Property Type

Simon Property Group Terminates $3.6B Taubman Centers Merger Agreement

by Kristin Harlow June 10, 2020

INDIANAPOLIS — Simon Property Group (NYSE: SPG) has terminated its Feb. 9 merger agreement with Taubman Centers Inc. (NYSE: TCO). Simon also filed an action today in Michigan’s Oakland County Circuit Court saying Taubman breached the covenants in the merger agreement. Under the terms of the agreement, Simon was to acquire an 80 percent interest in Taubman for approximately $3.6 billion. Indianapolis-based Simon says its termination of the merger agreement is based on two separate grounds. “First, the COVID-19 pandemic has had a uniquely material and disproportionate effect on Taubman compared with other participants in the retail real estate industry,” according to a statement from Simon. “Second, in the wake of the pandemic, Taubman has breached its obligations, which are conditions to closing, relating to the operation of its business.” Taubman failed to take steps to mitigate the impact of the pandemic as others in the industry have, such as not making essential cuts in operating expenses and capital expenditures, according to Simon. The merger agreement specifically gave Simon the right to terminate the transaction in the event that a pandemic disproportionately hurt Taubman. Simon says that Taubman’s significant proportion of enclosed retail properties in densely populated metropolitan areas — …

June 10, 2020

Development Multifamily New Jersey Northeast

Russo Development, Hampshire Cos., Fourth Edition to Develop 271-Unit Apartment Building in Hackensack, New Jersey

by Alex Patton June 9, 2020

HACKENSACK, N.J. — A joint venture between Russo Development, Hampshire Cos. and Fourth Edition will develop Print House by Vermella, a 271-unit apartment building in Hackensack, a northwestern suburb of New York City. Located at 150 River St., Print House by Vermella will feature a mix of studio, one- and two-bedroom floor plans. The property will be located near downtown Hackensack and the Bergen County Courthouse, offering quick access to the New Jersey Transit Hackensack Bus terminal, Interstate 80 and two other public transit stations. Amenities will include a resident lounge, fitness center and access to a riverwalk along the Hackensack River. Future construction phases will include an additional 382 residential units and approximately 30,000 square feet of commercial space. An undisclosed national bank provided a $48.7 million construction loan that carried a 60-month term and a floating interest rate to the joint venture. Thomas Didio, Jon Mikula and Michael Klein of JLL arranged the loan. The construction schedule was undisclosed.

June 9, 2020

Leasing Activity New York Northeast Office

Colliers Negotiates 12,724 SF Office Lease in Midtown Manhattan

by Alex Patton June 9, 2020

NEW YORK CITY — Colliers International has negotiated a 12,724-square-foot office lease for independent life insurance brokerage firm Winged Keel Group in Midtown Manhattan. The space is located on the 44th floor of One Grand Central Place, a 52-story, 1.2 million-square-foot office building at 122 East 42nd St. Other tenants include JPMorgan Chase, First Republic Bank and Charles Schwab. Reid Longley and Robert Kennedy of Colliers International represented Winged Keel Group in the lease negotiations. Julie Christiano and Leslie Nadel represented the landlord, Empire State Realty Trust Inc., on an internal basis along with William Cohen, Scott Klau, Erik Harris and Neil Rubin of Newmark Knight Frank.

June 9, 2020

Acquisitions Connecticut Northeast Office

Dow Realty Brokers Sale of 7,870 SF Office Building in North Haven, Connecticut

by Alex Patton June 9, 2020

NORTH HAVEN, CONN. — Dow Realty Co. has brokered the sale of a 7,870-square-foot office building in North Haven, a northern suburb of New Haven. Located at 202-204 State St., the freestanding property is part of a two-building office condominium complex and sits adjacent to Yale-New Haven’s Health North Haven Medical campus. Jeff Dow of Dow Realty Co. represented the seller, ACES Technology Services, in the transaction. Stephen Press and Tony Poccia of Press | Cuozzo Commercial Services represented the buyer, TRM Investments LLC. The sales price was undisclosed.

