Tag Archives: residence

Artist-in-Residence Lia Lowenthal Hosts Artist'' s Talk April 12

Department of Art Artist-in-Residence Lia Lowenthal provides an artist’s talk at 7 p.m. Thursday, April 12, in the Marjorie Barrick Museum of Art auditorium.

Lowenthal is an artist who examines the evolutionary exchanges between style, historic traditions, and their effect on the production of subjectivity. Operating in a range of mediums, from public sculpture, industrial business, and found text, her work synthesizes historical or environmental conditions, interlacing them with corollaries in style. Through this procedure, Lowenthal unloads how historical traditions surrounding the development of style are interpreted and affect the individual, and resonate beyond their product existence.

Lowenthal is based in New york city City and got her MFA at the Milton Avery Graduate School for the Arts at Bard College in 2014. In 2018, she presents three irreversible installations at the Freehand Hotel in New York City. In 2017, she held a solo exhibition at Richard Telles Fine Art (Los Angeles); and has actually recently exhibited at Socrates Sculpture Park (New York City), 321 Gallery (New York), Southfirst (New York), Night Gallery (Los Angeles), Swiss Institute (New York), and Art in General (New York City). Her work has been discussed in Hyperallergic, The New Yorker, and Paletten Magazine. Lowenthal is likewise the founder and principal of LL, LLC, a conceptually-driven style business.

Parking is free at 7 p.m. in all metered, staff, and trainee spots.

Artist-in-Residence Cayetano Ferrer Speaks at Barrick Museum March 7

The UNLV art department’s spring 2018 artist in residence, Cayetano Ferrer, lectures in the Barrick Museum of Art auditorium at 7 p.m. on Wednesday, March 7. The talk is free and open up to the public.

At the core of Ferrer’s practice is the treatment and transmutation of cultural items and signs, pulling from popular iconography to art historic artifacts. These kinds usually get to the artist’s attention with complex, and often uncertain, histories connected. Consequently, the work typically adds to the chronological unpredictability of the topic, and at other times exposes obfuscated stories embedded in the forms. His work within and around the institutions accountable for protecting and providing items of cultural significance presents concerns about the procedure of mediation that is necessarily carried out by museums. Operating in these and other places, the physical and historical absences that attend cultural fragments have actually ended up being a site for Ferrer to diffuse the limits of the art things and utilize context as both a framing device and product.

Ferrer was awarded a 2015 Art + Technology Lab grant from the Los Angeles County Museum of Art (LACMA) and in 2013, Ferrer was an Artadia Award for visual art. His latest solo exhibit, Tropos, was staged in a former grain mill in Buenos Aires Argentina, and he has recently shown at group reveals at the Henie Onstad Kunstsenter in Oslo (2017) and the Institute of Contemporary Art in Philadelphia (2017 ). In 2015, Ferrer understood his first solo museum exhibit at the Santa Barbara Museum of Art. Ferrer’s work has actually been exhibited at the Hessel Museum of Art in New York City (2015 ); at the Swiss Institute in New York City (2014 ); in partnership with other artists, musicians and designers at Human being Resources, Los Angeles (2014 ); at the Los Angeles Municipal Art Gallery in Barnsdall Park and a billboard in Hollywood as part of Made in LA (2012 ), the Hammer Museum’s first Los Angeles biennial.

Choice Residence Purchasing CREIT in $6 Billion Deal to Develop Canada'' s Largest REIT

Combined Firms Will Have Enterprise Worth of $16 Billion with 752 Properties Totaling 69 Million SF

Choice Properties Property Investment Trust has actually agreed to buy Canadian Real Estate Financial Investment Trust in a $6 billion transaction they say will produce the biggest REIT in Canada with a combined enterprise worth of $16 billion.

Toronto-based Choice Properties REIT stated it would acquire all CREIT’s possessions and assume all of its liabilities, consisting of long-term debt for $22.50 in money and 2.4904 Choice Properties units per CREIT unit, on a completely pro-rated basis.

