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Preferred Apartment Communities Agrees to Sell Southeast Office Portfolio to Highwoods for $717M

by John Nelson April 20, 2021

ATLANTA AND RALEIGH, N.C. — Preferred Apartment Communities (NYSE: APTS) has agreed to sell a portfolio of office assets in Atlanta and North Carolina to Highwoods Properties Inc. (NYSE: HIW). The deal, which is expected to close during the third quarter, is valued at $717 million and includes $28 million of planned improvements and $5 million in transaction costs. The sale comprises the bulk of Preferred Apartment Communities’ (PAC) office assets. Joel Murphy, president and CEO of the Atlanta-based REIT, says that the sale of the office portfolio is part of a larger plan to simplify its real estate footprint. The company also sold a portfolio of student housing properties last year as part of that plan. “Upon closing, PAC’s real estate portfolio will be further streamlined with an increased primary weighting on our core, Class A, suburban Sun Belt multifamily business and our complementary 100 percent grocery-anchored Sun Belt retail investments,” says Murphy, referring to PAC’s wholly owned retail investment subsidiary New Market Properties LLC. The portfolio sale to Highwoods includes seven properties in Atlanta, Charlotte and Raleigh. The assets include: • 150 Fayetteville, a 560,000-square-foot tower in downtown Raleigh • Capitol Towers, a two-building complex in Charlotte’s SouthPark …

April 20, 2021

Acquisitions California Retail Western

Hanley Investment Completes Break-up Sale at Zinfandel Crossings Shopping Center in Rancho Cordova, California

by Amy Works April 19, 2021

RANCHO CORDOVA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the fourth and final transaction in the break-up sale strategy of Zinfandel Crossings, a retail property anchored by 99 Cents Only in Rancho Cordova. The firm has brokered the sales of more than $11.4 million in retail properties at the shopping center. Kevin Fryman, Bill Asher and Ed Hanley of Hanley Investment Group represented the seller, a Santa Monica-based private investor. The buyer was a Stockton-based private investor. The final sale was that of a vacant 26,520-square-foot retail building, which was built in 1975 and formerly occupied by Fit Republic. The building is situated on 2.4 acres at 2810 Zinfandel Drive. The asset sold for $1.8 million.

April 19, 2021

Loans Midwest Multifamily Nebraska Seniors Housing

Greystone Provides $11.9M HUD-Insured Loan for Refinancing of Assisted Living Facility in Omaha

by Kristin Harlow April 15, 2021

OMAHA, NEB. — Greystone has provided an $11.9 million HUD-insured loan for the refinancing of Heritage Pointe Assisted Living in Omaha. The community features 108 assisted living beds and 20 memory care beds. Amenities include full dining service, recreational activities, exercise facilities, a movie theater and a salon. Eric Rosenstock and Jesse Yodice of Greystone originated the financing on behalf of the borrower, Heritage Communities. The 35-year loan features a fixed interest rate.

April 15, 2021

Acquisitions Company News New York Northeast Retail Texas Top Stories

Retail REIT Kimco Realty to Acquire Weingarten Realty Investors for $3.9B

by Katie Sloan April 15, 2021

JERICHO, N.Y. AND HOUSTON — Kimco Realty Corp. (NYSE: KIM) has announced plans to acquire fellow retail REIT Weingarten Realty Investors (NYSE: WRI) for roughly $3.9 billion. The combined company is expected to have a pro forma equity market capitalization of $12 billion and a pro forma total enterprise value of $20.5 billion. The merger will create a national operating portfolio of 559 open-air, grocery-anchored shopping centers — one of the darlings of commercial real estate during the COVID-19 pandemic — and mixed-use assets comprising 100 million square feet of gross leasable area. In its reasoning for the acquisition, Kimco cited enhanced asset diversification and quality; expanded geographic reach in high-growth, first-ring suburbs of core markets; greater tenant diversity; a more compelling value creation pipeline; operational savings and corporate synergies; earnings accretion and NOI growth opportunities; and an increase in the company’s financial strength and flexibility. “We believe this transaction is a win-win for shareholders of both companies, who will benefit from the upside potential associated with owning the preeminent open-air, grocery-anchored shopping center and mixed-use real estate REIT in the U.S.,” says Conor Flynn, Kimco’s CEO. “This combination reflects our conviction in the grocery-anchored shopping center category, which has …

April 15, 2021

California Development Industrial Loans Mixed-Use Retail Western

CBRE Arranges $52M Loan for PDR Redevelopment in San Francisco

by Amy Works April 7, 2021

SAN FRANCISCO — CBRE Capital Markets has secured construction financing for The Maclac Building, a five-story, 108,161-square-foot property located at 192-198 Utah St. and 151-191 Potrero Ave. in San Francisco. The borrower, a joint venture between affiliates of Comstock Realty Partners and Dune Real Estate Partners, plans to redevelop the asset, which is zoned as a production, distribution and repair (PDR). PDR refers to a variety of businesses encompassing dent and repair shops, marketing and advertising companies, traditional brick-and-mortar retailers and others, and according to the San Francisco Planning Department is used “instead of industrial to avoid conjuring images of heavy, ‘smoke-stack’ industry, such as large manufacturing plants, smelting operations and refineries.” Mike Walker and Brad Zampa of CBRE’s San Francisco office arranged the five-year, floating-rate, full-term interest-only financing for the borrower. The property spans five interconnected buildings over two parcels and half a city block in San Francisco’s SOMA Potrero District. Redevelopment started in May 2020 and is being completed in phases, with delivery expected for third-quarter 2022. The joint venture plans to reconfigure, upgrade and expand the current structures with 4,000 amps of power, updated building systems, green roof terraces and a multi-story glass atrium lobby tying the …

