A Green Hills commercial building once home to long-standing art retailer Cumberland Gallery has sold for $2.5 million — approximately 13 months after it changed ownership hands for $450,000 less than that figure.
According to a Davidson County Register of Deeds document, the new owner of the 0.17-acre property, located at 4107 Hillsboro Circle near the YMCA, is an LLC that includes Ann Williams and Pat Williams. The Williamses have landed a $2,125,000 loan from Pinnacle Bank, a separate document notes.
4107 Hillsboro Circle as seen in mid-2019
Bathhouse, a popular Brooklyn hot(water) spot, is expanding its facility into Brooklyn Brewery’s old warehouse space at 56 Berry Street, Commercial Observer has learned.
The spa, which is coming off a couple of tumultuous years with COVID-19 restrictions, currently has 10,000 square feet at 103 North 10th Street and will take over 18,000 square feet in the adjacent 56 Berry, according to a source with knowledge of the deal. Bathhouse will have 10,000 square feet in the warehouse — formerly occupied by Brooklyn Brewery, which is departing for Greenpoint — along with 8,000 square feet on the rooftop, the source said.
Both properties are owned by SLJ Management, and asking rent for the additional space was about $90 per square foot. The source did not confirm the length of the lease, and there were no brokers on the deal.
SLJ Management could not be reached for comment. Bathhouse declined to comment.
The bathhouse was founded by Jason Goodman and Travis Talmadge in 2019 when they hired Verona Carpenter Architects to help them convert an old soda factory — retaining many original features of the building — into a full service spa with a social twist to it.
It also isn’t Bathhouse’s only expansion since the pandemic. In October 2021, the duo signed a 15-year lease for 34,328 square feet to open a Manhattan location at Friedland Properties’ 7 West 21st Street, a converted parking garage.
Mark Hallum can be reached at mhallum@commercialobserver.com.
In all the banking turmoil of the past two weeks, the commercial real estate market has come into focus as another at-risk sector stressed by high interest rates. But while banks and investors sweat the potential for losses and loan defaults, there is a silver lining for certain places, including suburban enclaves that have exploded in growth and become more affluent over the past decade. Decaying but not-quite-dead-yet assets like big office complexes have been holding back transformations needed to support expanding populations. Their failure would ultimately be a benefit to their communities, which have been building toward this moment since the fallout from the 2008 recession.
The caveat in this discussion is that every place with a vacant office building won’t necessarily be in a position to redevelop or transform that parcel of land. If there is no population or wealth growth in the area, a vacant building is probably going to just remain vacant. And in urban environments like downtown San Francisco or Midtown Manhattan, where there’s arguably a glut of office space even though the land is valuable, it may take years for landowners and the surrounding communities to figure out how to work through a transition.
When Nashville, Tenn., native Stephen Parker recently listed a mobile home that he owns on the rental market, he received about 30 applications in one week. “I priced it competitively,” he said.
Parker, who is also a real-estate agent, said that he sees rent growth staying strong as many people find it too expensive to purchase homes, a situation made worse by low inventory and high interest rates.
He bought his first investment property in 2020, and his portfolio of rentals has since grown. He owns various properties, including a small mobile home park, a duplex and several single-family homes.
“We’ve become a renting nation,” Henry Stimler, an executive in the multifamily capital-markets division at the real-estate firm Newmark, told MarketWatch.
Renters have more flexibility and fewer of the responsibilities that come with home ownership, Stimler said, and they can more easily move to other cities and states. “I don’t think it’s a bad thing,” he said.
Nashville, for its part, was ranked one of the hottest real-estate markets of 2023 by Zillow
Z
.
But with the surge in interest rates and demand, new residents may find buying property in that city expensive.
With homeownership continuing to be out of reach for many, landlords like Parker are poised to benefit. “You may be better off renting, especially if you don’t know if Nashville is where you’re going to be forever,” Parker told MarketWatch.
Mortgage rates began climbing after the U.S. Federal Reserve began raising interest rates in early 2022. On Wednesday, the Mortgage Bankers Association said the 30-year rate was averaging 6.48%, up from 3.22% in early 2022.
Higher rates have added hundreds of dollars in interest costs to home buyers’ monthly payments. Buyers have subsequently seen the amount they can afford to pay for a house shrink, even as there are fewer homes for sale.
The U.S. economic outlook remains unclear — a situation compounded by the crisis in the banking sector. Many Americans are worried about job security and financial stability and are reluctant to purchase a home, according to Fannie Mae
FNMA
.
