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Institutional Property Advisors Closes New Jersey Grocery-Anchored Shopping Center Sale

May 17, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of 227,333-square-foot-Eagle Plaza, a grocery-anchored shopping center in in Voorhees Township, New Jersey. “Anchored by Albertsons’ subsidiary Acme Markets for over 40 years, Eagle Plaza is the area’s dominant grocery-anchored shopping center,” said Brad Nathanson, IPA senior managing... The post Institutional Property Advisors Closes New Jersey Grocery-Anchored Shopping Center Sale appeared first on Real Estate Weekly. May 17, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of 227,333-square-foot-Eagle Plaza, a grocery-anchored shopping center in in Voorhees Township, New Jersey. “Anchored by Albertsons’ subsidiary Acme Markets for over 40 years, Eagle Plaza is the area’s dominant grocery-anchored shopping center,” said Brad Nathanson, IPA senior managing director investments. “Previous ownership invested significant capital to improve the center’s curb appeal by delivering new modern village-looking facades that drove significant interest in the property. The availability nationally of grocery-anchored shopping centers with a major value add opportunity within infill high income submarkets of a major city center are rare, contributing to the tremendous demand that was seen on Eagle Plaza.” Nathanson represented the seller, Hutensky Capital Partners, and procured the buyer, First National Realty Partners. Constructed in 1977 and renovated over the past five years, Eagle Plaza is anchored by Acme Markets and Ross and is located at Voorhees Township’s main intersection, which is shared by a recently renovated Target, Chick-fil-A, Royal Farms, AMC Theatre, and Edge Fitness. Located 20 miles east of Philadelphia, Voorhees Township is an affluent Southern New Jersey community adjacent to Cherry Hill and Marlton. There are over 80,000 people within three miles of Eagle Plaza and the average annual household income is more than $120,000. The post Institutional Property Advisors Closes New Jersey Grocery-Anchored Shopping Center Sale appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyMay 19th, 2022

Fairfield County retail center sells for nearly $58M

JLL Capital Markets announced today that it has closed the nearly $58 million sale of King’s Crossing, an approximately 82,000-square-foot, Class A destination shopping center anchored by Whole Foods Market in affluent Fairfield Township, Connecticut. JLL marketed the property on behalf of an institutional seller. TA Realty acquired the asset. Developed in 2011,... The post Fairfield County retail center sells for nearly $58M appeared first on Real Estate Weekly. JLL Capital Markets announced today that it has closed the nearly $58 million sale of King’s Crossing, an approximately 82,000-square-foot, Class A destination shopping center anchored by Whole Foods Market in affluent Fairfield Township, Connecticut. JLL marketed the property on behalf of an institutional seller. TA Realty acquired the asset. Developed in 2011, King’s Crossing is 97 percent leased to a superior mix of needs-based tenants, including Whole Foods, CVS Pharmacy, Petco, Five Guys, Sleep Number and Chipotle. Additionally, A shadow-anchored Home Depot provides additional traffic to the center. Positioned on 10.5 acres at 330-350 Grasmere Ave., King’s Crossing is in Fairfield Township, a highly sought-after community 50 miles from New York City. The center is less than a mile from both Route 1 and Interstate 95, providing easy connectivity, and in Connecticut’s Gold Coast, an affluent coastal area of the state. The growing area is also home to a wealthy customer base with average household incomes exceeding $183,000. The JLL Capital Markets team representing the seller was led by Jose Cruz, Kevin O’Hearn, Danny Finkle, Michael Oliver, Steve Simonelli, Andrew Scandalios and Grace Braverman. “We’re thrilled to have worked with notable institutional firms such as the seller and TA Realty on the sale of this prestigious asset,” O’Hearn said. “With Whole Foods as it’s anchor and a national tenant roster, King’s Crossing is a premier retail property in this region. We had a tremendous response from investors and expect the buyer to do very well with it.” JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries. For more news, videos and research resources on JLL, please visit our newsroom. The post Fairfield County retail center sells for nearly $58M appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyMay 2nd, 2022

JLL Income Property Trust Acquires Luxury Apartment Community in Suburban Orlando

JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with more than $6.3 billion in portfolio assets and 119 properties, announced today the acquisition of Jefferson Lake Howell, a newly constructed, class-A apartment community in the northern Orlando suburb of Casselberry, Florida. This amenity-rich, lakefront, 384-unit garden-style apartment community... The post JLL Income Property Trust Acquires Luxury Apartment Community in Suburban Orlando appeared first on Real Estate Weekly. JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with more than $6.3 billion in portfolio assets and 119 properties, announced today the acquisition of Jefferson Lake Howell, a newly constructed, class-A apartment community in the northern Orlando suburb of Casselberry, Florida. This amenity-rich, lakefront, 384-unit garden-style apartment community was acquired for approximately $154 million.  “This addition to our growing residential portfolio, an overweight portfolio allocation for us, aligns with our strategy to invest in well-located communities with strong demand drivers and high barriers to entry for new competition,” said Allan Swaringen, JLL Income Property Trust President and CEO. “The community’s proximity to high paying employment centers and top-rated schools, limited supply of competitive properties along with minimal developable land in the area for new apartments, along with the region’s consistently low vacancy rates made this an attractive investment that we believe will drive long-term, stable cash flow for our portfolio.” Swaringen also noted, “Orlando apartment demand was highly resilient and remained positive even during the pandemic-induced recession of 2020, despite deep job losses due to a decline in tourism. Then, in 2021, occupied units grew by a record 7 percent and rents increased 26 percent ranking seventh for recent rent growth among 162 markets tracked by LaSalle.” Located less than 10 miles north of Downtown Orlando, Jefferson Lake Howell provides residents with easy access to highways serving major employment and transportation nodes via Interstate Highway 4 and State Road 17, along with nearby retail amenities including a Publix-anchored shopping center, a Walmart Supercenter and numerous dining and entertainment options. The Orlando apartment market is a LaSalle Research & Strategy recommended overweight for core investment given its strong in-migration trends, limited for-sale housing stock and record-low residential vacancy rates. Orlando’s population is forecasted to grow 1.9 percent through 2026, well above the US average of 0.7 percent, while vacancy currently sits at a record-low 2.1 percent, below its 20-year average of 5.6 percent. The property is also within three miles of highly rated schools that are part of Seminole County’s school system, which ranks in the top five in Florida. JLL Income Property Trust’s aggregate residential allocation is now over $2.7 billion, with more than 9,100 residential units across 23 apartment communities and a 14-market single-family rental portfolio representing 43 percent of its $6.3 billion property portfolio.  JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms. The post JLL Income Property Trust Acquires Luxury Apartment Community in Suburban Orlando appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyApr 21st, 2022

Here"s How Regency (REG) Is Placed Ahead of Q4 Earnings

Regency's (REG) fourth-quarter performance is likely to have gained from its premium retail properties in solid trade areas and the continued demand recovery. Regency Centers Corp. REG is slated to report fourth-quarter and full-year 2021 results on Feb 10 after the closing bell. The company’s quarterly results are likely to display growth in both revenues and funds from operations (FFO) per share.In the last reported quarter, this Jacksonville, FL-based retail real estate investment trust (REIT) reported a negative surprise of 2.04% in terms of NAREIT FFO per share.In the last four quarters, the company’s earnings exceeded the Zacks Consensus Estimate on three occasions and missed the same in the remaining quarter. It has a trailing four-quarter surprise of 10.70%, on average. This is depicted in the graph below:Regency Centers Corporation Price and EPS Surprise Regency Centers Corporation price-eps-surprise | Regency Centers Corporation QuoteLet’s see how things have shaped up before this announcement.Factors to NotePer a report from CBRE Group, total retail sales increased 16.9% year over year in the fourth quarter, reflecting the strength of a strong holiday shopping season in 2021. The fourth quarter marked the fifth consecutive quarter of positive retail absorption (+20.6 million square feet). Also, the average asking rent improved 1.6% year over year to $21.87 per square foot in the fourth quarter as prime space grew scarce.The overall retail availability rate shrunk by 30 basis points in the December-end quarter to a 10-year low of 5.6%. New construction deliveries remained muted in the fourth quarter, with 23.5 million square feet delivered in 2021, down 36% year over year. The scarcity of new prime space has fueled occupancy levels and aided growth in rents.Regency is also anticipated to have benefited from the recovery in the retail real estate market. It has a high-quality open-air shopping center portfolio with 80% grocery-anchored neighborhood and community centers. The properties are situated in affluent suburban areas and near urban trade areas where consumers have high spending power, enabling the company to attract top grocers and retailers. Further, in the pandemic so far, having a grocery component has been the saving grace for retail REITs and Regency has numerous industry-leading grocers in its tenant roster.Significant essential retail businesses at the company’s centers enabled its properties to remain open, operating for the entirety of the pandemic. In its November investor update, this retail REIT noted that at the end of October 2021, foot traffic in REG’s portfolio recovered to 100% of 2019 foot traffic levels.With widespread vaccination and an improvement in the economy, retail sales are increasing. This, in turn, is likely to have driven demand for retail real estate space and lowered pressure on retail landlords, thereby supporting Regency’s rent collection figures in the quarter under consideration.Moreover, Regency witnessed solid inorganic growth in the fourth quarter of 2021. On a wholly owned basis, REG completed acquisitions worth $311 million in total. During the full year, Regency concluded acquisitions for a total of $489 million at Regency’s share at a 5.1% blended cap rate.Concerning disposition activities, Regency wrapped up the sale of two properties for a combined total of $87 million at Regency’s share during the fourth quarter. For the full year, REG completed a total of $279 million dispositions on a combined basis at Regency’s share. Excluding non-income producing properties, the blended cap rate was 5.2%.The Zacks Consensus Estimate for fourth-quarter revenues is pegged at $297.1 million, suggesting an increase of 14.95% from the year-ago quarter’s reported figure.Regency’s activities during the October-December quarter were adequate to gain analyst confidence. The Zacks Consensus Estimate for FFO per share has moved two cents north in the past two months and is pegged at 96 cents. The figure also calls for 26.3% growth from the year-earlier period’s reported figure.Regency projected 2021 NAREIT FFO per share in the range of $3.93-$3.97. REG guided same-property net operating income (excluding termination fees) in the range of 15.5-16.5%.For the full year, the Zacks Consensus Estimate for FFO per share has moved 2.8% north to $3.97 over the past two months. The figure indicates a 34.6% increase year over year on revenues of $1.19 billion.Here Is What Our Quantitative Model PredictsOur proven model predicts a surprise in terms of FFO per share for Regency this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is the case here.Regency currently has an Earnings ESP of +0.67% and a Zacks Rank of 3. You can uncover the best stocks to buy or sell, before they’re reported, with our Earnings ESP Filter.Other Stocks That Warrant a LookHere are three stocks from the retail REIT sector — Agree Realty Corporation ADC, Brixmor Property Group Inc. BRX and STORE Capital Corporation STOR — that you may want to consider as our model shows that these have the right combination of elements to report a surprise this quarter.Agree Realty Corporation, slated to release fourth-quarter earnings on Feb 22, has an Earnings ESP of +1.26% and carries a Zacks Rank of 3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.Brixmor Property Group, scheduled to report quarterly numbers on Feb 7, has an Earnings ESP of +0.82% and carries a Zacks Rank of 2.STORE Capital, slated to report quarterly numbers on Feb 23, has an Earnings ESP of +1.45% and carries a Zacks Rank of 3.Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Regency Centers Corporation (REG): Free Stock Analysis Report Agree Realty Corporation (ADC): Free Stock Analysis Report STORE Capital Corporation (STOR): Free Stock Analysis Report Brixmor Property Group Inc. (BRX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksFeb 6th, 2022