April 7, 2021

Leasing Activity North Carolina Retail Southeast

WRS Signs Bin City Bargains to 20,243 SF Lease at Mayberry Mall in Mount Airy, North Carolina

by Julia Sanders April 6, 2021

MOUNT AIRY, N.C. — WRS Inc. Real Estate Investments has leased 20,243 square feet of retail space at The Mayberry Mall in Mount Airy to Bin City Bargains. The retailer is a family-owned liquidation company featuring products from major online retailers, as well as big box department stores. Bin City Bargains sell new overstock items as well as box-damaged and returned goods at a flat price per day. The new store will offer two restocks per week and the prices decrease daily. Originally opened in 1968, The Mayberry Mall is located at 388 Frederick St. and is currently leased to tenants such as Hobby Lobby, Belk, Hallmark, Shoe Dept., Enmar Accessories, L.A. Nails and Good Fudge. The mall is named after the fictional town of Mayberry from “The Andy Griffith Show.” The namesake of the show, late comedian Andy Griffith who also starred in the series “Matlock,” was born and raised in Mount Airy.

April 6, 2021

Georgia Industrial Market Reports Southeast Southeast Market Reports

Latest Shift in Atlanta’s Industrial Landscape: Mid-Sized Deals are All the Rage

by John Nelson April 5, 2021

While retail and office have had to adjust to a COVID-19 world, industrial has been the beneficiary. E-commerce, supply chain and last mile delivery are all the rage. But what has really gotten economic development leaders, elected officials and the media excited are the massive warehouse deals in cities like Atlanta that have created headlines and driven investor capital to industrial. Atlanta didn’t even truly get into the big-box industrial development game until 2004. From 1960 to 2006 there were just 13 buildings larger than 1 million square feet constructed in the metro area, but 11 were build-to-suits for users such as JC Penney, Kmart, Publix, Home Depot and the General Services Administration. Only Duke Realty (2004) and Majestic (2006) developed speculative properties spanning more than 1 million square feet. Between 2006 and 2015, there were 11 buildings more than 1 million square feet added to the city’s inventory, with seven of those south of Interstate 20, three in the Northeast 85 corridor and one on the Interstate 20 West Corridor. As Atlanta’s economy roared back in 2016, the market exploded with 17 new big-box facilities in just five years. While prior to 2015 the field of players constructing these …

April 5, 2021

Company News Retail Texas

Academy Sports + Outdoors Reports Record Sales of $1.6B for Fiscal Fourth Quarter

by Taylor Williams March 31, 2021

KATY, TEXAS — Academy Sports + Outdoors Inc. (NASDAQ: ASO) reported a record $1.6 billion in net sales for its fiscal fourth quarter that ended on Jan. 31, 2021, a figure that represents a 16.6 percent year-over-year increase. E-commerce contributed significantly to this growth, rising 60.7 percent year-over-year as customers increasingly shopped online and either picked up their goods in stores or had them delivered. For the fiscal year 2020, the metro Houston-based retailer reported total revenue of approximately $5.7 billion, an increase of 17.8 percent from fiscal 2019. The company’s stock price opened at $25.78 per share on Wednesday, March 31, up from the closing price $12.99 per share on Oct. 2, 2020, shortly after the company went public. Academy Sports + Outdoors operates more than 250 stores across 16 states.

March 31, 2021

Industrial Market Reports Texas Texas Market Reports

Demand Surges Throughout East Houston’s Industrial Market

by Taylor Williams March 31, 2021

By Travis Secor, senior associate, JLL Nationally, e-commerce and warehouse supply have been the center of the industrial real estate conversation. It’s easy to get lost in the latest data related to the impact of COVID-19 and speculation on where a major online retailer’s newest distribution centers will land. Houston has received its share of the industrial real estate spotlight over the years. The narrative over the past decade will tell a story about the wild vacancy swings experienced through each development cycle, always in perfect harmony with the boom-and-bust oil reputation the city has crafted over the years. Current headlines highlight the possibility of another major glut in warehouse supply resulting from our latest development binge. While the case for an overbuilt market has major validity, you cannot broadly paint Houston’s industrial sector like that. To understand the complexities and nuances of Houston’s industrial market, it’s important to know the unique personalities of each geographic submarket and the events that shaped it. Northeast Houston When oil prices fell to around $10 per barrel in the late 1980s, commercial real estate professionals might not have been bullish on the absorption prospects for the industrial development spree that had taken place …

March 31, 2021

Features Heartland Feature Archive Multifamily

Four Factors for Planning a Post-Pandemic Multifamily Amenity Renovation

by Kristin Harlow March 30, 2021

By Mary Cook, Mary Cook Associates As a commercial interiors firm, a question we hear a lot recently is “Are multifamily developers renovating amenities because of the pandemic?” The answer is a bit more nuanced than a straight “yes” or “no.” No, entire amenity floors are not being ripped out and re-thought in direct response to changes stemming from the pandemic. But yes, long-term lifestyle trends are emerging from the pandemic that should be a factor when redesigning amenity spaces for other reasons — whether they aren’t resonating with residents as anticipated, or simply look a bit outdated. After all, the key to creating successful, appealing amenities is understanding the attitudes and preferences of the residents that will use them. With that in mind, here are four priorities owners and operators should focus on when renovating amenities in a post-COVID world: Indoor-outdoor connections Early in the pandemic, the ability to open to the outdoors was the No. 1 factor that allowed indoor amenities to continue functioning. One year later and access to open-air amenities is still a top feature, according to Rent Café. And it’s easy to see why. People behave differently outside, feeling more at ease and comfortable, and …

March 30, 2021

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