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For Retail Sector, Liquidity And Communication Key To Surviving Coronavirus Crisis

Measures to contain the spread of coronavirus are still shifting by the day — and so are responses by investors, developers, builders, banks and buyers. To track the impact in real-time, RE|source Miami is asking area real estate professionals in various sectors for on-the-ground reports.

Today we hear from Michael Comras, president & CEO of the Miami-based Comras Company, which specializes in the development, leasing and sale of urban and suburban retail properties across South Florida.

As a principal in various development entities, Michael has also been involved in shaping retail in high-profile destinations including Coconut Grove, Miami Beach’s Lincoln Road, Design District, Wynwood, and Downtown Miami.

Q: How is the South Florida retail sector coping with the unfolding coronavirus crisis, and the economic slowdown we are experiencing?

In the short term, the market has been significantly impacted due to the government mandates requiring that all restaurants and non-essential retailers close their doors to curb the spread of COVID-19.

As a community, we need to acknowledge the challenging times ahead and recognize that by working collectively we will get through the pain and ensure that the retail and restaurant community lands on its feet. Now more than ever, tenants and landlords need to work in unison toward a common goal: sustaining business and our retail and restaurant economy.

Everything that existed prior to the coronavirus pandemic will exist again, but there is no silver bullet to solve the economic slowdown. The building blocks to recovery will depend on solid relationships and positive collaboration amongst all stakeholders.

Landlords do not want widespread vacancies and tenants want venues where they can grow their business and thrive. Fusing these objectives into a cohesive goal will allow the retail sector to reemerge stronger, faster. In addition, banks and lenders need to work closely with developers and property owners to make sure liquidity continues to flow. State and Federal financial relief will also provide necessary support.


What is the state of construction in Miami-Dade? Are real estate projects still getting built, and have timelines been delayed due to the virus?

The good news is that most construction projects in Miami are making headway and moving forward as planned, to the extent that the work can be completed in a safe manner. Construction firms are following strict guidelines to ensure social distancing inside job sites.

We expect to see delays in lease negotiations and leases that have not been executed. The permitting and approval process required for tenant interior buildouts will also take longer, and projects currently undergoing inspections may lag as there are new restrictions that will limit on-site inspections. In addition, the plan approval process will be extended by cities prohibiting the “walk-through” of plans. A process that provides for a quicker review of buildout plans.


Many retail tenants have shut their businesses. How are you counseling regarding landlords and rent concessions?

Communication is key. There is no one-size-fits-all strategy to resolve these issues. Every landlord has a unique relationship with their tenants and the parties must openly communicate to arrive at a sustainable solution that can work for both sides.

Local retailers and restaurateurs are integral to the fabric of our community and, unfortunately, they are the ones being most affected. In the spirit of working through a difficult time, all sides must be honest and transparent. Often, landlords are not privy to tenant sales figures, which is the main indicator of how a business has been performing. It will be important for tenants and landlords to look at the sales trends prior to the crisis to strategize towards a successful resolution.

Access to information can help guide landlords when evaluating potential rent concessions for their tenants. Solutions may include rent abatement, deferrals or other payment structures that allow both the tenant and landlord to navigate this hardship and remain open for business.


Do you anticipate that this outbreak will have a long-term, lasting impact on the way real estate projects are planned and designed?

Prior to COVID-19, retail was already going through a major transition, becoming more experiential and interactive. This will only become further pronounced as we emerge from this pandemic. At the same time, people are becoming even more accustomed to ordering goods online – since they have no other option at this time – and this could have a ripple effect on select brick-and-mortar businesses. Retailers will need to continue to improve their business’s online capabilities.

Miami is a unique “city of villages”, a series of walkable destinations such as The Miami Design District, Wynwood, Miami Beach, Brickell, Coconut Grove, Downtown Miami and South Miami. Connectivity, walkability, and revitalization will continue to fuel our local real estate economy. As human beings, we are social creatures who thrive on congregating and being a part of something greater than ourselves. Experiential retail will perfectly align with the pent-up demand people will have to enjoy experiences from dining and shopping to family entertainment once these stay-at-home measures are lifted.