Some good news: Rents appear to have stabilized. The government’s analysis of the housing sector shows that rents grew 0.8% in February, pushing the increase over the past year to a 42-year high of 8.8%. However, research from private sources — such as Apartment List — indicates that rent growth has slowed. After five straight months in which rents fell, national rents rose by 0.3% in February, the company said.
‘I just want roots’
Jennifer Mark, a 49-year-old autotransfusionist in Goshen, Ind., lives in a $625-a-month one-bedroom apartment with her adult daughter and her husband. She’s been selling cupcake toppers on Etsy to bring in extra money.
But thanks to medical bills that are weighing on her credit score, Mark is not yet able to qualify for a Federal Housing Administration-backed loan and can’t purchase a home, although she has a budget of about $150,000.
Finding a two-bedroom to rent would make homeownership an even more distant prospect. The higher monthly rent would make it difficult for her to save for a home and to pay off the debts that are keeping her credit score low.
The average rent for a two-bedroom apartment in Goshen is $925 per month, up 12% from a year ago, according to Rent.com. For a decent apartment, the cost is closer to $1,200. “My God, rent is so high,” she said.
Renting also comes with restrictions. “If I’m going to be paying this much for rent, then I may as well own and be able to do what I want with my house and not have someone tell me, ‘Oh, you can’t have a cat. You can’t have a dog,’” she said.
She needs to pay off medical bills so she can achieve a credit score of at least 580 — a level she’s already surpassed on newer credit-scoring models not often used by mortgage lenders, like FICO 8 — and qualify for a loan.
Renting does have some perks, she said. She doesn’t have to worry about paying for plumbing or furnace issues, for instance. But owning a home is still her dream, and it remains out of reach. “I just want roots,” Mark said.
A generation of renters?
The data shows a mixed picture for renters: While the U.S. is building a ton of apartments, home prices aren’t expected to fall enough to make owning one affordable for many lower-income Americans.
There are currently over 940,000 apartments under construction in the U.S., up 24.9% from a year ago, which is helping to address demand. The number of multifamily units under construction is at its highest level since 1974.
But the supply is not helping all Americans equally. The U.S. is short approximately 7.3 million affordable, available rental homes for extremely low-income tenants, according to the National Low Income Housing Coalition.
Newer units, meanwhile, have been targeted at higher-income renters, wrote Whitney Airgood-Obrycki, a senior research associate at the Harvard Joint Center for Housing Studies, in a blog post this month.
And while rent growth has moderated for more expensive apartments in more sought-after neighborhoods, Airgood-Obrycki wrote, prices were rising faster at the end of last year for the lowest-quality units.
Landlords are slowing rent increases, Redfin
RDFN
deputy chief economist Taylor Marr said in a recent report, “because they’re grappling with a rise in vacancies as an influx of new apartments hits the market.”
Renters — particularly in the multifamily sector — are more likely to stay put due to high interest rates, Stimler said.
“Those who bought apartment buildings last year and locked in historically low rates before rates started rising, they’re going to be okay, because less and less of their tenants are going to leave and become homeowners,” Stimler said.
Some Americans feel like they are becoming a generation of permanent renters, losing out on the “American dream” of owning a home and building wealth through real estate. But Stimler said he did not think that was necessarily a bad thing.
“Our parents got married at 21 or 22, settled down, bought a home, got on the property ladder, and that was their first property purchase,” Stimler said. “That was a huge milestone then. Today, we don’t have that need anymore.”
“Millennials are much more transient,” he said. “They want to be able to pick up and leave, and go anywhere [and have] the ability to work from anywhere. All of these factors have led to a decline in the demand for single-family homes.”
Wherever you stand on that particular debate, one thing is clear: Landlords are benefiting from an increasingly unaffordable housing market, while millions of renters in the U.S. find themselves trapped.
“One man’s meat is another man’s poison,” Stimler said.
LAS VEGAS , March 22, 2023 /PRNewswire/ — GreenBroz Inc., the leader in post-harvest processing technology, has announced the Holy Roller, an evolutionary leap in high-capacity pre-roll machines. It can produce 3000+ cones per hour with unrivaled fill accuracy and consistency.
The Holy Roller is the product of extensive R&D by an engineering team with over three decades of experience in cannabis and automated packaging. The machine achieves an impressive output rate with unmatched consistency and only a .0012 density variance. This is over 10x more precise than any other pre-roll machine on the market.
