Commercial property

CareTrust REIT Acquires Three Property Skilled Nursing Portfolio in Texas and Missouri

Retrieved on: 
Wednesday, March 6, 2024
Health, Consumer, Seniors, Baby Boomers, Managed Care, Construction & Property, REIT, Acquisition, Hand, Tenant, Patient, PACS, Commercial property

CareTrust REIT, Inc. (NYSE:CTRE) announced today the acquisition of three skilled nursing facilities for approximately $55.6 million, inclusive of transaction costs.

Key Points: 
  • CareTrust REIT, Inc. (NYSE:CTRE) announced today the acquisition of three skilled nursing facilities for approximately $55.6 million, inclusive of transaction costs.
  • The portfolio, consisting of 210 skilled nursing beds and 24 assisted living units, will be added to CareTrust’s existing master lease with affiliates of PACS Group, Inc., who has been operating the facilities for a third-party landlord.
  • Two of the facilities are located in Houston, Texas and one is located in Columbia, Missouri.
  • The acquisition adds three facilities to CareTrust’s relationship with PACS and increases annual rent under the existing master lease by approximately $5,002,000.

KBRA Releases Research – Declining Office Market Valuations and the Risk to Property Taxes

Retrieved on: 
Monday, March 4, 2024
Finance, Banking, Professional Services, Commercial Building & Real Estate, Construction & Property, City, KBRA, Research, Commercial property

This KBRA report examines measures of commercial office market pressure in New York City, Los Angeles, Chicago, and Dallas, and discusses the potential impact of reduced commercial property values on the property tax base in these top U.S. metro areas.

Key Points: 
  • This KBRA report examines measures of commercial office market pressure in New York City, Los Angeles, Chicago, and Dallas, and discusses the potential impact of reduced commercial property values on the property tax base in these top U.S. metro areas.
  • The extent of the decline in U.S. commercial office real estate valuations varies by city, depending on supply and demand.
  • In most cities, the reduction in office occupancy related to remote or hybrid work arrangements has precipitated elevated commercial office vacancy rates and diminished leasing activity in all but top-tier office buildings.
  • However, it may take several years before such valuation declines affect property tax collections, given the assessment cycles and lease expiration trends observed in major cities.

Red Robin Gourmet Burgers, Inc. Completes Third Sale-Leaseback Transaction With Essential Properties Realty Trust, Inc.

Retrieved on: 
Monday, March 4, 2024
Retail, Restaurant, Bar, Other Retail, Commercial Building & Real Estate, Construction & Property, Food, Beverage, Partnership, CBRE Group, Sale, Commercial property

Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) (“Red Robin” or the “Company”), a full-service restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today announced it completed a third Sale-Leaseback transaction with Essential Properties Realty Trust, Inc. (NYSE: EPRT) to sell and simultaneously lease-back ten owned properties.

Key Points: 
  • Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) (“Red Robin” or the “Company”), a full-service restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today announced it completed a third Sale-Leaseback transaction with Essential Properties Realty Trust, Inc. (NYSE: EPRT) to sell and simultaneously lease-back ten owned properties.
  • The transaction generated gross proceeds of approximately $24 million.
  • The Company anticipates net proceeds of approximately $23 million will be used to repay debt, pursuant to the Company’s Credit Agreement.
  • This transaction adds another ten well-located restaurants to our portfolio, leased on a long-term basis to a high-quality tenant.”
    CBRE Group served as an advisor to Red Robin on the transaction.

MNC Capital Submits Proposal to Acquire Vista Outdoor for $35.00 Per Share in Cash

Retrieved on: 
Friday, March 1, 2024
Outdoors, Professional Services, Sports, Finance, Acquisition, FTI Consulting, Confidentiality, Vista, Sale, Transaction, Letter, Autumn, Element, Foreign investment, Proposal, Department of Defence, State, MNC, CFIUS, Kinetic Group, Commercial property

We are writing to express our strong interest in acquiring all the outstanding shares of Vista Outdoor Inc. (“Vista” or the “Company”) for a purchase price per share of $35.00 in cash (the “Transaction”).

