REBusinessOnline

Cushman & Wakefield Files for IPO

CHICAGO — Cushman & Wakefield has filed registration with the SEC for an initial public offering (IPO). The number of shares to be offered and the price range for the proposed offering have yet to be determined. Chicago-based Cushman & Wakefield is among the largest real estate services firms in the world with 48,000 employees in approximately 400 offices and 70 countries. The 101-year-old firm, which reported revenues of $6.9 billion last year, manages approximately 3.5 billion …

Rent-A-Center Stock Rebounds Following News of Buyout

PLANO, TEXAS — After announcing on Monday, June 18, it had entered into an agreement to be acquired by Vintage Capital Management, Rent-A-Center Inc. (NASDAQ/NGS: RCII) has seen its stock price increase steadily throughout the week. The company’s stock price opened at $14.78 per share on Thursday, June 21. This figure represents a nearly 23 percent increase in the span of just one week, but remains a far cry from the peak price of $40 per share in summer 2013. Vintage Capital agreed …

CBRE Brokers $170.6M Sale of Hilton Fort Lauderdale Marina

FORT LAUDERDALE, FLA. — CBRE Hotels has brokered the sale of the Hilton Fort Lauderdale Marina, a 589-room hotel located at 1881 17th St. in Fort Lauderdale. Situated along the Intracoastal Waterway, the nine-acre property is third-largest hotel in Broward County. The Blackstone Group sold the asset to Thayer Lodging Group, a subsidiary of Brookfield Asset Management, for $170.6 million, according to reports by the South Florida Business Journal. The hotel was built in 1980 and 1981, …

Easterly Government Properties Agrees to Buy 1.5 MSF Government-Leased Office Portfolio for $430M

WASHINGTON, D.C. — Easterly Government Properties (NYSE: DEA) has agreed to purchase a 14-property office portfolio across the United States for $430 million. The nearly 1.5 million-square-foot portfolio is 94 percent leased by the U.S. government and 99 percent leased overall. The seller was undisclosed. “We believe the acquisition of this portfolio is a wonderful opportunity for the company,” says William C. Trimble III, CEO of Easterly. “This acquisition is expected to grow our …

Joint Venture Acquires 38 Acres in South Florida for $200M Mixed-Use Project

BOCA RATON, FLA. — Giles Capital Group, Rosemurgy Properties, Schmier Property Group and Wheelock Street Capital have acquired 38 acres at the intersection of Glades Road and 95th Avenue South in Boca Raton for a $200 million mixed-use project. Dubbed Uptown Boca Raton, the 1.1 million-square-foot, pedestrian-friendly project will feature 150,591 square feet of retail space and 456 apartment units. Lucky’s Market and Silverspot Cinema will anchor the development, which will also house …

Chicago Selects Elon Musk’s Boring Co. to Build, Operate Express Transit Line from Downtown to O’Hare Airport

CHICAGO — City of Chicago Mayor Rahm Emanuel has selected The Boring Company to build and operate a high-speed transit service between downtown Chicago and O’Hare International Airport. Founded by entrepreneur and Tesla CEO Elon Musk, Boring plans to transport passengers between O’Hare and Block 37 in the Loop in approximately 12 minutes each way by utilizing electric vehicles that run through new twin underground tunnels. The project will be funded entirely by the company with no …

Turnberry, Simon Refinance Aventura Mall in South Florida With $1.75B Loan

AVENTURA, FLA. — Aventura Mall Venture, a partnership between Turnberry Associates and Simon Property Group (NYSE: SPG), has received $1.75 billion in financing for Aventura Mall in Aventura, a city in South Florida’s Miami-Dade County. JPMorgan Chase Bank, Wells Fargo Bank, Deutsche Bank and Morgan Stanley Bank provided the financing. According to multiple news outlets, the loan will be used to pay off a $1.2 billion CMBS loan that Turnberry and Simon secured in 2013, and a $214 million …

Broadreach Secures $150M Financing for Google Build-to-Suit Office Building in Mountain View, California

MOUNTAIN VIEW, CALIF. — Broadreach Capital Partners has secured $150 million in financing for 1625 Plymouth, a 245,738-square-foot, build-to-suit office development in the North Bayshore submarket of Mountain View. The property is 100 percent pre-leased to Google Inc. The closing of the loan coincided with the completion of construction of the shell of the building and delivery to Google for a tenant improvement build-out. The highly amenitized, LEED Platinum certified building will …

Pebblebrook Hotel Trust Revises Offer to Acquire LaSalle Hotel Properties, New Deal Valued at $4.17B

BETHESDA, MD. — For the fourth time since March, Pebblebrook Hotel Trust (NYSE: PEB) has revised its merger proposal with LaSalle Hotel Properties (NYSE: LHO). Both hospitality REITs are based in Bethesda. Pebblebrook’s offer is contingent on LaSalle breaking off its current merger agreement with Blackstone Group. Pebblebrook submitted its offer to LaSalle’s board of trustees a few weeks after Blackstone and LaSalle came to terms on their merger. Blackstone’s deal was for $4.8 …

PS Business Parks Acquires 1.1 MSF Industrial Portfolio in Northern Virginia for $143.3M

SPRINGFIELD, VA. — PS Business Parks Inc. (NYSE: PSB), a California-based office and industrial REIT, has acquired a portfolio of industrial properties totaling roughly 1.1 million square feet in northern Virginia. The purchase price was $143.3 million. The portfolio consists of the 19 buildings located within the 813,725-square-foot Northern Virginia Industrial Park and the 241,000-square-foot Fullerton Industrial Park. Both of these developments, which span a combined 65 acres, are …