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Auto Dealership Breaks Ground In Coconut Creek With $16M Loan

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A Mazda dealership broke ground in Coconut Creek after the dealer secured a $16.14 million construction loan.

Toyota Motor Credit Corp. provided the mortgage to Pompano Autoplex LLC, managed by Don Lia of Huntington, New York-based Lia Motor Group. His company owns 10 dealerships, including Mazda of Palm Beach.

The loan secures the 5-acre site at 3757 Coral Tree Circle. The dealer purchased the property for $5.1 million in 2020 and demolished an office building there. It was previously used by Waste Management.

Coconut Creek Mazda was approved for a two-story building of 16,094 square feet for a showroom, sales center and offices. It would be attached to a three-story building of 90,582 square feet, consisting of 8,898 square feet of auto service with 16 repair bays and a parking garage. There would be 455 parking spaces on the site between the surface parking and the garage, including 318 spaces for dealer inventory.

The dealership was designed by J.A.O. Architects & Planners in Boca Raton.

While it might seem odd for Toyota to finance construction of a Mazda dealership, the two automotive companies have been working closely together since forming an alliance in 2015. Toyota owns a minority stake in Mazda.

 

Source:  SFBJ

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Miami, South Florida Still Great Place To Invest, Financial Experts Say

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In spite of rising interest rates and an uncertain economy, South Florida’s commercial real estate market is still an attractive place to invest in, finance experts say.

That was the general consensus among those who spoke at Tuesday’s Urban Land Institute’s Florida Summit at the JW Marriott Marquis Miami.

During a panel discussion on capital markets, panelists Acore Capital managing partner and co-CEO Warren de Haan; Morgan Stanley Real Estate Investing co-CEO Lauren Hochfelder; and senior managing director Jonathan Pollack said credit markets have tightened significantly as the Federal Reserve raised rates in an effort to control inflation. As a result, investors and lenders have become more particular with where they put their money.

However, South Florida and the rest of the Sunshine State are still appealing places for investors thanks to its rising population and openness toward business.

“Politicians in both the state and local level [in Florida] are playing to win,” Pollack said. “You want to be where there is growth and there is going to be growth in Florida.”

 

Hochfelder said South Florida has “officially arrived as a gateway primary market.” Within the area, there’s investor appetite for all real estate asset classes, including new Class A “trophy offices.”

Due to remote working trends in most of the U.S., office buildings elsewhere are seen as a risky endeavor. But in South Florida, the return-to-work trend is about 86%, compared to New York and San Francisco which is “half of that,” Hochfelder added,

De Haas, who recently moved from Los Angeles to Miami, said he was struck by the positivity of the people living in South Florida who desire to “do good” and “move the economy forward.”

“I think Miami showed everybody that they are … business-friendly, that the infrastructure is here, and they are open for business,” he said.

Since the pandemic, wealthy individuals, well-paid professionals, and businesses have been migrating to South Florida thanks to the lack of a state income tax, decent weather, and a pro-enterprise atmosphere, brokers and developers have told the Business Journal. This has resulted in rising rents for apartments, industrial, retail, and office.

CBRE’s Director of Research and Analysis Darin Mellott, who moderated the panel discussion, said the post-pandemic migration is part of a broader story across the Sun Belt, a region in the southern U.S. where taxes are generally low. However, he added, the growth that took place in South Florida outperformed other Sun Belt metropolitan areas.

“People coming to Florida are here for the long term,” Mellott said.”They are comfortable with this market.”

Yet, rougher times are coming for South Florida. As the years go by, so, too, will the adverse effects of climate change and sea level rise.

“While the issue is intermittent right now, it’s going to become a regular and bigger problem in the future,” he said.

In the more immediate timeframe, Mellott said the nation as a whole will likely face a mild recession next year with unemployment reaching as high as 5%.

“While we do think things will slow the next couple of quarters, we do see recovery at the end of next year,” Mellott said.

 

Source:  SFBJ

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Small Market, Suburban Office Sales Take The Lead

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Small market and suburban office sales lately are holding up better than their urban counterparts for three reasons: they are smaller assets, they are better basis plays, and they are typically occupied by users who are more likely to have returned to work, according to Craig Tomlinson, Senior Vice President of Northmarq.