“We are excited to be producing Canada’s leading diversified REIT. Choice Properties’ expanded, diversified property portfolio, anchored by Canada’s largest retailer, will provide unitholders of both Choice Characteristics and CREIT the chance to take advantage of the future growth and value production chances of this strategic transaction,” said John Morrison, president and chief executive of Option Characteristic, in a declaration.

The combined entity will have a portfolio of 752 homes made up of 69 million square feet of gross leasable location. Loblaw Companies Ltd. and George Weston Ltd. will have integrated proforma ownership of 65%.

“This transformational acquisition leads to the development of a real estate financial investment trust with durable qualities and includes value creation chances to Choice Properties’ existing strong portfolio of retail assets,” included Galen G. Weston, chairman and chief executive of Loblaw and GWL, in a declaration.

The companies say the combined entity will be Canada’s preeminent varied REIT. The retail portfolio, which will comprise 78% of net operating earnings and is concentrated on exactly what the pair call “necessity-based sellers” that makeup 85% of the retail possessions. Industrial possessions will contribute 14% of NOI of the combined REIT with office possessions comprising the remaining 8%.

Stephen Johnson, president of REIT, stated the combination likewise offers incredible opportunity for Option Residence to take advantage of the companies’ combined advancement pipeline to produce long-lasting value.

“Together, the combined REIT is uniquely placed to provide outcomes for unitholders as the owner, supervisor and developer of a top quality portfolio of varied assets,” Johnson said in a statement.

In the brand-new combined REIT, Morrison becomes the vice-chairman of the board of trustees while Johnson will end up being president and chief executive.

Using the Option Characteristic closing system price on February 14, 2018, of $12.49, the offer equates to a cost of $53.61 per CREIT system, a 23.1% premium to the CREIT closing system rate on February 14, 2018.

The total factor to consider consists of about 58% in Choice Properties systems and 42% in cash. CREIT unitholders will have the capability to choose whether to get $53.75 in money or 4.2835 Option Properties units for each CREIT system held, subject to proration. The maximum amount of cash to be paid by Choice Characteristic will be around $1.65 billion, and around 183 million units will be released, based upon the completely diluted number of CREIT units exceptional.

CREIT’s board of trustees has actually recommended unitholders vote in favour of the deal. Choice Characteristic’ board has unanimously figured out that the offer remains in the very best interests of Choice Properties.

RioCan to Shed 100 Smaller sized Retail Residence Throughout Canada Valued at Over $1.6 Billion

After Taking out of U.S. REIT Ramps Up Portfolio Realignment to Focus on Toronto, Calgary and Other Major Markets in Canada

Toronto-based RioCan Real Estate Investment Trust announced plans to sell about 100 retail homes situated outside its core markets over the next two to three years and strategies to recycle profits into new developments within the country’s 6 biggest metros.

RioCan stated it expects to see about United States $1.2 billion in proceeds from the $1.6 billion in personalities however did not recognize the properties it plans to shed. In 2015, RioCan exited the United States via the sale of 49 retail residential or commercial properties in Texas and the northeastern U.S.

By the end of 2019, as the company sells the homes in stages, it expects its holdings concentreated in major Canadian markets will make up well over 90% of overall earnings, according to RioCan CEO Edward Sonshine.

“While the homes we plan to offer are solid, trusted earnings residential or commercial properties, their annual NOI growth lags the development we have the ability to accomplish in our primary market portfolio,” Sonshine stated. “At the exact same time, the existing stage of our development program will have adequate conclusions over the next couple of years to more than make up for what we will be offering.”

RioCan said it prepares to continue investing about $300 million to $400 million every year into its development pipeline, which is already focused solely in Canada’s 6 major markets.

Through the realignment of the portfolio, the trust seeks to reach yearly same-property net operating income (NOI) development rate of 3% or more, resulting in annual funds from operations (FFO) per unit development of 5% or more, before gains from securities, property inventory and charge income.

