MALVERN, PA. — Bridge Office, a subsidiary of Bridge Investment Group, has acquired Lindenwood Corporate Center, a 280,034-square-foot office campus in Malvern, a northwestern suburb of Philadelphia. The property was built in 1985 and houses tenants such as PQ Corp., Siemens Corp. and Cisco Systems. The new ownership plans to invest about $8 million in capital improvements.
WOODLAND PARK, N.J. — A partnership between two New Jersey-based firms, The STRO Cos. and KRE, has broken ground on 46/80 Logistics Center, a 205,350-square-foot industrial project in the Northern New Jersey community of Woodland Park. The Class A property will be located on a 15.5-acre site at 1150 McBride Ave. Completion is slated for the first quarter of 2022. City National Bank provided construction financing.
NEW YORK CITY — Private equity firm KPG Funds has entered into a 99-year ground lease with The Salvation Army to develop Le Gallerie, a 57,000-square-foot office building at 132 W. 14th St. in Manhattan’s Greenwich Village. Construction is underway and scheduled for a January 2022 completion. James Nelson, Charles Kingsley, Erik Edeen and Alexandra Marolda of Avison Young, along with Andreas Metzger from The Corcoran Group, represented The Salvation Army in the lease negotiations.
WELLESLEY, MASS. — The Vascular Care Group has signed a 9,843-square-foot healthcare lease at 981 Worcester St. in Wellesley, a western suburb of Boston. The two-story building spans 28,120 square feet. Dan Krysiak and Michael Greeley of Newmark represented the landlord, CEA Wellesley Trust, in the lease negotiations. Michael Milano of Spinnaker Healthcare Advisors represented the tenant.
NEW YORK CITY AND LAS VEGAS — VICI Properties Inc. (NYSE: VICI), MGM Growth Properties LLC (NYSE: MGP) and MGM Resorts International (NYSE: MGM) have entered into a definitive agreement under which VICI will acquire MGP for a total consideration of $17.2 billion, including the assumption of approximately $5.7 billion of debt. MGM Resorts is the controlling shareholder of MGP. Upon completion of the merger, VICI will have an estimated enterprise value of $45 billion representing 43 properties in 15 states. The deal will add 15 Class A entertainment resort properties across the country to VICI’s portfolio, comprising 33,000 hotel rooms; 3.6 million square feet of meeting and convention space; and hundreds of food, beverage and entertainment venues. The deal represents an estimated 30 to 40 percent discount to replacement cost. The move will solidify VICI as the largest experiential net-lease REIT, while also advancing its goals of portfolio enhancement and diversification, according to the company. Following the transaction, approximately 55 percent of VICI’s rent base will be generated by market-leading regional properties, while the remaining 45 percent will come from properties on the Las Vegas Strip. Simultaneous with the closing of the transaction, VICI will enter into an amended …
By Bob Caudill, Executive Vice President, Colliers International From public and private funding increases to the demand created by the COVID-19 pandemic and the vaccine rollout combatting it, the life sciences sector is continuing to see a significant increase in interest from both developers and investors across the country. Rapid growth in advanced therapy medicinal products (ATMP) science, which includes gene therapy, is also driving demand for lab and manufacturing space from both early and mid-stage biotech companies. All-important leasing data points, such as vacancy and net absorption, further compare favorably to the challenged office market, suggesting even more positive days are ahead for this sector. Orange County boasts world-class life sciences innovations and is continuing to grow its educational, employment and investment footprint. Given the amount of medical device and diagnostic equipment companies in Orange County that occupy office, research and development and industrial properties, life sciences has now become the largest industry in the market. In fact, Biocom’s 2020 California Economic Impact Report has Orange County generating $37.2 billion in economic activity and supporting more than 150,000 jobs. Orange County’s growth is attributed to several factors, such as UC Irvine’s $1 billion expansion of its Medical and Health Sciences Complex. UC …
AUSTIN, TEXAS — UrbanSpace Real Estate + Interiors, a development, design and project management firm, will build The Modern Austin Residences, a multifamily project in downtown Austin that will add 345 for-sale condos to the local supply. The 55-story tower will be located at 610 Davis St. in the Rainey Street District and will include two retail spaces. The development team includes Nelsen Partners (design architect), Page (architect of record) and Flintco (general contractor). Construction and sales are set to commence in the first quarter of next year.
CARROLLTON, TEXAS — CBRE has negotiated the sale of Keystone at Castle Hills, a 690-unit multifamily property in the northern Dallas suburb of Carrollton. According to Apartments.com, the property was built in 1988 and offers one-, two- and three-bedroom units. Amenities include two pools, a fitness center, resident clubhouse with a coworking lounge and outdoor grilling areas. Danny Baker, Nita Stewart, Chandler Sims and Kevin O’Boyle of CBRE represented the seller, Acre Valley Real Estate Capital, in the transaction. Miami-based Starwood Capital Group purchased the property for an undisclosed price.
UNIVERSAL CITY, TEXAS — Lument has provided an $18.6 million Fannie Mae loan for the refinancing of Meadows Apartments, a 216-unit affordable housing property in Universal City, a northeastern suburb of San Antonio. All units at the property, which was built in 1972, are reserved for renters earning 80 percent or less of the area median income (AMI). Marc Suarez of Lument originated the loan through Fannie Mae’s Green Rewards program on behalf of the sponsor, locally based multifamily development and investment firm Lynd Co.
LUFKIN, TEXAS — Marcus & Millichap has brokered the sale of Texas Moving & Storage, a 223-unit self-storage facility in Lufkin, about 120 miles north of Houston. The facility was built in 2008 and spans 22,630 square feet. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction. Knobler also secured the buyer, a locally based private investor. Both parties requested anonymity.