He tells GlobeSt.com this and that for Q3 22 in the net lease office sector, there were 71 arm’s length sales in small markets and 90 large (primary) markets.

For small markets, the average deal size was 34,000 SF and avg sale price was about $8.5 million and modest $245.00 SF.

In large markets, Tomlinson said the buildings averaged 54,000 square feet, selling for $25.5 million, a “whopping” $480 per square foot,” Tomlinson said.

“Smaller loan amounts and lower basis muted the effects of negative leverage for these buyers,” he said. “Small market office buildings are typically occupied by tenant’s who decision makers are local and more likely to mandate return to work measures.”

Tomlinson said all these factors gave small market office a leg up and he expects the trend to continue.

Flight to Quality ‘Will Drive Tenancy for Foreseeable Future’

The Newmark Office Report finds that “overall transaction cap rates have been stable, but there have been some relatively notable shifts within the office market. The spread between central business district (CBD) and suburban cap rates had closed in 2022.

“Higher-quality, Class A assets in suburban markets have performed better than CBD office markets thus far in 2022,” according to Newmark. “Similarly, secondary office market yields have closed relative to major metros, highlighting the strength of non-gateway markets, including Dallas, Austin, Atlanta, etc.”

Furthermore, Newmark’s report said that flight to quality “will drive tenancy for the foreseeable future, though high-quality assets in dynamic suburban markets may hold an advantage over traditionally stable downtown assets.”

Relatively high availability, downward pressure on rents and greater demand for a vibrant worker experience will benefit the upper tier of the office market.

For those with more risk appetite, capitalizing on low pricing for Class B+/Class A- buildings with plans to modernize “could be attractive, along with build-to-core in markets structurally lacking in top-tier office space.”

 

Source:  GlobeSt.

 

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People Continue To Relocate To Florida In Record Numbers

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Despite any detrimental weather events, a record high number of relocating US homebuyers are figuring, “How can we not afford to move to Florida.”

Their reasoning is for affordability’s sake, as half of the top 10 migration destinations are in Florida (Cape Coral, North Port-Sarasota and Orlando are on the list, along with Miami and Tampa), reported Redfin this week.

This, despite Hurricane Ian, one of the deadliest, most destructive storms in US history, landing in the Sunshine State in September.

In October, with no data yet to show what impact the hurricane will have had, GlobeSt.com reported that migration to Florida could fall in volume, according to John Burns Real Estate Consulting (JBREC).

“Southwest Florida has ranked as one of the top destinations for net migration in the US with over 20,000 residents moving into the region in the last four years,” the firm wrote. “While we expect some slowdown in population growth in the near term, the eastern suburbs could gain market share.”

Anywhere But Here

Overall, 24.1% of U.S. homebuyers looked to move to a different metro area in the three months ending in October, which is on par with the record high of 24.2% set in the third quarter and up from roughly 18% in 2019.

Significantly higher mortgage rates, elevated inflation and a somewhat choking economy has cooled the US housing market over the second half of 2022, leading many to seek relative affordability elsewhere.

Las Vegas and Sacramento are other attractive alternatives among Sunbelt markets. Conversely, homebuyers looked to leave San Francisco, Los Angeles, New York, Boston and Washington, D.C., according to Redfin.

 

Source:  GlobeSt.

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Industrial Cap Rates Expected To Rise But Outlook For Seasoned Investors Remains Strong

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Industrial has been on quite a tear over the past few years, as changes in consumer behavior have driven demand for more logistics and fulfillment facilities in key markets.

And according to one industry expert, the sector should stay a favored asset class for experienced investors, despite rising capital costs.

“Post-pandemic consumer behavior has changed and the rate of growth in ecommerce has slowed which has already led to pullbacks by some companies,” says Greg Burns, Managing Director at Stonebriar Commercial Finance, noting Amazon’s recent announcements regarding its industrial portfolio. “Demand for industrial though was driven by other factors as well including a move toward onshoring and the disruption of just in time supply chains.”

With that said, however, Burns said “depending on the what and the where, I would not be surprised to see cap rates widen another 50 to 100 basis points.”

“The cost of debt and equity capital have increased and cap rate hurdles have increased for institutional buyers,” Burns says, adding that he recently saw an increase of 100 basis points in an appraisal for a property in a market where his firm closed a deal six months ago.

