest industrial market is found in Prince George’s County, Md., and totals 52 million square feet of industrial and flex space. Prince George’s County also anchors the south end of the Baltimore-Washington I-95 Corridor. If the adjacent …

February 22, 2016

Illinois Industrial Midwest

TRiSTAR Breaks Ground on 1.1 Million SF of Speculative Industrial Space Near St. Louis

by Christina Cannon February 22, 2016

EDWARDSVILLE, ILL. — TRiSTAR Properties has broken ground on two new industrial buildings within the Gateway Commerce Center in Edwardsville, approximately 25 miles northeast of St. Louis. The two speculative distribution facilities will total 1.1 million square feet. Gateway Commerce Center is a 2,300-acre logistics and bulk distribution park. PCCP LLC is partnering with TRiSTAR to fund the $49 million project. The first building, Gateway East 618, will be situated on 53 acres and span 618,450 square feet. The facility will feature 36-foot clear heights, 68 dock doors and two drive-in doors. Gateway East 513 will be a 513,760-square-foot building that sits on a 46-acre site. This facility will include 32-foot clear heights, 58 dock doors and two drive-in doors. Both buildings are expandable by over 1 million square feet. Ed Lampitt of Cushman & Wakefield is the leasing agent for the two buildings, which are both slated for completion in the latter half of this year. Contegra Construction is serving as the project’s general contractor. Gray Design Group is the architect of record, and Stock & Associates Consulting Engineers Inc. is providing civil engineer services.

February 22, 2016

Loans New York Northeast Office Top Stories

SL Green Closes $296M in Financing for New York Commercial Portfolio

by Nellie Day February 22, 2016

NEW YORK CITY — SL Green Realty Corp (NYSE: SLG) has received $296 million in financing for three of the REIT’s New York-based assets. The assets include a Class A office building at 800 Third Ave. in Manhattan; Jericho Plaza, a 662,000-square-foot, two-property complex in Jericho on Long Island; and 719 Seventh Ave. in Times Square, which will eventually serve as a prime retail flagship location. The office building received a new 10-year, $177 million refinancing of its mortgage loan. The property is situated in the Grand Central submarket. It is currently 96 percent occupied. Jericho Plaza received a two-year, floating-rate mortgage to recapitalize the property. The initial funding was about $75 million, with a total expected funding of $100 million. Proceeds will partially be used for a capital improvement plan that includes lobby and elevator cab renovations, the addition of a conference facility and landscaping upgrades. The Times Square project received a two-year, $44 million loan. The proceeds will be used for construction of 10,000 square feet of retail space, as well as extensive LED signage. SL Green expects that construction will be completed before the 2016 holiday season. “The successful completion of these transactions provides evidence that liquidity …

February 22, 2016

Florida Multifamily Seniors Housing Southeast Top Stories

Welltower, CPPIB Acquire Majority Interest in Six-Property Seniors Housing Portfolio in Florida for $555M

by Christina Cannon February 19, 2016

TOLEDO, OHIO AND TORONTO — A joint venture between Welltower Inc. (NYSE: HCN) and Canada Pension Plan Investment Board (CPPIB) has acquired a 97.5 percent interest in a seniors housing portfolio located in Florida for $555 million.The seller was Kayne Anderson, which bought the portfolio in late 2013 for an estimated $400 million from GE Healthcare Finance. Of the 97.5 percent interest that the joint venture acquired, CPPIB owns 45 percent while Welltower owns 55 percent. Discovery Senior Living owns the remaining 2.5 percent and operates the six properties that make up the portfolio. “As a long-term investor, CPPIB provides a large, global alternative capital source to the public markets that enables us to continue driving the evolution of healthcare infrastructure with our unparalleled network of leading health system and seniors housing operating partners,” says Thomas DeRosa, CEO of Welltower. The portfolio, known as Aston Gardens, is comprised of six private-pay seniors housing properties that have a total of 1,930 units. The communities, all located in Florida, include: Aston Gardens at Pelican Marsh in Naples Aston Gardens at Parkland Commons in Parkland Aston Gardens at Sun City Center in Sun City Center Aston Gardens at the Courtyards in Sun City Center Aston Gardens …

February 19, 2016

Georgia Mixed-Use Southeast Top Stories

RCP Cos. Plans to Develop $300M Mixed-Use Project in South Atlanta

by John Nelson February 18, 2016

STOCKBRIDGE, GA. — RCP Cos., a Huntsville, Ala.-based real estate investor and developer, plans to develop a $300 million mixed-use project, known as Jodeco|Atlanta South, in Henry County. Preliminary plans for the mixed-use development in the southern Atlanta suburb of Stockbridge include retail and restaurants, an entertainment hub, amphitheater, outdoor fitness and recreation areas and apartment residences within an urban setting. “Our intention is to craft a new, vibrant community that brings the energy of a high-density, urban design — as well as the options that a larger city might provide — to South Atlanta,” says Max Grelier, chief development officer of RCP Cos. Jodeco will sit adjacent to I-75 at exit 222, one of the first exits south of the I-675 interchange. Situated in the southwest quadrant of the I-75 and Jodeco Road intersection and bordered by Chambers and Mt. Olive roads, the development will include more than 500,000 square feet of local, regional and national retailers, including an organic grocer. A 12,000-square-foot food hall, known as Mt. Olive Market, will be a dining venue within Jodeco where local and regional chefs will serve guests at counters and communal tables. Plans also call for two upscale hotels and an …

February 18, 2016

Colorado Hospitality Top Stories Washington Western

ARC Hospitality Buys Six Summit Hotels in Washington, Colorado for $108.3M

by Nellie Day February 17, 2016

NEW YORK CITY — Affiliates of American Realty Capital (ARC) Hospitality Trust have purchased a six-property hotel portfolio from Summit Hotel Properties (NYSE: INN) for $108.3 million. The portfolio contains a total of 707 Marriott- and Hilton-branded rooms throughout the states of Washington and Colorado. Properties included in the transaction are the 84-room Fairfield Inn & Suites in Spokane and the 144-room Fairfield Inn & Suites in Bellevue, Wash.; the 120-room Hilton Garden Inn and 75-room Hampton Inn in Fort Collins, Colo.; and the 160-room Fairfield Inn & Suites and 124-room SpringHill Suites in Denver. The latest six-property portfolio acquisition brings ARC’s lodging holdings to 142 hotels totaling 17,351 rooms across 32 states. Crestline Hotels and Resorts and Interstate Hotels & Resorts will manage the new acquisitions. ARC drew on its term loan facility to finance the transaction. Deutsche Bank AG New York Branch and Deutsche Bank Securities arranged that portion of the financing. Summit also provided a $27.5 million loan to ARC, which included $7.5 million for earnest money. The remaining balance was applied toward the six-hotel purchase price. The loan has an initial maturity date of Feb. 11, 2017, with two, one-year extension options. Proceeds from the latest sale …

February 17, 2016

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