Thursday, April 25, 2024
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DevelopmentFloridaMultifamilySoutheastTop Stories

The Estate Cos. Completes 23-Story Soleste NoMi Beach Luxury Apartment Tower in North Miami Beach

by Kristin Harlow

NORTH MIAMI BEACH, FLA. — The Estate Cos. (EIG) has completed Soleste NoMi Beach, a 23-story luxury apartment tower located on Biscayne Bay in North Miami Beach. The 685,957-square-foot project consists of 367 units as well as 4,460 square feet of indoor and outdoor commercial space that will house Uma Cantina Peruana, a Peruvian fine dining restaurant. Residents have access to a ninth-floor, resort-style pool with a sundeck and cabanas as well as a waterfront promenade and putting green. Additional amenities include a 24-hour health club with a motion studio offering on-demand fitness classes, as well as the Zen Suite, which features a sauna, steam room, rain shower and massage therapy room. A tech lounge is equipped with coworking stations and conference spaces. Residents also have access to a social club, gaming lounge, sky lounge with grills, pet spa, toddler playroom, cinema room and podcast studio. Units come in one-, two- and three-bedroom layouts and range in size from approximately 700 to 1,230 square feet. There are also loft-style townhomes. Monthly rents start at $2,710. The 1.8-acre waterfront property is near beaches, the 1,043-acre Oleta River State Park, Aventura Mall and Bal Harbour Shops. EIG is also developing Soleste NoMi …

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ArizonaDevelopmentIndustrialTop StoriesWestern

Taiwanese Semiconductor Manufacturer to Build Third Factory at Phoenix Plant Using $6.6B from CHIPS Act

by John Nelson

PHOENIX — Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) has announced plans to build a third semiconductor plant on its TSMC Arizona campus in North Phoenix. In connection with the announcement, the U.S. Department of Commerce has entered into a preliminary memorandum of terms (PMT) with the Taiwanese company to provide $6.6 billion in direct funding through the CHIPS and Science Act. The PMT also allows for the federal government to provide TSMC with up to $5 billion in loans. The company plans to apply for U.S. Treasury Department Investment Tax Credits of up to 25 percent of the qualified capital expenditure at TSMC Arizona. Additionally, $50 million of the CHIPS funding at TSMC Arizona will be used in the training and development of the local workforce, according to a statement issued by President Joe Biden. The third factory will increase TSMC’s investment at the Arizona manufacturing site to more than $65 billion. TSMC is making the site the largest foreign direct investment in Arizona history and the largest foreign direct investments in a greenfield project in U.S. history. The company estimates that the three facilities will employ roughly 6,000 direct high-tech jobs, 20,000 construction jobs and tens of thousands of …

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Palazzo-West-Los-Angeles
AcquisitionsColoradoCompany NewsMultifamilyNew YorkNortheastTop StoriesWestern

Blackstone Agrees to Acquire Apartment REIT AIR Communities for $10B, Take Company Private

by Taylor Williams

NEW YORK CITY AND DENVER — Private equity behemoth Blackstone (NYSE: BX) has agreed to acquire AIR Communities (NYSE: AIRC) for $10 billion in an all-cash deal that would take the Denver-based multifamily REIT private. The deal is expected to close during the third quarter. AIR Communities, which is formally named Apartment Income REIT Corp., owns 76 multifamily properties totaling roughly 27,000 units across 10 states and Washington D.C. The properties are primarily concentrated in coastal markets such as Los Angeles, Miami and Boston. Under the terms of the deal, Blackstone will also assume all of AIR Communities’ outstanding debt. Blackstone also plans to invest more than $400 million to maintain and improve the existing communities in the portfolio. The purchase price of $39.12 per share represents a premium of 25 percent to AIR Communities’ closing share price on April 5, 2024, the last full day of trading prior to the announcement. The price also represents a 25 percent premium to AIR Communities’ weighted average share price over the previous 30 days. “AIR Communities represents the highest quality, large-scale apartment portfolio we have ever acquired and is located in markets where multifamily fundamentals are strong,” says Nadeem Meghji, global co-head …

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4000 Union Pacific Ave, Commerce, CA
ArizonaCaliforniaCompany NewsNevadaRetailTexasTop StoriesWestern