LI multifamily giant adds another 200 units to portfolio

Fairfield Properties, already Long Island’s biggest residential landlord, has added another 214-units to its portfolio. JLL Capital Markets announced that it brokered the sale of Southpoint at Massapequa, a luxury, multi-housing community located at 25 Weaver Drive in Massapequa, NY. JLL represented the seller, JRK Property Holdings, which has owned... The post LI multifamily giant adds another 200 units to portfolio appeared first on Real Estate Weekly. Fairfield Properties, already Long Island’s biggest residential landlord, has added another 214-units to its portfolio. JLL Capital Markets announced that it brokered the sale of Southpoint at Massapequa, a luxury, multi-housing community located at 25 Weaver Drive in Massapequa, NY. JLL represented the seller, JRK Property Holdings, which has owned the property since 2013, according to property records.    The property features a mix of one-, two- and three-bedroom homes, some of which are townhouse style. Community amenities include a resort-style pool, sundeck, fitness center, “bark park”, outdoor BBQ area and valet trash collection. Situated on the South Shore of Long Island in Nassau County, the community is close to Jones Beach and Fire Island as well as various restaurants, parks, schools, grocery stores and shopping. The property is also located off of NY-27 providing connectivity to all major Long Island highways and offering accessibility to Suffolk County and the greater Tri-State area.  In addition, Southpoint is less than two miles from the Amityville and Massapequa Park train stations, allowing convenient transportation to New York City by public transit or car. The JLL Capital Markets Sales and Advisory team representing the seller was led by Managing Director Steve Simonelli, Senior Managing Director Jose Cruz, Managing Director Michael Oliver, Senior Managing Directors Kevin O’Hearn and Andrew Scandalios and Analyst Josh Stein. “Interest in Long Island multi-housing communities continues to be at an all-time high. The quality of the property and location, along with the upside in rents at Southpoint drew interest from national institutional investors as well as the local and regional private investors,” stated Simonelli. Owned and led by the Broxmeyer family, Fairfield Properties owns more that 12,000 units, primarily in Nassau and Suffolk with about two percent in Queens. It acquired about 85 percent and built 15 percent — or 1,000 units — since its founding in 1974. In 2019, it paid nearly half-billion-dollars for a seven-property portfolio of 1,496 units from Lone Star Funds. The company has a large portfolio of 55 & Over properties across Long Island offering “resort style” living for active adults. The post LI multifamily giant adds another 200 units to portfolio appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyDec 9th, 2021

Hampshire sells CT shopping center to NY investors

The Hampshire Companies has sold its Milford Plaza shopping center in Connecticut to Northpath Investments for $11 million. Hampshire bought the property for $30 million in partnership with Stonemar Properties back in 2008 A CBRE team of Jeffrey Dunne, David Gavin, Steve Bardsley, Jeremy Neuer, and Travis Langer represented both... The post Hampshire sells CT shopping center to NY investors appeared first on Real Estate Weekly. The Hampshire Companies has sold its Milford Plaza shopping center in Connecticut to Northpath Investments for $11 million. Hampshire bought the property for $30 million in partnership with Stonemar Properties back in 2008 A CBRE team of Jeffrey Dunne, David Gavin, Steve Bardsley, Jeremy Neuer, and Travis Langer represented both Hampshire and Northpath in the sale of the 180,315 s/f grocery-anchored shopping center in Milford, CT. Situated across the street from a newly developed ShopRite, Total Wine and Starbucks anchored center within Milford’s dense Route 1 retail corridor , the property is one mile from the 1.3 million s/f super-regional Connecticut Post Mall, anchored by Target, Dick’s Sporting Goods, and Macy’s. Milford Plaza is approximately 65 percent leased and is anchored by a new G-Mart grocer, which provides a strong draw to the center from a wide trade area, as well as Planet Fitness, Dollar Tree and Hartford Healthcare, providing stable in-place income. Dunne commented, “The offering represented a unique opportunity to acquire a value-add, grocery anchored center in a dense, infill market with over 108,000 residents within five miles. Milford Plaza provides stable in-place cash flow combined with the opportunity to grow NOI significantly through lease-up or partial redevelopment of the center.”   “We are very excited about our latest acquisition of Milford Plaza, which is strategically located along Boston Post Road near other major retailers. This purchase fits our company’s long-term value add strategy,” said Gershon Alexander, Principal at Northpath Investments, a New York-based investment company led by Alexander and Geoffrey Adler and focused on the acquisition, development, redevelopment, and management of retail, industrial, and office properties in the Northeast and Mid-Atlantic regions. The post Hampshire sells CT shopping center to NY investors appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyDec 1st, 2021

Mixed-Use Development Expert Robin Zeigler Forms MURAL Real Estate Partners

 Mixed-use development veteran Robin Zeigler today announced the formation of MURAL Real Estate Partners (“MURAL”) a privately owned, full-service real estate company that aims to spur economic development through the conception, development, and management of mixed-use assets in underserved urban and suburban neighborhoods throughout the U.S. Zeigler, the former chief operating officer of Cedar Realty Trust and Mid-Atlantic chief operating officer of Federal Realty Investment Trust, formed MURAL based on a uniquely collaborative, community-driven philosophy that balances ambitious development concepts with an... The post Mixed-Use Development Expert Robin Zeigler Forms MURAL Real Estate Partners appeared first on Real Estate Weekly.  Mixed-use development veteran Robin Zeigler today announced the formation of MURAL Real Estate Partners (“MURAL”) a privately owned, full-service real estate company that aims to spur economic development through the conception, development, and management of mixed-use assets in underserved urban and suburban neighborhoods throughout the U.S. Zeigler, the former chief operating officer of Cedar Realty Trust and Mid-Atlantic chief operating officer of Federal Realty Investment Trust, formed MURAL based on a uniquely collaborative, community-driven philosophy that balances ambitious development concepts with an acute sensitivity to the challenges that arise from developing real estate in culturally distinct neighborhoods that have historically lacked accessibly priced housing and quality goods and services. MURAL, which stands for Mixed Use Revitalization Approached Locally, assesses development opportunities through a holistic study of community needs, such as availability of approachable housing, fresh food, workforce training, and small business incubation. The company is currently evaluating acquisitions and partnerships throughout the country and has earmarked more than $500 million for the purposes of mixed-use redevelopment and value-add renovations on existing shopping centers or multifamily product. “It is incredibly gratifying to formally launch MURAL, which brings a unique perspective to the development process, predicated upon a commitment to making long-term investments in the neighborhoods that have previously been ignored,” said Zeigler, who serves as MURAL’s chief executive officer. “We build value alongside communities – not just within them — and will work to identify lasting solutions for underserved areas while providing equity, creating economic empowerment, and forging strong and meaningful relationships.” Working closely with elected officials, community stakeholders, and capital partners, MURAL sources financing through public incentives programs, helping to unlock intrinsic value in its communities. In addition to serving in the role of development lead or partner, MURAL offers a suite of third-party services, including property management, asset management, and leasing advisory. MURAL, which also provides consultancy services for complex, multi-phase developments, is currently retained as an adviser for two of the country’s most ambitious mixed-use projects: ●      St. Louis Development Corp. has enlisted MURAL to serve as a consultant to assist with the execution of its Economic Justice Action Plan — a framework for launching equitable and inclusive development opportunities in the City of St. Louis by addressing historical barriers, economic inequities and closing the racial wealth gap. ●      Cedar Realty Trust has retained MURAL as a consultant to assist with the first phase of Northeast Heights, which involves the construction, development and management of a 258,000-square-foot office building leased to the Department of General Services with ground-floor retail in Washington D.C. Additionally, MURAL is working on behalf of Cedar to advance the planned redevelopment of two existing Cedar’s shopping centers, collectively called Northeast Heights. As one of the few African American women with C-suite experience at publicly traded commercial real estate companies, Zeigler has navigated complex transactions in economically challenged locales for more than two decades, including the development and operations for more than 16 million square feet in mixed-use projects throughout her career. Most recently, she spearheaded Cedar Realty Trust’s strategic effort to reimagine and redevelop its grocery-anchored shopping center portfolio, initiating the company’s urban mixed-use development platform. In launching MURAL, Zeigler has assembled a world-class team of executives: ●      VP of Development Jessica Tan possesses more than 13 years of real estate development and advisory experience. Most recently, she managed mixed-use redevelopment of existing shopping center assets in the Mid-Atlantic area for Cedar Realty Trust and played a vital role in the launch and leadership of Deloitte PDS Group, a project and development management firm in Sydney, Australia. ●      Senior VP of Marketing, PR and Community Relations Vanessa Rodriguez has developed and implemented strategic marketing initiatives and placemaking for development and operating mixed-use properties throughout the Mid-Atlantic and Northeast for companies such as Federal Realty Investment Trust and The Howard Hughes Corporation. Known for her versatility, creativity, and attention to detail, Rodriguez manages community relations, ensuring ongoing cultural marketing programs and promotions to increase traffic, sales and elevate brand awareness of mixed-use neighborhoods. ●      Vice President of Property Management Melanie Ramos is currently transitioning to the MURAL team and has 15 years of direct mixed-use real estate experience enhancing value through first-class management and fostering connections with community leaders throughout her portfolio. Ramos’ experience with companies such as Federal Realty Investment Trust, Bozzuto, and Cedar Realty Trust includes responsibility for 21 properties located on the Eastern Seaboard equating to 2.8-million square feet of retail space. “I take seriously my responsibility not only as an advocate for conscientious economic growth, but also as a role model for the underrepresented voices in a historically non-diverse industry,” Zeigler stated. “MURAL’s female-led executive team is prepared to shift the industry paradigm by executing on the ambitious vision we’ve laid out in the coming months and years.” The post Mixed-Use Development Expert Robin Zeigler Forms MURAL Real Estate Partners appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyJun 22nd, 2022

