REBusinessOnline

Prologis to Acquire Industrial Property Trust for Nearly $4B

SAN FRANCISCO AND DENVER — Prologis Inc. (NYSE: PLD) has signed a definitive merger agreement to acquire Industrial Property Trust Inc. (IPT) in a deal valued just shy of $4 billion. IPT is an industrial real estate investment platform sponsored by Black Creek Group, a real estate investment manager and development firm based in Denver. If approved by IPT’s shareholders, the overall transaction would span 236 properties located across 24 geographic areas. The roughly 37.5 …

Hines Breaks Ground on 17-Story Office Tower in Bellevue Fully Leased to Amazon

BELLEVUE, WASH. — Hines has broken ground on Summit 3, a 17-story office tower located in downtown Bellevue, a suburb of Seattle situated on the shores of Lake Washington. The Houston-based development firm has preleased the Class A, 374,220-square-foot office building to a tenant it did not disclose, but the Puget Sound Business Journal reports that Amazon has leased the entire tower with plans to grow its Bellevue employee base to 2,500 by 2020. The Seattle Times reported last week …

Brasfield & Gorrie Delivers New Headquarters for Mars Petcare Near Nashville

FRANKLIN, TENN. — Brasfield & Gorrie has delivered the new North American headquarters for Mars Petcare, a leading pet care and products firm. Located in the southern Nashville suburb of Franklin, the pet-friendly campus includes a Wi-Fi-enabled dog park, two indoor dog play areas with options for daycare, coffee bars on every floor with designated “slurp stations” for pets, pet beds and toys throughout the campus, wide furniture that is upholstered with pet-friendly fabric and green …

Berkadia Provides $22.6M HUD Construction Loan for Multifamily Community in Fishersville, Virginia

FISHERSVILLE, VA. — Berkadia has provided a $22.6 million construction loan for the development of Goose Creek Apartments, a multifamily community planned along Goose Point Lane in Fishersville. The project is Phase II of the apartment community being developed by Virginia-based Denstock. Amy Gay of Berkadia’s Richmond office originated the 40-year loan through HUD’s 221(d)(4) program on behalf of Denstock. The loan was underwritten with a fixed 4.49 percent interest rate and an 85 …

Alliance Residential to Develop 336-Unit Apartment Community in Southeast Charlotte

CHARLOTTE, N.C. — Alliance Residential Co. has acquired 25.5 acres in southeast Charlotte for the development of Broadstone Lemmond Farm, a 336-unit apartment community. Situated at the intersection of Interstate 485 and Albermarle Road, the community will anchor the Lemmond Farm master-planned development that the Helms family and Stanchion Asset Partners are co-developing. In addition to apartments, Lemmond Farm will include 50,000 square feet of retail and office space. Alliance …

Hunt Originates Fannie Mae Loan to Refinance 223-Unit Apartment Community in Baltimore

BALTIMORE — Hunt Real Estate Capital has provided a Fannie Mae loan to refinance Porter Street Apartments, a 223-unit multifamily community located at 1401 Porter St. in Baltimore. The 12-year loan features a 30-year amortization schedule. Porter Street Apartments includes a 600-space parking garage and its unit mix comprises 57 studios, 107 one-bedroom apartments and 59 two-bedroom units. Hunt’s John Hurley originated the loan in connection with David Strouse of Birchwood Capital Partners …

NAI Realvest | Charles Wayne Arranges $2.7M Sale of Beachside Retail Center Near Daytona Beach

ORMOND BEACH, FLA. — NAI Realvest | Charles Wayne Commercial has brokered the $2.7 million sale of Aliki Plaza, a 29,730-square-foot beachside shopping center near Daytona Beach. Built in 1985 at 378-404 S. Atlantic Ave. in Ormond Beach, the retail property was 90 percent leased at the time of sale to 18 tenants, including Daytona Beach Welcome Center, Weichert Hallmark Properties and Coldwell Banker Premier Properties. Charles Lichtigman and Brad Gifford of NAI Realvest | Charles Wayne …

Regency Centers Purchases Retail Component of Silicon Valley Mixed-Use Project for $212.5M

CAMPBELL, CALIF. — Regency Centers Corp. (Nasdaq: REG) has acquired the retail component of The Pruneyard, a 27-acre mixed-use development in Silicon Valley that dates back to 1969. The Jacksonville, Fla.-based shopping center owner and developer purchased the property from a joint venture between Ellis Partners and investment funds managed by an affiliate of Fortress Investment Group LLC for $212.5 million. Situated in Campbell near State Route 17, The Pruneyard’s 258,000-square-foot …

Eldorado Resorts to Acquire Caesars Entertainment for $17.3B, Creating World’s Largest Gaming Company

RENO AND LAS VEGAS, NEV. — Eldorado Resorts Inc. (NASDAQ: ERI) and Caesars Entertainment Corp. (NASDAQ: CZR) have agreed to merge operations in a cash and stock deal valued at $17.3 billion. Eldorado plans to purchase the assets and operations of Caesars, creating the world’s largest gaming company. If approved and executed, the combined company would operate under the Caesars name and continue to trade on the Nasdaq Global Select Market. The combined company would own and operate …

SunTrust Provides $139M Loan to Refinance New High-Rise Apartment Project in Fort Lauderdale

FORT LAUDERDALE, FLA. — SunTrust Banks has provided a $139 million Freddie Mac loan to refinance Icon Las Olas, a newly built high-rise apartment tower in downtown Fort Lauderdale. Built in 2018, the property is the tallest building in the city at 44 stories. Icon Las Olas features 272 residences and 21,415 square feet of retail space, including signature restaurant Etaru. Community amenities include a plaza, club room, fitness center, spa, morning news café, oval infinity pool, wine tasting …

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