Deep-Discount Retailer 99 Cents Only to Close All 371 Store Locations

by Jeff Shaw

COMMERCE, CALIF. — 99 Cents Only Stores LLC has announced plans to close all 371 of its stores and wind down business operations. The company has entered into an agreement with Hilco Global to liquidate all merchandise and dispose of fixtures, furnishings and equipment at the stores. Sales under this agreement are expected to begin today. 99 Cents Only was founded in 1982 as a deep-discount retailer where every item cost less than a dollar. The company is headquartered in the southeast Los Angeles suburb of Commerce, and currently operates stores in California, Texas, Arizona and Nevada. The company consulted its financial and legal advisors to find a way to continue operating, but ultimately decided the wind-down was necessary and the best way to maximize the value of its assets. Hilco Real Estate will manage the sale of the company’s owned and leased real estate assets. The company has appointed Chris Wells, managing director at Alvarez & Marsal, as chief restructuring officer. Additionally, Mike Simoncic, interim CEO of 99 Cents Only and managing director at Alvarez & Marsal, will step down. “This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” said Simoncic. “Unfortunately, the …

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Brooklyn Crossing
Affordable HousingLoansMultifamilyNew YorkNortheastTop Stories

M&T Realty Capital Provides $414.8M Refinancing for Brooklyn Crossing Apartment Tower in New York City 

by Jeff Shaw

NEW YORK CITY — M&T Realty Capital Corp., a wholly owned subsidiary of Buffalo, N.Y.-based M&T Bank (NYSE: MTB), has provided a $414.8 million Freddie Mac conventional loan to refinance Brooklyn Crossing, a 51-story, 858-unit apartment tower in Brooklyn. The borrower is The Brodsky Organization, an owner and developer of luxury apartments, condos and retail properties in New York City. While the majority of the apartments at Brooklyn Crossing are luxury units, 258 are affordable. Located in the posh Prospect Heights neighborhood, the building is immediately adjacent to Barclays Center, home of the NBA’s Brooklyn Nets and WNBA’s New York Liberty.  The property offers studio, one-, two- and three-bedroom apartments. Amenities include a screening room, large fitness center, rooftop terrace and lounge, and outdoor pool. According to the property website, studio apartments rent for approximately $3,500 a month and three-bedroom units rent for approximately $9,000 monthly. Robert Barry, senior vice president in M&T Realty Capital’s New York City office, led the refinancing. Andrea Wagonseller of M&T Bank led the initial construction loan, which this transaction refinanced.  “With its unparalleled amenities and convenient access to multiple subway lines, Brooklyn Crossing has transformed the Prospect Heights neighborhood,” says Michael Edelman, CEO of …

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AcquisitionsCaliforniaIndustrialTop StoriesWestern

JLL Arranges $197M Sale of Commerce Way Distribution Center in Fontana, California

by Kristin Harlow

FONTANA, CALIF. — JLL Capital Markets has arranged the $197 million sale of Commerce Way Distribution Center in Fontana, which is located about 50 miles east of Los Angeles in the Inland Empire. EQT Exeter was the buyer. Built in 2000, Commerce Way Distribution Center totals 819,004 square feet. Located on Santa Ana Avenue, the property features a cross-dock configuration and a clear height of 30 feet. JLL says the facility benefits from its location in the Inland Empire, the largest industrial market nationwide with immediate access to critical supply chain infrastructure and Southern California’s population of more than 25 million people. As of the fourth quarter of 2023, the vacancy rate for the Inland Empire industrial market was 5.9 percent, a 90-basis-point increase quarter-over-quarter due to a high volume of new industrial space delivered by developers, according to JLL. The market experienced positive net absorption despite the 10.5 million square feet of new space delivered in the quarter. Patrick Nally, Mark Detmer, Evan Moran and Makenna Peter of JLL represented the seller, Manulife Investment Management on behalf of clients, and procured the buyer. JLL’s debt advisory team on the deal included Kevin Mackenzie, Brian Torp and Samuel Godfrey. Mike …

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DevelopmentLife SciencesMassachusettsNortheastTop Stories

Basis Investment Buys Minority Stake in Related Beal’s $416M Life Sciences Development in Boston

by John Nelson

BOSTON — Basis Investment Group, a New York City-based commercial real estate debt and equity investment platform, has purchased an equity stake in Phase III of Innovation Square, a $416 million life sciences development in Boston’s Seaport District. The company purchased a minority stake of an undisclosed value from the developer, Related Beal, the Boston office of Related Cos. Located on a 1.8-acre site at 22 Drydock St., Phase III of Innovation Square will comprise a seven-story life sciences building totaling 340,000 square feet. Related Beal is leasing the site from the City of Boston for a 99-year term. The property’s life sciences space is fully preleased to Vertex Pharmaceuticals, a biopharmaceutical company based in Boston. The company also fully occupies Phase II of Innovation Square, a four-story life sciences building located at 6 Tide St. in Boston. In addition to laboratories and offices for Vertex, 22 Drydock will include dedicated lab space for Gloucester Marine Genomics Institute, a nonprofit that provides hands-on training for careers in labs to veterans and neighborhood high school students. Related Beal says the project is the first LEED Platinum and zero-net-carbon life sciences building in Boston. A net zero carbon building is a highly efficient …

