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Wells Fargo Provides $780.3M in Financing for Affordable Housing Projects in New York City Metro Area

by John Nelson August 8, 2023

NEW YORK CITY AND YONKERS, N.Y. — Wells Fargo (NYSE: WFC) has provided $780.3 million in construction financing to fund the development of five affordable housing projects in the New York City metro area. The San Francisco-based bank provided the financing through its Community Lending and Investment (CLI) group, and all five loans closed in the month of June. The developments, which total more than 1,100 apartments, are underway and include: Peninsula Phase II, Wakefield Yards and Blondell Commons in The Bronx; Edgemere Commons Building B1 in Queens; and St. Clair in Yonkers, about 20 miles north of New York City. The Peninsula community is the second phase of the redevelopment of the former Spofford Juvenile Detention Facility located in the Hunts Point neighborhood of The Bronx. Wells Fargo CLI provided a total of $250.6 million in debt and equity financing to the borrowers: Gilbane Development Co., The Hudson Cos. and MHANY Management. The project will total 359 affordable units, all reserved for tenants earning 70 percent or less of the area median income (AMI), and 54 of the apartments will be set aside for formerly homeless tenants. The project will include a Head Start daycare facility, as well as community …

August 8, 2023

Leasing Activity Midwest Minnesota Retail

Three New Tenants to Open at Eden Prairie Center in Suburban Twin Cities

by Kristin Harlow August 4, 2023

EDEN PRAIRIE, MINN. — Three new tenants are set to open at Eden Prairie Center, a 1.4 million-square-foot shopping center in the Twin Cities suburb of Eden Prairie. Let’s Roar, which sells activewear and gold-plated jewelry, occupies 650 square feet and opened Aug. 1. The company sources its jewelry from Cebu, an island in the Philippines where the store’s owner was born and raised before moving to Minnesota. Influenced by the owner’s seven years of military service in both the U.S. Army and Air Force, Let’s Roar donates 10 percent of sales to Protect Our Defenders, a charitable organization that supports and advocates on behalf of military sexual assault survivors. First opened in 2009 by a father-son duo, High Score is relocating to Eden Prairie Center and will occupy 5,045 square feet on the upper level. High Score sells video games and vintage collectibles. At the front of the store is the newest gaming technology while toward the back are vintage systems, games, toys and collectibles organized by decade dating back to the 1970s. High Score follows a buy-sell-trade model, allowing customers to bring games, toys and systems for appraisal in exchange for cash, store credit or High Score merchandise. …

August 4, 2023

California Loans Mixed-Use Top Stories Western

Kilroy Realty Obtains $375M Loan for One Paseo Mixed-Use Campus in San Diego

by John Nelson August 1, 2023

SAN DIEGO — Kilroy Realty Corp. (NYSE: KRC), an office, mixed-use and life sciences REIT based in Los Angeles, has obtained a $375 million loan for a portion of One Paseo, a mixed-use campus in San Diego. New York Life Insurance Co. provided the 11-year, non-recourse loan, which features a fixed 5.9 percent interest rate. The loan matures in August 2034. The 36-acre property is situated between the city’s Carmel Valley neighborhood and Del Mar, as well as near I-5 and State Route 56. One Paseo is home to tenants including lululemon athletica, Sephora, drybar, BodyRok, Harland Brewing, Shake Shack, Cava and Blue Bottle Coffee, among others. The loan was secured by a 23-acre portion of Kilroy Realty’s One Paseo campus that comprises two office buildings, 608 apartment units and more than 95,000 square feet of retail space. This portion was developed in phases between 2019 and 2021, according to Kilroy Realty. “Against a challenging capital markets backdrop, we are very pleased with this loan execution, which further fortifies our already strong balance sheet and liquidity position while establishing a new partnership with a world-class life insurance company,” says John Kilroy, CEO of Kilroy Realty. JLL and Allen Matkins advised …

August 1, 2023

Content Partner Development Features Industrial Leasing Activity Lee & Associates Loans Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ Second-Quarter 2023 Economic Review by Sector

by Sarah Daniels July 27, 2023

Lee & Associates’ newly released 2023 Q2 North America Market Report outlines industrial, office, retail and multifamily outlooks trends in the United States. This sector-based review of commercial real estate trends for the second quarter of the year examines the difficulties facing each property type and where opportunities in the landscape may be emerging. Troubles with absorption dogged each sector, with the exception of retail, throughout the first half of 2023. Scheduled deliveries for industrial, office and multifamily indicate this trend will continue throughout much of the United States for the foreseeable future. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). The summaries from each sector below provide high-level considerations of the overall outlook and challenges in the market. Industrial Overview: Industrial Growth on Track for Least Gain in Years In a reversal from the ballooning logistics capacities required during the pandemic, demand for industrial space has slowed across North America. After continuously rebuilding inventories from the fall of 2021 through the third quarter of last year, many retailers and wholesalers are taking a breather, pausing further inventory accumulation out of caution over …

July 27, 2023

California Company News Industrial New York Northeast Self-Storage Top Stories Western

Public Storage Agrees to Acquire Simply Self Storage from Blackstone for $2.2B

by Taylor Williams July 24, 2023

GLENDALE, CALIF. AND NEW YORK CITY — Self-storage REIT Public Storage (NYSE: PSA) has agreed to acquire Simply Self Storage from New York City-based Blackstone Real Estate Income Trust Inc. (BREIT) for $2.2 billion. The deal is scheduled to close during the third quarter. Simply Self Storage is an owner-operator that was founded in Orlando in 2003. The company owns 127 facilities and operates 25 more on a third-party basis for a total of more than 11 million net rentable square feet across 18 states. Roughly 65 percent of Simply Self Storage’s portfolio, which has a collective occupancy rate of 91 percent, is concentrated in Sun Belt markets. “This acquisition reflects the continued execution of our multi-factor external growth platform, which includes acquisitions, development, redevelopment, expansion and third-party management,” says Joe Russell, CEO of Public Storage. “We are pleased to complete this transaction with Blackstone, which has done a tremendous job of growing and improving the quality and operations of the Simply portfolio over the past few years.” “Where you invest matters, and this transaction demonstrates the strong investor demand for the high-quality assets and platforms we have assembled within BREIT,” adds Nadeem Meghji, head of Blackstone Real Estate Americas. …