The Rainier Companies continues Best-in-Class Retail Acquisition Strategy

 The Rainier Companies, a national commercial real estate investment firm headquartered in Dallas, today announced the acquisition of SummitWoods Crossing, a 545,204-square-foot Class A regional shopping center in Lee’s Summit, Missouri (Kansas City MSA). The acquisition represents Rainier’s 13th market-dominant shopping center purchase in the last five years. This acquisition... The post The Rainier Companies continues Best-in-Class Retail Acquisition Strategy appeared first on Real Estate Weekly.  The Rainier Companies, a national commercial real estate investment firm headquartered in Dallas, today announced the acquisition of SummitWoods Crossing, a 545,204-square-foot Class A regional shopping center in Lee’s Summit, Missouri (Kansas City MSA). The acquisition represents Rainier’s 13th market-dominant shopping center purchase in the last five years. This acquisition grows its grocery-anchored retail portfolio to more than five million square feet nationally. “We are excited to acquire SummitWoods Crossing; the strong tenant history and sales performance speak volumes about the shopping center dynamics,” said Rainier President and CEO Danny Lovell. “This area of Kansas City MSA is experiencing job and population growth with numerous complimentary developments underway. We have some creative ideas about further enhancing the center and tenant lineup and are excited about its future.” SummitWoods Crossing opened in 2001 and has been the “go-to” shopping destination in Lee’s Summit and the southeastern Kansas City MSA. This area of Jackson County continues to grow rapidly with the addition of new developments nearby, including Paragon Star, Streets of West Pryor, Cerner Headquarters Campus, and others. Sunny Sajnani with Institutional Property Advisors, a division of Marcus & Millichap, arranged the five-year, interest-only financing. Rainier will provide property management and leasing. The post The Rainier Companies continues Best-in-Class Retail Acquisition Strategy appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyMay 15th, 2022

Saul Centers, Inc. Reports First Quarter 2022 Earnings

BETHESDA, Md., May 5, 2022 /PRNewswire/ -- Saul Centers, Inc. (NYSE:BFS), an equity real estate investment trust ("REIT"), announced its operating results for the quarter ended March 31, 2022 ("2022 Quarter").  Total revenue for the 2022 Quarter increased to $62.1 million from $58.7 million for the quarter ended March 31, 2021 ("2021 Quarter").  Net income increased to $17.5 million for the 2022 Quarter from $12.8 million for the 2021 Quarter primarily due to (a) lower credit losses on operating lease receivables and corresponding reserves (collectively, $1.2 million), (b) higher capitalized interest ($1.1 million), primarily due to the Twinbrook Quarter development project, (c) higher base rent at The Waycroft ($1.0 million), (d) lower depreciation and amortization of lease costs ($0.4 million), (e) higher base rent, exclusive of The Waycroft ($0.2 million), (f) higher lease termination fees ($0.2 million) and (g) higher parking income, net of expenses ($0.2 million).  Net income available to common stockholders increased to $10.6 million ($0.44 per diluted share) for the 2022 Quarter from $7.5 million ($0.32 per diluted share) for the 2021 Quarter. Same property revenue increased $3.4 million (5.8%) and same property operating income increased $3.0 million (7.1%) for the 2022 Quarter compared to the 2021 Quarter.  We define same property revenue as total revenue minus the revenue of properties not in operation for the entirety of the comparable reporting periods.  We define same property operating income as net income plus (a) interest expense, net and amortization of deferred debt costs, (b) depreciation and amortization of lease costs, (c) general and administrative expenses and (d) change in fair value of derivatives minus (e) gains on sale of property and (f) the results of properties which were not in operation for the entirety of the comparable periods.  Shopping Center same property operating income for the 2022 Quarter totaled $34.0 million, a $1.6 million increase from the 2021 Quarter.  Mixed-Use same property operating income totaled $11.2 million, a $1.3 million increase from the 2021 Quarter. The increase in Shopping Center same property operating income was primarily the result of (a) lower credit losses on operating lease receivables and corresponding reserves (collectively, $0.8 million) and (b) higher base rent ($0.4 million). The increase in Mixed-Use same property operating income was primarily the result of (a) higher base rent ($0.7 million), (b) lower credit losses on operating lease receivables and corresponding reserves (collectively, $0.4 million) and (c) higher parking income, net of expenses ($0.2 million).  Reconciliations of (a) total revenue to same property revenue and (b) net income to same property operating income are attached to this press release. As of March 31, 2022, 92.5% of the commercial portfolio was leased, compared to 92.2% at March 31, 2021.  On a same property basis, 92.5% of the commercial portfolio was leased as of March 31, 2022, compared to 92.2% at March 31, 2021.  As of March 31, 2022, the residential portfolio was 96.8% leased compared to 96.9% at March 31, 2021. Funds from operations ("FFO") available to common stockholders and noncontrolling interests (after deducting preferred stock dividends) was $27.0 million ($0.81 and $0.80 per basic and diluted share, respectively) in the 2022 Quarter compared to $22.7 million ($0.72 and $0.71 per basic and diluted share, respectfully) in the 2021 Quarter.  FFO is a non-GAAP supplemental earnings measure which the Company considers meaningful in measuring its operating performance.  A reconciliation of net income to FFO is attached to this press release.  The increase in FFO available to common stockholders and noncontrolling interests was primarily the result of  (a) lower credit losses on operating lease receivables and corresponding reserves (collectively, $1.2 million), (b) higher capitalized interest ($1.1 million), primarily due to the Twinbrook Quarter development project, (c) higher base rent at The Waycroft ($1.0 million), (d) higher base rent, exclusive of The Waycroft ($0.2 million), (e) higher lease termination fees ($0.2 million) and (f) higher parking income, net of expenses ($0.2 million). On March 11, 2020, the World Health Organization declared a novel strain of coronavirus ("COVID-19") a pandemic, and on March 13, 2020, the United States declared a national emergency with respect to COVID-19.  As a result, the COVID-19 pandemic is negatively affecting almost every industry directly or indirectly. The actions taken by federal, state and local governments to mitigate the spread of COVID-19 by ordering closure of nonessential businesses and ordering residents to generally stay at home, and subsequent phased re-openings, resulted in many of our tenants announcing mandated or temporary closures of their operations and/or requesting adjustments to their lease terms. While most of our tenants that closed due to COVID-19 have re-opened their businesses, there remains significant uncertainty around the long-term economic impact of the COVID-19 pandemic, which could have a material and adverse effect on or cause disruption to our business or financial condition, results from operations, cash flows and the market value and trading price of our securities. While the Company's grocery store, pharmacy, bank and home improvement store tenants have generally remained fully open throughout the COVID-19 pandemic, many restaurants have operated with reduced hours and/or limited indoor seating, supplemented with delivery and curbside pick-up, and most health, beauty supply and services, fitness centers, and other non-essential businesses are open with limited or full capacity depending on location.  As of April 30, 2022, payments by tenants of contractual base rent and operating expense and real estate tax recoveries totaled approximately 98% for the 2022 Quarter. In some cases, rent deferral agreements have been negotiated to allow tenants temporary relief where needed. For additional discussion of how the COVID-19 pandemic has impacted the Company's business, please see Part 1, Item 2 (Management's Discussion and Analysis of Financial Condition and Results of Operations) of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022. While we expect collections of rent billings, including minimum rent, operating expense recoveries and real estate tax reimbursements, to remain below pre-pandemic levels in the near-term, when taking into account the amount of time elapsed since the due date of the payment, we continue to experience sequential improvement in our collection rates. The following table summarizes the Company's consolidated total collections of the 2022 Quarter rent billings as of April 30, 2022: Retail Office Residential Total 2022 First Quarter 98 % 99 % 99 % 98 %   Although we are and will continue to be actively engaged in rent collection efforts related to uncollected rent, and we continue to work with certain tenants who have requested rent deferrals, we can provide no assurance that such efforts or our efforts in future periods will be successful, particularly in the event that the COVID-19 pandemic and restrictions intended to prevent its spread continue for a prolonged period.  As of March 31, 2022, approximately 73% of the amount of rent deferred, or approximately $6.7 million, has come due. Of the amount that has come due, $6.5 million, or approximately 97%, has been paid.  With cash balances of over $6.8 million and borrowing capacity of approximately $217.5 million on April 30, 2022, the Company believes that it has sufficient liquidity and flexibility to meet the needs of the Company's operations as the effects of the COVID-19 pandemic continue to evolve.      Saul Centers, Inc. is a self-managed, self-administered equity REIT headquartered in Bethesda, Maryland, which currently operates and manages a real estate portfolio of 61 properties which includes (a) 50 community and neighborhood shopping centers and seven mixed-use properties with approximately 9.8 million square feet of leasable area and (b) four land and development properties. Approximately 85% of the Saul Centers' property operating income is generated by properties in the metropolitan Washington, DC/Baltimore area. Safe Harbor Statement Certain matters discussed within this press release may be deemed to be forward-looking statements within the meaning of the federal securities laws.  For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  Although the Company believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained.  These factors include, but are not limited to, the risk factors described in our Annual Report on (i) Form 10-K for the year ended December 31, 2021 and (ii) our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 and include the following: (i) general adverse economic and local real estate conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (iv) the Company's ability to raise capital by selling its assets, (v) changes in governmental laws and regulations and management's ability to estimate the impact of such changes, (vi) the level and volatility of interest rates and management's ability to estimate the impact thereof, (vii) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and risks related to acquisitions not performing in accordance with our expectations, (viii) increases in operating costs, (ix) changes in the dividend policy for the Company's common and preferred stock and the Company's ability to pay dividends at current levels, (x) the reduction in the Company's income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, (xi) impairment charges, (xii) unanticipated changes in the Company's intention or ability to prepay certain debt prior to maturity and (xiii) an epidemic or pandemic (such as the outbreak and worldwide spread of COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address it, which may (as with COVID-19) precipitate or exacerbate one or more of the above-mentioned and/or other risks, and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period.  Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this press release.  Except as may be required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events or otherwise.  You should carefully review the risks and risk factors included in (i) our Annual Report on Form 10-K for the year ended December 31, 2021 and (ii) our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022. Saul Centers, Inc. Consolidated Balance Sheets (Unaudited) (Dollars in thousands, except per share amounts) March 31,2022 December 31,2021 Assets      Real estate investments           Land.....»»

