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Texas Capital Markets Recalibrate Amid Fast-Moving Waters

by Taylor Williams July 27, 2022

By Taylor Williams The factors and parameters by which commercial lenders and investors underwrite, value and price assets are changing at whirlwind speeds, creating a capital markets landscape that is defined by volatility as the second half of the year unfolds. Capital markets professionals — as well as regular consumers — seem to agree that interest-rate hikes are a necessary evil in warding off record-high inflation. The Consumer Price Index (CPI) rose 8.6 percent year-over-year in May, the latest data available at the time of this writing. But a lack of clarity on the magnitude of these future rate hikes makes it increasingly difficult for commercial borrowers to accurately gauge risk in their deals and project cash flows at their properties. The Federal Reserve’s decision to raise the federal funds rate by 75 basis points at its latest June meeting illustrates the impulsiveness and hastiness with which fiscal policy is being crafted. Prior to the release of the May inflation report the previous week, investors had widely anticipated a 50-basis-point hike. Reports of an even more aggressive rate bump crystallized fears of inflation and sent the stock market into a spiral, with the Dow Jones Industrial Average shedding more than …

July 27, 2022

Acquisitions Company News Healthcare Western

Amazon Agrees to Acquire Primary Care Chain One Medical for $3.9B

by Jeff Shaw July 22, 2022

SEATTLE AND SAN FRANCISCO — Seattle-based tech giant Amazon (NASDAQ: AMZN) has agreed to acquire San Francisco-based primary medical care chain One Medical (NASDAQ: ONEM) for $3.9 billion. One Medical operates over 180 doctor’s offices throughout major metro areas in the United States. Approximately 767,000 people have memberships to One Medical, paying a $200 annual subscription fee for the service. The company also mixes in-person, digital and virtual care services, with the intent of being convenient to where people already work, shop and live. Amazon has been pushing its way into healthcare in recent years, and the One Medical acquisition represents its biggest push into the sector to date, particularly regarding the physical real estate. “We think healthcare is high on the list of experiences that need reinvention,” says Neil Lindsay, senior vice president of Amazon Health Services. “Booking an appointment, waiting weeks or even months to be seen, taking time off work, driving to a clinic, finding a parking spot, waiting in the waiting room then the exam room for what is too often a rushed few minutes with a doctor, then making another trip to a pharmacy — we see lots of opportunity to both improve the quality …

July 22, 2022

Illinois Loans Midwest Multifamily

Greystone Provides $60M Acquisition Loan for Suburban Chicago Condo Deconversion

by Kristin Harlow July 22, 2022

SCHAUMBURG, ILL. — Greystone has provided a $60 million loan for the acquisition of 21 Kristin in the Chicago suburb of Schaumburg. The buyer, Bayshore Properties, is converting the 357-unit property from condos into apartments. The mid-rise building, located at 21 Kristin Drive, was originally constructed in 1980. Eric Rosenstock and Dan Sacks of Greystone originated the bridge loan, which features a two-year term and interest-only payments. Greystone will work to secure permanent Fannie Mae financing. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

July 22, 2022

Features Retail

Retail Design Adapts to New Technology, Consumer Behavior, Supply Chain Issues

by Katie Sloan July 21, 2022

It’s a challenging world right now. Inflation, rising interest rates, persistent supply chain lags and labor shortages are affecting the retail industry. That’s to say nothing of the always changing retail environment. But there are also consumers who are ready to put COVID behind them — who are looking for a reason to venture out, be entertained and spend some money (though maybe not as much money, thanks to inflation). You also have shopping center owners who are quite eager to give these consumers what they want. While architects and designers can’t remove problems like rates or inflation from an owner’s plate, they can help them navigate — and win — in this new market. How? By making sure every detail, dollar and person counts. Multifaceted Designers Strength in numbers is always appreciated when times are tricky. Frankie Campione, principal at CREATE Architecture Planning & Design in New York City, notes designers are collaborating more than ever to get the job done. This type of collaboration is particularly useful during the current materials shortage, he notes. “There doesn’t seem to be any way to know what shortage may affect any particular project,” Campione says. “There are two projects, both on Long …

July 21, 2022

Colorado Development Industrial Top Stories Western

Pepsi Buys 152 Acres in Denver to Develop 1.2 MSF Manufacturing Plant

by Jeff Shaw July 15, 2022

DENVER — PepsiCo Beverages North America (PBNA), a subsidiary of food and beverage giant PepsiCo Inc. (NASDAQ: PEP), has acquired nearly 152 acres of land in Denver. The company plans to build a 1.2 million-square-foot manufacturing facility on the site, which will be its largest in the country. The project will be triple the size of Pepsi’s existing facility in Denver’s River North Art District, where the company has operated since the 1950s. The new plant is scheduled to open in 2023 and will produce a variety of the company’s name-brand beverages, such as Pepsi, Pepsi Zero Sugar, Gatorade, bubly, Rockstar, Propel and Muscle Milk. The site is located within the Denver High Point development area, a massive, 5 million-square-foot industrial park currently under construction approximately 18 miles east of downtown near Denver International Airport. The new Pepsi plant will be the company’s most sustainable yet, according to the company, with plans for 100 percent renewable electricity, best-in-class water efficiency and reduced virgin plastic use. The initiative is part of Pepsi’s “pep+” pledge to positively impact the planet. Pepsi says the new location will also create 250 new jobs, in addition to the 250 employees already working at the downtown …

July 15, 2022

Acquisitions Company News Data Centers Massachusetts New York Northeast Top Stories