RioCan to Sell 100 Smaller sized Retail Residence Across Canada Valued at Over $1.6 Billion

REIT Ramps Up Adjustment of Portfolio to Focus on Toronto, Calgary and Other High-Growth Canadian Markets

Toronto-based RioCan Realty Financial investment Trust announced today it plans to offer about 100 smaller and non-core residential or commercial properties over the next two to three years and will utilize the proceeds to increase development in the country’s six biggest high-growth metros.

RioCan, which expects to get about United States $1.2 billion in proceeds from the $1.6 billion in dispositions, did not determine the properties involved in the scheduled sale. In the decade given that RioCan made a tactical decision to concentrate on high-population-growth transit-oriented Canadian markets, consisting of the revealed sale of 49 retail properties in Texas and the northeastern U.S. in 2015, the company has concentrated 75% of its income into the 6 biggest Canadian markets, including Calgary, Ottawa and Toronto.

By the end of 2019, as the business offers the properties in phases, leading Canadian markets are expected to make up well over 90% of total earnings due to the fact that of the new initiative, RioCan CEO Edward Sonshine said in a teleconference.

“While the properties we mean to offer are solid, trustworthy income residential or commercial properties, their annual NOI development lags the development we have the ability to achieve in our main market portfolio,” Sonshine stated. “At the exact same time, the current phase of our advancement program will have sufficient completions over the next few years to more than make up for exactly what we will be selling.”

RioCan will continue to invest about $300 million to $400 million every year into its advancement pipeline, which is already focused specifically in Canada’s 6 major markets.

Through the realignment of the portfolio, the trust looks for to reach annual same-property net operating income (NOI) development rate of 3% or more, leading to annual funds from operations (FFO) per system development of 5% or more, before gains from securities, residential stock and charge earnings.

Morgan Residence Purchases $509 Million Mark Center Portfolio from JBG in Largest Transaction in Virginia This Year

Pennsylvania Company Obtains 2,664 Apts. to End up being One of the Largest Multifamily Owners in Washington, D.C. MSA

King of Prussia, PA-based property investment and management company Morgan Properties swung for the fences in its very first financial investment in Northern Virginia, acquiring the Mark Center portfolio from The JBG Cos. in a $509 million offer that signs up as the biggest real estate transaction in Virginia so far in 2017.

The sale likewise positions Morgan Characteristic as one of the biggest owners of multifamily home in the greater Washington, D.C. metropolitan area.

The 150-acre Mark Center includes a multifamily and retail portfolio southwest of downtown Washington, D.C. along N. Beauregard St. in Northern Virginia’s I-395 Corridor. It encompasses 2,664 apartment units in 6 adjacent garden-style neighborhoods. Morgan Characteristic plans to invest $35 million in upgrades to the units.

The sale also includes The Shops at Mark Center, a 63,320-square-foot grocery-anchored retail center real estate CVS, Starbucks, SunTrust Bank and Global Foods, in addition to redevelopment rights protected by JBG in 2012 that increased the maximum allowed density from 2.5 million square feet to 6.4 million square feet.

Morgan Residences stated the purchase ranks as the second largest in its 30-year history. The investment company owns and handles more than 40,000 houses across Pennsylvania, Delaware, New Jersey, New york city, Ohio, Maryland, North Carolina, South Carolina, Virginia and Nebraska.

Over the past 5 years, the business has actually been especially aggressive in expanding in the Baltimore-Washington corridor, having grown its area portfolio from 4,300 to 21,500 houses through a handful of investments, consisting of the $309 million purchase of a portfolio from Berkshire in 2015 and the $247 million acquisition of a 2,000-unit rural Baltimore portfolio earlier this year.

“We felt this offer was an unique financial investment opportunity to get substantial size and scale to generate functional performances and improve the worth of the properties,” said Jonathan Morgan, president of Morgan Residence JV Management. We are on track to acquire over $1 billion of realty in 2017 and anticipate continuing to grow our portfolio.”