July 24, 2023

District of Columbia Retail Southeast

US Retail Sales Rise in June, NRF Predicts Strong July Activity With Back-to-School Shopping

by John Nelson July 19, 2023

WASHINGTON, D.C. — The U.S. Census Bureau reports that overall retail sales in June rose 0.2 percent from May and 1.5 percent from June 2022. Barron’s and other media outlets are reporting that economists had previously forecasted that June sales would grow 0.6 percent from May. The Wall Street Journal reports that the retail sector’s three consecutive months of positive sales activity can be attributed, in part, to inflation easing. The Consumer Price Index, the U.S. Bureau of Labor Statistics’ leading indicator for inflation, rose at an annualized rate of 3 percent in June, the lowest figure since March 2021. The National Retail Federation (NRF), a Washington, D.C.-based advocacy organization for the retail industry, expects the momentum to carry into July as consumers shop for back-to-school items. “Back-to-class spending is one of the most important shopping occasions of the year, and NRF’s consumer research shows that back-to-school and college spending is expected to set new records,” says Matthew Shay, president and CEO of NRF. “Consumers are looking for the best value and deals, and retailers are well-stocked with essential items for families and students.” The NRF’s own calculation of retail sales excludes automobile dealers, gas stations and restaurants in order …

July 19, 2023

Illinois Loans Midwest Multifamily Seniors Housing

Greystone Provides Bridge Financing for $150M Acquisition of Supportive Living Portfolio in Metro Chicago

by Kristin Harlow July 18, 2023

CHICAGO — Greystone Monticello, a bridge lending platform serving as a one-stop-shop provider of capital finance products and services for the multifamily and seniors housing sectors, has provided bridge financing for the $150 million acquisition of a portfolio of eight supportive living facilities in Illinois. The portfolio was financed with a two-year bridge loan and is intended to transition to long-term, fixed-rate financing with Greystone. Comprising 921 beds, the facilities are located in Elk Grove Village, Melrose Park, Country Club Hills, Bartlett, Vernon Hills and Chicago. The supportive living program in Illinois is an alternative to nursing home care for low-income persons requiring mid-range care needs. Eric Rosenstock of Greystone worked with both the buyer and seller and originated the bridge financing.

July 18, 2023

Acquisitions New Jersey Northeast Retail

SRS Real Estate Brokers Sale of Walmart-Backed Ground Lease in Linden, New Jersey

by Taylor Williams July 6, 2023

LINDEN, N.J. — SRS Real Estate Partners has brokered the sale of a ground lease for a 185,682-square-foot retail building in the Northern New Jersey community of Linden that is occupied by Walmart. The building was constructed on 14 acres in 2019, and there are 17 years remaining on the corporate-guaranteed lease. Matthew Mousavi, Patrick Luther, Britt Raymond and Kyle Fant of SRS represented the sellers, Dallas-based developer Cypress Equities and San Francisco-based investment firm Stockbridge Capital Group, in the deal. David Chasin of Pegasus Investments Real Estate Advisory represented the buyer.

July 6, 2023

Acquisitions Industrial Nevada Western

Joint Venture Sells 442,780 SF Tropical Logistics Phase II Industrial Facility in North Las Vegas

by Jeff Shaw June 30, 2023

NORTH LAS VEGAS, NEV. — A joint venture between Ares Management Corp. and CapRock Partners has sold Tropical Logistics Phase II, an industrial warehouse complex in North Las Vegas. The 442,780-square-foot, Class A facility includes three single-tenant buildings. The buyer was institutional investor Stockbridge Capital Group. At the time of the sale, the property was fully leased to three tenants. Tropical Logistics Phase II is the joint venture’s third completed development. The firms have partnered in the development of Tropical Logistics Phase I, a 1.1-million-square-foot, Class A logistics facility that was completed and sold in the second quarter of 2022, and Spanish Ridge Industrial Park, a recently completed, partially leased, 230,899-square-foot industrial complex in Southwest Las Vegas. Cushman & Wakefield represented the seller, with local representation by JLL. The price was not disclosed.

June 30, 2023

Features Office

Brokers, Architects Pursue Solutions to Office Market Woes

by Kristin Harlow June 28, 2023

There’s no denying the office sector is undergoing a critical period marked by myriad challenges. The question is, how will it all turn out? Currently, the inventory of U.S. office space is 5.56 billion square feet — and will likely reach over 5.68 billion square feet by the end of the decade. But today’s “flexible” workforce will only require 4.61 billion square feet to accommodate its needs, according to a Cushman & Wakefield report titled “Obsolescence Equals Opportunity.” “The U.S. will end the decade with 1.1 billion square feet of vacant office space, 740 million square feet of which qualifies as normal or natural vacancy and 330 million square feet of which qualifies as excess vacancy attributable to remote and hybrid strategies,” the report states. “The overall level of vacancy will therefore be 55 percent higher than was observed prior to the pandemic.” Those numbers are jarring, but opportunists say the office sector just needs to evolve and adapt, much like the retail market has done. “Just as retail didn’t die in the years following the e-commerce boom, the office sector is not in danger of demise,” states the Cushman & Wakefield report. “Recognizing the challenges and opportunities head-on with …

June 28, 2023

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