Category: earningsSource: benzingaMay 5th, 2022

Marcus & Millichap Capital Corporation Arranges $39 Million Construction Loan for Shopping Center in French Valley, CA

Marcus & Millichap Capital Corporation (MMCC), has arranged $39.4 million in construction financing for French Valley Marketplace, a grocery-anchored shopping center located in French Valley, California. The financing was secured by MMCC’s Brandon Wilhite, senior director, in conjunction with IPA’s Sunny Sajnani, senior managing director, and Todd McNeill, senior managing... The post Marcus & Millichap Capital Corporation Arranges $39 Million Construction Loan for Shopping Center in French Valley, CA appeared first on Real Estate Weekly. Marcus & Millichap Capital Corporation (MMCC), has arranged $39.4 million in construction financing for French Valley Marketplace, a grocery-anchored shopping center located in French Valley, California. The financing was secured by MMCC’s Brandon Wilhite, senior director, in conjunction with IPA’s Sunny Sajnani, senior managing director, and Todd McNeill, senior managing director. The origination team is based out of MMCC’s Dallas office. The property is a fully entitled, 22-acre retail development project led by a partnership between Southlake, Texas-based Trinity Investors and Halftery Development Company, based in Pasadena, California. The site is well located at the northeast corner of State Highway 79 and Thompson Road and is anchored by tenants including Grocery Outlet, Rite Aid, EoS Fitness, McDonald’s, Autozone and 7-Eleven. “This was a complex and exciting project with a lot of moving pieces, which required the coordination and creativity of all parties involved,” said Brandon Wilhite. The non-recourse construction loan will provide funds to complete the horizontal and vertical construction of the project. Trez Capital, a diversified real estate investment firm based in Vancouver, operated as the construction lender for the transaction. “I really appreciate the attention to detail and focus from the MMCC team. Their expertise, knowledge and experience were essential in completing this complicated financing,” said Jay Fuquay, Trinity Investors. The post Marcus & Millichap Capital Corporation Arranges $39 Million Construction Loan for Shopping Center in French Valley, CA appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyApr 30th, 2022