William Roohan, Michael Muldowney, Martha Hastings, Michael Rudolph, Robert Dean, Jonathan Greenberg and Brian Margerum of CBRE worked out the disposition on behalf of The JBG Cos., which obtained the Mark Center portfolio from the Mark Winkler Co. in 2006.

For more details on Morgan Properties’ acquisition of the Mark Center portfolio, please see CoStar Compensation # 3992026.

Federal Realty Acquires 7 Retail Residence in Los Angeles County for $345 Million

Endeavor with Primestor Advancement Consists of Retail Characteristic Serving the Urban Latino Communities

Federal Realty Financial investment Trust (NYSE: FRT) has actually obtained a bulk interest in 5 neighborhood shopping mall, one center under redevelopment and a 25% interest in a seventh center from Primestor Development, Inc. for $345 million.

Rockville, MD-based Federal Realty holds a 90% interest in the homes, which amount to 1.3 million square feet covering 114 acres through a joint endeavor with Primestor, which will continue to lease and handle the properties with oversight from FRT’s financial investment committee, which will likewise include Primestor co-founder Arturo Sneider.

Sneider and Leandro Tyberg founded Primestor in 1992, constructing what is commonly recognized to be the leader and innovator in mainstream retail item aimed at the largely underserved and fast growing Latino population.

The $345 million rate consists of $20 million to finish the redevelopment of among the centers, which include residential or commercial properties in South Gate, South El Monte, Sylmar, Bell Gardens and Pacoima.

The residential or commercial properties include the following:

Azalea Shopping Center, 4651-4687 Firestone Blvd., South Gate, CA
247,631-SF power center built in 2014
Bell Gardens Market, 6811-7121 Eastern Ave., Bell Gardens, CA, 152,931 SF recreation center integrated in 1990
Plaza Pacoima (3 properties), 13510, 13520, 13550 Paxton St., Pacoima, CA. Consist of 45,650-SF freestanding power center inhabited by Finest Buy built in 2009; 4,320-SF freestanding retail structure integrated in 2010; and 154,000 SF freestanding Costco building integrated in 2010
Plaza Del Sol, 1832 Durfee Ave., South El Monte, CA; 51,379 SF freestanding neighborhood shopping center built in 1945
Sylmar Towne Center, 12629-12717 Glenoaks Blvd., Sylmar, CA; 132,543 SF area center built in 1974 and remodelled in 1992; 800-10,224 SF readily available for lease

“We understand that retail real estate worth is finest created in locations where demand goes beyond supply, and with just 6.6 square feet of shopping center product per capita in the 3 miles surrounding these properties, there is far less supply than the nationwide average,” said Jeff Berkes, president of Federal Realty on the West Coast. “There are couple of, if any, comparable competing homes in these exceptionally thick trade areas surrounding these centers.”

Occupants in the centers include very productive stores run by Ross, Marshalls, and Kroger’s Food 4 Less that fit well into Federal’s portfolio, Berkes included.

Please see CoStar COMPs # 3970707 to learn more on the deal.

Upgraded: Quality Care Residence’ Sets Short Deadline for Getting Overdue Lease from HCR ManorCare

Without any Deal over Lease Defaulty in Sight, Prospects for both Companies Remain Uncertain

After reaching a deadlock to take over its largest tenant, Quality Care Characteristic (NYSE: QCP)has actually now given struggling proficient nursing center operator HCR ManorCare Inc. until the end of the week to pay off $79.6 million in past due lease.

Failure to do so “will make up an occasion of default needing the immediate payment of an additional approximately $265 million of delayed rent commitments and allow the QCP lessors to terminate the master lease, designate receivers or exercise other solutions with respect to any and all rented residential or commercial properties,” according to a new filing with federal securities regulators.

Quality Care Residence reported that its primary occupant paid around $8.2 countless its lease on July 7 rather than the approximately $39.5 million in lease required to be paid.

[Editor’s Note: This story was upgraded July 11 with details of rent payment demand information.]

