Civic

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

by John Nelson June 19, 2018

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 portfolio by approximately 39 percent on a rentable-square-foot basis, while still maintaining the same high-quality standard of assets Easterly is known for.” The portfolio includes the following assets: • A 267,766-square-foot office building in Buffalo, N.Y., housing Department of Veterans Affairs (VA), Internal Revenue Service (IRS) and a regional office for the National Labor Relations Board • A 239,331-square-foot building next to Chicago O’Hare International Airport that houses the Federal Aviation Administration’s (FAA) Great Lakes Regional Office and the U.S. Department of Agriculture (USDA) • A 225,057-square-foot facility in Portland, Ore.’s Central City Plan District housing the USDA, U.S. Army Corp of Engineers (ACOE), Federal Bureau of Investigation (FBI) and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) • A 182,500-square-foot build-to-suit property in Parkersburg, …

June 19, 2018

California Civic Development Top Stories Western

Delta Unveils $1.86B Terminal Upgrade Project at LAX

by Taylor Williams June 4, 2018

LOS ANGELES — Delta Airlines, in a partnership with Los Angeles World Airports (LAWA), has unveiled plans for the $1.86 billion Sky Way project at Los Angeles International Airport (LAX). The undertaking calls for upgrades to two of the existing domestic terminals, as well as the Tom Bradley International Terminal, and delivery of infrastructure that connects the hubs. Construction of the project is scheduled to begin this fall. Upon completion, the terminals will offer a greater capacity for security screening with automated lanes, as well as more gate-area seating. Terminals 2 and 3 will feature 27-gate complexes with a secure connection to the international terminal. “LAX is one of the most important hubs in our network where we operate more than 170 daily flights and connect more passengers to our partner airlines than anywhere else in the U.S,” said Delta CEO Ed Bastian. “The Delta Sky Way at LAX project is a once-in-a-generation opportunity to invest in and transform the airport experience in partnership with LAWA and the City of Los Angeles.” Delta, which launched a new slate of retail and dining options for Terminal 3 in December 2017, will continue to adjust the shopping and restaurant options at the …

June 4, 2018

Civic Development Texas

McCarthy Completes Phase I Expansion of Houston’s Museum of Fine Arts

by Taylor Williams May 29, 2018

HOUSTON — McCarthy Cos. has completed Phase I of an expansion project for the Museum of Fine Arts in Houston. The project revamped the Glassell School of Art, essentially doubling its size to 40,000 square feet and enabling the school to now serve more than 7,000 students per year. The school links to two gallery buildings and a sculpture garden as part of the redevelopment of a 14-acre portion of the campus. McCarthy self-performed certain aspects of construction, including the casting of 177 unique concrete panels.

May 29, 2018

Civic Development Texas

Stages Repertory Theatre Breaks Ground on $30.5M Performing Arts Complex in Houston

by Taylor Williams May 18, 2018

HOUSTON — Stages Repertory Theatre, a production and promotions company for the performing arts industry, has broken ground on The Gordy, a $30.5 million theater complex in Houston. The property will feature three performance stages and total approximately 67,000 square feet, according to local magazine Houstonia. The complex will also offer rehearsal studios, production and design workshops, meeting and event space and a full administrative suite. The Gordy is expected to open during the 2019-2020 theater season.

May 18, 2018

Acquisitions Civic North Carolina South Carolina Southeast

Stan Johnson Co. Arranges $57M Sale of 21-Property Childcare Portfolio in Carolinas, Colorado

by Camren Skelton May 18, 2018

TULSA, OKLA. — Tulsa-based Stan Johnson Co. has arranged the $57 million sale of a Gateway Academy portfolio located throughout Colorado, North Carolina and South Carolina. The portfolio includes 21 single-tenant assets that are net-leased to the childcare organization. Six of the facilities are located in North Carolina, 10 in South Carolina and five in Colorado. Milo Spector, Chris Lomuto and Matt Lipson of Stan Johnson Co. arranged the transaction on behalf of the seller, which developed the properties and co-founded Gateway Academy. A Texas-based institutional investor acquired the portfolio.

