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Ventas Agrees to Acquire Independent Living Owner New Senior Investment Group in $2.3B Deal, Including 103 Properties

by John Nelson June 28, 2021

CHICAGO AND NEW YORK CITY — Ventas Inc. (NYSE: VTR) has entered into a definitive merger agreement to acquire New Senior Investment Group (NYSE: SNR), a New York City-based owner of independent living communities across the country. The deal between these two seniors housing real estate investment trusts (REITs) is valued at $2.3 billion, including $1.5 billion of debt. The transaction will bolster the number of independent living communities for Ventas, which as of March 31 owned (fully or partially) 1,200 properties. As of first-quarter 2021, 48 percent of Ventas’ portfolio was classified as independent living. Post acquisition, Ventas expects independent living will comprise 58 percent of its portfolio. New Senior currently owns 103 properties across 36 states, with a large concentration clustered in California, North Carolina, Florida and Oregon. The portfolio was a little more than 80 percent occupied as of May 31, and the average age of residents was 81. The only New Senior property that isn’t independent living is Watermark at Logan Square, a continuing care retirement community located in Philadelphia. The acquisition will deepen Ventas’ relationship with seniors housing operators such as Atria Senior Living and Holiday Retirement, which announced last week their plans to merge …

June 28, 2021

Build-to-Rent Georgia Market Reports Multifamily Southeast Southeast Market Reports

Investors are ‘Swarming’ Atlanta’s Multifamily Market, Driving Pricing Up

by John Nelson June 28, 2021

Atlanta is a hot spot for investing in multifamily assets as the market emerges from the COVID-19 pandemic. The apartment market’s fundamentals, including occupancy and rent growth, have held up considerably well, making the market extremely attractive to buyers. Because the Atlanta market has an abundance of capital looking to be deployed, prices are being driven up significantly and cap rates driven down. Multifamily has outperformed many other commercial real estate sectors during the pandemic, considered a “hot-ticket asset class” by investors, which leads to new capital swarming the Atlanta apartment market. Many multifamily properties are now routinely trading at a sub-4 percent cap rate, indicative of the vast amount of available capital and the confidence that investors have in the product type. However, rather than clearing the market and searching for as many prospective buyers as they can, sellers are looking at a smaller subset of dominant, well-known investors that they know will deliver and get the transaction done. They are seeking six to 12 well-recognized, established players that can execute a deal at top prices. It is an extremely competitive process, and all buyers know they have to swing high on pricing. Oftentimes, no one broker is selected …

June 28, 2021

Northeast Pennsylvania Retail Top Stories

Institutional Property Advisors Arranges $90M Sale of Camp Hill Shopping Center Near Harrisburg, Pennsylvania

by Katie Sloan June 24, 2021

CAMP HILL, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $90 million sale of Camp Hill Shopping Center. The property is located at 3301 Trindle Road in the borough of Camp Hill, roughly three miles outside Harrisburg. The 430,198-square-foot center was 96 percent leased at the time of sale to tenants including Giant Food Markets, Boscov’s Department Store, Staples, Five Below, Barnes & Noble and LA Fitness. Brad Nathanson of IPA represented the seller, Cedar Realty Trust (NYSE: CDR), and identified the buyer, GSD CampHill Pradsavi Group LLC, in the transaction. Marcus & Millichap also arranged financing on behalf of the buyer. Cedar Realty Trust will be retaining management of the property. “There is tremendous demand for dominant grocery-anchored shopping centers nationally, given the rebound in the markets post-COVID-19 and the attractive debt markets,” says Nathanson. “Demand is outpacing the supply of first-class, high-performing assets like Camp Hill Shopping Center.” Cedar Realty Trust is a real estate investment trust (REIT) focused on owning, operating and redeveloping grocery-anchored shopping centers across urban markets from Washington, D.C., to Boston. The Port Washington, N.Y.-based company’s stock price closed on Wednesday, June 23, at $16.61 per share, up …