There is no city as resilient as Miami. We’ve endured natural disasters with devastating hurricanes, deadly diseases with Zika and H1N1, and now the novel coronavirus – but with each setback we’ve come back stronger and have continued to thrive. This is a serious crisis that we will overcome. By supporting one another and working together, we will once again come out on top.

Source:  Miami Herald

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Health-Centered Communities May Start To Resonate In Coronavirus Era

Health-centered communities, neighborhoods where millennials, baby boomers, technological advances, and new health care delivery models all converge, can be the blueprint of urban and suburban planning even in the age of COVID-19 and especially post-COVID-19, says Dennis Frenchman, Director of the MIT Center for Real Estate and the Class of 1922 Professor of Urban Design and Planning.

“Baby boomers are looking for convenient, affordable, aging-in-place health care options. Millennials, meanwhile, are pursuing physical environments that support their well-being and community-centric values,” Frenchman tells “Our goal is to provide a blueprint for how to navigate these complex and profound demographic and cultural shifts taking shape throughout our society.”

Frenchman and his colleague, Stanley Shaw, plan on offering the course, Developing Health-Centered Communities: The Next Revolution.” in Real Estate in the Fall.

Baby boomers are aging and healthcare is foremost on their mind while most millennials are trying to lead healthy lifestyles by eating healthy foods and leading active social lives.

“These two generations are colliding in terms of health and wellness,” observes Frenchman.

Another plus to these communities for baby boomers how older buildings relate to their health.

“Living and working in an older, poorly ventilated building can negatively contribute to your health and longevity,” explains Frenchman. “If you have better quality air, sunlight and an overall healthy environment, landlords and developers can get premium rents.”

For these and other reasons, millennials are now suggesting their parents move to a health-centered community where parents can age in place instead of assisted-living facilities. As a result, the younger generation has more contact with the older generation, Frenchman says.

These communities tend to feature health centers in addition to the ubiquitous clubhouse. The developers also encourage walking around the community instead of driving everywhere. Instead of flattening hills, developers keep them intact to promote more exercise and movements.

“Health-centered communities also feature bike trails, social opportunities, horse stables and wellness programs,” says Frenchman. “Developers who offer these products will garner a lot of interest from all age groups.”


People are naturally social animals and the coronavirus has thrown a wrench in attending or hosting social events. In this age of social distancing however, healthy-centered communities can easily adapt to not interacting or engaging at any given time.

“Technology will solve some of the need but not necessarily all. However, it can work for a period of time,” explains Frenchman. “With digital technology, and in a health-centered community, patients are monitored remotely in their own environment. They can actually monitor their own oxygen, pollutants, carbon monoxide, etc. These tests are important for many reasons but it also shows you the physiological response of people as they live on their own environment.”

Frenchman believes these health-centered communities are simply a better way of living.

“There are less ER visits and less hospital stays,” says Frenchman. “Encouraging people to use their body and minds and overall just take care of themselves in this age of COVID-19 is always a good thing and it can also result in profits.”


Source: GlobeSt.

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Supermarkets Are Packed. How Will REITs That Own Grocery-Anchored Centers Perform In The Long-Term?

As Americans flock to grocery stores during the coronavirus crisis to stock up on essentials, foot traffic at grocery stores has soared., a platform that tracks retail activity, found year-over-year traffic spiked by 40 percent at Albertsons stores and by 36 percent at Kroger stores on March 13 through 15.

At the same time, stock prices of publicly-traded owners of grocery-anchored shopping centers have cratered. For instance, the stock of New York City-based retail REIT Brixmor Property Group Inc. tumbled from a 2010 peak of $21.33 on Feb. 20 to $12.40 on March 17. That’s a decline of 41.9 percent.

Jericho, N.Y.-based retail REIT Kimco Realty Corp. saw a similar drop—its stock plummeted from a 2020 high of $20.45 on Jan. 23 to $10.86 on March 17. That works out to a decrease of 46.9 percent.