PREIT Reports Fourth Quarter and Full Year 2021 Results

Core Mall Sales Per Square Foot Reach $614 in January, up from $603 at Year End Cherry Hill Mall Sales Near $1,000 per square foot Strong Total Core Mall Leased Space at 94.3% PHILADELPHIA, March 14, 2022 /PRNewswire/ -- PREIT (NYSE:PEI) today reported results for the three months and year ended December 31, 2021.  A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is provided in the tables accompanying this release. Three Months Ended December 31, Year Ended December 31, (per share amounts) 2021 2020 2021 2020 Net loss - basic and diluted $ (0.43) $ (2.62) $ (2.04) $ (3.72) FFO 0.17 (0.22) 0.05 (0.02) FFO, as adjusted 0.17 (0.13) (0.04) (0.01) "Strong demand continued to drive record operating results for the quarter and year in sales, leasing activity, traffic and net operating income," said Joseph F. Coradino, Chairman and CEO of PREIT.  "We are focused on unlocking value for our stakeholders, we will continue to drive portfolio improvement, operating performance and execution on our plan to improve our capital position through asset sales and incremental revenue generation.  Our progress on capital-raising initiatives is palpable with new contracts executed and closing dates set for the first half of the year." Same Store NOI, excluding lease termination revenue, increased 52.5% for the three months ended December 31, 2021 compared to the three months ended December 31, 2020. For the quarter, results were driven by an increase in rent, percentage rent, percent sales and common area revenue of $9.2 million and a decrease in credit losses for challenged tenants of $10.7 million as compared to the three months ended December 31, 2020. Same Store NOI, excluding lease termination revenue, increased 26.4% for the year ended December 31, 2021 compared to the year ended December 31, 2020. Robust leasing activity is driving increased occupancy with Core Mall Total Occupancy increasing by 290 basis points, sequentially, to 93.2%. Mall Non-anchor Occupancy increased 10 basis points, sequentially, to 89.5%. Total Occupancy improved 330 basis points, year-over-year, compared to December 31, 2020. Total Core Mall leased space, at 94.3%, exceeds occupied space by 110 basis points, and core mall non-anchor leased space, at 91.2%, exceeds occupied space by 170 basis points when including executed new leases slated for future occupancy, demonstrating the rapid pace of leasing activity. For the rolling 12 month period ended December 30, 2021, core mall comparable sales grew by 11.9% to a record $603 per square foot. Core Mall comparable sales for January improved 1.8%, sequentially, to $614. Average renewal spreads for the three months ended December 31, 2021 remained flat. Sequentially, average renewal spreads for tenants less than 10,000 square feet improved from (2.3%) for the quarter ended September 30, 2021 to flat for the quarter ended December 31, 2021. Average renewal spreads reflected a modest decline for the year at (0.9%). The Company made advances in its capital-raising efforts with closed transactions or executed agreements of sale for $105 million of assets and is finalizing or has executed letters of intent for over $75 million of additional asset sales. Leasing and Redevelopment 497,000 square feet of leases are signed for future openings, which is expected to contribute annual gross rent of $8.8 million. Leasing momentum continues to build with transactions executed for 120,000 square feet of occupancy thus far in 2022. Tilt Studio replaced JCPenney in 104,000 square feet at Magnolia Mall in Florence, SC. The family-focused destination opened in October 2021. Turn 7 opened in the former Lord & Taylor space at Moorestown Mall in December. A transaction was executed with Cooper University Health Care for an outpatient location in the former Sears space at Moorestown Mall in Moorestown, NJ. Entitlements have been obtained for buyer's site plan to add 375 multifamily units to Moorestown Mall. Construction is expected to begin this year on a new self-storage facility in previously unused below grade space at Mall at Prince George's in Hyattsville, MD. A lease has been executed with Tilted 10 and Tilt Studio, an action-packed bi-level 104,000 square foot indoor family entertainment center to replace the former JCPenney at Willow Grove Park, adding family entertainment to this locally-loved destination shopping experience. Phoenix Theatres is under construction to bring a first-class movie experience to Woodland Mall in 47,000 square feet in April 2022. HomeGoods is expected to open a new store in 23,000 square feet at Cumberland Mall this month. A lease has been executed with Merlin Entertainment to bring a new prototype, 32,000 square foot, LEGO® Discovery Center to the Washington DC Market at Springfield Town Center. Leases with exciting new-to-portfolio tenants have been executed at Cherry Hill Mall for occupancy in 2022: Eddie V's Prime Seafood, Marc Cain and Warby Parker. Primary Factors Affecting Financial Results for the Three Months Ended December 31, 2021 and 2020 Net loss attributable to PREIT common shareholders was $34.5 million (which takes into consideration the accrual of preferred dividends that accumulated during the quarter but have not been paid), or $0.43 per basic and diluted share for the three months ended December 31, 2021, compared to net loss attributable to PREIT common shareholders of $202.1 million, or $2.62 per basic and diluted share for the three months ended December 31, 2020. Same Store NOI, including lease terminations, increased by $21.7 million, or 53.8%. The increase is primarily due to higher percent sales and percentage rent, and decrease in credit losses as compared to the prior year. Non-Same Store NOI decreased by $1.4 million, primarily due to lower base rent in the current year. FFO for the three months ended December 31, 2021 was $0.17 per diluted share and OP Unit compared to $(0.22) per diluted share and OP Unit for the three months ended December 31, 2020. All NOI and FFO amounts referenced as primary factors affecting financial results above include our share of unconsolidated properties' revenues and expenses. Additional information regarding changes in operating results for the three months and year ended December 31, 2021 and 2020 is included on page 14. Liquidity and Financing Activities As of December 31, 2021, the Company had $75.5 million available under its First Lien Revolving Credit Facility. The Company's corporate cash balances, when combined with available credit, provides total liquidity of $110.6 million. In December, the mortgage loan secured by Woodland Mall was extended for one year. Subsequent to the close of the quarter, the one year extension option on the mortgage loan secured by Gloucester Premium Outlets was completed. The Company's 10-K for 2021 will include a going concern footnote in connection with potential future obligations related specifically to the FDP Term Loan. Asset Dispositions Multifamily Land Parcels: The Company has executed agreements of sale for land parcels for anticipated multi-family development in the amount of $82.5 million. The agreements are with multiple buyers across six properties for over 2,200 units as part of the Company's previously announced multi-family land sale plan.  Closing on the transactions is subject to customary due diligence provisions and securing entitlements.  Hotel Parcels: The Company has an executed agreement of sale to convey a land parcel for anticipated hotel development in the amount of $2.5 million for approximately 125 rooms. The Company has an executed LOI for the sale of a parcel for hotel development at Springfield Town Center for $2.5 million. Closing on these transactions is subject to customary due diligence provisions and securing entitlements. Other Parcels:  In November 2021, the Company closed on the sale of the last remaining parcel at the previously-owned Monroe Power Center for $1.0 million.  In February, we completed the redemption of preferred equity issued as part of the sale of our New Garden land parcel.  In connection with this settlement, we received approximately $2.5 million.   The Company expects to close on the sale of an anchor box at Valley View Mall in the second quarter for $2.8 million. 2022 Outlook The Company is not issuing detailed guidance at this time. Conference Call Information Management has scheduled a conference call for 11:00 a.m. Eastern Time on TuesdayMarch 15, 2022, to review the Company's results and future outlook.  To listen to the call, please dial 1(888) 330-2024 (domestic toll free), or 1(646) 960-0187 (international), and request to join the PREIT call, Conference ID 9326912, at least fifteen minutes before the scheduled start time as callers could experience delays.  Investors can also access the call in a "listen only" mode via the internet at the Company's website, preit.com.  Please allow extra time prior to the call to visit the site and download the necessary software to listen to the Internet broadcast.  Financial and statistical information expected to be discussed on the call will also be available on the Company's website. For interested individuals unable to join the conference call, the online archive of the webcast will also be available for one year following the call. About PREIT PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn. Rounding Certain summarized information in the tables included may not total due to rounding. Definitions Funds From Operations ("FFO") The National Association of Real Estate Investment Trusts ("NAREIT") defines Funds From Operations ("FFO"), which is a non-GAAP measure commonly used by REITs, as net income (computed in accordance with GAAP) excluding (i) depreciation and amortization of real estate, (ii) gains and losses on sales of certain real estate assets, (iii) gains and losses from change in control and (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. We compute FFO in accordance with standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition, or that interpret the current NAREIT definition differently than we do. NAREIT's established guidance provides that excluding impairment write downs of depreciable real estate is consistent with the NAREIT definition. FFO is a commonly used measure of operating performance and profitability among REITs. We use FFO and FFO per diluted share and unit of limited partnership interest in our operating partnership ("OP Unit") in measuring our performance against our peers and as one of the performance measures for determining incentive compensation amounts earned under certain of our performance-based executive compensation programs. FFO does not include gains and losses on sales of operating real estate assets or impairment write downs of depreciable real estate (including development land parcels), which are included in the determination of net loss in accordance with GAAP. Accordingly, FFO is not a comprehensive measure of our operating cash flows. In addition, since FFO does not include depreciation on real estate assets, FFO may not be a useful performance measure when comparing our operating performance to that of other non-real estate commercial enterprises. We compensate for these limitations by using FFO in conjunction with other GAAP financial performance measures, such as net loss and net cash used in operating activities, and other non-GAAP financial performance measures, such as NOI. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered to be an alternative to net loss (determined in accordance with GAAP) as an indication of our financial performance or to be an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available for our cash needs, including our ability to make cash distributions. We believe that net loss is the most directly comparable GAAP measurement to FFO. When applicable, we also present FFO, as adjusted, and FFO per diluted share and OP Unit, as adjusted, which are non-GAAP measures, for the three and twelve months ended December 31, 2021 and 2020, to show the effect of such items as gain or loss on debt extinguishment (including accelerated amortization of financing costs), impairment of assets, provision for employee separation expense, insurance recoveries or losses, net, gain on derecognition of property, gain or loss on hedge ineffectiveness and reorganization expenses which had an effect on our results of operations, but are not, in our opinion, indicative of our ongoing operating performance. We believe that FFO is helpful to management and investors as a measure of operating performance because it excludes various items included in net loss that do not relate to or are not indicative of operating performance, such as gains on sales of operating real estate and depreciation and amortization of real estate, among others. We believe that Funds From Operations, as adjusted, is helpful to management and investors as a measure of operating performance because it adjusts FFO to exclude items that management does not believe are indicative of our operating performance, such as provision for employee separation expense, gain on hedge ineffectiveness and reorganization expenses. Net Operating Income ("NOI") NOI (a non-GAAP measure) is derived from real estate revenue (determined in accordance with GAAP, including lease termination revenue), minus property operating expenses (determined in accordance with GAAP), plus our pro rata share of revenue and property operating expenses of our unconsolidated partnership investments. NOI does not represent cash generated from operating activities in accordance with GAAP and should not be considered to be an alternative to net loss (determined in accordance with GAAP) as an indication of our financial performance or to be an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity. It is not indicative of funds available for our cash needs, including our ability to make cash distributions. We believe NOI is helpful to management and investors as a measure of operating performance because it is an indicator of the return on property investment, and provides a method of comparing property performance over time. We believe that net loss is the most directly comparable GAAP measure to NOI. NOI excludes other income, depreciation and amortization, general and administrative expenses, insurance recoveries and losses, net, provision for employee separation expenses, project costs and other expenses, interest expense, reorganization expenses, impairment of assets, equity in loss/income of partnerships, gain on extinguishment of debt, gain/loss on sale of real estate and gain/loss on sales of non-operating real estate. Same Store NOI is calculated using retail properties owned for the full periods presented and excludes properties acquired or disposed of, under redevelopment, or designated as non-core during the periods presented.  Non Same Store NOI is calculated using the retail properties excluded from the calculation of Same Store NOI. Unconsolidated Properties and Proportionate Financial Information The non-GAAP financial measures of FFO and NOI presented in this press release incorporate financial information attributable to our share of unconsolidated properties. This proportionate financial information is non-GAAP financial information, but we believe that it is helpful information because it reflects the pro rata contribution from our unconsolidated properties that are owned through investments accounted for under GAAP using the equity method of accounting. Under such method, earnings from these unconsolidated partnerships are recorded in our statements of operations prepared in accordance with GAAP under the caption entitled "Equity in (loss) income of partnerships." To derive the proportionate financial information from our unconsolidated properties," we multiplied the percentage of our economic interest in each partnership on a property-by-property basis by each line item.  Under the partnership agreements relating to our current unconsolidated partnerships with third parties, we own a 25% to 50% economic interest in such partnerships, and there are generally no provisions in such partnership agreements relating to special non-pro rata allocations of income or loss, and there are no preferred or priority returns of capital or other similar provisions.  While this method approximates our indirect economic interest in our pro rata share of the revenue and expenses of our unconsolidated partnerships, we do not have a direct legal claim to the assets, liabilities, revenues or expenses of the unconsolidated partnerships beyond our rights as an equity owner in the event of any liquidation of such entity.  Our percentage ownership is not necessarily indicative of the legal and economic implications of our ownership interest.  Accordingly, NOI and FFO results based on our share of the results of unconsolidated partnerships do not represent cash generated from our investments in these partnerships. Core Properties Core Properties include all operating retail properties except for Exton Square Mall. Valley View Mall was previously designated a non-core property, as we no longer operate this property. Core Malls excludes these properties, power centers and Gloucester Premium Outlets. Forward Looking Statements This press release contains certain forward-looking statements that can be identified by the use of words such as "anticipate," "believe," "estimate,"  "expect," "intend," "may," "project," and similar expressions. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. These forward-looking statements reflect our current views about future events, achievements, results, cost reductions and the impact of COVID-19 and are subject to risks, uncertainties and changes in circumstances that might cause future events, achievements or results to differ materially from those expressed or implied by the forward-looking statements. In particular, our business might be materially and adversely affected by the following: the effectiveness of our financial restructuring and any additional strategies that we may employ to address our liquidity and capital resources in the future; our ability to achieve forecasted revenue and pro forma leverage ratio and generate free cash flow to further reduce indebtedness; the COVID-19 global pandemic and the public health and governmental response, which have created periods of significant economic disruptions and also have and may continue to exacerbate many of the risks listed herein; changes in the retail and real estate industries, including bankruptcies, consolidation and store closings, particularly among anchor tenants; changes in economic conditions, including unemployment rates and its effects on consumer confidence and spending, supply chain challenges, the current inflationary environment,and the corresponding effects on tenant business performance, prospects, solvency and leasing decisions; our inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; our ability to maintain and increase property occupancy, sales and rental rates; increases in operating costs that cannot be passed on to tenants, which may be exacerbated in the current inflationary environment; the effects of online shopping and other uses of technology on our retail tenants; risks related to our development and redevelopment activities, including delays, cost overruns and our inability to reach projected occupancy or rental rates; social unrest and acts of vandalism or violence at malls, including our properties, or at other similar spaces, and the potential effect on traffic and sales; our ability to sell properties that we seek to dispose of, which may be delayed by, among other things, the failure to obtain zoning, occupancy and other governmental approvals or, to the extent required, approvals of other third parties; potential losses on impairment of certain long-lived assets, such as real estate, including losses that we might be required to record in connection with any disposition of assets; our substantial debt and our ability to remain in compliance with our financial covenants under our debt facilities; our ability to raise capital, including through sales of properties or interests in properties, subject to the terms of our Credit Agreements; and potential dilution from any capital raising transactions or other equity issuances. Additional factors that might cause future events, achievements or results to differ materially from those expressed or implied by our forward-looking statements include those discussed herein and in our Annual Report on Form 10-K for the year ended December 31, 2020 in the section entitled "Item 1A. Risk Factors" and any subsequent reports we file with the SEC. Any forward-looking statements made by us speak only as of the date on which they are made, and we do not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise. **     Quarterly supplemental financial and operating     ** **     information will be available on www.preit.com     ** Pennsylvania Real Estate Investment Trust Selected Financial Data Three Months Ended  December 31, Year Ended  December 31, (in thousands of dollars) 2021 2020 2021 2020 REVENUE: Real estate revenue: Lease revenue $ 76,502 $ 58,828 $ 270,065 $ 237,141 Expense reimbursements 4,078 4,142 16,514 15,462 Other real estate revenue 4,462 3,529 9,290 8,333 Total real estate revenue 85,042 66,499 295,869 260,936 Other income 131 123 561 887 Total revenue 85,173 66,622 296,430 261,823 EXPENSES: Operating expenses: Property operating expenses: CAM and real estate taxes (26,034) (26,104) (105,933) (106,522) Utilities (2,901) (2,858) (12,473) (11,829) Other property operating expenses (2,596) (2,848) (9,176) (8,547) Total property operating expenses (31,531) (31,810) (127,582) (126,898) Depreciation and amortization (29,319) (30,765) (117,986) (126,362) General and administrative expenses (9,751) (19,480) (49,570) (50,272) Provision for employee separation expenses (25) (55) (305) (1,227) Insurance recoveries, net (1) - 669 586 Project costs and other expenses (104) (7) (309) (294) Total operating expenses (70,731) (82,117) (295,083) (304,467) Interest expense, net (32,896) (30,042) (128,031) (84,341) (Loss) gain on debt extinguishment, net - (1,487) 4,587 (1,487) Gain on derecognition of property - 1,121 - 8,127 Impairment of assets (8,374) - (9,938) - Reorganization expenses - (3,769).....»»

