PARSIPPANY, N.J. — Colliers has relocated its office in the Northern New Jersey community of Parsippany. The space spans 7,500 square feet and is located within Northpoint, a 225,000-square-foot development that is owned by Vision Real Estate Partners. The building underwent a multimillion-dollar renovation program in 2020. Colliers employs some 50 brokers and 25 dozen support team members across its four New Jersey offices.
MENOMONEE FALLS, WIS. — Kohl’s (NYSE: KSS) has announced plans to increase its investment in brick-and-mortar with the addition of 100 new, smaller-format locations over the next four years in previously untapped markets. This expansion follows the pilot of 20 stores featuring the company’s smaller-format design, which averages around 35,000 square feet versus the traditional 80,000-square-foot iteration. In June, the Menomonee Falls-based company will be opening a smaller-format shop in Bonney Lake, Wash., and in the fall, stores are set to open in San Angelo, Texas; Morgantown, W.Va.; Tacoma, Wash.; and Lenox, Mass. Alongside the addition of these new locations, Kohl’s will be modernizing its existing 1,165-store portfolio by transforming the flow of its interiors to include dedicated discovery zones with products from diverse- and female-owned companies. The company will also be expanding its partnership with beauty retailer Sephora through the addition of 850 of its Sephora at Kohl’s shop-in-shops by 2023. Sephora at Kohl’s shops, which typically occupy 2,500 square feet toward the front of the store, offer an expanded collection of the San Francisco-based retailer’s make-up, skin- and hair-care, and fragrance offerings. Kohl’s has also announced plans to roll-out omnichannel initiatives over the next year, including the ability …
LOS ANGELES — Cushman & Wakefield has acquired Cresa Partners of Los Angeles Inc., whose operations comprise three Los Angeles County offices located in West Los Angeles, Woodland Hills and Westlake Village. Representing tenants, the Cresa team provides commercial real estate services to clients in diverse industries, including entertainment, technology, interactive entertainment, professional services, biotech and transportation. The team comprises 40 professionals, made up of tenant representatives and project managers.
INDIANAPOLIS — In a letter sent May 10 to Indianapolis-based Duke Realty Corp. (NYSE: DRE), San Francisco-based Prologis Inc. (NYSE: PLD) offered to acquire the firm in an all-stock transaction valued at $61.68 per share, which equates to about $23.7 billion. Under the terms of the proposal, Duke Realty stockholders would receive 0.466 shares of Prologis common stock for each share of Duke Realty common stock they own. The $61.68 figure is based on Prologis’ closing price on May 9, and represents a premium of 29 percent to Duke Realty’s closing price on the same date. Hamid Moghadam, CEO and co-founder of Prologis, said he is confident that the proposed combination will be a win-win for both company’s shareholders. Prologis first sent a letter to Duke Realty on Nov. 29 regarding a potential transaction at an exchange ratio of 0.465, representing a 20 percent premium to Duke Realty’s stock price at the time. On May 3, Prologis increased the proposed exchange ratio, but Duke Realty rejected the proposal that same evening. As of March 31, logistics real estate firm Prologis owned or had investments in properties and development projects totaling roughly 1 billion square feet in 19 countries. The company’s …
ARLINGTON, VA. — Boeing (NYSE: BA) has chosen Arlington as the site for its new global headquarters due to the city’s proximity to Washington, D.C., and strong client and talent base in the region. The aerospace and defense giant is moving its headquarters from Chicago, where the firm plans to maintain a significant office presence. In addition to the corporate relocation, Boeing plans to develop a research and tech hub in Arlington to support and train Boeing employees in the areas of cyber security, autonomous operations, quantum sciences and software and systems engineering. Details about the campus and the construction timeline were not disclosed. Boeing’s stock price closed on Thursday, May 5 at $150.47 per share, down from $229.81 a year ago, a 34.5 percent decline.
