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Amazon to Open 650,000 SF Fulfillment Center in Northwestern Louisiana, Create 1,000 Jobs

by Taylor Williams May 10, 2021

SHREVEPORT, LA. — Amazon Inc. (NASDAQ: AMZ) has planned a 650,000-square-foot fulfillment center in the northwestern Louisiana city of Shreveport. The Louisiana Economic Development (LED) organization claims the development will generate $200 million in capital investment and add more than 1,000 jobs to the local economy. The site of the multi-level building, which will feature automated inventory management and shipping technology, is located within Hunter Industrial Park, a 135-acre development situated within three miles of interstates 20,49 and 220. The property will also be LEED certified. The Shreveport Times reports that the fulfillment center will be Amazon’s first in northern Louisiana. The Seattle-based e-commerce giant announced a fulfillment center in Carencro, located outside of Lafayette in the southern part of the state, in December, and is also planning to convert the Cortana Mall in Baton Rouge into a fulfillment center, according to the local newspaper. Of the seven Amazon facilities that have been announced or are under construction in Louisiana, the Shreveport fulfillment center will be the largest. Construction is set to begin immediately with completion expected in September 2022. In addition to the 1,000 full-time jobs at the facility, development of the new fulfillment center is expected to create …

May 10, 2021

Midwest Ohio Retail

Phillips Edison & Co. Files Registration to Pursue Public Offering

by Kristin Harlow May 10, 2021

CINCINNATI — Phillips Edison & Co. Inc. (PECO) has filed a registration statement on Form S-11 with the U.S. Securities and Exchange Commission for a proposed public offering in conjunction with the listing of its stock on a national stock exchange. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The Cincinnati-based retail REIT intends to list its stock under the ticker symbol “PECO.” Morgan Stanley & Co. LLC, BofA Securities and J.P. Morgan Securities LLC will be acting as joint book-running managers for the offering. PECO is an owner and operator of grocery-anchored shopping centers. As of March 31, the company owned equity interests in 300 properties, including 278 wholly owned assets and 22 owned through two unconsolidated joint ventures with institutional partners. PECO’s first-quarter results presentation will take place Wednesday, May 19.

May 10, 2021

Acquisitions Illinois Industrial Midwest

MAG Capital Partners Acquires 645,000 SF Industrial Property in Northwest Illinois

by Kristin Harlow May 10, 2021

ROCK FALLS, ILL. — MAG Capital Partners LLC has acquired a 645,000-square-foot industrial property in the Northwest Illinois community of Rock Falls for an undisclosed price. Cimco Recycling LLC leases the property, which is known as the I-88 Distribution Center. Cimco has occupied the facility since 2018. It previously served as the home of a Stanley Black & Decker plant. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented MAG Capital Partners in the transaction. Kent Williams, Matt Taylor and Steven Weinstock of Marcus & Millichap represented the undisclosed seller. Fort Worth, Texas-based MAG Capital Partners is led by principals Dax T.S. Mitchell and Andrew Gi.

May 10, 2021

Acquisitions Alaska Idaho Net Lease Oregon Retail Top Stories Washington Western

Institutional Property Advisors Brokers Sale of 28-Property Fred Meyer Portfolio in Pacific Northwest

by Jeff Shaw May 6, 2021

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale-leaseback of a 28-property portfolio of net-leased Fred Meyer stores in the West. While the price was not disclosed, Marcus & Millichap’s research department claims that the sale is the largest retail transaction since the beginning of the COVID-19 pandemic. Fred Meyer is a wholly owned subsidiary of Kroger (NYSE: KR) and features a superstore-style format. Benderson Development acquired the 4.5 million-square-foot portfolio. The Fred Meyer portfolio is located in Shoreline, Bellingham, Everett, Lynnwood, Longview, Vancouver, Puyallup, Richland and Tacoma, Washington; Eugene, Salem, Albany, Beaverton, Corvallis, Portland, Medford, Oregon City, Roseburg, Springfield, The Dalles and Tualatin, Oregon; Nampa and Garden City, Idaho; and Anchorage, Alaska. “The Pacific Northwest has always been one of our top areas of interest to grow our national footprint,” says Randy Benderson, president and director of Benderson Development. “Fred Meyer is a leader in these markets and we’re very pleased to strengthen and enhance our long-term partnership with them.” Kroger will execute new 25-year absolute net leases for each property, with an initial portfolio-wide base rent totaling $25 million per year. Tom Lagos, Patrick Toomey, Jose Carrazana, Jessica Baram and Ryan …

