Tag Archives: adding

Caesars purchasing Centaur Holdings, adding 2 Indiana gambling establishments

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L.E. Baskow One of the numerous sculptured angels about the outside of Caesars Palace on Wednesday, August 5, 2015.

Thursday, Nov. 16, 2017|4:14 p.m.

New York City– Gambling establishment giant Caesars Home entertainment says it is buying gambling establishment and gaming business Centaur Holdings, obtaining new properties in Indiana.

Las Vegas-based Caesars stated Thursday it’s paying $1.7 billion in money for Centaur.

With the acquisition, Caesars will add two Indiana properties: Hoosier Park Racing and Casino in Anderson and the Indiana Grand Racing and Casino in Shelbyville. The homes use slots and electronic table video games, in addition to live and simulcast horse racing.

Caesars called central Indiana an appealing area for investment due to the fact that of its solid economy and since it’s not filled with gambling establishments.

Centaur, based in Indianapolis, serves more than 6.5 million guests each year throughout its residential or commercial properties.

Caesars operates 47 gambling establishments in 13 U.S. states and five countries. Its operating system emerged last month from more than 2 years of personal bankruptcy.

Coastal Markets Amongst Most Challenging for Adding New Apartment Supply; Easier in Midwest, South Markets

Bob DeWitt, NMHC chairman, outlined obstacles to apartment development in a new report.
Bob DeWitt, NMHC chairman, detailed obstacles to apartment development in a brand-new report. Following the release of its findings recently that the U.S. may require millions more home systems by 2030 if existing family development patterns continue unabated, the National House Association (NAA) and National Multifamily Housing Council (NMHC) recognized what they see as the hardest and easiest metro areas where brand-new home supply can be added.

The leading 4 most-challenging locations to include brand-new houses are all seaside markets: Honolulu, Boston, Baltimore and Miami. Somewhat surprisingly, Memphis was ranked as the fifth most challenging, inning accordance with the research study carried out by Hoyt Advisory Provider (HAS) and commissioned by the NAA and NMHC. Six California cities were likewise listed amongst the markets considered more tough to construct new apartments.

The NAA/NMHC report ranked New Orleans as the marketplace most conducive to brand-new apartment or condo advancement, followed by 4 Midwest markets: Little Rock, Kansas City, Indianapolis and St. Louis. Other southern markets also prospered, including 4 in Texas.

The research study, performed by Dr. Norm Miller, a principal at Hoyt Advisory Solutions and professor of real estate at the University of San Diego, examined and ranked 50 U.S. metro locations based on a number of factors, consisting of regional regulations and a procedure of the quantity of land readily available for multifamily development.

“For many factors, constructing apartment or condos has actually become costlier and more time-consuming than it has to be,” said Bob DeWitt, NMHC chairman. “Over the past three years, not only have difficult costs like land and (building) products increased dramatically, but regulative barriers to home construction have also increased considerably, most notably at the local level.”

DeWitt cited several elements he stated contributes obstacles to development, consisting of “outdated zoning laws, unneeded land usage constraints, approximate permitting requirements, inflated parking requirements and ecological website evaluations,” all of which discourages housing building and raises the expense of apartment or condos that are built.

The ranking, entitled the Barriers to Home Building Index, scores 50 metro locations along an index that goes up to 19.5 in the most challenging market, down to -5.9 for those thought about easiest. While realty is task specific, the report’s authors said any score above the median of 1.8 shows a market where it is harder to include new apartment or condos compared with other metros based upon the exact same criteria.

The current studies sponsored by NMHC and NAA are planned to support their Vision 2030, a set of suggestions the 2 house groups provided calling for all levels of government to lower barriers to advancement.

“While the variety of brand-new apartments constructed each year has actually been increasing, it hasn’t sufficed to meet present demand and make up for any possible deficiency at specific rate points in the years following the economic crisis,” said NAA Chair Cindy Clare, CPM. “This imbalance in between high demand and restricted supply options has owned down affordability and lowered housing alternatives for renters. Leas tend to be especially high in areas with the best barriers to new development, such as California, where there’s a substantial shortage in available land for constructing new apartment or condo houses.”


