DRIPPING SPRINGS, TEXAS — Avison Young has brokered the sale of a 32-acre mixed-use development site in Dripping Springs, located about 25 miles west of Austin. John Baird, Michael Kennedy and Sullivan Johnson of Avison Young represented the seller, a locally based entity doing business as RRWS Inc., in the transaction. The buyer, Juliet Five LLC, plans to develop a project at the site comprising retail, commercial and multifamily uses. Specific details of the project are still being determined.
CARROLLTON, TEXAS — Proterra Properties has completed the lease-up of Point 35/190, a 178,000-square-foot office and warehouse building located in the northern Dallas suburb of Carrollton, with the execution of two leases of undisclosed sizes. The tenants are SOPREMA USA, a manufacturer and engineering firm that supports the construction industry, and Compass Group USA, a Charlotte-based foodservices provider. Boston-based Longpoint Realty Partners developed the project, with Proterra Partners serving as the leasing agent. Jerry Reis and Harrison Shipp of Property Advisers Realty represented SOPREMA USA, and David Eseke and Adam Curran of Cushman & Wakefield represented Compass Group USA.
MISSOURI CITY, TEXAS — NorthMarq has arranged an undisclosed amount of acquisition financing for a 64,132-square-foot office building located in the southwestern Houston suburb of Missouri City. Matt Franke of NorthMarq arranged the nonrecourse loan, which carried a 10-year term and a 25-year amortization schedule, through Innovative Capital Advisors on behalf of the undisclosed borrower. The building was 91 percent leased at the time of the loan closing, with Wells Fargo serving as the anchor tenant.
MASSACHUSETTS — Macquarie Infrastructure Partners V, a subsidiary of global financial services firm Macquarie Asset Management, has entered into an agreement to acquire a 50 percent stake in a portfolio of eight general acute care hospitals located in various parts of Massachusetts. Birmingham, Ala.-based Medical Properties Trust Inc. (NYSE: MPW) owns the portfolio, which is valued at $1.78 billion. Dallas-based Steward Health Care currently operates the properties and recently extended its leases through 2041. Medical Properties Trust will use proceeds to repay debt and fund its previously announced $950 million Springstone inpatient behavioral health facility transactions, which are expected to close in the second half of the year.
TACOMA, WASH. — Davis Property & Investment has purchased the former Tacoma News Tribune headquarters building, situated on 13 acres at 1950 State St. in central Tacoma, for $15.5 million. The name of the seller was not released. The 248,000-square-foot building was constructed and occupied by the newspaper in 1974. The property consists of 60 percent quasi-specialized industrial space and 40 percent office space with a grand lobby featuring a Chihuly sculpture and on-site conference, cafeteria and fitness facilities. The newspaper vacated the building in 2019 when the owner McClatchy Co. decided to outsource printing of the newspaper and move the offices to downtown Tacoma. Davis Property & Investment plans to redevelop the property and construct a 248,000-square-foot warehouse and distribution building to be named Tacoma Central Logistics. With groundbreaking slated for this month, the property is scheduled for delivery in second-quarter 2022. Tacoma Central Logistics will feature 36-foot clear heights, double-loaded dock-high access, 130- to 150-foot truck courts, multiple access points and secured trailer parking/outside storage. The project team includes Ronhovde Architects as architect, AHBL and Barghausen Engineering as engineer and Poe Construction. Neil Walter Co. will handle leasing of the project.
MILPITAS, CALIF. — Bridge Industrial has completed Bridge Point Silicon Valley, a state-of-the-art industrial facility located at 205. N. McCarthy Blvd. in Milpitas. Bridge purchased the 34.5-acre site in 2019 and secured a long-term lease agreement with a major e-commerce company prior to groundbreaking, which occurred in spring 2020. The construction process was designed based on the lease agreement, which began in July 2021. The tenant will use the entire 34.5-acre site, which includes a 388,240-square-foot warehouse facility and surface parking, to help distribute goods throughout San Jose, Silicon Valley and the Greater Bay Area. To accommodate the tenant’s needs, Bridge completed a complex entitlement process that included the completion of an Environmental Impact Report Addendum through the City of Milpitas, which allowed for the approval of multiple variances to accommodate the tenant’s unique plans at the site.
CHICAGO AND HOLMDEL, N.J. — Based on a preliminary count of the votes cast at its special meeting of stockholders, Monmouth Real Estate Investment Corp. (NYSE: MNR) did not obtain the necessary stockholder votes to approve the previously announced merger with Sam Zell’s Equity Commonwealth (NYSE: EQC). Holmdel-based Monmouth says it remains open to all available options to maximize long-term stockholder value and realize the full potential of its industrial portfolio. Final results of the meeting will be filed with the Securities and Exchange Commission once they have been certified, which Monmouth expects to occur within the next few days. “While we recognize that stockholders have a wide range of views and differing time horizons and tax considerations, we are disappointed in the outcome of today’s vote,” said Michael Landy, president and CEO of Monmouth. “We continue to believe in the merits of a transaction that offers Monmouth stockholders the opportunity to continue to participate in the growth of the industrial real estate sector.” As a result of Monmouth’s announcement, Equity Commonwealth has terminated the merger agreement and has requested reimbursement of fees and expenses pursuant to its terms. Founded in 1968, Monmouth is one of the oldest public equity …
DEERFIELD, ILL. — Walgreens plans to increase the starting hourly wage for employees to $15 per hour. The wage increase will take effect in phases beginning in October of this year and is expected to be fully implemented by November 2022. The Deerfield-based company operates roughly 9,000 locations. The current starting wage at Walgreens is $10 per hour, but about half of its 190,000 hourly workers already earn at least $15 per hour, according to CNBC. Since the beginning of the pandemic, Walgreens has made additional investments in support of its employees such as bonus payments and a significant hiring initiative, through which the company added 25,000 full-time and part-time pharmacy team members. Walgreens has also accelerated implementation of remote and digitalized pharmacy resources. Total investment to support the starting wage increase is anticipated to be roughly $450 million over the next three years, with one-third of the amount invested in fiscal-year 2022. The company anticipates that it will partially absorb the investment through the normal course of business. The stock price for Walgreens Boots Alliance Inc. (NASDAQ: WBA) closed at $50.74 per share on Tuesday, Aug. 31, up from $36.76 per share one year ago.
JERSEY CITY, N.J. — A partnership between New Jersey-based developer The Hampshire Cos., Claremont Development and Circle Squared Alternative Investments has completed RIVET 26, a 199-unit apartment project in Jersey City. The transit-served property features studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, tile backsplashes and individual washers and dryers. In 2019, the partnership completed a 163-unit sister community across the street that is known as RIVET. Residents of both communities also have access to 75,000 square feet of shared amenity space that includes a 15,000-square-foot courtyard with a sundeck, gaming areas, grilling stations, an indoor lounge, pet spa and a fitness center with a yoga studio. The first move-ins at RIVET 26, which was designed by Netta Architects, began in June, and occupancy is now at roughly 50 percent. Monthly rents start around $1,500 for a studio unit.
SEATTLE — Colliers has arranged the sale of Terri Ann Apartments, a multifamily building located at 1331 Terry Ave. in Seattle’s First Hill neighborhood. Seattle-based Cadence Real Estate acquired the property from a local investor for $6.3 million. Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper of Colliers represented the seller and sourced the buyer in the deal. Originally built in 1967, Terri Ann Apartments features 25 residential units.