Property Type

BioMed Realty Acquires Former John Hancock Building in Boston, Plans Life Sciences Conversion

by Alex Tostado January 7, 2021

BOSTON — BioMed Realty has acquired the former headquarters of John Hancock Life Insurance Co. in Boston and plans to convert the 14-story building into a life sciences facility. The building, which is located at 601 Congress St. in the Seaport District, features floor plates ranging from 19,000 to 50,000 square feet, 11 elevators, 14-foot ceilings on the second and third floors, 12-foot ceilings on the fifth through 14th floors, a fitness center, six-story atrium, two rooftop decks, conference center and a café. The property has sat vacant since 2018 when John Hancock consolidated its Boston offices to its building in the Back Bay district. BioMed, a Blackstone subsidiary, acquired the 485,000-square-foot property from an affiliate of Manulife Investment Management for an undisclosed price. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark brokered the deal. BioMed says the building is ideal for the planned conversion due to its mechanical and structural infrastructure, collaborative meeting areas and strong visual identity. BioMed is yet to select a general contractor for the conversion project, which the San Diego-based company expects to deliver in the second half of 2022. The Seaport District is situated along the Boston Main Channel and is …

January 7, 2021

Market Reports Retail Texas Texas Market Reports

Pent-Up Demand Grows for Experiential Retail in Texas

by Taylor Williams January 7, 2021

By Taylor Williams With widespread vaccination several months away and the federal government having passed additional relief legislation, the end of the COVID-19 pandemic appears to be in sight. To that end, retailers and restaurants that have survived the public health crisis can, with some reservations, start to look toward the rebound phase. Because there’s no question that American consumers are itching to make up for lost eating, drinking and socializing time, provided they can do so in what they feel are safe environments. “Our biggest point of optimism for 2021 lies in the fact that people want to go out, eat, shop and be entertained,” says Lucas Patterson, executive vice president at metro-Dallas based Bright Realty. “As we continue to respond to the pandemic, people are increasingly ready to get out of their homes, be with others, eat at restaurants, have drinks and listen to music. We believe we can offer those opportunities as soon as the time is right.” “Looking forward, our biggest source of positivity involves consumers’ built-up savings and pent-up demand for human connection in a more normal existence,” adds Terri Montesi, CEO of Trademark Property Co, the developer behind mixed-use projects such as Victory Park …

January 7, 2021

Development Maryland Mixed-Use Southeast

Weller Development to Break Ground on Next Phase of Port Covington in Baltimore

by Alex Tostado January 6, 2021

BALTIMORE — Weller Development Co. plans to break ground on what it calls Chapter 1B of Port Covington in Baltimore in February. The development team, which also includes Goldman Sachs and Sagamore Ventures, received $650 million in financing for this phase, including $137 million in tax increment financing (TIF) bonds. In conjunction with the closings, the Port Covington development team funded more than $9 million to the South Baltimore 7 Coalition as part of its Community Benefits Agreement (CBA), which is the largest CBA payout in the history of Baltimore. The latest phase will comprise five buildings totaling 1.1 million square feet that is expected to start delivering in late 2022. The planned buildings in Chapter 1B include: Building E1: 162 residential units and 40,000 square feet of retail space; Building E5A: 212,000 square feet of office space and 9,500 square feet of retail space; Building E5B: 40 residential units, 81 extended stay rooms and 6,000 square feet of retail space; Building E6: 254 residential units and 16,000 square feet of retail space; and Building E7, dubbed Rye Street Market: 228,000 square feet of office space and a 45,000-square-foot retail market. In addition, 89 of the residential units in Chapter …

January 6, 2021

Acquisitions Florida Multifamily Southeast

Berkadia Brokers $62M Sale of Multifamily Community in Metro Orlando

by Alex Tostado January 6, 2021

WINTER SPRINGS, FLA. — Berkadia has brokered the $62 million sale of The Blake, a 281-unit multifamily community in Winter Springs. The property offers one-, two and three-bedroom floor plans ranging in size from 698 to 1,374 square feet. Communal amenities include a pool, fire pit, 24-hour fitness center, game room, business center, conference room and a dog spa. The Blake is situated at 151 Michael Blake Blvd., 18 miles north of downtown Orlando. Matt Wilcox, Brett Moss, Cole Whitaker and Tyler Swidler of Berkadia represented the sellers, Catalyst Development Partners and HQ Capital, in the transaction. Atlanta-based Preferred Apartment Communities acquired the property, which was built in 2017.