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Mason-at-Van-Dorn-Alexandria
AcquisitionsLoansMultifamilySoutheastTop StoriesVirginia

Berkadia Provides $157M Acquisition Loan for Mason at Van Dorn Apartments in Alexandria, Virginia

by Taylor Williams

ALEXANDRIA, VA. — Berkadia has provided a $157 million Fannie Mae acquisition loan for Mason at Van Dorn, a 1,180-unit apartment community in Alexandria, located just south of Washington, D.C. The sales price was not disclosed, but the Washington Business Journal reports that the amount exceeded $200 million. The borrower and purchaser was a partnership between South Florida-based Shoreham Capital and Bridge Investment Group. The seller was Los Angeles-based investment firm CIM Group, which acquired the property in late 2017 and implemented various capital improvements during the course of its ownership. Mason at Van Dorn consists of 14 four- and five-story buildings on 30 acres at 140 S. Van Dorn St. The site is adjacent to WestEnd Alexandria, a 4 million-square-foot mixed-use destination that is a redevelopment of the former Landmark Mall. The 52-acre development will also be the future home of the Inova Alexandria Hospital Campus, which will employ more than 2,000 people. Originally built in 1972, Mason at Van Dorn offers studio, one- and two-bedroom apartments with an average size of 761 square feet. Amenities include two pools, a fitness center, tennis courts, courtyards, a business center, outdoor grilling and dining stations, game room, movie theater and a …

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AcquisitionsCaliforniaIndustrialTop StoriesWestern

Rexford Acquires 48-Property Southern California Industrial Portfolio from Blackstone for $1B

by Jeff Shaw

LOS ANGELES — Blackstone Real Estate has sold a portfolio of industrial properties in Southern California to Rexford Industrial Realty Inc. (NYSE: REXR) for a total of $1 billion. The portfolio comprises 48 properties and approximately 3 million square feet, for a sales price of $332 per square foot. At the time of the sale, the portfolio was 98 percent leased. Almost all of the properties are located within infill submarkets in Los Angeles and Orange counties. A list of the properties was not released. Rexford Industrial, headquartered in Los Angeles, financed the transaction using proceeds from its recent exchangeable senior note offerings and cash on hand. According to Michael Frankel and Howard Schwimmer, co-CEOs of Rexford Industrial, the REIT’s current acquisition pipeline also includes $300 million of investments under contract or accepted offer. “Infill Southern California is the nation’s highest-barrier and lowest supply industrial market,” said Frankel and Schwimmer via a press release. “These strategic investments in exceptionally well-located, high-quality assets represent a significant opportunity to drive accretive cash flow growth, increased operating margins and long-term value creation.” Rexford is already a major industrial investor, with its entire 422-property, 49.1 million-square-foot portfolio located in Southern California. The company’s stock price closed at $50.30 per share …

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Academy-Sports
Company NewsDevelopmentRetailTexasTop Stories

Academy Sports + Outdoors Plans to Expand by 160 to 180 Stores Over Next Five Years

by Katie Sloan

KATY, TEXAS — Sporting goods retailer Academy Sports + Outdoors has announced plans to open 160 to 180 new stores over the next five years.  Half of the new stores are expected to open in markets where the retailer has an existing footprint. The remaining 80 to 90 stores are planned for new and adjacent markets, with a focus on expanding to smaller and mid-sized markets. The company sees these locations as offering higher opportunities for profit despite lower sales volumes. These openings will increase the Katy-based retailer’s footprint from 282 stores across 18 states to between 442 and 462 nationally. The company will begin this effort by opening 15 to 17 new locations in 2024. The first of these stores recently opened in Knightdale, N.C. Another location is set to open on April 12 in Greenwood, Ind.  The company, which sees 95 percent of its sales fulfilled in brick-and-mortar locations, concurrently announced plans to enhance its omnichannel shopping experience by improving its mobile application and search capabilities, increasing the speed of online check-out, and offering more payment options.  Academy Sports + Outdoors was founded in 1938 and offers a full range of outdoor and sports apparel and footwear; hunting, …

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