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Eagle Four Partners, Lyon Living Acquire Newport Beach Marriott Hotel for $216M

by Taylor Williams November 9, 2020

NEWPORT BEACH, CALIF. — A partnership between locally based private equity firm Eagle Four Partners LLC and development and management firm Lyon Living has acquired the 532-room Newport Beach Marriott Hotel & Spa for $216 million. The price equates to approximately $406,000 per room. The seller was Host Hotels & Resorts (NASDAQ: HST), a Maryland-based hospitality REIT. The Newport Beach Marriott is situated on 10 acres adjacent to Newport Harbor and Newport Beach Country Club. The hotel is located within the 3 million-square-foot Newport Center mixed-use development and across from the 1.3 million-square-foot Fashion Island shopping and dining destination. Eagle Four owns and operates the Newport Beach Country Club and recently developed the new clubhouse at Newport Center. The hotel features more than 32,000 square feet of indoor and outdoor meeting and event space, as well as a full-service, spa, pool and fitness center. A fine dining restaurant, grab-and-go food market and a Starbucks Coffee shop also operate within the property. The Newport Beach Marriott was built in 1975 and renovated in 2005. The new ownership plans to build on past capital improvements with its own upgrades. “The hotel will complete a comprehensive renovation of both public space and guestrooms …

November 9, 2020

Company News Healthcare Northeast Retail Rhode Island

CVS Reports 3.5 Percent Revenue Growth in Third Quarter, Expands Healthcare Services

by Taylor Williams November 6, 2020

WOONSOCKET, RHODE ISLAND — CVS Health Corp. (NYSE: CVS) reported $67.1 billion in revenue for the third quarter, a 3.5 percent increase from that same period a year ago. The company cited the expansion of its healthcare services, particularly its doubling of its COVID-19 testing sites to more than 4,000 pharmacy locations nationwide, as a key driver of growth. According to CNBC, CVS surpassed analysts’ expectations of $66.6 billion in quarterly revenue, prompting the Woonsocket, Rhode Island-based chain to raise its 2020 earnings guidance. The stock price of CVS opened at $63.05 per share on Friday, Nov. 6, down from $69.43 per share a year ago.

November 6, 2020

Georgia Industrial Leasing Activity Southeast

Foundry Arranges 91,297 SF Industrial Lease in Metro Atlanta for Logistics Firm

by John Nelson November 5, 2020

STOCKBRIDGE, GA. — Foundry Commercial has arranged a 91,297-square-foot, 10-year lease for International Freight Forwarders (IFF) in Stockbridge, about 25 miles south of Atlanta. Atlanta-based IFF plans to occupy the space at Eagles Landing Trade Center II in the first quarter of 2021. The 400,000-square-foot building features 30-foot clear heights. Jordan Camp and Reid Hanner of Foundry represented the tenant in the lease negotiations. The landlord was an unnamed pension fund investor. IFF offers monthly storage, inventory management, quality control, packaging and crating, live loading and unloading of containers, stripping and loading of floor-loaded containers and multiple party routing of inbound consolidations for several industries.

November 5, 2020

Acquisitions Development Multifamily Southeast Tennessee

Alliance Residential Buys Land in Nashville to Develop Broadstone SoBro Apartments

by John Nelson November 4, 2020

NASHVILLE, TENN. — Alliance Residential Co. has purchased 1.5 acres at 800 4th Ave. S. in Nashville for its next apartment development, Broadstone SoBro. The 226-unit community will feature studio, one- and two-bedroom layouts averaging 780 square feet. The Phoenix-based developer plans to break ground before the end of the year and deliver the property in 2022. Designed by Brock Hudgins Architects, Broadstone SoBro will feature a fitness room, terrace-level library with private working pods, saltwater pool with a pool deck, entertainment bar and a sky lounge champagne bar including private seating areas, a fireplace and an outdoor amenity deck. Interiors will feature shaker cabinetry, modern backsplashes, quartz countertops, pendant lighting, new appliances, built-in desks and mud benches. This is Alliance Residential’s third project in Nashville this year. The firm’s Broadstone Stockyards in the city’s Germantown neighborhood began welcoming residents in March. The firm’s other project is Broadstone Nations that is set to open in 2022.

November 4, 2020

Acquisitions Illinois Industrial Midwest

Cawley Chicago Brokers Sale of 18,000 SF Warehouse in Chicago

by Kristin Harlow November 4, 2020

CHICAGO — Cawley Chicago has brokered the sale of an 18,000-square-foot warehouse located at 3228 S. Wood St. in Chicago for an undisclosed price. Situated near I-55 between Pilsen and the stockyards corridors, the facility sits on 1.5 acres. The property also includes office space and a securely fenced lot. Frank Melchert and Stevan Arandjelovic of Cawley represented the seller, SES Equipment Services, and procured the buyer, Taylor Excavating & Construction Inc.