June 24, 2021

Development Florida Multifamily Southeast

Watermark Residential to Develop 214-Unit Build-to-Rent Community in Port St. Lucie, Florida

by Julia Sanders June 22, 2021

PORT ST. LUCIE, FLA. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, will develop Boardwalk at Tradition, a 214-unit build-to-rent multifamily community in Port St. Lucie. Watermark acquired 17.5 acres of land to develop the property, which will be a residential community featuring one- and two-story paired villa-style homes. The project is slated for completion in December 2022. Boardwalk at Tradition will be located at the southeast corner of SW Stockton Place and SW Community Boulevard. The property will offer a mix of one-, two- and three-bedroom layouts that average 1,100 square feet. Community amenities will include gourmet bar-kitchens with quartz countertops, stainless steel appliances, full-size washers and dryers, private backyard patios, resort style pool, professionally design and appointed clubhouses, a pickleball court, fire pits, outdoor kitchens, several dog parks and a 24-hour fitness center. Boardwalk at Tradition is part of the 8,200-acre master planned Tradition community, which has $365 million in new development in the works. The apartment community is situated close to Cleveland Clinic Tradition Hospital and sits one mile west of Interstate 95.

June 22, 2021

Acquisitions Company News Florida Midwest Ohio Seniors Housing Southeast Top Stories

Holiday Retirement Sells Operations Business to Atria, 86 Communities to Welltower for $1.6B in Megadeal

by John Nelson June 22, 2021

LOUISVILLE, KY., WINTER PARK, FLA., AND TOLDEO, OHIO — In a massive blockbuster deal for seniors housing, the seventh-largest operator of seniors housing in the United States (Atria Senior Living) will acquire the third-largest (Holiday Retirement), with the largest owner in the country (Welltower) buying up a large portfolio of the affected assets. Atria, a privately held seniors housing operator based in Louisville, has agreed to buy the operations business of Winter Park-based Holiday Retirement. Meanwhile, Toledo-based REIT Welltower (NYSE: WELL) will buy the 86 properties that Holiday owns and self-manages for slightly less than $1.6 billion. Holiday currently manages 240 communities in 43 states, largely in the independent living sector. The combined company will employ more than 19,000 staffers to serve over 45,000 residents. The new firm will manage 447 communities across 45 states and seven Canadian provinces. The newly combined entity will be the second-largest seniors housing operator in the country, behind only Brookdale Senior Living. After the transaction, Atria will manage more than 250 “nearly identical” communities and higher end properties such as the recently opened Atria Newport Beach in Southern California, as well as luxury urban properties that Atria is co-developing in a joint venture with …

June 22, 2021

Acquisitions Idaho Multifamily Top Stories Western

Kennedy Wilson Buys Three Apartment Communities, Development Site Near Boise for $143M

by Taylor Williams June 21, 2021

MERIDIAN AND BOISE, IDAHO — Kennedy Wilson Holdings Inc. (NYSE: KW) has purchased three apartment communities totaling 640 units and a multifamily development site that is fully entitled for 240 units in the Boise metro area for $143 million. The three multifamily communities include The Lofts at Ten Mile, Jasper Apartments and Towne Square. The new owner plans to implement value-add programs at the existing communities and to complete construction at the Dovetail development site, which is located in an Opportunity Zone, by 2023. Construction costs for that project are estimated at about $60 million. The Lofts at Ten Mile, located west of downtown Boise in Meridian, features one- and two-bedroom units and amenities such as a pool, fitness center, business center, media lounge and outdoor grilling stations. Jasper Apartments, also in Meridian, offers one-, two- and three-bedroom apartments and amenities such as a resident lounge, pool, fitness center and private study rooms. Towne Square, located in Boise, includes one-, two- and three-bedroom floor plans and a similar suite of amenities. Kennedy Wilson has an average ownership stake of 95 percent in these four properties, which were acquired in off-market trades, and has invested $68 million of equity into them. …