American Tower Sells Minority Stake in Data Center Portfolio to Stonepeak for $2.5B

by John Nelson July 12, 2022

BOSTON AND NEW YORK CITY — American Tower Corp. (NYSE: AMT), a multitenant communications REIT, has agreed to sell a 29 percent stake in its data center platform to Stonepeak, an alternative asset management firm based in New York City. The deal, which comprises common and preferred equity from Stonepeak’s affiliated investment vehicles and debt commitments, is valued at $2.5 billion. The AMT data center portfolio consists of 27 data centers in 10 U.S. markets. AMT purchased Denver-based CoreSite Realty Corp. in a $10.1 billion deal that was announced last November. AMT will retain managerial and operational control, as well as day-to-day oversight of its U.S. data center business, and Stonepeak will obtain certain governance rights. The transaction is expected to close in third-quarter 2022, subject to customary closing conditions. “We are pleased to partner with Stonepeak in our U.S. data center business,” says Tom Bartlett, president and CEO of American Tower. “While this transaction supports the equity financing component for our previously completed CoreSite acquisition, it also creates a platform through which growth opportunities can be strategically evaluated and financed.” Andrew Thomas, managing director and co-head of communications at Stonepeak, says that AMT’s data center platform aligns with Stonepeak’s …

July 12, 2022

Affordable Housing Market Reports Multifamily Texas Texas Market Reports

Affordable Housing Gap Widens Throughout Dallas-Fort Worth

by Taylor Williams July 6, 2022

After seeing its population grow by 97,000 between July 2020 and 2021, the Dallas-Fort Worth (DFW) metroplex is now home to nearly 8 million people, according to data from the U.S. Census Bureau. And it’s getting increasingly harder to adequately and affordably house the growing population. The problem isn’t new, just exacerbated, and it’s hardly unique to DFW. But when a market experiences the rate of population growth that the metroplex has over the last decade, the question of how much housing inventory exists that’s financially feasible for the average resident to rent or own gets thrust under the microscope. Of course, there’s a major difference between housing that’s affordable and affordable housing. The former is something of an arbitrary concept, whereas the latter carries a precise legal and regulatory definition. But the socioeconomic issue embodied within the two is largely the same. General Barriers A recent report from the National Low Income Housing Coalition ranked Texas — once heralded as the land of infinite land — as the sixth-worst state in terms of availability of rental housing for low-income households. This finding runs counter to Texas’ longstanding reputation as a state with an affordable cost of living, but …

July 6, 2022

Features Heartland Feature Archive Restaurant Retail

Retail, Restaurant Industries Embrace Post-Pandemic Design Shifts

by Kristin Harlow July 5, 2022

By Kristin Hiller As the nation emerges on the other side of the pandemic, the retail and restaurant industries are tasked with adapting their store designs and business models to match consumer behavioral shifts. Shoppers and diners alike want to make purchases easily with multiple options for ordering and pickup. Border Foods, one of the largest privately held Taco Bell franchisees in America, enlisted the services of Minneapolis-based design consultancy Vertical Works Inc. in 2020 to create a new restaurant design. The result was Defy, a two-story concept with four drive-thru lanes situated below the restaurant kitchen. The 3,000-square-foot restaurant, which is located in the Minneapolis suburb of Brooklyn Park, recently opened. Josh Hanson, founder and CEO at Vertical Works and WORKSHOP, says his team set out to reimagine the drive-thru experience and create a concept that would solve many of the issues related to traditional drive-thrus. “By elevating kitchens and operations and adding multiple drive-thru lanes underneath, the Defy concept is able to increase efficiency and profitability within the same footprint and at the same cost as a traditional drive-thru,” he states. Defy customers will be able to place orders online via the Taco Bell app or traditionally …

July 5, 2022

Acquisitions Hospitality Northeast Rhode Island Top Stories

Bally’s Divests of Two Rhode Island Casino Resorts to GLPI in $1B Sale-Leaseback Transaction

by Taylor Williams July 1, 2022

LINCOLN AND TIVERTON, R.I. — Bally’s Corp. (NYSE: BALY) has agreed to sell two of its casino resorts in Rhode Island to an affiliate of Gaming & Leisure Properties Inc. (NASDAQ: GLPI) for $1 billion. The properties in question are Bally’s Twin River Lincoln Casino Resort in Lincoln and Bally’s Tiverton Casino & Resort in Tiverton. A timeline for the closing of the sale-leaseback deal was not disclosed. Under the terms of the agreement, Rhode Island-based Bally’s will continue to operate the gaming operations and will pay a $9 million transaction fee at closing. GLP Capital, the acquiring entity of the Pennsylvania-based REIT, has agreed to pre-fund a deposit of up to $200 million that will be credited or repaid either at closing or on Dec. 31, 2023, whichever comes first. Ballly’s Twin River Lincoln features 136 hotel rooms and suites and a total of 162,000 square feet of gaming space, including 4,100 slot machines, 125 table games and a sportsbook. In addition, the resort houses four restaurants, three food courts, nine bars, three live entertainment venues, two VIP lounges and a retail store. Bally’s Tiverton comprises an 83-room hotel and 33,600 square feet of gaming space with 1,000 slot …

July 1, 2022

Acquisitions Illinois Midwest Multifamily

Bayshore Properties Acquires 344-Unit Apartment Complex in Mt. Prospect, Illinois

by Kristin Harlow June 28, 2022

MT. PROSPECT, ILL. — Bayshore Properties Inc. has acquired Mount Prospect Greens, a 344-unit apartment complex in the Chicago suburb of Mt. Prospect. Built in 1973, the property features a mix of one-, two- and three-bedroom units. There are 156 units that have been renovated with new countertops, cabinets and appliances. Tyler Hague and Lauren Stoliar of Colliers represented the seller, Pepper Pike Capital Partners. Dan Sacks and Eric Rosenstock of Greystone originated a $44.2 million Fannie Mae loan for the $49.5 million acquisition.

June 28, 2022

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