Last month, Quality Care Properties revealed it was in conversations with HCR ManorCare– its primary tenant– about HCR ManorCare’s default under its master lease. Quality Care was looking for a commitment from HRC ManorCare’s loan providers for acquisition funding of approximately $500 million to be utilized to re-finance HRC’s present financial obligation and supply working capital. Such a relocation might have caused QCP to lose its REIT status.

QCP said confidential discussions about restructuring alternatives are continuing.

“QCP thinks it is necessary that any restructuring supply the QCP-owned centers and their experienced and committed staff members with the liquidity, resources, capital expense and other support required to guarantee the long-term connection of outstanding client and resident care,” the REIT reported.

HCR ManorCare is the occupant and operator of significantly all QCP’s residential or commercial properties which represents 94% of the REIT’s total income.

Quality Care Characteristic was formed in 2016 when HCP Inc. (NYSE: HCP) spun off HCR ManorCare and other health care-related residential or commercial properties. While releasing itself from ManorCare enabled HCP to concentrate on higher-growth opportunities in its diversified healthcare real estate portfolio, it saddled Quality Care Characteristics with the possibility of a difficult turnaround situation.

As of March 31, Quality Care’s holdings included 257 post-acute/skilled nursing properties, 61 memory care/assisted living properties, one surgical health center and one medical office complex throughout 29 states. HCR Manor Care leases 292 of the 320 residential or commercial properties.

HCR ManorCare operates more than 500 skilled nursing and rehabilitation centers, memory care neighborhoods, helped living centers, outpatient rehab centers, and hospice and home health care firms across the nation under the names of Heartland, ManorCare Health Providers and Arden Courts.

Following Quality Care Residence’ statement last month, rating agency Moody’s Investors Service reduced QCP’s and left open the capacity for more downgrade

The scores downgrade reflects Moody’s view that continued disturbances in capital from HCR will cause material deterioration in QCP’s operating profits and liquidity in the next 12-18 months.

The continuous scores review will focus on QCP’s ultimate tactical direction, its ability to reach an out-of-court lease restructuring with HCR and the impact of the restructuring on QCP’s cash flows and HCR’s EBITDAR coverage.


Sabra Health Care and Care Capital Residence To Integrate in $7.4 Billion Deal

Sabra Health Care REIT Inc.(Nasdaq: SBRA)and Care Capital Characteristic Inc.(NYSE: CCP) have accepted combine in an all-stock merger. The combined company is anticipated to have a pro forma total market capitalization of $7.4 billion and an equity market capitalization of around $4.3 billion.

Upon completion of the merger, the business will run under the Sabra name and its typical stock will be noted under the ticker sign (NASDAQ: SBRA). The business will be based in Irvine,

California. Under the terms of the arrangement, Chicago-based Care Capital Characteristic investors will get 1.123 shares of Sabra common stock for each share of CCP common stock they own. Sabra’s equipped closed Friday at a share cost of $26.68;

Care Capital’s stock closed at $26.79 per show a market capitalization $2.25 billion. Its pre-market opening cost today was approximately $28.30 giving it a brand-new estimated market cap of $2.38 billion.

Upon closing of the merger, Sabra investors are anticipated to own roughly 41% and the previous CCP shareholders are anticipated to own roughly 59% of the combined business.

The merger brings produces a health care REIT with a portfolio of 564 financial investments with an occupant make up more diversified by operator, geography and property type. No one tenant will represent more than 11% of the annualized net operating income of the combined business.

Since year-end 2016, Sabra’s property portfolio consisted of 97 competent nursing/transitional care facilities, 85 senior housing centers, and one intense care hospital) with a total of 18,878 beds/units.

Since year-end 2016, CCP’s portfolio consisted of 314 proficient nursing centers, 16 senior real estate communities and 16 specialized healthcare facilities amounting to 38,000 beds/units.

The merger is anticipated to generate annual expense savings of $20 million, according to the two business.

“We have actually reshaped, diversified and enhanced the Sabra portfolio and this transaction represents a rational and significant next step on that journey,” stated Rick Matros, CEO and chairman of Sabra. “Our balance sheet and access to capital will enable us to continue investing in senior real estate assets to balance our portfolio mix.”