NEW YORK CITY AND CHICAGO — Private real estate funds managed by Brookfield Asset Management (NYSE: BAM) have agreed to acquire Chicago-based hospitality REIT Watermark Lodging Trust for $3.8 billion. Watermark’s portfolio was constructed over the past decade and currently consists of 25 luxury hotels and resorts totaling 8,100 rooms across 14 states. The properties are primarily located in Sun Belt markets. Under the terms of the deal, Brookfield will acquire all outstanding shares of Watermark’s common stock for approximately $6.73 per share. The purchase price represents a premium of more than 7.5 percent from the most recently published net asset values per share as of Dec. 31, 2021. The deal is expected to close in the fourth quarter. “Hotels and resorts of this scale and quality are difficult to replicate,” says Lowell Baron, managing partner and chief investment officer in Brookfield’s real estate group. “This portfolio is well positioned given its concentration in the Sun Belt, as well as in coastal destinations and gateway cities with high barriers to entry.” Morgan Stanley & Co. LLC is serving as exclusive financial advisor to Watermark. Hodges Ward Elliott is providing estate advisory services to Watermark, and Clifford Chance US LLP and …
FRISCO, TEXAS — The Teachers Insurance and Annuity Association (TIAA) will open a corporate center in Frisco, a move that is expected to create about 2,000 new jobs and constitute a capital investment of approximately $58 million. The site will be located within The Star, the Dallas Cowboys’ 91-acre headquarters and training campus. Founded in 1918, TIAA provides insurance and financial services to employees in the academic, research, medical and governmental fields. The organization, which did not provide a timeline for the move, cited the workforce demographics of North Texas, as well as the amenities at The Star, as major factors behind its specific site selection.
LOS ANGELES — Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, has closed its Breakthrough Life Science Property Fund. The venture raised $3 billion in direct capital and co-investments, to scale a global portfolio of ecosystems for early-, mid- and late-stage life science companies. Founded in 2019, Breakthrough will use the newly raised funds to finance its ongoing developments, which are in various stages of design, construction and pre-development, as well as and fuel its acquisition of additional opportunities throughout the United States and Europe. The venture currently has 4.6 million square feet of projects in the pipeline across San Diego, Boston and Cambridge, Mass., Philadelphia, Amsterdam and Oxford and Cambridge, UK. In 2021, Breakthrough broke ground on its 515,000-square-foot Torrey View by Breakthrough development, a 10-acre research and development campus in San Diego. The biosciences arm of BD (Becton, Dickinson and Co.) signed a lease at the campus prior to completion.
ST. PETERSBURG, FLA. — JBM Institutional Multifamily Advisors, a multifamily brokerage firm based in St. Petersburg, has announced 19 listings either under contract, available or coming soon for a total price tag of $1.6 billion. The listings, which comprise 4,143 units, include the following: Southwest Florida • Pearl Founders Square, a 400-unit apartment community in Naples • BOLD Lofts, a 98-unit multifamily property built in 2019 in Sarasota • Vive, a 288-unit apartment community built in 2021 in Fort Myers • Charlotte Commons, a 264-unit apartment community built in 2022 in Port Charlotte • ShoreView, a 216-unit multifamily property built in 2021 in Bradenton • The Palms at Cape Coral, a 280-unit apartment community slated for completion by 2023 in Cape Coral • Alvista Golden Gate, a 200-unit apartment community built in 1988 in Naples • Bear Creek, a 120-unit affordable housing community built in 1995 in Naples • The Point at Bella Grove, a 180-unit apartment community built in 2017 in Sarasota • The Bergamot Apartments on 780, a 98-unit apartment community built in 2020 in Sarasota • Opus, a 63-unit apartment community built in 2000 in Naples • Ridgelake, a 329-unit apartment community built in 2020 in Sarasota …
SALT LAKE CITY — Salt Lake City-based RealSource Properties has announced the launch of its real estate investment trust (REIT) with 10 existing properties. The $390 million REIT targets multifamily properties nationwide. Assets in the REIT will be managed by the same value-add real estate strategy currently deployed at RealSource multifamily assets across the country. The 10 existing properties already owned by RealSource Properties REIT include 2,897 apartments in Ohio, Texas, North Carolina and Colorado.