January 6, 2021

Affordable Housing Development Loans Louisiana Multifamily Southeast

Millenia Cos. Receives $27.5M Loan to Redevelop Affordable Seniors Housing Community in New Orleans

by Alex Tostado January 6, 2021

NEW ORLEANS — The Millenia Cos. has received a $27.5 million construction loan to redevelop Peace Lake Towers, a 131-unit affordable seniors housing community in New Orleans’ Read Boulevard West neighborhood. Upon completion, the property will offer renovated one-bedroom floor plans and communal amenities such as a community center, arts activity space, library, computer lab and a fitness room. The renovations will also include upgraded heating, cooling and electrical systems; a new roof, windows and doors; and eco-friendly appliances. Cleveland-based Millenia expects to begin renovations soon and complete the project in roughly 14 months. Crews will renovate vacant units first and relocate households onsite as the construction is completed in phases. Residents will pay 30 percent of their income toward rent, and rent will remain affordable for at least 20 years by a federal project-based Section 8 contract. Redstone Federal Credit Union provided the construction loan, and Netherlands-based Aegon is the syndicated lender. Additionally, Louisiana Housing Corp. issued bond and tax credits for the project, and the U.S. Department of Housing and Urban Development (HUD) and the City of New Orleans both provided financing. Marous Brothers Construction is serving as the general contractor, Hooker DeJong Inc. is the architect and Millennia Housing …

January 6, 2021

Development Industrial Texas

HPI Real Estate to Develop 1.6 MSF Crossroads Logistics Center in Austin

by Taylor Williams January 6, 2021

AUSTIN, TEXAS — Austin-based HPI Real Estate Services & Investments will develop Crossroads Logistics Center, a 1.6 million-square-foot industrial project that will be located east of Parmer Lane between U.S. Highway 290 and State Highway 130 in Austin. The project will be developed across four phases, with the first phase consisting of three cross-dock buildings totaling 483,840 square feet. Delivery of Phase I is scheduled for the fourth quarter of 2021. Project partners include David Bessent Architects and Jamison Civil Engineering.

January 6, 2021

Development Florida Hospitality Southeast

HG Management Opens 110-Room TownePlace Suites Hotel in Orlando

by Alex Tostado January 6, 2021

ORLANDO, FLA. — HG Management affiliate 51 Columbia Hotel Property LLC has opened TownPlace Suites by Marriott, a 110-room hotel in Orlando’s South Orange district. The hotel offers studio and one-bedroom suites with fully equipped kitchens, flat-screen TVs and work areas. Hotel amenities include a pool, 24-hour fitness center, meeting room, laundry facilities, Wi-Fi and a business center. The asset is situated at 51 Columbia St., one mile south of downtown Orlando. Naples, Fla.-based Naples Hotel Group will manage the property.

January 6, 2021

Acquisitions Florida Retail Southeast

Crossman Negotiates $15.4M Sale of Retail Center in Central Florida

by Alex Tostado January 6, 2021

ORANGE CITY, FLA. — Crossman & Co. has brokered the $15.4 million sale of Orange City Marketplace, a 172,079-square-foot retail center in Orange City. The property was leased to Orange City Racing & Card Club, Planet Fitness and Dollar General, as well as other national and local tenants at the time of sale. The asset is situated at 816 Saxon Blvd., 30 miles north of downtown Orlando. Brian Carolan of Crossman & Co. represented the sellers, Scott Crossman and Daryl Carter, in the transaction. The buyer was Saglo Development.

January 6, 2021

Illinois Midwest Retail

Macy’s to Shutter 45 More Locations, Including Longtime Store at Chicago’s Water Tower Place

by Kristin Harlow January 6, 2021

CHICAGO — Macy’s will close its longtime department store at Water Tower Place in Chicago, according to several media reports. The downtown mall is situated on the Magnificent Mile. Macy’s will begin a clearance sale this month at the 170,000-square-foot store. The retailer will continue to operate nearby stores in Skokie, Oak Brook, Schaumburg and Orland Park. Even before the pandemic began in early 2020, Macy’s announced that it would close 125 stores nationwide over a three-year period in effort to right-size its store fleet. This week, Macy’s unveiled plans to shutter an additional 45 more locations as part of that three-year plan. A full list of the store closures can be found here. Located on Michigan Avenue, Water Tower Place rises eight stories and is home to more than 100 stores. Brookfield Property Partners owns the mall. Earlier this week, Brookfield Asset Management submitted a proposal to take Brookfield Property Partners private for $5.9 billion. The retail vacancy rate for the Magnificent Mile was 10.5 percent in late 2020, up from 7.4 percent in 2019 and 6.5 percent in 2018, according to CBRE. In addition to Macy’s, Gap recently unveiled plans to close its flagship store on Michigan Avenue.

January 6, 2021

Acquisitions Industrial Texas

JLL Negotiates Sale of 1.4 MSF Gateway Logistics Center in Irving

by Taylor Williams January 6, 2021

IRVING, TEXAS — JLL has negotiated the sale of Gateway Logistics Center, a 1.4 million-square-foot industrial park located near DFW International Airport in Irving. The property was built in 2019. Dustin Volz, Stephen Bailey, Jody Thornton, Zach Riebe and Wells Waller of JLL represented the seller and developer, a partnership between Dallas-based Bandera Ventures and Boston-based Long Wharf Capital, in the transaction. BentallGreenOak acquired the five-building industrial park on behalf on an institutional investor.

January 6, 2021

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