The present management team of Sabra will lead the combined business, with Rick Matros to serve as Chairman and CEO, Harold Andrews as CFO and Talya Nevo-Hacohen as CIO.

Raymond Lewis, CEO of Care Capital Residence specified: “Given that ending up being a public business in August of 2015, CCP has actually striven to reposition our portfolio for success and development with strategic operators.”

Lewis and two extra directors from CCP will sign up with the board of the combined business.

UBS Financial investment Bank is acting as financial advisor to Sabra and O’Melveny & & Myers LLP and Fried, Frank, Harris, Shriver & & Jacobson LLP are serving as legal consultants to Sabra. BofA Merrill Lynch is acting as lead monetary consultant and Barclays is acting as monetary advisor to CCP. Sidley Austin LLP is acting as legal advisor to CCP.

The Sabra-CCP merger announcement this morning comes on the heels of 2 significant medical property offers last week.

Health care Trust of America Inc. (NYSE: HTA)accepted purchase all of the medical office complex owned by Duke Real estate Corp. (NYSE: DRE) and its medical development pipeline for $2.75 billion in cash. The cost breaks down to roughly $450/square foot.

In another large healthcare property deal, the real estate private equity system of Boca Raton, FL-based Kayne Anderson Capital Advisors LP announced it will get Sentio Healthcare Characteristic Inc., a health care REIT backed by private equity giant KKR & & Co. LP, for $825 million.

Care Capital Residence Accepts Acquire Six-Hospital Portfolio for $400 Million

Triple-net health care property owner Care Capital Residence, Inc. (NYSE: CCP) has accepted obtain 6 behavioral health healthcare facilities in California, Arizona and Illinois from affiliates of Signature Health care Solutions, LLC in a $400 million sale-leaseback deal.

The 6 homes, which all have actually been either just recently broadened or under development to expand patient capability, consist of an overall of 712 beds, primarily providing acute inpatient and outpatient psychiatric care, addiction services, geriatric psychiatric care and child and teen psychiatric care.

CCP has actually accepted money approximately $50 million for expansion and enhancements in the portfolio owned by Signature, formerly called Aurora Behavioral Health, one of the nation’s biggest independently owned behavioral healthcare service providers. The transaction, moneyed with cash, disposition proceeds and loanings under the REIT’s line of credit, is expected to close throughout the current quarter.

At closing, Capital Care will rent the homes to affiliates of Signature on a 10-year triple-net basis, with five renewals of 5 years each. CCP expects to money around $380 countless the offer at closing and will have an alternative start in the 4th quarter of 2018 to buy one extra medical facility for a quantity that is anticipated to be about $20 million. CCP will also have a right of very first deal on future residential or commercial property financial investments with Signature, which becomes CCP’s biggest occupant.

Characteristic in the transaction include Aurora Charter Oak Healthcare facility, Covina, CA; Aurora Vista del Mar Hospital, Ventura, CA; Aurora San Diego Medical facility, San Diego; Aurora Arizona West, Glendale, AZ; Aurora Arizona East, Tempe, AZ; and Aurora Chicago Lakeshore Healthcare facility, Chicago.

Capital Care CEO Raymond J. Lewis stated in a release that the Signature deal will allow the REIT to recycle capital from personalities and diversify into a brand-new industry sector “with a tactical operator, favorable investment attributes and strong capital.”

“Signature is devoted to the behavioral health area and will continue to purchase growing our platform through our advancement pipeline and by broadening existing facilities in underserved markets,” said Signature CEO Quickly K. Kim.

The skilled-nursing facility sector is still dealing with basic obstacles that will continue to pressure operating earnings and CCP’s tenant ratios, said Peter L. Martin, analyst with JMP Securities.

“We like the behavioral health sector, however there is a remarkable quantity of capital chasing deals given headwinds in other property classes,” Martin stated.

Signature has actually been advised in this transaction by Goldman, Sachs & & Co.

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