Brixmor and Kimco aren’t the only retail REITs being punished by the stock market. As of March 17, year-to-date total returns had plunged 42.7 percent for all retail REITs, according to the Nareit trade group. Regional mall REITs have been hit hardest, with a 56.4 percent fall in year-to-date total returns. The dive in total returns was 38.9 percent for shopping center REITs and 33.3 percent for those with free-standing stores.

A boost for grocery-anchored retail?

Despite tanking stock prices, America’s dependence on grocery stores could provide a long-term lift to Brixmor, Kimco and similar REITs.

In the short term, though, grocery chains could experience a temporary dip in foot traffic as people stay close to home, researchers note.

“That being said, this [recent] momentum could play a role in making this uncertain time easier to get through, giving grocery chains a bit of a boost before a more difficult period,” according to “The strongest players will find ways to conduct business and continue building on customer loyalty, with timely restocking and home delivery options.”

This scenario should, in turn, help REITs with large portfolios of grocery-anchored shopping centers survive over the long haul—particularly compared with malls and other retail properties that lack necessity retail componenets.

Aside from Brixmor and Kimco, other publicly-traded REITs with a substantial amount of grocery-anchored shopping centers include:

  • San Diego-based American Assets Trust Inc.
  • Cincinnati-based Phillips Edison & Co. Inc.
  • San Diego-based Retail Opportunity Investments Corp.
  • Beachwood, Ohio-based Site Centers Corp.
  • Greenwich, Conn.-based Urstadt Biddle Properties Inc.
  • Houston-based Weingarten Realty Investors.

Still open for business

Among publicly-traded REITs that own grocery-anchored centers, lower-levered REITs will likely “outperform,” notes Evan Hudson, a partner at New York City-based Stroock & Stroock & Lavan LLP whose specialties include REITs. Furthermore, Hudson anticipates those that can tap into lower-interest borrowing will try to expand their portfolios.

However, not every tenant at a grocery-anchored shopping center will thrive during the coronavirus pandemic.

“Even if people are dissuaded from shopping for non-essential goods or going to the movies, the grocery stores and pharmacies are open for business,” Hudson says. “Of course, grocery-anchored real estate companies generally aren’t pure plays—the non-grocery components of the centers will see flagging performance…”

‘Reliable cash cow’

If—as many economist predict—the U.S. enters a recession, grocery-anchored retail centers will be more recession-proof than, say, strip retail centers, says Alan Cafiero, director of the national retail group and net leased properties group at commercial real estate services company Marcus & Millichap. Grocery stores “will survive and perhaps even thrive in a time like this,” he says.

“This type of pandemic tells us that it’s essential human needs that underscore the importance of a grocery tenant in a shopping center,” Cafiero says. “If you know that your anchor is functioning on all cylinders, you know that the majority of your income in that shopping center is secure. This is why the grocery-anchored centers are the most desirable retail in the market.”

The weakening of bricks-and-mortar retail makes every center vulnerable to economic slumps, notes Jerry Reichelscheimer, chairman of the retail leasing and development practice at Miami-based law firm Akerman LLP. But for owners of shopping centers, grocers are a “reliable cash cow,” he says.

“Although a grocery store might not be as attractive as an Apple store or otherwise produce the same high rental stream as some of the more flashy retail tenants, it is a steady revenue source,” Reichelscheimer says.

Strings attached

But that cash cow comes with a caveat. Reichelscheimer says any landlord of a retail center must explore the viability of a grocer before leasing space to it. For example, a grocery store should be able to adapt to shoppers’ demands for amenities like home delivery and order pickup, he says.

“The grocery chain needs to be very flexible, able to move and change quickly, and have the economic background to withstand disruptions to their stores,” Reichelscheimer notes. “A weak grocery store chain that doesn’t have vision is just as vulnerable as other retailers.”