Key Points: 
  • We are writing to express our strong interest in acquiring all the outstanding shares of Vista Outdoor Inc. (“Vista” or the “Company”) for a purchase price per share of $35.00 in cash (the “Transaction”).
  • The proposed price offers a substantial premium to Vista’s share price, which already reflects a takeover premium.
  • Given Vista’s share price is currently trading close to its 52-week high, our proposal also reflects a highly attractive value overall to Vista’s shareholders.
  • The Board is currently reviewing the proposal consistent with its fiduciary duties, in consultation with our legal and financial advisors.

Tower 16 Capital Partners Acquires The Deco at Victorian Square, Its First Multifamily Project in Reno, Nevada, for $43 Million

Retrieved on: 
Wednesday, February 28, 2024
Professional Services, Residential Building & Real Estate, Commercial Building & Real Estate, Finance, Construction & Property, REIT, Acquisition, I-80, Tahoe Reno Industrial Center, Housing, Commercial property

San Diego-based Tower 16 Capital Partners has successfully acquired The Deco at Victorian Square, a 209-unit multifamily property located in the Reno, Nevada market.

Key Points: 
  • San Diego-based Tower 16 Capital Partners has successfully acquired The Deco at Victorian Square, a 209-unit multifamily property located in the Reno, Nevada market.
  • The project was built in 2021 and acquired for $43 million, well below today’s replacement cost.
  • “We’re pursuing opportunities in Western growth markets to acquire high-quality real estate at a steep discount to replacement cost and prior-peak pricing.
  • Tower 16 is aggressively targeting new construction assets in varying stages of completion/lease-up as well as value-add opportunities in the Southwest.

Stratus Properties Inc. Completes Sale of Approximately 47 Acres at Magnolia Place for $14.5 Million

Retrieved on: 
Tuesday, February 27, 2024
Residential Building & Real Estate, Commercial Building & Real Estate, Construction & Property, REIT, Place, City, STRS, Sale, Drainage, Commercial property

Stratus Properties Inc. (NASDAQ: STRS) (“Stratus” or the “Company”) today announced that it completed the previously disclosed sale of approximately 47 acres at Magnolia Place for $14.5 million.

Key Points: 
  • Stratus Properties Inc. (NASDAQ: STRS) (“Stratus” or the “Company”) today announced that it completed the previously disclosed sale of approximately 47 acres at Magnolia Place for $14.5 million.
  • The sale generated pre-tax net cash proceeds to Stratus of approximately $5.3 million, after transaction expenses and payment of the remaining $8.8 million project loan.
  • Magnolia Place is a mixed-use project in Magnolia, Texas, shadow-anchored by a 95,000-square-foot H-E-B grocery store on an adjoining 18-acre site owned by H-E-B.
  • Previously at Magnolia Place, Stratus sold two pad sites and 28 acres planned for single-family residences for a total of $6.6 million, which together with the recent sale totals $21.1 million in sales at Magnolia Place.

AdaptHealth Corp. Announces Fourth Quarter and Full-Year 2023 Results and Provides Initial 2024 Outlook

Retrieved on: 
Tuesday, February 27, 2024
Medical Devices, Medical Supplies, Hospitals, Health Technology, Biotechnology, Other Health, Managed Care, Health, General Health, Interest, Interim, Adjustment, Sleep, Patient, Medicare, Commercial property

AdaptHealth Corp. (NASDAQ: AHCO) (“AdaptHealth” or the “Company”), a national leader in providing patient-centered, healthcare-at-home solutions including home medical equipment, medical supplies, and related services, announced today financial results for the fourth quarter and fiscal year ended December 31, 2023.

Key Points: 
  • AdaptHealth Corp. (NASDAQ: AHCO) (“AdaptHealth” or the “Company”), a national leader in providing patient-centered, healthcare-at-home solutions including home medical equipment, medical supplies, and related services, announced today financial results for the fourth quarter and fiscal year ended December 31, 2023.
  • Net revenue was $3,200.2 million compared to $2,970.6 million, an increase of 7.7% driven by non-acquired growth of 7.3%.
  • Net loss attributable to AdaptHealth Corp. was $678.9 million compared to net income of $69.3 million, largely resulting from a $830.8 million pre-tax write down of goodwill.
  • Richard Barasch, Chairman and Interim CEO of AdaptHealth, commented, “We closed out 2023 with strong performance across the board in the fourth quarter.