“When we decided to pursue automation of making the perfect joint, we knew we needed something designed with the real-world properties of cannabis in mind,” said Cullen Raichart, GreenBroz CEO.
“We focused on consistency, which is the lifeblood of your brand, and on what consumers desire: pre-rolls packed densely and evenly and filled with a coarse grind for proper airflow. We are proud to release a machine that delivers all of those qualities, producing cones that are not only identical but provide the same great user experience every time.”
To achieve superior accuracy and efficiency, the Holy Roller uses active weighing technology and proprietary cannabis separation technology, eliminating discrepancies in cone fills and cutting down on clogs. Pre-roll producers will be able to make joints ranging from .35 grams to a full gram with one universal cone, which allows them to fulfill multiple product SKUs and streamline ordering, storage, and inventory.
The Holy Roller is the only commercial cone-filling machine on the market engineered to accommodate whatever grind size the operator chooses to use, including the 3mm grind, the optimal particle size for smokability and flavor.
“Getting a better understanding of what’s happening inside pre-rolls when consumers smoke them is vital to improving quality. After extensive airflow testing, we have found that the 3mm grind allows the air to travel through the length of the cone more efficiently and burn evenly, giving consumers a smoother smoking experience,” said Raichart.
“The Holy Roller is a real game-changer and gives pre-roll producers an edge in the highly competitive market, providing them with the perfect mix of quality, quantity, uniformity, and airflow to position their brand as a leader in consistency.”
To accommodate different operational needs, the machine is available in 2 or 4-lane variants. GreenBroz offers convenient purchasing options.
To learn more, go to information.greenbroz.com/prerollmachine_demo
Contact:
Kasia McBride
[email protected]
SOURCE GreenBroz, Inc.
Published: March 22, 2023 at 10:25 a.m. ET
By Michael Susin
Superdry PLC said Wednesday that it has signed an intellectual-property transfer agreement with South Korea-based Cowell Fashion Co. for the sale of its assets in certain countries within Asia Pacific for an upfront payment of $50 million in cash.
The British clothing brand said net proceeds from the deal are expected to be…
By Michael Susin
Superdry PLC said Wednesday that it has signed an intellectual-property transfer agreement with South Korea-based Cowell Fashion Co. for the sale of its assets in certain countries within Asia Pacific for an upfront payment of $50 million in cash.
The British clothing brand said net proceeds from the deal are expected to be around 34 million pounds ($41.5 million), which will be used to strengthen its balance sheet and to fund its ongoing working-capital requirements, including a significant cost-reduction program.
The company added that it is considering an equity issue as part of the turnaround program.
According to the deal, Cowell will own and use the Superdry brand in key APAC markets, starting with South Korea and extending to other countries including China.
Both Superdry and Cowell will work together to develop products relevant for those markets, the company said.
Following the completion of the sale, Superdry will provide certain support during the first two years and receive a further management fee of $1.0 million.
“Superdry believes that the partnership with Cowell will provide the best opportunities for the future growth of the Superdry brand in the APAC region and allows the company to focus on growing its brand and increasing sales in its more established territories where it has strongest expertise,” it added.
Shares at 1402 GMT were up 0.2 pence, or 0.2%, at 108.2 pence.
Write to Michael Susin at michael.susin@wsj.com
Published: March 22, 2023 at 3:16 a.m. ET
By Michael Susin
Superdry PLC said Wednesday that it has signed an intellectual property transfer agreement with South Korea-based Cowell Fashion Co. Ltd. for the sale of its assets in certain countries within Asia Pacific for an upfront payment of $50 million in cash.
The British clothing brand said that Cowell will own and use the Superdry…
By Michael Susin
Superdry PLC said Wednesday that it has signed an intellectual property transfer agreement with South Korea-based Cowell Fashion Co. Ltd. for the sale of its assets in certain countries within Asia Pacific for an upfront payment of $50 million in cash.
The British clothing brand said that Cowell will own and use the Superdry brand in key APAC markets, starting with South Korea and extending to other countries including China.
Both Superdry and Cowell will work together to develop products relevant for those markets, the company said.
Following the completion of the sale, Superdry will provide certain support during the first two years and receive a further management fee of $1.0 million.
“This agreement offers the Superdry brand a fantastic opportunity to expand its global reach, whilst providing additional funding to help deliver our turnaround program in the face of the challenging consumer landscape,” Chief Executive Julian Dunkerton said.
Write to Michael Susin at michael.susin@wsj.com
Vanbarton Group is handing off an Upper West Side retail condominium at a significant loss, Commercial Observer has learned.