The coronavirus pandemic promises to reshape our long-term shopping behavior, including how we buy groceries, as homebound Americans depend more heavily on e-commerce and grow accustomed to it, adds Patrick Healey, founder and president of Caliber Financial Partners LLC, a financial advisory firm in Jersey City, N.J. As a result, grocery chains and other retailers will need to undertake competitive tune-ups.

The future of online grocery shopping

Still, many people don’t feel comfortable buying groceries online, as they want to see and touch fruits, vegetables and other goods, Healey notes. A Gallup Poll taken in July 2019 showed that 81 percent of Americans had never ordered groceries online.

“Sectors that are able to capitalize on the switch to e-commerce and deliver that way will do better than others, but there’s no doubt retail is one of the areas that will suffer significantly,” Healey says.

The current “grand experiment” of staying indoors to avoid coronavirus exposure could spur a long-term shift in the way we shop for groceries, according to Scott Crowe, chief investment officer at Plymouth Meeting, Pa.-based CenterSquare Investment Management LLC. This could harm retail REITs and other owners of grocery-anchored shopping centers, although Crowe says it remains to be seen whether coronavirus-imposed changes in consumer patterns will stick.

In a March 13 survey by New York City-based Gordon Haskett Research Advisors LLC, one-third of shoppers said they’d purchased groceries online during past week, according to Bloomberg. Of those consumers, 41 percent were buying groceries online for the first time.

“Consumers have been slow to adopt e-commerce as a way to shop for groceries, but consumers today, in an effort to quarantine as much as possible, have shown significant adoption of online grocery shopping,” Crowe says.


Source:  NREI

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Vacant Property In Miami’s Wynwood Faces Foreclosure

A vacant site in Miami’s Wynwood neighborhood is the target of a $2 million foreclosure lawsuit.

City First Mortgage Corp. filed the foreclosure lawsuit against 5058 NW 26 ST LLC. No individuals were named in the complaint. The lender aims to seize the 10,400-square-foot site at 58 and 60 N.W. 26th St. It’s on the eastern edge of Wynwood, just west of North Miami Avenue, and directly south of where the Bradley Wynwood apartments are under construction.

The company bought the property for $3.2 million in 2019 and obtained a $2 million mortgage from the lender, with a maturity date of Jan. 1, 2020, and a 9.75% interest rate. In 2018, it sold for $2.3 million, and in 2015 it traded for $649,5000 – another example of the explosive growth in property values in Wynwood.


Source:  SFBJ

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Allapattah Midrise Plans 47 Micro-Unit Apartments

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A developer plans to build a midrise building in Allapattah that will include smaller micro unit apartments.

2323 Pointe Group LLC is asking the City of Miami to approve its plan to construct an 8-story mixed-use residential building at 2323 NW 36th St. The city’s Urban Development Review Board recommended approval.

The project’s working name is 2323 Residential Apartments. The property is at Northwest 23rd Avenue and Northwest 36th Street.

According to the application, the project will have commercial and office uses on the ground floor, and 116 residences. Parking for up to 129 vehicles will be on the second and third floors.

The dwelling units will be evenly distributed from the fourth through eighth levels.

The building will be 167,689 square feet. It will have about 7,708 square feet of commercial-retail, and 3,220 square feet of office area.

Outdoor and indoor amenities will be provided for use of the tenants, including a swimming pool above the parking levels.

Of the 116 apartments, the developer proposes 47 as micro dwelling units, which are allowed by warrant in certain areas within Transit Oriented Development zones.

In its request for a warrant, the developer notes the city’s Miami 21 zoning code requires micro dwelling units must be a minimum of 275 square feet.

This project plans 47 micro apartments ranging from 385 to 388 square feet.

As depicted in the site plan, the property is within a Transit Oriented Development area created by the Earlington Heights Metrorail Station.

Attorney Carlos Lago, representing the developer, wrote to the city about the site plan prepared by Modis Architects for 2323 Residential Apartments.

Pursuant to the city’s Future Land Use Map, the property has a land use designation of General Commercial.