June 21, 2021

Acquisitions Office Texas Top Stories

Kilroy Realty Acquires Newly Completed Indeed Tower in Austin’s Central Business District for $580M

by Katie Sloan June 17, 2021

AUSTIN, TEXAS — Kilroy Realty Corp. (NYSE: KRC) has acquired Indeed Tower, a 36-story office development in Austin’s Central Business District for $580 million in an off-market transaction. Completed in May 2021, Indeed Tower is situated on a full city block at the intersection of 6th and Colorado streets. The 730,000-square-foot property was 57 percent leased at the time of sale, with 42 percent of the building occupied by online employee recruiting platform Indeed.com. The property features 10,000 square feet of ground-floor food and beverage space; 30,000 square feet of outdoor deck space; a 35,000-square-foot historic post office building that can accommodate a variety of uses; and a private park. Eastdil Secured and Allen Matkins advised Kilroy Realty on the acquisition of the tower, which is targeting LEED Platinum certification. “I can’t overstate how well Indeed Tower fits with our strategic and property objectives,” says John Kilroy, chairman and CEO of the Los Angeles-based buyer. “It provides us with scale that will support future growth, is anchored by an investment-grade technology tenant and provides a value-add opportunity through lease-up in an office market that is strengthening.” Austin has the fourth largest concentration of tech talent behind San Francisco, Seattle and …

June 17, 2021

Acquisitions District of Columbia Office Southeast Top Stories

WashREIT Agrees to Sell Office Portfolio for $766M, Shifts Focus to Multifamily Sector

by Kristin Harlow June 16, 2021

WASHINGTON, D.C. — WashREIT (NYSE: WRE) has agreed to sell substantially all of its office portfolio to a Brookfield Asset Management private real estate fund for $766 million. The portfolio consists of 12 office assets spanning nearly 2.4 million square feet in metro Washington, D.C. The transaction is expected to close in the third quarter. As of May 31, the office portfolio was approximately 83 percent occupied. Six of the properties are located in Northern Virginia — 515 King Street, Courthouse Square, 1600 Wilson Boulevard, Fairgate at Ballston, Arlington Tower and Silverline Center. The other six assets are located in Washington, D.C. They include 1901 Pennsylvania Avenue, 1220 19th Street, 2000 M Street, 1140 Connecticut Avenue, the Army Navy Building and 1775 Eye Street. The sale coincides with WashREIT’s multi-year strategy of transforming into a multifamily REIT. The company has also signed a letter of intent to sell its remaining eight retail assets, and expects to complete that sale in the third quarter. WashREIT says it plans to use the net proceeds from the sales to fund the expansion of its multifamily platform through acquisitions in Southeast markets and to reduce its leverage by repaying outstanding debt. After the transaction …

June 16, 2021

Company News Midwest Ohio Retail Top Stories

Washington Prime Group Files for Chapter 11 Bankruptcy Amid Pandemic-Related Struggles

by Taylor Williams June 14, 2021

COLUMBUS, OHIO — Washington Prime Group (NYSE: WPG), an Ohio-based owner-operator of regional malls and shopping centers, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas. WPG cited insurmountable operating challenges tied to the COVID-19 pandemic as the primary catalyst behind the move. Against that backdrop, both CNBC and Reuters reported that many of the company’s tenants were unable to pay rent at various points in time over the last 16 months as public health mandates and lockdowns decimated foot traffic throughout the brick-and-mortar retail market. The company, which was originally spun off by Simon Property Group in 2014, has negotiated a restructuring support agreement with its primary creditors, led by Connecticut-based private equity firm SVP Global, which hold approximately 73 percent of WPG’s outstanding corporate debt. The agreement also allows WPG to deleverage its balance sheet by nearly $950 million through the equitization of unsecured notes and a $190 million paydown of WPG’s revolving credit and term loan facilities. Lastly, the RSA provides for an effective four-year extension of the remaining credit facility debt. In addition, WPG has secured $100 million in debtor-in-possession financing to fund its daily operations as it …

June 14, 2021

Midwest Ohio Retail

Kroger to Hire 10,000 Associates Across Store Brands

by Kristin Harlow June 10, 2021

CINCINNATI — The Kroger Co. (NYSE: KR) is holding a nationwide hiring event today across its store brands. The Cincinnati-based grocer says the goal of the event is to hire 10,000 associates supporting retail, e-commerce, pharmacy, manufacturing and logistics operations. Interviews will be conducted both virtually and in-store. Across its family of companies, Kroger employs nearly half a million associates who serve over 9 million customers daily through both digital shopping experiences and 2,800 retail food stores. Kroger’s stock price opened at $38.48 per share Thursday, June 10, up from $32.57 per share one year ago.

June 10, 2021

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