Blackstone REIT Quickly Adding to Initial Portfolio with 6 Million-SF Industrial Purchase

High Street Industrial Portfolio
High Street Industrial Portfolio Blackstone’s non-traded REIT, Blackstone Property Earnings Trust, this week added another portfolio to its growing home stockpile.

The REIT’s most current acquisition is a 6 million-square-foot portfolio of predominantly infill industrial possessions it purchased from affiliates of High Street Realty Co. $402 million.

The portfolio is 97% rented to over 90 occupants and consists of 38 industrial homes totaling 5.97 million square feet. The properties are located in six submarkets with the following concentration based upon square footage: Atlanta (38%), Chicago (23%), Houston (17%), Harrisburg (10%), Dallas (10%) and Orlando (2%), inning accordance with Blackstone. The purchase rate breaks down to about $67.30/ square foot.

Blackstone did not provide a particular list of properties.

The REIT said that, over the last 2 years, market leas in those submarkets have increased by 5% every year while job has actually declined by around 100 basis indicate 5.2%. The REIT likewise said that infill industrial supply in these markets is anticipated to be constrained at 0.6% of stock throughout 2017 provided minimal land schedule near these population centers.

The REIT included the residential or commercial properties have actually published weighted typical launching spreads of 12% over the last 2 years, which Blackstone described as a measurement of the change in lease per square foot between new and expiring leases at a residential or commercial property. The portfolio published average effective yearly base rent of $4.31/ square foot as of March 31.

The acquisition was moneyed through a mix of cash on hand, a $5 million draw on the REIT’s line of credit, and a short-term $292 million loan from various loan providers lead by Bank of America. The REIT expects to transform the loan soon after closing long-lasting financing.

Likewise today, Blackstone REIT completed two other acquisitions.

More Retail Developers Adding '' Live/Work ' Elements to Lifestyle Center Plans

Lines Blurring Between Retail Formats as Landlords and Retailers Try to find Right Solution for Attracting Wealthy Child Boomers and Tech-Savvy Millennials

The 1.2 million-square-foot Liberty Center north of Cincinnati developed by Steiner+Associates and Bucksbaum Retail will fdeature abundant green space and outdoor amenities in addition to retail, restaurant, office, residential and hospitality uses.
The 1.2 million-square-foot Liberty Center north of Cincinnati developed by Steiner+Associates and Bucksbaum Retail will fdeature plentiful green area and outside amenities in addition to retail, dining establishment, workplace, property and hospitality usages.

Retail designers are increasingly tweaking reputable formats for way of life centers and malls in an effort to record tech-savvy millennial consumers who have now become the country’s largest and fastest-growing retail consumer section.

Brand-new jobs, whether the $350 million Liberty Center set up to open next month north of Cincinnati in Liberty Township, OH, or ambitious jobs such American Location, a $650 million lifestyle center near Indianapolis proposed by Full House Resorts, are just as most likely to offer a mix of creative office space and apartment or condos as they are to ink leases with such standard way of life anchor renters as multi-screen or IMAX cinemaplexes or Apple Stores.

Those are the marketplace lessons found out by Liberty Center co-developers Steiner + Associates and Bucksbaum Retail Properties, who are creating in effect a mixed-use, outdoor shopping mall which will ultimately consist of office and numerous property devices.

The demographically-driven changes aren’t lost on Steiner + Associates, the firm that assisted pioneer the town center-oriented lifestyle center format in 1999 with the opening of the 1.7 million-square-foot Easton Town Center in Columbus, OH.

“In the very best examples of these jobs, the design of outside public areas follows traditional city planning concepts, and the project is not only the commercial, however likewise the social and civic centers of the neighborhood,” stated Steiner founder and CEO Yaromir Steiner.