Burns will discuss what’s happening in the capital markets in a session at next month’s GlobeSt Industrial conference in Scottsdale, Ariz. He says Stonebriar’s definition of industrial includes not just warehouse and distribution facilities, but manufacturing, life sciences, cold storage and data centers as well, and notes that “each of those sub-categories have their own dynamic and, broadly, all are growing.”

“We prefer properties with multi-modal access, especially those near ports, with most opportunities we’ve seen recently being to the southeast of a line drawn from Baltimore to Phoenix,” Burns says. “We also pay attention to outdoor storage capacity as that has become a greater consideration for tenants. There have been several announcements of new manufacturing sites relating to microchip and electric vehicles which should lead to demand for new logistics properties nearby.”

As the costs of debt capital rise, Burns says Stonebriar’s underwriting will continue to focus on the sponsor, asset and market and “that won’t change.”

“We do few spec development deals and will likely be more granular on understanding the demand/supply side of a respective market,” Burns says.

Ultimately, a recession seems likely and Burns says the changing economic landscape will have “varying impacts” on investors and individual markets alike.

“From our perspective, there will be a premium on a sponsor’s experience and capacity,” Burns says. “I anticipate industrial will remain a favored asset class for investors although those with less experience in the sector could pull back until the economy recovers.”

 

Source: GlobeSt.

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Institutional Investors Eye CRE Despite Slump In Confidence

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Institutional investors are continuing to increase target allocations to real estate despite the first decline in confidence among the segment in five years.

The tenth annual Institutional Real Estate Allocations Monitor by Hodes Weill & Associates and Cornell University’s Baker Program in Real Estate notes that “decreased conviction coupled with portfolio overallocation has resulted in a slowdown of deployment pacing,” but adds that institutions are expecting to increase allocations to real estate by 30 basis points to 11.1% next year.

The survey’s conviction index, which measures institutions’ view of real estate as an investment opportunity from a risk-return standpoint, declined from a ten-year high of 6.5 in 2021 to 6.0 in 2022, reflecting what analysts are calling a “cautious view” of the market.

Meanwhile, target allocations to real estate ticked up for the ninth straight year to 10.8% in 2022, signaling the potential for an additional $80 to $120 billion of capital allocations to CRE. Institutions are forecasting a further increase of 30 basis points in 2023, which would be the largest year-over-year increase in nearly a decade. Institutions in the Americas are expecting to increase allocations by 40 basis points, while those in the EMEA and APAC regions expect to increase allocations by 30 basis points and 20 basis points, respectively.

The report notes that the asset class’s track record as an outperformer continues to attract capital inflows, as many investors note they are expecting attractive buying opportunities to emerge over the next two years. Specifically, “investment pacing is expected to accelerate over the coming quarters, and investors are positioning themselves to capitalize on potential distress and dislocation resulting from current market volatility,” the report notes.

Public pensions have the highest target allocation to real estate at 12.6%, while insurance companies have the lowest target allocation at 5.9% (but are expected to increase to 6.5% in 2023). And institutions with less than $50 billion in AUM continue to allocate a larger percentage of their portfolios to real estate than those with an AUM of greater than $50 billion.

Twenty-eight percent of institutions report that they expect to increase target allocations over the next year, down from 33% in the prior year.

“While institutions have slowed their pace of deployment in the face of overallocation, it is likely they’ll be highly active in the next two years as compelling investment opportunities emerge following this period of uncertainty,” said Douglas Weill, Managing Partner at Hodes Weill & Associates. “If market volatility leads to distress and dislocation, the next several years may prove to be good vintage years for capital deployment. There are already signs of institutional capital returning to the market to take advantage of distress, with several pensions and sovereign wealth funds actively investing in public REITs and debt securities, and deploying capital into credit strategies.”

 

Source:  GlobeSt.

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Sperry Commercial Global Affiliates | RJ Realty’s Ron Osborne Reps Buyer In Purchase Of Ridge Plaza Auto & Tire Center

Ridge Plaza Tire & Auto Center

Ron Osborne, Managing Director/Broker of SperryCGA | RJ Realty, represented the Buyer, GCDC LLC, a foreign Investor, in the purchase of a 5,300-square-foot retail automotive repair facility located at 9190 W. State Road 84 in Davie Florida.

The deal closed October 28.