May 6, 2021

Acquisitions Illinois Industrial Midwest New Jersey Northeast Top Stories

REIT Merger: Equity Commonwealth to Acquire Monmouth Real Estate for $3.4B

by Kristin Harlow May 5, 2021

CHICAGO AND HOLMDEL, N.J. — Equity Commonwealth (NYSE: EQC) and Monmouth Real Estate Investment Corp. (NYSE: MNR) have agreed to merge, signaling their intent to build a leading industrial real estate business and participate in the long-term growth of the sector. Based on the structure of the deal, Equity Commonwealth would acquire Monmouth in an all-stock transaction valued at approximately $3.4 billion, including the assumption of debt. The combined company is expected to have a pro forma equity market capitalization of approximately $5.5 billion. Under the terms of the agreement, Monmouth shareholders will receive 0.67 shares of Equity Commonwealth stock for every share of Monmouth stock they own. Equity Commonwealth and Monmouth shareholders are expected to own approximately 65 percent and 35 percent, respectively, of the pro forma company following the close of the transaction. Monmouth’s portfolio comprises 120 industrial properties totaling 24.5 million square feet. The Holmdel-based company is also under contract to purchase six properties totaling 1.8 million square feet, with the deals expected to close later this year or early next. Equity Commonwealth is a Chicago-based office REIT with a portfolio of four properties totaling 1.5 million square feet. “The transaction provides Equity Commonwealth with a high-quality, …

May 5, 2021

Acquisitions Georgia Healthcare Southeast Top Stories

Piedmont Healthcare to Purchase Georgia Hospital Portfolio from HCA for $950M

by John Nelson May 4, 2021

ATLANTA AND NASHVILLE, TENN. — Piedmont Healthcare has signed a purchase agreement with HCA Healthcare Inc. (NYSE: HCA) for the acquisition of four Georgia hospitals and one clinic for a purchase price of $950 million. The two parties are targeting a closing date of July 31. Pending regulatory approval, Piedmont will acquire the 310-bed Eastside Medical Center in Snellville and the 119-bed Cartersville Medical Center in Cartersville, which are both located in metro Atlanta. The acquisition will also include three facilities in Macon: the 310-bed Coliseum Medical Center, the 103-bed Coliseum Northside and the 40-bed Coliseum Center for Behavioral Health. With the acquisition, Piedmont Healthcare is continuing to expand its footprint in metro Atlanta as well as strengthen its portfolio of best-in-class hospitals. Nonprofit watchdog organization Leapfrog Group rated HCA’s Coliseum Medical Centers, Coliseum Northside and Cartersville Medical Center as “A” hospitals in its spring 2021 Leapfrog Hospital Safety Grades report released last week. “HCA Healthcare has instilled a high standard of care into these facilities, and we are proud that they have trusted Piedmont to continue this legacy,” says Kevin Brown, president and CEO of Piedmont Healthcare. For HCA, the transaction increases the Nashville-based company’s financial flexibility for investments …

May 4, 2021

Hospitality Market Reports Texas Texas Market Reports

Let’s Get Real About Hotel Real Estate in Texas

by Taylor Williams April 30, 2021

By Steve Van, president & CEO, Prism Hotels & Resorts While 2020 was a trying year for companies in every industry, the hospitality sector has been really taking it on the chin. Restaurateurs and airline executives might disagree, but hoteliers have arguably had it worse than any other industry. The financial impact on the hotel business from COVID-19 is 10 times worse than the hit from the late 2000s recession — and that’s a very big deal. With the rate of business travel falling off a cliff and leisure travel down more than ever around the world, 2020 was a year that many hospitality executives would like to forget. But that doesn’t mean the sky is falling — or that brighter times aren’t in store. But what do those timelines look like? How should hotel professionals be managing the current crisis, and what are the real estate implications for investors? Let’s take a clear-eyed look at the good, the bad and the ugly and try and answer those questions by examining key trends and thinking about what’s likely to come next for hotel developers, operators and investors. Southern Sunshine One important caveat to the story of catastrophic hotel business drop-offs …

