NASHVILLE, TENN. — LifeWay, a Christian bookseller based in Nashville, announced its plan to close all 170 of its physical bookstores. The bulk of the company’s stores are in the Southeastern United States, with a large concentration of locations in Texas and Ohio. A full list can be found here.
LifeWay expects to close all of its physical locations by the end of the year, and the timing of store closings will vary depending on local circumstances. In January, the company announced it …
It’s a highly competitive environment when it comes to healthcare real estate out West, so say InterFace Conference Group’s Healthcare Real Estate West panelists. One of the central themes of the day-long conference, which was held March 6 at the Omni Los Angeles and attracted 219 attendees, was the pent-up property demand from investors. However, most panelists agree the opportunities are somewhat limited due to a lack of new product and the long-term holding pattern many healthcare …
NEW YORK CITY — The Moinian Group has closed on a $595 million CMBS loan from J.P. Morgan and Deutsche Bank to refinance 3 Columbus Circle, a 26-story office tower in Manhattan that also houses the real estate investment firm’s headquarters.
Formerly known as the Newsweek Building and originally built as the headquarters of General Motors Corp., 3 Columbus Circle is situated along Broadway and occupies a full city block just south of the Merchant's Gate entrance to Central Park.
LOS ANGELES — Bells and whistles may be a distracting way to get a prospective seniors housing resident’s attention, but Margaret Wylde, CEO of ProMatura Group, believes they can take away from the core purpose of providing a safe, welcoming environment for seniors.
“We spend so much money in this industry on amenities that people will never use,” she said. “People want a place they can call home. A place they can live in. A place where they don’t have to hide their things. …
WASHINGTON, D.C. — Los Angeles-based Saban Real Estate has purchased One Independence Square, a 334,000-square-foot office building located at 250 E. St. in Washington, D.C.’s Southwest submarket.
Piedmont Office Realty
Trust (NYSE: PDM) sold the nine-story office asset to Saban for approximately
Built in 1991 near the
National Mall and the Smithsonian, One Independence was 94 percent leased at
the time of sale to multiple government tenants. The property’s …
MEMPHIS, TENN. — A joint venture
between Somera Road Inc. and Orgel Family LP has announced plans for The
Clipper, a mixed-use development located at 0 Ponotoc Ave., adjacent
to FedEx Logistics’ planned global headquarters. The
Clipper will feature a 250,000-square-foot, eight-story office building, 50,000
square feet of ground-level retail space and a 250-room hotel that will be
built in partnership with Nashville-based Senate Hospitality. The hotel will
feature a rooftop deck and …
FALLS CHURCH, VA. — Mill Creek Residential has broken ground on Modera Founders Row, the multifamily component of Founders Row, a mixed-use project that will feature 394 apartment units and 90,000 square feet of retail space in Falls Church. The development team for Founders Row includes CrossHarbor Capital Partners, Lighthouse Real Estate Investments LLC and PNC Financial Services. Chris Wilkinson of JBG Smith is handling retail leasing for Founders Row.
Studio Movie Grill and City …
ORLANDO, FLA. — Meridian Capital
Group has arranged $41.8 million in construction financing to AD1 Global for a
two-hotel, 284-room project in Orlando. The two hotels are Aloft Hotel and
Element Hotel. Located at 5730 Central Florida Parkway on the corner of
International Drive, Aloft Hotel will have 140 rooms, while Element Hotel will
have 144 rooms. A balance sheet lender provided the 36-month loan that features
a LIBOR-based floating interest rate, two one-year extension options and …
NORCROSS, GA. — Alliance
Residential has acquired the former WestRock office campus in the northeastern
Atlanta suburb of Norcross. The vacant site has eight office buildings, of
which two will be preserved and transformed into 90 residential units and
coworking space in Alliance Residential’s planned Broadstone Norcross apartment
community. Alliance Residential will construct two four-story buildings that
will house 200 rental units. The project will also include a half-acre park.
COLLIERVILLE, TENN. — Sealy
& Co. has acquired a 124,800-square-foot distribution center in
Collierville. The asset, located at 500 Distribution Parkway, is situated on
seven acres about 30 miles east of downtown Memphis. The property features a
rear-load configuration and 22 dock doors. Jason Gandy and Scott Sealy Jr. of Dallas-based
Sealy worked with Hank Martin of NAI Saig Co. in arranging the sale. The sales
price and seller were not …