GCDC, LLC purchased the property from CR Ridge Plaza LLC for $2,967,9335, representing a 6.2% cap rate.

The property is currently occupied by Ridge Plaza Auto & Tire Center. The operator has occupied the property for 38 years and has 8+ years remaining on the lease with an annual 2% rent increase.

This is the fourth transaction in which Mr. Osborne has represented this investor in the last 12 months and the first transaction in which the buyer secured financing. Osborne has a fifth purchase under contract and is scheduled to close before the end of the year on an all cash abasis with a cap rat of 6.2%.

Ronald Osborne“As a foreign investor without a US residence, it was extremely difficult to find a lender willing to make the loan even with 50% down,” explained Osborne. “Ultimately, we were able to obtain a first mortgage with the assistance of Manuel Huerta of Interamerican Bank.”

Osborne has represented GCDC, LLC for the last year and they are looking to acquire additional properties this coming year. Due to the higher cost of capital and the cost of Windstorm Insurance, they will be seeking higher returns.

“With the current cap rates lower than in other parts of the country, we believe market will see higher cap rates in the near future, especially here in South Florida, as interest rates increase and the additional cost of Windstorm Insurance,” Osborne added. “Buyers that can pay all cash or have a good relationship with the lender that will waive the windstorm insurance will be critical in the sale of property within the coming year. We looked at several STNL properties over the last 4 months and could not find one in the South Florida market that would offer a reasonable return and future upside. This property offers both and we hope to purchase another property from the same group shortly.”

The property was listed by Stan Johnson Company.

 

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Industrial And Multifamily Sectors Stay Resilient Amid Economic Headwinds

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The current economic headwinds have been a cause for alarm in certain sectors. Not so for industrial and multifamily, however. With US industrial vacancy at 4% and multifamily’s pipeline tightening, the data from Lee & Associates’ Q3 2022 Market Report shows both sectors have room for rent growth.

It’s a story about fundamentals that point to continued strength, according to Jeff Rinkov, CEO of the broker-owned real estate services firm.

Industrial Strength Continues Beyond Amazon

“The industrial leasing story continues to be the strongest theme maybe in all of commercial real estate with demand remaining robust,” Rinkov said. “We see pre-leasing of Class-A buildings and a rising tide of rental rate growth for B and C buildings that are well-located. Historic rate increases and rental growth are supporting the development and have been supportive of higher land prices for the last several years.”

Industrial vacancy at end of the third quarter settled at that 4% number, up 10 basis points from Q2, according to the market report. Approximately 850 million square feet of industrial space are under development in the US with about 38% pre-leased.

“How the other 62% of that product gets leased and how quickly I think will tell the story for the next 18 months,” said Rinkov, adding that there is space coming back to the market, led by Amazon shedding millions of square feet of warehouse capacity, but it is getting absorbed very quickly and at “higher and higher rates.”

Stout industrial rent growth has been quite evident in US port-adjacent markets, but Rinkov highlighted a 1.194 million-square-foot industrial leasing assignment by Lee & Associates in Columbus, OH, as a strong testament to sector strength. The fact that a distribution center in a secondary market was quickly absorbed by a large logistics use shows the depth of demand, both for developers searching for land and tenants looking for logistics space.

Multifamily Moves

Although apartment rent growth of 5.7% through Q3 was down considerably year over year, it’s still more than twice the annual average rate of 2.5% over the past decade, Lee & Associates reported.

“The multifamily sector has seen a very compelling story for rental increases and rent growth,” Rinkov said. “As a general economy, we’re underhoused so housing development that is happening is being well received. We do see an interest in people returning to CBD and metropolitan submarkets.”

Lee & Associates reported a 29% year-over-year increase in the average per-unit sale price to $233,974 at the end of the third quarter.

“Multifamily seems to be the asset class where there’s historically been the greatest amount of liquidity, cap rate compression, and the most voluminous trading because of the differentiation in the types of ownership, from the institutional to regional and all the way down to mom & pop owners,” Rinkov said. “Well-located product is going to continue to be developed and absorbed at very significant rental rates.”

Economic Uncertainty Still Lurks

Much economically is yet to be determined as we approach 2023. Risk is always present, with the cost of development capital being a real concern, Rinkov asserted, but industrial and multifamily asset classes have proven to be resilient.