May 18, 2018

Civic Development North Carolina Southeast

YMCA to Develop $41M Facility, School in Raleigh Using SunTrust-Backed Capital

by Camren Skelton April 23, 2018

RALEIGH, N.C. — YMCA of the Triangle has unveiled plans to develop a $41 million recreation center and school located at 1436 Rock Quarry Road in southeast Raleigh. The project is being funded with $21 million in New Markets Tax Credit (NMTC), and a loan from SunTrust Community Capital. CAHEC New Markets LLC, a subsidiary of Raleigh-based CAHEC, a nonprofit tax credit equity syndicator, provided YMCA of the Triangle with $15 million in NMTC allocations, and SunTrust provided the remaining $6 million. Tax Advantage Group provided NMTC advisory services to YMCA of the Triangle. The new facility will house a 42,960-square-foot recreation center with a wellness area, gymnasium and group exercise studio, as well as a 71,980-square-foot building that will be operated and leased to the Wake County Public School System. The new YMCA center will create 28 permanent jobs in the area, as well as 129 construction jobs during the development phase. The project is slated for completion in August 2019.

April 23, 2018

Neeley-School-of-Business-Texas-Christian-University

Civic Development Texas

TCU to Open Real Estate Center at New Business School in Fort Worth

by Taylor Williams April 2, 2018

FORT WORTH, TEXAS — The Neeley School of Business at Texas Christian University (TCU) in Fort Worth will open a real estate center, according to the school’s website. The center, which has received more than $2 million in funding, will provide educational resources, research and networking opportunities for the Dallas-Fort Worth (DFW) real estate industry. The Neeley School of Business is currently undergoing a $5.5 million expansion project that should deliver new facilities by January 2020, and the real estate center is expected to be housed within the expanded space.

April 2, 2018

Civic Development Texas

Cadence McShane to Build 527,000 SF High School Campus in Sherman

by Taylor Williams March 28, 2018

SHERMAN, TEXAS — Cadence McShane Construction Co. will build a new, 527,000-square-foot campus for Sherman High School in north Texas. Designed by VLK Architects, the campus will include three main academic buildings, a 2,000-seat stadium, an 800-seat auditorium, a competition gym and four practice gyms, competition baseball and softball fields and a 50,000-square-foot fieldhouse. The project is being financed through a $176 million bond package approved by City of Sherman voters in November 2017. According to the Sherman Herald Democrat, the campus will be complete in time for the 2020 school year.

March 28, 2018

Civic Development Georgia Property Type Southeast

JE Dunn to Build $46M Research, Teaching Facility at Georgia Southern University

by Camren Skelton March 28, 2018

STATESBORO, GA. — JE Dunn Construction will soon break ground on a $46 million teaching and research facility for the engineering programs at Georgia Southern University in Statesboro. The new Center for Engineering and Research (CEAR) will centralize the various departments and multiple disciplines of the Allen E. Paulson College of Engineering and Computing, whose operations currently take place in three buildings. The 130,000-square-foot CEAR building will span three stories and will offer advanced equipment and technology, classrooms, seminar and conference rooms, computer labs and administrative offices. JE Dunn is serving as the project’s construction manger, and Stevens & Wilkinson/SmithGroupJJR is the architect. The development team will break ground on the CEAR building in January 2019, with completion scheduled for the 2020 fall semester.

March 28, 2018

Civic Louisiana Southeast

Roy Anderson to Lead $17M Construction Project at WWII Museum in New Orleans

by Camren Skelton January 19, 2018

NEW ORLEANS — Roy Anderson Corp., a subsidiary of Tutor Perini Corp., has unveiled plans to construct the Hall of Democracy at the National WWII Museum’s campus in New Orleans. The $17 million pavilion will total 34,800 square feet and will be dedicated to the museum’s research, WWII content, expertise and outreach. The pavilion will house a special exhibits gallery; the Institute for the Study of War and Democracy, which is expected to be the hub of World War II knowledge and education for the museum and the general public; a WWII Media and Education Center with production studios and broadcast capabilities; and a library. Construction on the project is expected to commence later this month or in early February, with completion slated for the summer of 2019.

January 19, 2018

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