November 4, 2020

Acquisitions New York Northeast Office Top Stories

SL Green Agrees to Sell Amazon-Anchored Office Building Under Redevelopment in Manhattan for $952.5M

by Kristin Harlow November 4, 2020

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) and its joint venture partners have entered into a contract to sell 410 Tenth Avenue, a 20-story, 636,000-square-foot office tower near Hudson Yards on Manhattan’s west side, for $952.5 million. The transaction marks the largest commercial property sale in the U.S. since March, according to SL Green. Amazon and First Republic Bank anchor the property, which is currently undergoing a redevelopment. Amazon signed its 335,408-square-foot lease in December. The buyer was undisclosed. SL Green is the majority owner of the building, with a 70.9 percent stake. As part of the sale, the sellers will retain a 5 percent interest through completion of the redevelopment, which is slated for the third quarter of 2021. The identities of the minority owners were not disclosed. The transaction is expected to close during the fourth quarter. Brett Herschenfeld, managing director of SL Green, says that the sale is an example of acquiring an undervalued asset, redeveloping it to Class A standards and re-leasing it to high-quality tenants. “While the asset was always intended to be held as a long-term investment, the sale will allow the company to achieve extraordinary profits, substantially reduce consolidated indebtedness …

November 4, 2020

Features Multifamily

What Defines A Sound Multifamily Investment Strategy?

by Taylor Williams November 3, 2020

By Yuriy Gelfman, principal at Olive Tree Holdings Real estate investing is best viewed through the relatable lens of child rearing. An investment enters life with two parents — a limited partner (LP) and a general partner (GP). The parents really want their little investment to do well in life. The investment’s journey through life is full of obstacles and potential dangers, but through this metaphor, we can breathe life into a topic that can be dry on paper. Pre-Birth Planning An investment is born out of the good intentions of the GP. But how does the GP select the right opportunity to invest in? In the multifamily segment, there are 13 million apartments contained in large communities split among tens of thousands of properties in several hundred markets. This really is a lot of real estate. It’s important to not fall in love with any opportunity based on arbitrary or subjective reasons. We seek opportunities that are: 1) scaled 2) located in growth markets 3) acquireable at a large discount to replacement cost and 4) are underperforming immediate peers. Each acquisition takes a significant amount of time to identify, negotiate, arrange financing for, staff, asset manage, construct and ultimately …

November 3, 2020

Company News Retail Southeast Tennessee

CBL Properties Files for Chapter 11 Bankruptcy Protection

by John Nelson November 2, 2020

CHATTANOOGA, TENN. — Against headwinds brought on by the COVID-19 pandemic, CBL Properties Inc. (NYSE: CBL) filed for Chapter 11 bankruptcy protection on Sunday, Nov. 1. Chattanooga-based CBL owns and manages a portfolio of 107 properties totaling 66.7 million square feet across 26 states, including 65 enclosed, outlet and open-air retail centers and eight properties managed for third parties. The company entered into an Restructuring Support Agreement in August with a group of bondholders in hopes of restructuring its balance sheet. In its bankruptcy filing, CBL listed its estimated assets and liabilities in the range of $1 billion to $10 billion, according to reports by CNBC. “With an aggregate of approximately $1.5 billion in unsecured debt, preferred obligations eliminated and a significant increase to net cash flow, upon emergence, CBL will be in a better position to execute on our strategies and move forward as a stable and profitable business,” says the company’s CEO, Stephen Lebovitz. As of Sept. 30, CBL had approximately $258.3 million in unrestricted cash on hand and available-for-sale securities. This cash position, combined with the positive cash flow generated by ongoing operations, is expected to meet the company’s operational and restructuring needs. Weil, Gotshal & Manges …

November 2, 2020

Company News Northeast Pennsylvania Restaurant Retail

Pennsylvania Real Estate Investment Trust Files for Chapter 11 Bankruptcy

by Taylor Williams November 2, 2020

PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) has filed for Chapter 11 bankruptcy as of Sunday, Nov. 1. PREIT (NYSE: PEI), which is based in Philadelphia, owns and operates 22.5 million square feet of retail space including 19 mall properties in New Jersey, Pennsylvania, Massachusetts, Maryland, Virginia, Michigan, North Carolina and South Carolina. PREIT has reached a Restructuring Support Agreement (RSA) with its bank lenders, under which an additional $150 million will be committed to recapitalize the business and extend its debt maturities. The announcement coincides with the Chapter 11 filing of Tennessee-based CBL & Associates (NYSE: CBL), which owns and manages a portfolio of 107 properties totaling 66.7 million square feet across 26 states, including 65 enclosed, outlet and open-air retail centers and eight properties managed for third parties. “Today’s announcement has no impact on our operations — our employees, tenants, vendors and the communities we serve — and we remain committed to continuing to deliver top-tier experiences and improving our portfolio,” says Joseph Coradino, CEO of PREIT. “With the overwhelming support of our lenders, we look forward to quickly emerging from this process as a financially stronger company.” DLA Piper LLP and Wachtell, Lipton, Rosen & Katz are …

November 2, 2020

Company News Georgia Massachusetts Northeast Retail Southeast Top Stories

Inspire Brands Agrees to Acquire Dunkin’ in $11.3B Transaction

by Taylor Williams November 2, 2020

ATLANTA AND CANTON, MASS. — Inspire Brands has agreed to acquire fast-food breakfast chain Dunkin’ Brands (NASDAQ: DNKN) in a transaction valued at $11.3 billion. The deal is expected to close by the end of the year. Atlanta-based Inspire Brands is the parent company of restaurant chains such as Arby’s, Jimmy John’s, Sonic Drive-In and Buffalo Wild Wings. In addition to its namesake coffee and breakfast chain, Canton, Mass.-based Dunkin’ Brands also owns ice cream parlor chain Baskin-Robbins, which respectively have about 12,500 and 8,000 locations worldwide. Dunkin’ has about 9,600 locations in the United States. The deal’s price tag equates to $106.50 per share, to be paid in cash, and includes the assumption of all Dunkin’ Brands’ debt. The share price represents a 30 percent premium over the Dunkin’ Brands 30-day weighted average price and a 20 percent premium over its closing stock price of $88.79 per share on Friday, Oct. 23. “We are excited to bring meaningful value to shareholders who have been with us on this journey and believe that Inspire Brands, a preeminent operator of franchised restaurant concepts, will continue to drive growth for our franchisees while remaining true to all that is unique and special …

November 2, 2020

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