RFR Holding and Waterfall Asset Management purchased the 33,000-square-foot retail condo at the base The Astor condominium from Vanbarton for $37 million, according to sources familiar with the deal.
That’s $66 million less than the $103.5 million Vanborton paid for the property, at 2139-2159 Broadway, in 2016, The Real Deal reported at the time.
The joint venture purchasing the retail spaces plans to modernize the property and sign new tenants at the storefronts between West 75th and West 76th streets. The spaces were left without permanent tenants after the departure of Barney’s New York in 2018 as well as Lululemon in 2022, according to brokerage Retail by Mona.
“This property possesses both the functionality of new construction retail while maintaining the character of an architecturally significant vintage building wrapped in an ornate limestone façade,” Aby Rosen, co-founder of RFR, said in a statement.
Vanbarton Group did not respond to requests for comment.
Retail by Mona was tapped as the leasing agent for RFR and Waterfall.
“Grocery-anchored retail locations are among the most attractive opportunities in the retail sector,” Brandon Singer, CEO of Retail by Mona, said in a statement. “RFR has the reputation, and the real-world know-how, to turn outdated retail spaces into true high street success stories.”
Mark Hallum can be reached at mhallum@commercialobserver.com.
DUBLIN, March 13, 2023 /PRNewswire/ — The “Commercial Beverage Dispenser Equipment Market by Technology, Beverage Type, Material, Dispenser Type, End User, and Region 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global commercial beverage dispenser equipment market size reached US$ 6.49 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 8.83 Billion by 2028, exhibiting a CAGR of 5.27% during 2022-2028.
Companies Mentioned
- Bras Internazionale SPA
- Bunn-O-Matic Corporation
- Cornelius Inc. (Marmon Beverage Technologies Inc)
- Fbd Partnership LP
- Follett Products LLC (Middleby Corporation)
- Igloo Food Equipment
- Lancer Worldwide
- Manitowoc Ice
Continual technological developments and improved customization in food processing equipment, proliferation of the processed food industry, and the rising awareness regarding food wastage represent some of the key factors driving the market.
Beverage dispensers are devices designed for the purpose of dispensing beverage products, which enable them to serve mixed beverages, particularly carbonated drinks, to their consumers in a cost-effective, accurate, and efficient manner.
Touch screen computers allow users to adjust, add, and subtract recipes in the database and liquids, and the automated beverage dispenser dispenses the appropriate volumes of liquid. This device is used for dispensing water, soft drinks, tea, coffee, alcoholic drinks, slush drinks, and others.
These dispensers have the potential to enhance productivity, profitability, and operational excellence in foodservice chains and restaurants. As a tool, it blends sustainability and design to drive consumer traffic, ensuring more profits and reducing labor. It is the responsibility of beverage dispensers to manage and measure the flow of beverages at restaurants, bars, offices, institutions, and residences according to their rules and regulations.
The continual technological developments and improved customization in food processing equipment are significant factors driving the market. This can be attributed to the proliferation of the processed food industry across the globe. In line with this, the paradigm shift in consumer preference toward self-service technology to reduce time in checkout lines is providing an impetus to the market.
Moreover, the implementation of numerous strategies by the key players to manage large consumer traffic effectively as well as avoid unnecessary labor costs and electricity bills is also resulting in a higher product uptake in the retail industry. However, the initial high cost of the beverage dispenser equipment installation as well as the maintenance costs are acting as major growth-restraining factors for the market.
On the contrary, the expansion of various hotel chains, restaurants and clubs, as well as commercial hubs is creating lucrative growth opportunities for the market. Furthermore, the rising awareness regarding food wastage leading to the growing popularity of environmentally friendly beverage storage and distribution applications is creating a positive market outlook.
Apart from this, the advent of smart modular kitchens and innovative product variants with self-cleaning technology is fueling the market. Some of the other factors contributing to the market growth include inflating disposable income levels, implementation of the internet of things (IoT) in dispenser machines, rise in the expenditure on food and beverage, and extensive research and development (R&D) activities.
Key Questions Answered in This Report:
- How has the global commercial beverage dispenser equipment market performed so far and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global commercial beverage dispenser equipment market?
- What are the key regional markets?
- Which countries represent the most attractive commercial beverage dispenser equipment markets?
- What is the breakup of the market based on the technology?
- What is the breakup of the market based on the beverage type?
- What is the breakup of the market based on the material?
- What is the breakup of the market based on dispenser type?