“Monetary policy and the increased cost of funds along with the inflationary environment obviously present risks, but I believe the strengths of these two asset classes will win the day,” he said.

 

Source:  GlobeSt.

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The Office Market: Opportunity Or Liability?

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The office building, once the pinnacle of commercial real estate, now feels more like a liability.

Inflation, rising interest rates and remote work have left the asset class uniquely exposed to declines in valuation. Vultures are starting to circle for distress.

But Michael Shvo still sees opportunities. The developer bought the Transamerica Pyramid in San Francisco and, according to sources, has emerged as a potential suitor for the Solow Building on 57th Street in Manhattan, which could command a record sum for a New York City office.

Shvo, who is backed by the German pension fund BVK, said Thursday at The Real Deal’s South Florida Showcase + Forum that he is only buying the top-of-the-line product, where demand remains strong, he said, and there is no slowdown.

“There is an enormous flight to quality,” Shvo told the audience. “Covid did something great for the office world. It made people care where they worked.”

In South Florida, Shvo is solely focused on Miami Beach, a city with few Class A office buildings and where historic preservation limits new development.

“You go down Brickell there is building after building after building,” he said. “We are developing a small, small island called Miami Beach, everything is regulated and half is historic.”

Jeff Greene, who is developing the two-tower One West Palm project in West Palm Beach, had a less optimistic take. He’s only including offices in the project, he said, because he was required to do so in order to get approvals from the city. Unlike Miami Beach, where development is restricted, West Palm has the opposite problem: near unbridled building, according to Greene.

Stephen Ross’ New York-based Related Companies has a number of new office projects, including a 20-story office one in West Palm’s Rosemary Square and the planned 25-story One Flagler office building, dubbed the “hedge fund tower.” But demand for Class A space in the city remains more uncertain.

“I am not super bullish on office buildings at all,” said Greene. “I think we are going to have a major, major correction happen.”

Greene said he expects more distress to come to the commercial real estate sector “in the next two and five years.”

“Get as liquid as you can,” he added.

Greene said any coming downturn won’t look like the financial crisis of 15 years ago, when he made a fortune shorting subprime mortgages. But there will be challenges in commercial real estate, in part, because of rising interest rates, which make it difficult to refinance. He also noted that higher rates could force buyers to sell at lower prices.

 

Source:  The Real Deal

 

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Ready Your Business For Recession

Mark Hinkins

By Mark Hinkins, CCIM, FRICS | President-SperryCGA 

 

Recessions always seem to catch people by surprise — even though lots of supporting evidence indicates they’re forming and proves they’re cyclical. This time around, with the pandemic’s work-from-home routine adopted by many companies, commercial real estate is being deeply tested.

The post-COVID-19 recession may already be here, though it may only become more clearly visible by the middle of next year. Commercial real estate values will start falling as liquidity goes out of the market. In preparation, brokers and agents must adapt their business today, so they can stay profitable during the next 18 to 36 months. Here are seven time-tested approaches for recession-proofing your real estate business and a glimpse into the future of our industry.

Pick a Winning Side

Any real estate market contains these four pillars: sellers, buyers, tenants, and landlords. You’re trained to think how to represent one of these factions as best you can, but during economic downturns, it’s a matter of who you represent, because knowing which side to represent amid changing market conditions is how the agile brokerage adapts, follows the money, survives, and flourishes.

If you represent sellers, show them how commercial real estate values historically dropped following stock market corrections. If it’s buyers, shift their mindset to see a recession as a friend — an opportunity, as growth happens, paradoxically, when buying and not selling. If it’s tenants, assess the impact of the lease based on your clients’ expenses and work policies. Finally, if it’s landlords, take stock of their expenses and exposure to lease defaults.

If you’re a real estate investor, stock up on cash and be prepared to buy. It’s true that prime rates aren’t favorable right now, due to the federal government’s desire to combat a 40-year high in inflation. But remember that you can always renegotiate and refinance down the road. Having something to refinance is better than having nothing — and it’s better to have a tenant to renegotiate with later than having empty space.

Finally, lenders must avoid dealing with empty spaces. Some buyers see this as an opportunity, others as a problem. Look at the reserve budget because the costs of services, construction, and material go down during recessions — and it might just be the best time for the borrower to fix the building. Shifting your perspective on repairs in the dip — when labor and materials are cheap and selling or refinancing at peaks is a game-changer — because you’ll ultimately enjoy better-term refinancing or high-profit sales.