Category: earningsSource: benzingaMar 14th, 2022

Sale of multi-housing community in Connecticut closes

JLL Capital Markets announced today that it has closed the sale of Vela on the Park, a 209-unit, luxury, high-rise apartment community in downtown Stamford, Connecticut. JLL represented the seller, a partnership between an affiliate of Trinity Financial, Inc. and Berkshire Residential Investments. Carmel Partners acquired the asset. The 19-story Vela on... The post Sale of multi-housing community in Connecticut closes appeared first on Real Estate Weekly. JLL Capital Markets announced today that it has closed the sale of Vela on the Park, a 209-unit, luxury, high-rise apartment community in downtown Stamford, Connecticut. JLL represented the seller, a partnership between an affiliate of Trinity Financial, Inc. and Berkshire Residential Investments. Carmel Partners acquired the asset. The 19-story Vela on the Park consists of studios, one- and two- bedroom units, along with luxury penthouses. The units feature full-size washers and dryers, spacious closets, spa-inspired bathrooms, quartz countertops, stainless steel appliances and oversized windows.  Community amenities include a rooftop deck with barbecue grills, a state-of-the-art fitness center, a yoga and wellness studio, a pet spa and dog wash station, a solarium with reading nooks and a media center, a resident lounge, work pods and an old-school arcade. Located at 1011 Washington Blvd., the property sits directly across from Mill River Park, a 26-acre green space, and is proximate to numerous restaurants, entertainment venues and retail shops. The community is an eight-minute walk to the Stamford Train Station, which allows an easy commute to mid-town Manhattan, and less than one half mile from Interstate 95, which provides convenient access to Westchester County, Manhattan and the greater New York metro area. The JLL Capital Markets Sales and Advisory team was led by Senior Managing Director Jose Cruz, Managing Directors Steve Simonelli and Michael Oliver and Senior Managing Director Kevin O’Hearn. “Stamford continues to be one of the strongest and most active markets in the Northeast. The exceptional quality and location of Vela on the Park drew interest from a variety of institutional investors,” stated Simonelli. JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries. For more news, videos and research resources on JLL, please visit our newsroom. The post Sale of multi-housing community in Connecticut closes appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyMar 12th, 2022

CBRE announces sale of Cortlandt Crossing in Mohegan Lake, NY

CBRE announced today the sale of Cortlandt Crossing, a 122,225 sq. ft. high volume, grocery-anchored shopping center in Mohegan Lake, Westchester County, NY. The CBRE team of Jeffrey Dunne, David Gavin, Steve Bardsley, Jeremy Neuer and Travis Langer represented the owner, Acadia Realty Trust, while also procuring the buyer, Invesco... The post CBRE announces sale of Cortlandt Crossing in Mohegan Lake, NY appeared first on Real Estate Weekly. CBRE announced today the sale of Cortlandt Crossing, a 122,225 sq. ft. high volume, grocery-anchored shopping center in Mohegan Lake, Westchester County, NY. The CBRE team of Jeffrey Dunne, David Gavin, Steve Bardsley, Jeremy Neuer and Travis Langer represented the owner, Acadia Realty Trust, while also procuring the buyer, Invesco Real Estate, a global real estate investment manager. The closing follows on the heels of the team’s recent sale of Chappaqua Crossing, a newly developed Whole Foods anchored center in Chappaqua, NY, for $79.5 million. Cortlandt Crossing is a newly developed, 95% leased center anchored by ShopRite and HomeSense. Additional tenants include Chipotle, Aspen Dental, Verizon, Pulse-MD Urgent Care and Buff City Soap, providing a complementary and diverse tenant mix. The center is located along and highly visible from the heavily traveled Route 6, which benefits from a daily traffic count of approximately 22,620 cars. Cortlandt Town Center, a 774,000 sq. ft. regional power center anchored by The Home Depot, Walmart and numerous other national tenants, is located directly across from Cortlandt Crossing and provides an additional draw to the immediate area. CBRE’s Jeff Dunne said, “The offering represented a unique opportunity to purchase a newly developed, high volume ShopRite anchored center in Westchester County. Cortlandt Crossing provides highly stable income with a 14-year weighted average lease term and no near-term rollover.” CBRE’s David Gavin added, “We continue to see incredible demand for retail centers like Cortlandt Crossing, which provide secure, long-term cash flow and a highly attractive rent roll.” CBRE’s Metro NY National Retail Partners Team is currently marketing for sale or recently closed: Essex Mall, a 189,773 sq. ft. Stop & Shop and Marshalls anchored center in West Caldwell, NJ (in the market); Newington Westfarms Center, a 96,691 sq. ft. Dick’s and Ulta Beauty anchored center in Greater Hartford, CT (in the market); and Milford Plaza, a 180,000 sq. ft. value-add, grocery-anchored center in Milford, CT (recently closed). The post CBRE announces sale of Cortlandt Crossing in Mohegan Lake, NY appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyFeb 25th, 2022

Marta Person Villa Rejoins CBRE as Senior VP of Retail Services

CBRE announced today that veteran retail executive Marta Person Villa is returning to the firm and will serve as a Senior Vice President as part of the industry leading retail practice in the Northern New Jersey office. Ms. Villa was most recently with JLL. “It is particularly gratifying to welcome... The post Marta Person Villa Rejoins CBRE as Senior VP of Retail Services appeared first on Real Estate Weekly. CBRE announced today that veteran retail executive Marta Person Villa is returning to the firm and will serve as a Senior Vice President as part of the industry leading retail practice in the Northern New Jersey office. Ms. Villa was most recently with JLL. Marta Person Villa “It is particularly gratifying to welcome back yet another successful and seasoned professional to the CBRE team,” said Jeffrey Hipschman, Senior Managing Director of CBRE’s New Jersey operations. “Marta will be an instrumental part of our retail practice as we continue to grow and serve the constantly evolving requirements of owners and retailers, especially during these challenging times brought on by the pandemic.” With more than 25-years of commercial real estate experience, Ms. Villa will help further expandCBRE’s retail services throughout New Jersey. During her career, she has been responsible for many noteworthy deals including the sale of an 11-acre site in Wall Township to Mega Holdings, LLC, which was developed into a 60,000 sq. ft. grocery-anchored center on Route 35. She has represented a number of high-profile shopping centers, street retail and free-standing retail and is an expert in the Newark market, where she has completed more than 50 retail leases. Ms. Villa has represented many prominent tenants including Trek Bikes, West Marine, Fulton Bank, Sky Zone, Carvana and Tempur-Pedic, among others. Notable clients on the landlord side include Transformco and SJP Properties. Prior to her career in retail, Ms. Villa spent nearly 20 years in urban redevelopment and downtownrevitalization, working directly for municipalities and non-profits. As an administrator for the Borough of Red Bank, she was credited with contributing to the revitalization of the area, which was named “Hip Town” by New Jersey Monthly Magazine. Ms. Villa earned a Bachelor of Arts degree from the University of Richmond and is a licensed real estate broker in the State of New Jersey. She is a member of the International Council of Shopping Centers (ICSC) and served as private sector co-chair of the ICSC Alliance – NJ from 2010 to 2013. She is also a member of USA Field Hockey and U.S. Figure Skating. The post Marta Person Villa Rejoins CBRE as Senior VP of Retail Services appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyFeb 6th, 2022

Regency Centers (REG) Updates on Q4 Transaction Activity

Regency Centers (REG) reports acquisition and disposition activities worth $311 million and $87 million respectively during the fourth quarter of 2021. Regency Centers Corporation REG witnessed solid inorganic growth in the fourth quarter of 2021. On a wholly-owned basis, REG completed acquisitions worth $311 million.Regency Centers closed its previously-announced acquisition of a 383,000-square-foot grocery-anchored community center Blakeney Shopping Center in South Charlotte, NC for $181 million. The acquisition seems a strategic fit as the center is anchored by Harris Teeter, Marshalls, HomeGoods, Best Buy and PetSmart, and shadow-anchored by Target.In addition, Regency Centers acquired a portfolio of four grocery-anchored neighborhood centers for $130 million. The four properties enclosing 387,000 square foot are located in Long Island in NY. While the three centers are anchored by King Kullen, one property is anchored by Stew Leonard’s.During the full year, Regency Centers concluded acquisitions for a total of $489 million at a blended cap rate of 5.1%.Per management, “Investing in high-quality, well-located grocery-anchored retail, as we did successfully in 2021, is at the core of Regency Centers’ capital allocation strategy.”With regard to disposition activities, Regency Centers wrapped up the sale of two properties for a combined total of $87 million at Regency Centers’ share during the fourth quarter.This consisted of the sale of its Marina Shores property located in Long Beach and its wholly-owned Sequoia Station center located in Redwood City. Both properties located in California were sold at$14 million and $73 million, respectively.Closed on Nov 16, 2021 the Long Beach property was sold to a private buyer for a proposed multifamily development. Additionally, the Redwood City property was sold to a private buyer for a proposed mixed-use densification project and was completed on Dec 15.For the full year, REG completed a total of $279 million dispositions on a combined basis. Excluding non-income producing properties, the blended cap rate was 5.2%.Moreover, on Jan 11, 2022, Regency Centers sold its wholly-owned Costa Verde Center in San Diego to another public REIT for $125 million. The property was sold for a proposed development of office/laboratory space. The cap rate on in-place net operating income was 1.5%.Shares of this currently Zacks Rank #3 (Hold) player have gained 9% in the past three months, outperforming the industry’s rally of 0.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Image Source: Zacks Investment ResearchStocks to ConsiderSome better-ranked stocks from the REIT sector are Kimco Realty KIM, Kite Realty Group Trust KRG and EPR Properties EPR.Kimco flaunts a Zacks Rank #1 (Strong Buy) at present. Shares of KIM have gained 17.5% in the past six months.The Zacks Consensus Estimate for Kimco’s 2021 funds from operations (FFO) per share has been raised marginally over the past month. Over the last four quarters, KIM’s FFO per share surpassed the consensus mark on all occasions, the average being 7.4%.The Zacks Consensus Estimate for Kite Realty’s 2021 FFO per share has been raised 2.2% in the past two months. Over the last four quarters, KRG’s FFO per share surpassed the consensus mark thrice and was in line with the other, the average beat being 4.7%.Currently, KRG sports a Zacks Rank of 1. Shares of Kite Realty have appreciated 2.8% in the past six months.The Zacks Consensus Estimate for EPR Properties’ 2021 FFO per share has been raised 3.3% over the past two months. Over the last four quarters, EPR’s FFO per share surpassed the consensus mark on three occasions and missed the other, the average being 4.4%.EPR Properties carries a Zacks Rank #2 (Buy) at present. Shares of EPR have declined 14.1% in the past six months.Note: Anything related to earnings presented in this write-up represents FFO — a widely used metric to gauge the performance of REITs. Bitcoin, Like the Internet Itself, Could Change Everything Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities. Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly. See 3 crypto-related stocks now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Kimco Realty Corporation (KIM): Free Stock Analysis Report Regency Centers Corporation (REG): Free Stock Analysis Report Kite Realty Group Trust (KRG): Free Stock Analysis Report EPR Properties (EPR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksJan 14th, 2022

Big Prince George"s County shopping center sells for $193 million

The sale of the Wegmans grocery store-anchored center also included a developable parcel......»»