- What is the breakup of the market based on the end user?
- What is the competitive structure of the global commercial beverage dispenser equipment market?
- Who are the key players/companies in the global commercial beverage dispenser equipment market?
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Commercial Beverage Dispenser Equipment Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Technology
6.1 Automatic
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Semi-automatic
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Manual
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Beverage Type
7.1 Hot
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Cold
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Fountain
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Frozen
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Soft serve
7.5.1 Market Trends
7.5.2 Market Forecast
8 Market Breakup by Material
8.1 Stainless Steel
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Glass and Acrylic
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Plastic
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Breakup by Dispenser Type
9.1 Countertop
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Drop-ins
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Conventional
9.3.1 Market Trends
9.3.2 Market Forecast
10 Market Breakup by End User
10.1 Convenience Stores
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 QSR and Restaurants
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 Educational and Institutional
10.3.1 Market Trends
10.3.2 Market Forecast
10.4 Recreation
10.4.1 Market Trends
10.4.2 Market Forecast
10.5 Others
10.5.1 Market Trends
10.5.2 Market Forecast
11 Market Breakup by Region
12 Drivers, Restraints, and Opportunities
12.1 Overview
12.2 Drivers
12.3 Restraints
12.4 Opportunities
13 Value Chain Analysis
14 Porters Five Forces Analysis
15 Price Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Key Players
16.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/ct1tg0
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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SOURCE Research and Markets
11 commercial REIT stocks loved by analysts, who see upside of up to 47%
As if concerns over banks’ liquidity weren’t enough to rattle investors, analysts have been raising concerns about the U.S. commercial real-estate market, especially for office buildings. Below is a screen of real-estate investment trusts that concentrate on commercial real estate, highlighting the 11 analysts expect to fare best through 2024.
A REIT is a company that owns property, makes loans or invests in mortgage-backed securities and distributes at least 90% of its earnings to shareholders as dividends, in return for tax advantages. Most dividends received by REIT investors are taxed as ordinary income.
On Monday, a group of analysts at BofA Securities led by Camille Bonnel wrote that REITs that own office buildings had declined 70% in value “as public markets have been pricing in secular headwinds and tight lending conditions” since the beginning of the Covid-19 pandemic in 2020.
On Monday, Adam Posen, president of the Peterson Institute for International Economics, said the commercial real estate space was heading into a “real mess,” in part because office occupancy was down 30% to 40% since the pandemic began.
Back on March 7, analysts at Keefe, Bruyette and Woods predicted “no soft landing for CRE,” especially in particular markets, including San Francisco, New York, Washington D.C., Seattle, Austin, Texas, and Phoenix. In a report highlighting risks for REITs and banks, the KBW analysts added: “With $400bn of annual loan maturities, we expect increasing credit issues as borrowers evaluate capital and lenders become defensive; our framework implies 1-3% loan losses.” They expect office building values to decline 30% or more, with those values “30 to 50% into correction.”
The BofA analysts provided some comfort for REIT investors: “Most REITs tend to own top-quartile properties and follow an active, hands-on ownership model. Historically, public REITs outperform within their markets particularly in tougher market conditions like today.”
CRE REIT screen
To highlight which REITs focused on commercial real estate (CRE) might fare best, we began with the 180 REITs in the Russell 3000 Index and then narrowed the list.
First, there is a distinction between equity REITs, which own properties and rent them out, and mortgage REITs, which are lenders and investors in mortgage-backed securities.
And now for the cuts:
AFFO is adjusted funds from operations — a non-GAAP calculation. In the REIT industry, FFO adds depreciation and amortization back to earnings, while subtracting gains on the sale of property. Adjusted FFO goes further, netting out expected capital expenditures to maintain the quality of property investments. For commercial mortgage REITs, FFO isn’t typically calculated, so we looked at EPS instead.
Among the remaining 53 companies, 11 are rated “buy” or the equivalent by at least three-quarters of the analysts covering them. Here they are, sorted by the upside potential implied by consensus price targets among analysts polled by FactSet:
ARE
REFI
STWD
CTO
AMT
CHCT
REXR
VICI
PLD
GLPI
IRM
Click on the tickers for more about each REIT. If you are interested in any individual stock, it is best to do your own research and form your own opinion about how successful a company is likely to be over the next decade at least.
Read Tomi Kilgore’s detailed guide to the wealth of information available for free on the MarketWatch quote page.
Don’t miss: 11 stocks in the S&P 500 expected to form an exclusive growth club for investors
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