The property has a principal frontage on Northwest 36th Street to the south and a secondary frontage on Northwest 23rd Avenue to the east. The property has an alley to the west and multi-family residential structures to the north.

Mr. Lago wrote: “The proposed Project is an Urban Core infill project fronting a highly traversed street, NW 36 Street. The Project seeks to develop the existing site to provide multifamily housing and ground floor retail, which will activate the pedestrian realm along the commercial corridor.”

Attorney Brian Dombrowski, on behalf of the developer, told the board about the general location of the proposed building.

He said the area is populated by boatyards and used car lots, with very little new construction and very little residential.

Ivo Fernandez, principal and co-founder of Modis Architects, said the project is designed to better the community.

He said the site is nestled between Wynwood and Miami International Airport, on a very important corridor. It is the east-west corridor linking Wynwood and the airport, he said.

Mr. Fernandez said the parking levels will be screened with printed artwork that allows for ventilation. The renderings show an example of the art proposed, he said, not the finished look.

The material is to be stretched over the structural aluminum and carries a 10-year warranty, he said, and unlike the standard murals this will last a lot longer, and it’s easily replaced if damaged.

Board member Neil Hall praised the developer’s team for the garage level screening. “I commend you on making that selection,” he said.

The developer is requesting several waivers, including:

  • Permission to substitute a commercial loading berth for two residential loading berths.
  • To permit up to a 10% reduction in the number of required parking spaces, due to its location along a transit corridor.
  • To permit parking to encroach into the second layer, along the principal frontage, with an art or glass treatment approved by the planning director upon recommendation by the review board.
  • To permit parking to encroach into the second layer, beyond 50%, along the secondary frontage, with an art or glass treatment approved by the planning director.
  • To permit up to a 10% reduction in the drive aisle width from 23 to 21 feet.


Source:  Miami Today



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Real Estate Stocks Push Up As Feds Work To Pass Stimulus Deal

As the federal government races to lock down a trillion-dollar stimulus package, public real estate firms — from real estate investment trusts to major brokerages — edged higher Thursday, along with the broader stock market.

The FTSE Nareit All REITs index, a composite of all real estate investment trusts listed on the New York Stock Exchange, the American Stock Exchange and the NASDAQ National Market List, closed 0.42 percent higher from market open. Even Nareit’s index for hotel REITs, which have been struggling as the virus has led to global travel restrictions and bookings cancellations, were recording gains midday Thursday.

The all REITs index was relatively in line with the S&P 500, which ticked up 0.47 percent after a roller-coaster day of trading. The Dow Jones Industrial Average closed up 0.95 percent, or 188 points.

Several brokerage firms also bounced back Thursday after tumbling the day before. Realogy Holdings Corp. closed at $3.03, up 32.3 percent from market open. Newmark Group notched gains of 66 percent.

Several home building companies were also in the green. Lennar Corp., which said low interest rates were helping to fuel home purchases despite the virus, was up nearly 2.2 percent. Hovnanian Enterprises, Toll Brothers and Texas-based LGI Homes also closed higher.

The stock market has been under stress as investors pull out of equities over fears that the coronavirus pandemic will trigger a global recession. REITs, traditionally considered safer investments during periods of economic volatility because of the firms’ baked-in revenue streams, have struggled along with the broader market.

Public brokerages also have suffered, particularly on Wednesday, when the stock market lost nearly all of its gains since President Trump’s inauguration in January 2017.

Senate Republicans have been drafting a nearly $1 trillion deal to stave off further economic decline, including providing support for the airline industry and sending out individual checks to Americans. Meanwhile, coronavirus cases in the U.S. also have pushed past 10,000, and government measures to effectively stop life in America to halt the spread of the virus has led to 70,000 more unemployment insurance claims to be filed last week, the highest level since September 2017, the Department of Labor reported.

The S&P has plunged about 30 percent over the past three weeks and pushed the 10-year Treasury to a record low, moves that have triggered the Federal Reserve to slash interest rates and take other monetary policy measures — actions that should bolster the appetite for real estate acquisitions and refinancing, according to a Wednesday report from brokerage firm Marcus & Millichap.