Having something to refinance is better than having nothing — and it’s better to have a tenant to renegotiate with later than having empty space.

Accountability, Ethics, and Community Outreach

We live in a deeply divided nation. During this time, take responsibility for your actions; define your approach to ethics, honesty, and transparency; and seek to foster a culture where it’s safe to share and voice opinions. Providing knowledge or income isn’t enough in today’s market because clients pick those whose values align the most with their own. This also means staying connected and giving back to your community during hardships, not only in monetary ways, but also with empathy and education.

Discipline and Education

Professional agents adapt and lead in times of change, and entrepreneurial agents excel at this, especially those who own and operate their own brokerage firms. Slowing markets require commitment and perseverance, and it’s in times of foggy terrain when people look for seasoned navigators. Helm your vessel by demonstrating that your agents are the most trained, educated, and knowledgeable in the industry. Help them brand themselves, because client relationships endure throughout all market cycles.

Fiscal Accountability

Be nimble and control your operating cost — but never cut your services or marketing spend during recessions. Ensure your company structure leverages the value of investment and technology, while providing your affiliates access to tools, training, education, and technology. A value-based affiliation allows agents to operate with higher profit margins, keep more money in their pocket, and access more capital to invest in their businesses and household.

Collaboration and Affiliations

The 1991 and 2008 recessions proved that agents stranded without affiliations are by themselves as lone rangers with low chances of survival, let alone success. Clients are unlikely to go with generic brokerages when compared to recognized and trusted names. It’s imperative to them, when market conditions are challenging, that they’re following someone who can successfully liquidate their assets at a fair price, if need be. Often, it’s not even a question of dollars and cents — they’re looking for peace of mind and certainty, two priceless commodities in uncertain times.

During recessions, when the buy-side goes away, is when you’ll need to be affiliated to win listings. When choosing a branded name, seek a regional or national platform providing a collaborative environment that fosters goodwill, a cooperative spirit, and strong alliances, yielding more recognition, increased leads, and more income. As the proverb says, “If you want to go fast, go alone; if you want to go far, go together.”

Diversification of Services

Putting all your eggs in one basket is like building your own guillotine with a recession being the executioner. It’s important to expose your client’s portfolio to all asset classes, including to Class A properties in prime areas. Additionally, you can diversify your income by offering specialty products like consulting services on debt restructuring, exit strategies, and acquisition formulas.

Technology

Commercial real estate has gone through a catching-up period after lagging behind other industries more open to tech adoption. But, if a decade ago, you bent your ear to the ground, you might’ve heard the train of digital innovation coming toward CRE. Today, even with earplugs in, you can feel the gravel beneath your feet vibrating and see the smoke coming out of the prop-tech locomotive.

A decade ago, approximately 75 proptech startups raised $220 million in venture capital. Fast forward to 1Q2022, and VC poured $4 billion into the sector. In 1H2022, VC investments in private real estate tech companies topped $13.1 billion, outperforming the global venture capital market, according to GlobeSt.

Putting all your eggs in one basket is like building your own guillotine with a recession being the executioner.

Looking forward, the quality and ease of 3D scanning and augmented reality in the sector will skyrocket, while attaining such services will cost drastically less. These trends will enable medium-sized brokerages to pierce the veil of exclusivity and reach clients from outside their limited ZIP code. Proptech will also greatly enhance an agent’s ability to represent a client’s best interests in marketing the property, while also giving the buyer or the tenant unique insight into the property, allowing them to make an informed decision before ever stepping through the front door.

But proptech will extend beyond photos and aerial videos for marketing and sales teams. It’ll rectify the construction, property management, and insurance sub-sectors, with its advantages mostly felt in the property inspections sector. It’ll allow property managers and owners to seamlessly track, record, and weave the condition of the property into stats readily available and accessible for limited partners, bankers, and insurance agencies.

Recessions aren’t easy. Learning how to leverage such times will be crucial for you and your team. Pick the winning side, be ethical when you do so, give back to your community, and educate your agents. Diversify your services, portfolio, and technology offerings. And remember: While technology changes the world, the commercial real estate market is, and always will be, about developing personal relationships across the board.

Source:  CCIM

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