As the lines remain to blur in between shopping center, al fresco and way of life center formats, developers are including workplace, domestic and even hotel makes use of to their existing centers or brand-new developments, says Jesse Tron, spokesperson for the International Council of Buying Centers (ICSC).

“From a retail viewpoint, there’s often synergy with various kinds of commercial real estate home types because mixed usage brings in a captive audience and integrated consumer base,” Tron stated. “In some circumstances, mixed usage plays well and in other cases, traditional way of life retail makes more sense.

“In any case, the caution is that sellers and realty owners need to know their demographic and economic base, and know what their clients desire,” Tron said.

While affluent child boomers remain to wield the best purchasing power for sellers, the millennial generation’s 80 million customers already have an outsized impact on the retail industry, producing huge and growing need for walkable mixed-use environments.

Contrary to the popular view of the millennial as a hip downtown loft resident, just 13 % of Gen Yers reside in or near downtowns, with a significant bulk living in other city neighborhoods or rural locations, according to a report previously this year by the Urban Land Institute (ULI).

The increasing practice of mixing restaurants, movie theaters and other dining and home entertainment venues, along with the decreasing relevance of format-limiting department stores, have compelled developers to rethink local way of life center and shopping center ideas, Steiner stated.

Way of life centers emerged in the early 2000s as an upscale and entertainment-focused answer to stuffy enclosed malls and faceless, pedestrian-unfriendly power centers.

The ICSC defines a way of life center as a retail building ranging from 150,000 to 500,000 square feet, generally with a couple of upscale national-chain specialized shop anchors, integrated with dining and entertainment places in an outdoor setting.

As of August 2015, there were 435 lifestyle centers in the U.S. with an overall gross leasable area (GLA) of 145 million square feet. By comparison, power centers, with their mix of category killers such as home improvement, discount department, storage facility club and off-price shops, comprise the largest non-mall retail sector, completing practically 984 million square feet of GLA throughout 2,250 homes.

To backfill shopping dollars lost to online sales, lifestyle center and mall developers to trying to produce new income streams from workplace and apartment or condo parts that appeal to the multitasking habits of millennials, Maureen McAvey, senior resident fellow for retail with the Urban Land Institute (ULI), tells CoStar.

“The data reveals that the millennials in specific are extremely social– they want to gathering with good friends to do numerous things simultaneously, like workout at a spin studio, get a bite to consume and then go grocery buying– and they want to do it at one multipurpose way of life center area,” McAvey said.

The earliest and most influencial sector of millennials are now in their mid to late 30s and starting to have children and form families. About 35 % of millennials now possess their own homes, tempted by more cost effective real estate in transit-oriented outer-ring suburban areas, McAvey stated.

The group modifications are creating some intriguing hybrids, such as suburban workplace landlords who are joining the mixed-use pattern by including homes and condominiums in response to their renters who intend to attract 20- and 30-somethings in the significantly competitive job market.

“Some of these pastoral bucolic suburban company parks built on extensive acreage are lastly coming of age by adding houses and retail,” McAvey stated.

Allegiant Air adding Florida flights from Rochester in October

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David Becker/ AP

In this Thursday, May 9, 2013, file picture, two Allegiant Air jets taxi at McCarran International Airport in Las Vegas.

Tuesday, June 23, 2015|9:01 a.m.

ROCHESTER, N.Y.– Nevada-based Allegiant Air says it will certainly start non-stop service from Rochester to Fort Lauderdale, Florida, this fall.

The savings air carrier possessed by Allegiant Travel Co. and Monroe County authorities announced the new service Tuesday at Rochester International Airport.

Starting Oct. 9, Allegiant will offer continuously, low-fare flights twice a week from Rochester to Fort Lauderdale-Hollywood International Airport.

Allegiant also offers service to Florida from upstate New York airports in Buffalo, Syracuse, Newburgh and the Elmira location.

Las Vegas-based Allegiant announced last month that it planned to add 11 new routes over the coming weeks.