Source:  The Real Deal

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A Strategy For Successful Retail In A Changing Market

Millennials brought on a cultural shift built around valuing experiences over material things. This trend resulted in another movement—away from suburban sprawl and toward live-work-play and mixed-use environments.

Commercial Property Executive asked Scott Sherman and Ben Mandell, co-founders of Miami-based real estate investment firm Tricera Capital, how they choose the right neighborhoods for bringing more experiences and character to a city. Approximately one year ago, the firm acquired the Palm Beach Post building, a former printing press and newspaper headquarters located in West Palm Beach, Fla., with the intention to transform it into a mixed-use building encompassing retail and office space. The project is scheduled for completion in the first quarter of 2021.

The duo also talked about the way adaptive reuse and redevelopment projects can enhance and preserve the essence of a community by creating relevant retail experiences while honoring the history of a building.

The retail segment has been constantly changing for the past few years. How would you describe the sector today?

Sherman: It depends on the type of retail. Retail is definitely evolving, but not all retail is dying as you read in the media. Our focus on emerging and mature growth markets with a dense urban core has been proving out. Service and entertainment-focused retail is doing well, and larger national brands that have been quick to adapt, downsize and change merchandising and product offerings have also been performing well.

What kind of retail assets and tenants are you targeting in this late-cycle environment?

Mandell: We are focused on neighborhoods and cities in the Southeast U.S. with a strong population and job growth. Over the past decade, the national trend has shifted from suburban sprawl to live-work-play and mixed-use environments. With e-commerce thriving, we are focusing on retail uses that can’t be replaced online. Food and beverage and entertainment-type uses are thriving right now, but you need to balance that with a mix of other uses such as fitness, service and some dry goods as well.

Retail today is mostly about experiences. How do you make sure that your properties remain relevant for tenants and customers alike?

Sherman: I like to say we are in the business of betting on operators and concepts. We come across a lot of new operators and concepts and need to determine which ones we believe will be successful within our project, and which operators have the experience and ability to execute. When we find great operators in a market, we like to try and work with them to create new concepts that we believe will be synergetic with our tenants.

This is extremely important today, as the idea of “credit tenants” is not what it used to be. Most of these new experiential tenants are not AAA-credit, nor do they have significant balance sheets to put behind the lease.

What strategy do you use when choosing a new location for a retail investment?

Sherman: We take a more of a rifle than a shotgun approach when exploring a new market. We will first look for cities with an influx of residential and office density/job growth. If the job market is strong and the residential market is growing, we look to find the street, neighborhood or pocket that has the bones and character to be a vibrant and pedestrian-friendly retail area that we can start to assemble and merchandise.

We also understand that every city/market is unique, so we like to understand the demographics and type of residents living and moving there to better cater the retail mix to the residents. We also try to embrace the local tenants and operators and sprinkle in regional and national tenants where needed. Central Avenue in St. Petersburg, Fla., is a great example of a street and city that checked all the right boxes, and we have been successful in executing our strategy there.


Source:  CPE

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Health Care Real Estate Could Be A Coronavirus Safe Haven

It’s hard to imagine many stocks will do well through the coronavirus pandemic. But health care stocks and real estate investment trusts tend to be defensive sectors that investors flock to because they pay huge dividend yields.

So what happens when you combine the two?

Health care REITs might be a good bet in this scary market environment. Many are positioned well to help manage the COVID-19 coronavirus crisis, particularly companies that own and operate hospitals, medical offices and life sciences and biotech facilities.

“Health care REITs are generally the most defensive, economically resilient property type in the REIT industry,” said CFRA Research analyst Kenneth Leon in a report last week. “The group offers steady cash flow, low risk of rental rate volatility, and stable occupancy levels.”

Leon said that three in particular that he’s recommending are Alexandria Real Estate Equities (ARE), Healthcare Trust of America (HTA) and Medical Properties Trust (MPW).

