NEW YORK CITY — JPMorgan Chase (NYSE: JPM) plans to build a new 2.5 million-square-foot skyscraper that will replace its existing 50-story office building at 270 Park Ave. in Midtown Manhattan. The company plans to consolidate its global headquarters from various locations at the new tower, which some media outlets are reporting would rise 70 stories. “We are recommitting ourselves to New York City while also ensuring that we operate in a highly efficient and world-class environment for..
CHICAGO — Hyatt Hotels Corp. (NYSE: H) has agreed to sell a three-property hotel portfolio to Host Hotels & Resorts Inc. (NYSE: HST) for approximately $1 billion. The transaction includes the Andaz Maui at Wailea Resort in Wailea, Hawaii, the Grand Hyatt San Francisco and the Hyatt Regency Coconut Point Resort and Spa in Bonita Springs, Fla. Hyatt will continue to manage the three hotels under long-term management agreements. The transaction is expected to close at the end of..
Upon the introduction in 2015 of new banking regulations related to holding extra reserves for short-term or riskier commercial real estate loans, banks reined in lending. While the pullback affected property investors across the board, developers felt it most. Typical loan-to-cost ratios for construction financing dropped 20 percentage points to 55 percent, interest rates ballooned by some 150 basis points to around 350 basis points over 30-day LIBOR (London Interbank Offered Rate), and the..
BOISE, IDAHO — Boise-based grocery chain Albertsons Cos. has agreed to acquire Rite Aid Corp. (NYSE: RAD), one of the nation's largest drugstore chains, for an undisclosed sum. The integrated company will operate about 4,900 locations, 4,350 pharmacy counters, and 320 clinics across 38 states and Washington, D.C., serving 40 more than million customers per week. The majority of Albertsons’ pharmacies will be rebranded as Rite Aid. The company will continue to operate Rite Aid standalone..
NEW YORK CITY — Northwood Investors has acquired the 1180 Avenue of the Americas building in Midtown Manhattan from Chinese conglomerate HNA Group for $305 million. The 23-story, 386,921-square-foot office tower was built in 1963, and offers 13,679 square feet of ground-floor retail occupied by tenants including Chick-fil-A and T-Mobile. The fully occupied office component of the property is home to anchor tenant Scripps Networks, which occupies 126,000 square feet at the building. The..
Lancaster Pollard Survey: 87 Percent of Seniors Housing Professionals Rate Industry as Highly Competitive
COLUMBUS, OHIO — Increasing competition is becoming a larger and larger issue within seniors housing, as 87 percent of owners, operators developers and investors rate their local environment as either competitive or extremely competitive. That’s according to the 2018 Seniors Housing and Care Survey conducted by Lancaster Pollard. In December 2017, the Columbus-based real estate services firm sent an online survey to approximately 4,000 leaders at seniors housing and care..
PHOENIX — Western Wealth Capital (WWC) has acquired Carlyle @ South Mountain, a 552-unit multifamily community in Phoenix, for $90 million. Carlyle @ South Mountain consists of 360 apartment units and 192 townhomes that were built in 1996 and 1997, respectively. Western Wealth Capital will invest in capital improvements to the units, most of which have not been upgraded since their initial construction. Physical amenities at the pet-friendly property include a resort-style pool,..
SARASOTA, FLA. — Ashford Hospitality Prime Inc. (NYSE: AHP) has agreed to acquire the 266-room Ritz-Carlton Sarasota, located approximately 60 miles south of Tampa, for $171 million. The transaction equates to $643,000 per room. Ashford Prime is also acquiring a 22-acre plot of vacant land adjacent to the hotel for $9.7 million with plans for residential development adjacent to a golf course. The acquisitions are expected to close in early April. Built in 2001, Ritz-Carlton Sarasota..
DALLAS — Equinix Inc. (NASDAQ: EQIX), a data center owner and operator based in Redwood City, Calif., has agreed to purchase Infomart Dallas from ASB Real Estate Investments for $800 million. The 1.6 million-square-foot Infomart Dallas is a highly visible data center facility located at 1950 N. Stemmons Freeway near the intersection of Interstate 35 and Dallas North Tollway. Equinix is the facility’s largest tenant, representing approximately 40 percent of lease revenues. The..
LAS VEGAS — BKM Capital Partners has purchased Hughes Airport Center, a 13-building, multi-tenant industrial complex in Las Vegas, for $92 million. The properties are situated in the industrial pocket between McCarran International Airport and interstates 15 and 215. Hughes Airport Center contains 3.3 million square feet of Class A industrial space and Class B office space. The 420-acre, master-planned business park has access to nearby retail and entertainment amenities like Town Square..