April 30, 2021

California Hospitality Top Stories Western

Ohana Real Estate Sells 130-Room Montage Healdsburg Luxury Resort in California’s Wine Country for $265M

by Katie Sloan April 29, 2021

HEALDSBURG, CALIF. — Ohana Real Estate Investors has sold the Montage Healdsburg, a 130-room luxury hotel located within California’s Sonoma County wine country. Sunstone Hotel Investors Inc. (NYSE: SHO) bought the resort for $265 million, more than $2 million per key. Montage Healdsburg is a newly built, 258-acre resort situated within walking distance of downtown Healdsburg. The property offers bungalow-style guest rooms and suites alongside shared amenities including a full-service spa; multiple swimming pools; an archery range; pickleball courts; bocce ball; dining options including a multi-level main restaurant and an outdoor bar and grill overlooking the resort’s vineyards; and meeting and event space. The property also offers a number of 4,500-square-foot, move-in-ready residences titled Harvest Homes, which feature four bedrooms with bed-to-bath parity. Ohana will retain ownership of the residential parcels within the property, and has begun constructing homes and selling custom homesites affiliated with the resort. “This sale reflects the strong interest from investors in best-in-class, leisure-oriented resorts as the hotel industry begins to recover from the effects of the COVID-19 pandemic,” says James Cole, head of asset management at Ohana. Dentons was legal advisor to Ohana on the transaction. This disposition marks Ohana’s second sale of a hotel …

April 29, 2021

Acquisitions Michigan Midwest Retail

New York Community Bancorp to Acquire Flagstar Bancorp in $2.6B Merger

by Kristin Harlow April 27, 2021

WESTBURY, N.Y. AND TROY, MICH. — New York Community Bancorp Inc. (NYSE: NYCB) and Flagstar Bancorp Inc. (NYSE: FBC) have entered into a definitive merger agreement under which the two companies will combine in an all-stock merger valued at $2.6 billion. The new company will have more than $87 billion in assets and operate nearly 400 traditional branches in nine states and 87 loan production offices across a 28-state footprint. The main headquarters will be located on Long Island, N.Y., with regional headquarters in Troy, Mich., including Flagstar’s mortgage operations. The combined company will maintain the Flagstar Bank brand in the Midwest. The transaction is expected to close by the end of 2021. Based in Westbury, N.Y., New York Community Bancorp is a multifamily lender in New York City and is the parent company of New York Community Bank. As of March 31, the company reported assets of $57.7 billion and loans of $43.1 billion. It operates 236 branches through eight local divisions. The company’s stock price closed at $12.54 per share Monday, April 26, up from $10.16 per share one year ago. Flagstar Bancorp is a $29.4 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank …

April 27, 2021

Content Partner Features Leasing Activity Midwest Multifamily Office Retail Southeast Texas Walker & Dunlop Western

Walker & Dunlop: U.S. Economy Displays Long-Term Signals for Recovery, Growth

by Sarah Daniels April 27, 2021

Back to Normal? The U.S. economy has improved significantly since April 2020, the peak of the pandemic-induced recession. The national unemployment rate stood at 6.0 percent in March of this year, well below the peak of 14.8 percent in April 2020. Companies were effective in implementing work-from-home technology, keeping unemployment rates for office-based service sectors relatively low. For those with a bachelor’s degree or higher, unemployment rates were only 3.7 percent as of March 2021. In 2020, third-quarter GDP growth made up much of the second-quarter losses, followed by 4 percent annualized economic growth in the fourth quarter. Retail sales also rebounded quickly, returning to pre-pandemic levels by June and continuing to increase through the beginning of 2021. However, the U.S. economy is still far from “normal.” Of the 22 million people who lost jobs in March and April 2020, only 57.8 percent had regained employment by March 2021. Stronger growth should return jobs to industries hit hardest during the pandemic. In March of this year, restaurants and bars added 176,000 jobs; arts, entertainment and recreation venues added 64,000 jobs and accommodations added 40,000 jobs. Still, employment in the overall leisure and hospitality sector is down by 3.1 million, or 18.5 …

April 27, 2021

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