Healthy Dividend Yields Are A Big Plus In Uncertain Times

The recent interest rate cut by the Federal Reserve may also help boost health care REITs — and all real estate firms — because of their solid dividend yields.

The three healthcare REITs that Leon recommends pay dividend yields ranging from 2.7% to 5%. With the Fed widely expected to slash interest rates again at its meeting next week, perhaps all the way back to 0%, the income that REITs generate will become even more tantalizing to investors flocking to safe havens.

“While COVID-19 has created near-term economic uncertainty, the REIT industry’s strong earnings, solid balance sheets, and high occupancy rates demonstrate that they are entering this situation well-positioned to handle a potential economic slowdown,” said Steven A. Wechsler, president and CEO of the Nareit trade group.

Senior Living Centers Look Risky

But not all health care real estate firms will thrive. Leon thinks investors should avoid companies that run senior living centers, because they won’t be able to safely show their properties to prospective new residents. He noted that many went into lockdown mode during the flu season of late 2017 and early 2018. And the COVID-19 outbreak is even scarier.

“Coronavirus may limit senior housing operators from showing their properties to prospective residents,” Leon wrote. “Precaution is a top priority for health care operators to better control an elevated death rate from severe flu conditions for the elderly.”

Leon remains wary of companies that operate senior housing centers, most notably Healthpeak Properties (PEAK)Ventas (VTR) and Welltower (WELL). Their rental revenue and profit growth will probably be squeezed by the admission of fewer residents.

“Operators cannot conduct visitor tours and sign up new residents.
Senior housing is in effect quarantined to new prospective residents and their families,” Leon wrote.


Source: CNN Business

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Kushner Lands $18M Loan For Wynwood Projects

Kushner Companies closed on a $17.55 million loan for its properties in Wynwood, records show.

Wynwood 2 Owner LLC, an affiliate of the New York-based real estate firm, secured the financing from CIT Bank for the properties at 108 and 127 Northwest 27th Street in Miami, where Wynwood 27 and Wynwood 28 are planned.

Kushner, led by Charles Kushner, Nicole Kushner Meyer and Laurent Morali, is partnering with the Miculitzki family’s Block Capital Group to develop the sites. They will have a total of 152 rental apartments, 50,000 square feet of office space, 34,000 square feet of retail space and parking.

In July, Kushner and Block Capital paid $32 million for a portion of their assemblage.

The partnership just paid $4.6 million for the two lots at 108 and 120 Northwest 27th Street. BM2 Realty brokered the latest deal, according to a press release.

Last month, the Miami Urban Development Review Board approved plans for Wynwood 28 to have nearly 15,800 square feet of commercial/retail space, 44,637 square feet of office space, 40 residential units, 232 parking spaces and 19 bicycle spots.

In all, Kushner Companies has rolled out plans to build three major apartment projects in South Florida that will bring a total of 3,000 units at a cost topping $1 billion. In addition to the Wynwood properties, the firm has an assemblage under contract in Miami’s Edgewater neighborhood in an Opportunity Zone, a development that’s expected to cost over $500 million and deliver more than 1,000 units in three phases.

The company also announced last year that it was under contract to purchase three properties for $49 million across the street from the Virgin Trains station in downtown Fort Lauderdale’s Himmarshee District.


Source: The Real Deal

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Development Site In Miami’s A&E District Up For Grabs

A development site in Miami’s Arts & Entertainment District near the condo building Canvas hit the market for $21 million.

The half-block property, at 1550 Northeast Miami Place, is in an Opportunity Zone. The Kluger family owns the 0.85-acre site, property records show. Jordan Gimelstein of Dwntwn Realty Advisors is listing the property.

Zoning allows for 427 residential units and up to 24 stories in height, plus more if a developer takes advantage of bonuses.

The land is also next to Miami Plaza, a 36-story tower at 1502 Northeast Miami Place that Melo Group is expected to complete this year.


Source:  The Real Deal


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