Category: topSource: bizjournalsJan 3rd, 2022

Annapolis company sells Prince George"s County shopping center for $193 million

The sale of the Wegmans grocery store-anchored center also included a developable parcel......»»

Category: topSource: bizjournalsJan 3rd, 2022

United Hampshire REIT acquires two more shopping centers

United Hampshire US REIT (UHREIT), a Singapore real estate investment trust sponsored by UOB Global Capital and The Hampshire Companies, has acquired Penrose Plaza, a 258,494 s/f grocery-anchored shopping center located at 2900 Island Ave in Philadelphia, Pa., and Colonial Square, a 168,326 s/f grocery-anchored shopping center located at 3107 Boulevard in Colonial... The post United Hampshire REIT acquires two more shopping centers appeared first on Real Estate Weekly. United Hampshire US REIT (UHREIT), a Singapore real estate investment trust sponsored by UOB Global Capital and The Hampshire Companies, has acquired Penrose Plaza, a 258,494 s/f grocery-anchored shopping center located at 2900 Island Ave in Philadelphia, Pa., and Colonial Square, a 168,326 s/f grocery-anchored shopping center located at 3107 Boulevard in Colonial Heights, a suburb of Richmond, Va. The transactions mark the UHREIT’s first post-IPO acquisitions and the UHREIT’s first acquisitions in their respective states. The additions of Penrose Plaza and Colonial Square bring the total number of assets in the UHREIT to 24. Spanning over 3.6 million square feet, the UHREIT currently contains 20 grocery-anchored and necessity-based properties and four modern self-storage facilities along the Interstate 95 corridor. PENROSE PLAZA Currently 94.1 percent leased, Penrose Plaza is anchored by ShopRite and is home to a diverse array of additional tenants including dd’s Discounts, Dollar Tree and Citi Trends. Located in Southwest Philadelphia, 581,000 people live within a five-mile radius of the property and its convenient location offers superior regional connectivity via nearby major highway arteries such as Interstates 95, 476 and 76. In addition to favorable residential demographics, over 20,000 businesses employing nearly 194,000 people can be found within a five-mile radius. Major local employers include the U.S. Postal Service, Amazon and Philadelphia International Airport.  Located off Interstate 95 just south of Richmond, Va., Colonial Square is accessible to the 87,400 people residing within the immediate vicinity of the property as well as the growing Richmond metro area. The shopping center enjoys a strong nearby business community with over 3,000 nearby employers including Fort Lee and Virginia State University. The property consistently experiences high occupancy rates standing at 99.1 percent leased and is home to anchor tenant Publix and as well as Locke Supply Co., Wells Fargo and Dollar General. “Strong annual GDP growth and an improving economy have continued to power a robust necessity-based retail real estate market across the eastern United States,” said Robert Schmitt, Chief Executive Officer of the UHREIT. “The acquisition of these two properties represents a significant opportunity to tap into this continued strength by adding two high quality, resilient and stable income-producing grocery-anchored and necessity-based properties to our already robust portfolio of high performing assets.” Derek Gardella, Head of Investments of the UHREIT added, “With highly favorable demographics, strong population density and strong buying power in the eastern portion of the United States, the overall grocery-anchored real estate market has shown remarkable resilience throughout all stages of the pandemic. As we look to 2022, we remain optimistic about the broader market’s long-term prospects and look forward to identifying further opportunities to acquire grocery-anchored and necessity-based retail properties in the eastern half of the country to continue to grow the UHREIT and tap into continued demand.” The seller in the Penrose Plaza transaction was represented by Brad Nathanson, Senior Managing Director Investments at Institutional Property Advisors. The Seller in the Colonial Heights transaction was represented by JLL Capital Markets Senior Director Jordan Lex, Director Daniel Naughton and Managing Director Bill Moylan. The post United Hampshire REIT acquires two more shopping centers appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyDec 3rd, 2021

Millennials, Remote Work Are Upending Cities—What It Means for Real Estate

Location is, and has always been, everything in real estate. The truism that where a property sits must be its most important characteristic remains undisputed. But what is location, really? What does it mean to homebuyers, and what are the consequences when changes come? The truth is, street layouts, public transportation systems, commuting routes, open […] The post Millennials, Remote Work Are Upending Cities—What It Means for Real Estate appeared first on RISMedia. Location is, and has always been, everything in real estate. The truism that where a property sits must be its most important characteristic remains undisputed. But what is location, really? What does it mean to homebuyers, and what are the consequences when changes come? The truth is, street layouts, public transportation systems, commuting routes, open space, walking paths, restaurants or shopping, parks, schools and scenic views are malleable both in how they are valued and how they come to be. While location might seem like a relatively static feature when talking about properties, shifting priorities from policymakers as well as evolving consumer preferences can quickly cool off a hot neighborhood or revitalize a lagging market. Both these processes are happening all the time, but the current shift is maybe more dramatic and moving more rapidly than at any time in recent memory as Americans completely reevaluate exactly where they want to live—and why. Dr. Sam Chandan is a professor at NYU and Academic Dean of the school’s Schack Institute of Real Estate. He says a multitude of changes are manifesting now that could impact both city planning and real estate for decades to come. “Millennials are not necessarily looking for something that looks like Levittown,” says Chandan, referring to the hyper-planned suburban Long Island community that is often cited as a model of postwar housing philosophy. “It’s not sort of a ‘Leave it to Beaver’ scenario.” With people born in the 1980s and 1990s becoming the largest segment of homebuyers, understanding that demographic’s needs and preferences is a holy grail for real estate professionals. But how is that information guiding the growth of towns and cities, and what does it mean for the housing market? Chandan says that like most things real-estate related, the answers are always going to be local. But as the temporary supply constraints currently preventing the housing market from reaching its full potential fade, Chandan predicts that areas that allow higher densities through zoning reforms and follow a more centralized, community-oriented plan of development will be best positioned to capitalize and grow. “We’re talking about wanting to be in easy reach of a set of cultural and social amenities, and I think that is quite different from what we would have seen as the profile of a comparably-aged young family 30 years ago,” he says. Waiting on the World to Change Manhattan Beach nestles in the southwest corner of Los Angeles. The median sale price for a home exceeds $2 million, according to U.S. census data, with a mostly white and Asian population in a county that is almost 45% Hispanic. Most residential areas are composed of close-set, adobe-roofed single-family constructions on narrow streets, bisected with a commercial thoroughfare that feeds into the city’s bustling beach-adjacent downtown—a spread of health food stores, cafes and boutique retail shopping pressed right up against the water. Kristi Ramirez-Knowles is a team leader for Your Home Sold Guaranteed Realty and a long-time Manhattan Beach resident, though she works in many of the surrounding southwest LA cities. In an area that is historically resistant to change, COVID has potentially provided a kick-start for generational changes in living preferences. “Now, post COVID—though we’re still in COVID—we still have a mix. We still have people that are willing to go almost anywhere,” she says. “ it’s a safe community.” Woburn, Massachusetts is a sprawling suburb about 25 minutes outside of Boston. It can trace its European colonization back to the mid 1600s, and is now characterized by its rustic winding streets and big colonials with plenty of forested areas and parks filling the margins. The town offers a wider range of price points, from $150,000 ranch fixer-uppers to a handful of multi-million-dollar estates. Eileen Dohtery is a ninth-generation resident of Woburn with 40 years of real estate experience, currently working for Lamacchia Realty. She says even as homebuyer preferences have evolved rapidly, change in policy and infrastructure often creeps up more gradually. “ are beside themselves because there’s so much development—if anything they’d like to restrict it and make it less per acre,” she says. Dan Forsman is President & CEO of Berkshire Hathaway HomeServices Georgia Properties. Overseeing the Atlanta region, he says dozens of thriving suburbs—many of which were originally vacation or resort communities—have begun “revitalization” efforts to begin serving changing needs and desires of longer-term residents. “Eclectic, farm to table restaurants—people are looking for that, access to that, and looking to where they can get that when they’re away from what I call ‘white noise,’” he says. Though these three disparate regions will certainly evolve along different lines at a more granular level, Chandan says that broadly the narrative of mass migration to different states or cities is overblown. People—especially young people—are looking to live within or near traditional metros like New York or Boston, but specifically for towns that can offer them a specific index of amenities. “What the data actually tells us is the dominant trend is greater dispersion in the metropolitan area,” he says. “They’re able to sort of optimize in a way that also accounts for all these other things that they care about.” What’s My Age Again? One of the most direct methods of addressing these needs is “upzoning” to allow for more density around what Chandan describes as the “quasi-urban core” of smaller towns and suburban cities. This has proved effective in combating land scarcity, affordability and transportation access, and often allows for developments of mid-rise condo complexes, townhomes or repurposed mixed-used construction that previously might have been disallowed or heavily regulated. These changes are also becoming more politically viable in many places as a new generation arrives—a generation that is more comfortable with diversity and living close to others, according to Chandan. In Woburn, this is only partly true, as Dohtery says she has observed some attitudes changing while others have not—starting with acceptance of racial diversity. “In the older parts of the center…it was more mixed nationalities. The older people wouldn’t walk down there. Younger people are that much more liberal, they don’t care, they like it. That’s where you see changing,” she reflects. In recent years there has been a big push to tear down old buildings in Woburn’s centuries-old central hub, putting up some multifamily living units and opening restaurants and retail stores. Doherty herself owns a multi-family home right in the city center, where her niece currently lives with some younger roommates. “They absolutely love being there, they walk downtown—literally in their backyard—to a different restaurant every night,” she laughs. At the other extreme, some neighborhoods in towns abutting Woburn can only be reached by unpaved, pothole-ridden streets—not because the town cannot afford to fix or pave them, but because people who live there have lobbied against it, according to Doherty. The idea, she says, is to discourage anyone who doesn’t live there from even driving past, keeping noise and nuisance to an absolute minimum. “That’s old Yankee money,” Doherty says. “It keeps the people out of their neighborhood.” Some of these folks are likely fighting a losing battle if they’re hoping to prevent development to that extreme (Doherty is currently involved with a 147-unit townhome development in Woburn). While resistance from locals can certainly slow down the evolution of a city, eventually both policymakers and developers are going to find ways to meet consumers with what they want. One thing that is changing in Los Angeles is at least a partial removal of one of the biggest barriers there: commuting. In the past, Ramirez-Knowles says she would tell potential homebuyers to rent a hotel for a night near a neighborhood they were considering and see if they could endure the level traffic and smog on a day’s commute before deciding to live there. But now with remote work, as well as a renewed emphasis on transportation and now-ubiquitous electric cars, Ramirez-Knowles says that areas that used to be defined by their freeway access and distance to business centers are trying to become self-sustaining. “So many millennials are doing a lot of their jobs—-they can work from home,” she says. “They don’t want to get out and drive. It’s important for them to walk or if they have to drive, drive a very short distance.” That is not to say that traffic does not matter anymore—commuters still end up driving as much as four hours a day to go a handful of miles cross-town, Ramirez-Knowles says. But areas that have more space, better views and nice schools are now options for many more families who do not have to worry about prohibitively lengthy drives. Another offset of the millennial lifestyle and work-from-home opportunities that is influencing city layouts is loneliness. Starting with the pandemic isolation, Ramirez-Knowles says people began seeking out “community amenities” where they could at least encounter another friendly (even mask-wearing) face. That has continued as people who work from home have limited excuses to just get outside, meet neighbors and learn about their town. “They want to be able to go walk their dogs, walk with their kids, get outside and get vitamin D,” she says. “You’re not getting out very much…you need places to go walk, you need a walkway—a green belt, if you will—a park, a pier.” In the Atlanta area, several towns are realizing that they can provide a lot more for their changing communities, according to Forsman. People who have second homes in the suburbs are spending more and more time away from the white noise of their working lives, he says, and are beginning to look for the same amenities in these areas as they have in their primary homes. Though this trend is hardly analogous to what is happening in Woburn or Los Angeles, the effect is the same: cities are re-developing downtowns and shifting the kind of access and amenities they provide. “They’ve had a face lift and an upgrade, because people aren’t going to malls the way they used to,” Forsman says. This applies even to areas in the north that historically have been made up of mostly seasonal resort towns in the mountains. As flexible work allows residents to spend more time here, businesses move in to provide more grocery shopping, entertainment and year-round services, which in turn draws even more people to make those towns their permanent—or semi-permanent—homes. Stop, Collaborate and Listen There are many other barriers and unintended consequences stemming from the types of changes happening right now as well, he adds. Cities that are too successful with these tactics will quickly see the price of land and homes balloon, slowing real estate growth and creating more racial and economic segregation. In places like Woburn, there is also the possibility of political backlash, and policymakers must balance the often-powerful backlash from residents and other stakeholders who fear loss of so-called community character or outsides. Real estate professionals can make a big difference in these situations. Doherty says that as a longtime resident she is trusted by even the most stalwart Woburnites and can navigate the complicated landscape of local politics and land use laws, where trust and experience make all the difference. Doherty speaks of being contacted by a local politician one time, who invited her to attend a campaign event emphasizing that she was maybe the most well-known public figure in the area. “I said to him, ‘I have to go, I sold you your house!’” she laughs. In Woburn, developments, zoning tweaks and infrastructure investments happen gradually, and becomes much easier with any local support, according to Doherty, with projects eeking through the approval process one by one. On the other side of the country, Ramirez-Knowles says the overpricing and lack of homes has pushed people to settle in areas where the schools or neighborhoods maybe aren’t what they had originally hoped for. Developers are building brand new, more affordable condos inland in cities that haven’t historically been “family friendly” like Torrance and Gardena, and people are snatching them up, she says. “I would say that’s attracting families even though the school district may not be that great. I think it’s the appeal of brand new and something they can afford,” she posits. Many of these units are selling out before they are even framed, she adds, during the current inventory crunch. If cities approve the kind of housing units people are looking for— which Ramirez-Knowles describes as narrow, multi-floored condo communities with built-in recreation centers, pools and gyms—even more business investment and development often follows. The result of all this movement and new development, of offering wider varieties of housing types and densities in different parts of a given city creates demographic diversity, according to Chandan. A place that can accommodate young and old, wealthy and lower income folks, families and retirees is much healthier for everyone, and especially for the real estate market. Though convincing some people of these benefits will be difficult—and sometimes impossible— Chandan argues that even those who prefer their “Leave it to Beaver” lifestyle will eventually benefit from this type of change. “The person who is a young family right now in a two or three-bedroom rental unit in that quasi-urban core—in five years, that person is a potential buyer for your home,” Chandan says. Jesse Williams is RISMedia’s associate online editor. Please email him your real estate news ideas to jwilliams@rismedia.com. The post Millennials, Remote Work Are Upending Cities—What It Means for Real Estate appeared first on RISMedia......»»

