Property Type

VICI Properties to Acquire MGM Growth Properties for $17.2B

by Kristin Harlow August 4, 2021

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 …

August 4, 2021

California Life Sciences Market Reports Western Western Market Reports

Orange County Solidifies Itself as a Leading Life Sciences Market

by Jeff Shaw August 4, 2021

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 …

August 4, 2021

Development Multifamily Texas

UrbanSpace to Develop 55-Story Multifamily Tower in Downtown Austin

by Taylor Williams August 3, 2021

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.

August 3, 2021

Acquisitions Multifamily Texas

CBRE Negotiates Sale of 690-Unit Keystone at Castle Hills Apartments in Metro Dallas

by Taylor Williams August 3, 2021

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.

August 3, 2021

Affordable Housing Loans Lument Multifamily Texas

Lument Provides $18.6M Agency Loan for Refinancing of Affordable Housing Asset Near San Antonio

by Taylor Williams August 3, 2021

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.

August 3, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 223-Unit Self-Storage Facility in Lufkin, Texas

by Taylor Williams August 3, 2021

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.

August 3, 2021

Development Healthcare Texas

Texas Oncology to Open 22,300 SF Cancer Care Center in Fort Worth

by Taylor Williams August 3, 2021

FORT WORTH, TEXAS — Texas Oncology will open a 22,300-square-foot cancer care center at Alliance Town Center on the north side of Fort Worth. Corgan and E4H are serving as the architects of the project, and DPR Construction is the general contractor. Construction is underway, and the facility is scheduled to open some time next year. Once open, patients and their care teams at the existing Texas Oncology center in nearby Keller will transfer to the new facility.

August 3, 2021

Indiana Midwest Retail

Simon Property Group: Retail Sales Returned to Pre-Pandemic Levels in June

by Kristin Harlow August 3, 2021

INDIANAPOLIS — Total retail sales for the month of June at Simon Property Group (NYSE: SPG) assets were equal to pre-pandemic levels, according to the Indianapolis-based company. Sales were up 80 percent compared with June 2020. Simon’s net operating income (NOI) increased 16.6 percent in the second quarter of 2021 compared with the same period one year ago. As of June 30, occupancy at Simon’s U.S. malls and premium outlets was 91.8 percent. “I am pleased with the profitability and substantial improvement in cash flow that were generated in the second quarter,” says David Simon, chairman, CEO and president. “We are encouraged by the increase in our shopper traffic, retailer sales and leasing activity. Based upon our results to date and expectations for the remainder of 2021, we are again increasing our full-year 2021 guidance and again raising our quarterly dividend.” Following the second-quarter earnings report, Simon’s stock price jumped to $129.79 per share Monday, Aug. 2, up from $126.53 per share on Friday, July 30.

August 3, 2021

Illinois Leasing Activity Midwest Multifamily

Wingspan Development Starts Pre-leasing $60M Luxury Apartment Community in Plainfield, Illinois

by Kristin Harlow August 3, 2021

PLAINFIELD, ILL. — Wingspan Development Group has started pre-leasing Sixteen30, a new $60 million luxury apartment community in Plainfield, about 35 miles southwest of Chicago. Located at 14750 S. Wallin Drive, the 284-unit property features eight buildings arranged around a 7,500-square-foot clubhouse. Amenities include a pool, fitness center, bocce court, demonstration kitchen, outdoor grilling area, pet spa and 24-hour package room. First move-ins are expected to begin later this summer. Units range in size from 600 to 1,500 square feet and monthly rents range from $1,485 to $2,850. Chicago-based Studio 222 Architects designed the project and Wingspan’s sister company Nicholas & Associates served as the general contractor. Lincoln Property Co. will oversee leasing and property management.

August 3, 2021

Acquisitions Hospitality Michigan Midwest

Pulte Family Management Acquires The Inn at St. John’s in Plymouth, Michigan

by Kristin Harlow August 3, 2021

PLYMOUTH, MICH. — Pulte Family Management SJ LLC, a wholly owned for-profit entity of the William J. Pulte Trust, has acquired The Inn at St. John’s in Plymouth, about 30 miles west of Detroit. The Archdiocese of Detroit sold the 118-room property for an undisclosed price. The hotel, conference rooms and reception centers will continue to serve and support business, civic and private events. The golf course will operate as usual, and the chapel will remain available for Catholic weddings. The Pulte family plans to announce property upgrades in the coming months. The late William Pulte was an active philanthropist and founder of home building giant PulteGroup Inc. He also served with a small group of local Catholic business leaders to help finance and transform the former St. John’s Seminary campus into the hotel, conference center and 27-hole golf course. St. John’s Provincial Seminary opened in 1948 and closed in 1988. The inn opened in the early 2000s.

August 3, 2021

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