X-Caliber Funding and CastleGreen Finance Complete $122MM Refinance for Iconic Fairmont Breakers Long Beach Hotel in Long Beach, CA

Retrieved on: 
Monday, February 26, 2024
Professional Services, Other Construction & Property, Commercial Building & Real Estate, Finance, Construction & Property, REIT, The Breakers (hotel), Commercial property, Entertainment center, Restaurant, Multimedia, HTC, Ageing, Southern California Gas Company, Aquarium, Water, Walking, Partner (business rank), Ocean Center, Convention

X-Caliber Funding (X-Caliber), a national, direct commercial real estate lender, and CastleGreen Finance (CastleGreen), an affiliate of X-Caliber that provides capital through Commercial Property Assessed Clean Energy (C-PACE) financing, today announced the refinance of Long Beach, California’s Fairmont Breakers Hotel & Spa.

Key Points: 
  • X-Caliber Funding (X-Caliber), a national, direct commercial real estate lender, and CastleGreen Finance (CastleGreen), an affiliate of X-Caliber that provides capital through Commercial Property Assessed Clean Energy (C-PACE) financing, today announced the refinance of Long Beach, California’s Fairmont Breakers Hotel & Spa.
  • These financings demonstrate the wide scope of X-Caliber’s product offerings and their ability to provide effective, flexible, and specialized financing solutions for borrowers.
  • “The tax credits are designed to restore, reuse, and preserve iconic landmarks like the Fairmont Breakers Hotel, and they provide the borrower with greater flexibility to support their capital needs.
  • The Fairmont Breakers Long Beach is projected to open this spring.

Marcus & Millichap Brokers $79 Million Orange County Multifamily Asset Sale

Retrieved on: 
Thursday, February 22, 2024
REIT, Finance, Professional Services, Commercial Building & Real Estate, Construction & Property, MMI, County, Honda Center, Hope International University, Leeson, Growth, Sale, Anaheim Regional Medical Center, Marcus & Millichap, California State University, Kaiser Permanente, Cypress College, Research, Partnership, Commercial property

Marcus & Millichap (NYSE:MMI) , a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Chateau de Ville, a 254-unit multifamily property in Anaheim, California.

Key Points: 
  • Marcus & Millichap (NYSE:MMI) , a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Chateau de Ville, a 254-unit multifamily property in Anaheim, California.
  • The asset was brought to market for the first time in over 50 years and traded for $79,076,710 or $311,326 per unit.
  • “Orange County has been the tightest major rental market in California for the past three years, and this trend is projected to continue with a fourth straight year of rent growth,” said Tyler Leeson, executive managing director investments in Marcus & Millichap’s Orange County office.
  • Leeson and Matt Kipp, Marcus & Millichap first vice president investments, represented the seller, a long-term partnership, and procured the buyer, a private investor.

Broadstone Net Lease Announces 2023 Results and its Healthcare Portfolio Simplification Strategy

Retrieved on: 
Wednesday, February 21, 2024
Professional Services, Other Construction & Property, Commercial Building & Real Estate, Finance, Construction & Property, REIT, OP, Investment, Dialysis, Sale, Tenant, BNL, MOB, Risk, ABR, Line of credit, Public expenditure, Plasma, Environment, Commercial property

Broadstone Net Lease, Inc. (NYSE: BNL) (“BNL”, the “Company”, “we”, “our”, or “us”), today announced its operating results for the year and quarter ended December 31, 2023, and its healthcare portfolio simplification strategy.

Key Points: 
  • Broadstone Net Lease, Inc. (NYSE: BNL) (“BNL”, the “Company”, “we”, “our”, or “us”), today announced its operating results for the year and quarter ended December 31, 2023, and its healthcare portfolio simplification strategy.
  • See Healthcare Portfolio Simplification Strategy section below for additional information.
  • Refer to our fourth quarter 2023 investor presentation for more detailed information regarding our healthcare portfolio simplification strategy.
  • Our healthcare portfolio simplification strategy is an extension of our focus on portfolio quality and evolution, which we believe will result in meaningful value creation for investors.”