Category: realestateSource: rismediaNov 22nd, 2021

NNN NJ shopping center trades for $19M

Josh Goldflam, co-founder & principal of Highcap Group, has arranged the sale of 260 North Avenue East, Westfield, New Jersey, for $19,225,000. The seller was ACNY Development, and the buyer was The Adoni Group, a private family office with commercial holdings in New York and New jersey. The property is... The post NNN NJ shopping center trades for $19M appeared first on Real Estate Weekly. Josh Goldflam, co-founder & principal of Highcap Group, has arranged the sale of 260 North Avenue East, Westfield, New Jersey, for $19,225,000. The seller was ACNY Development, and the buyer was The Adoni Group, a private family office with commercial holdings in New York and New jersey. The property is situated on nearly two acres in downtown Westfield, directly across from the historic Westfield Diner. Westfield New Jersey has become one of the most affluent New Jersey suburbs in northern New Jersey with its close proximity to Manhattan and large multi-million dollar estates, and a vibrant downtown shopping district. The two acres is comprised of two retail buildings consisting of 31,250 s/f and a large parking lot. One building is entirely occupied by a Walgreens Pharmacy which anchors the shopping center on a long term lease. The other building contains five retail stores including national chains Super Cuts, Fro-Yo, and Barre3. The property is a net leased center that was fully occupied at the time of sale. The original asking price of $20,500,000 was reduced multiple times during the COVID pandemic despite all tenants continuing to pay rent. The sales price of the property equates to a 5.6% Capitalization Rate and $615 per square foot. JOSH GOLDFLAM Goldflam noted: “This property was a prime candidate for a 1031 tax free exchange buyer looking for a trophy retail center in an excellent high-barrier to entry location with excellent traffic and demographics. Additionally this was a very stable property with excellent credit tenancy that provided annual rent increases not typically seen in most net leased retail properties.” The post NNN NJ shopping center trades for $19M appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyOct 18th, 2021

Accurate Continues Expansion with Acquisition of Fully Appvroved Mixed-Use Site in Fairfield, CT

Accurate, one of New Jersey’s premier developers of residential, commercial, and mixed-use properties, announced today its acquisition of The Crossings at Fairfield Metro, a fully approved, mixed-use development site at the Metro North train station in Fairfield,Connecticut. The transit-oriented project will be developed on a 23.88-acre parcel adjacent to the... The post Accurate Continues Expansion with Acquisition of Fully Appvroved Mixed-Use Site in Fairfield, CT appeared first on Real Estate Weekly. Accurate, one of New Jersey’s premier developers of residential, commercial, and mixed-use properties, announced today its acquisition of The Crossings at Fairfield Metro, a fully approved, mixed-use development site at the Metro North train station in Fairfield,Connecticut. The transit-oriented project will be developed on a 23.88-acre parcel adjacent to the Metro North trainstation, with frontage on Ash Creek providing access to the Long Island Sound. Approvals are in placefor 357 apartments, a 118-key hotel, 70,000 sq. ft. of office and 40,000 sq. ft. of retail space. Thelocation is bordered by open space with walking trails and within walking distance to restaurant row inBlack Rock and the nearby Whole Foods and CVS anchored shopping center. The highly affluent townof Fairfield benefits from expanding enrollment at Sacred Heart University and Fairfield University. The new acquisition reflects Accurate’s ongoing commitment to playing a vital role in transformingneighborhoods and enhancing the lives of residents in markets with strong underlying fundamentals.The deal follows the developer’s recent announcement of its expansion into the urban Philadelphiamarket with plans for three new residential projects in prime locations, including the city’s historicNorthern Liberties neighborhood and flourishing University City. “We are delighted to expand our development footprint throughout the northeast with this well-locatedsite in Fairfield, Connecticut,” said Jack Klugmann, President & CEO of Accurate, one of the region’sfastest growing development companies. “With direct access to public rail service and proximity tocommunity amenities and services, the property is ideally suited for a modern, mixed-use developmentthat creates a well-balanced destination and becomes a center point for community life.” The CBRE team of Louis Zuckerman, Patrick Colwell and Jeffrey Dunne represented the seller of thesite, Blackrock Realty, LLC, while also procuring Accurate as the buyer. CBRE’s Louis Zuckerman said, “This property location is incomparable to virtually any development inFairfield County, and the developers are seasoned professionals that recognized the irreplaceable valueof the property. The Crossings at Fairfield Metro will boast a large residential community mixed withmultiple commercial buildings, providing direct access to the Fairfield Metro Train Station platform.” CBRE Press ReleaseCBRE’s Jeffrey Dunne added, “The property is a fabulous train-centric site that is highly walkable to retailers including Whole Foods, BJ’s, CVS, Chipotle, and many other restaurants. New ownership should fare well in lease up given the property’s compelling location and nearby amenities.” The post Accurate Continues Expansion with Acquisition of Fully Appvroved Mixed-Use Site in Fairfield, CT appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyJun 29th, 2022