June 9, 2020

Leasing Activity Net Lease Northeast Pennsylvania Retail

Marcus & Millichap Arranges Sale of 4,147 SF Net-Leased Retail Property in Hereford, Pennsylvania

by Alex Patton June 9, 2020

HEREFORD, PA. — Marcus & Millichap has arranged the $1.9 million sale of a 4,147-square-foot net-leased retail property in Hereford, approximately 50 miles northwest of Philadelphia. Turkey Hill Minit Market is the tenant. Located at 3664 Seisholtzville Road, the property was constructed in 1991 and offers proximity to State Route 100. Derrick Dougherty and Steven Garthwaite of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The team also represented the buyer, another limited liability company. Both parties requested anonymity.

June 9, 2020

Development Florida Multifamily Southeast

Legacy Partners, Griffin Capital Break Ground on 228-Unit Multifamily Community in Downtown Tampa

by Alex Tostado June 9, 2020

TAMPA, FLA. — Legacy Partners and Griffin Capital have broken ground on Legacy at Encore, a five-story, 228-unit multifamily community in downtown Tampa. The property will offer studio, one- and two-bedroom floor plans averaging 763 square feet. Unit interiors will feature 10-foot ceiling heights, quartz countertops, stainless steel appliances, contemporary cabinets, a smart home technology package, full-sized washers and dryers, soaking tubs, glass-enclosed showers, walk-in closets and balconies. Communal amenities will include a fitness center with a yoga/spin studio, internet café with computers and coffee bar, heated saltwater pool with cabanas and lounges, outdoor living room, community kitchen with grilling stations, dog run, pet spa, package lockers, bike repair shop and storage space. Dynamik Design is the Legacy at Encore’s architect, and Summit Contracting Group is the general contractor. The developers expect to deliver the first units in September 2021 and fully complete the project in early 2022. Patrick Dufour, Ryan Crowley and Pibu Aulakh of Newmark Knight Frank (NKF) represented Legacy Partners in sourcing equity financing for the development.

June 9, 2020

Georgia Retail Southeast

Pandemic’s Impact on Retail Imports Easing, But Volume is Still Well Below Last Year, Says NRF

by Alex Tostado June 9, 2020

WASHINGTON, D.C. — COVID-19’s impact on U.S. retail imports is easing, beating prior forecasts, says the National Retail Federation (NRF). The NRF and partner Hackett Associates released their Global Port Tracker on Monday, which showed that ports handled just over 1.6 million 20-foot equivalent units (TEUs), beating expectations from one month ago. “Imports are erratic, with one month up and the next down,” says Ben Hackett, founder of Hackett Associates. “Getting 40 million people back to work will take time, especially with many fearful of catching the virus and staying home. That makes a rapid return to an economic boom unlikely.” Even with an immediate boom delayed, Jonathan Gold, vice president for supply chain and customs policy for NRF, points out that the April numbers show that the economy is recovering faster than what was projected just one month ago. The volume of 1.6 million TEUs in April was down 7.8 percent from April 2019, but it was up 17 percent from March 2020. NRF’s forecast for April showed 1.5 million TEUs coming through the ports. “It may still be too soon to say but we’ll take that as a sign that the situation could be slowly starting to improve,” …

June 9, 2020

Acquisitions Multifamily Oregon Western

Virtú Investments Buys 204-Unit Modera Davis Apartments in Portland’s Pearl District

by Amy Works June 9, 2020

PORTLAND, ORE. — Virtú Investments has purchased Modera Davis, a newly built, 12-story residential community located at 215 NW 10th St. in Portland’s Pearl District. A joint venture between Mill Creek Residential Trust LLC and its capital partner sold the property for an undisclosed price. Modera Davis features 204 apartments averaging 658 square feet, 8,307 square feet of ground-floor retail and 136 parking stalls. The units offer private balconies and high-end finishes, including quartz countertops and backsplashes, stainless steel appliances, wine refrigerators, modern slab panel cabinetry, plank flooring, expansive windows and full-size washers and dryers. Community amenities include a top-floor fitness center; rooftop deck with grilling area and fire pit; sauna with rock salt wall; sensory deprivation chamber; golf simulator; demonstration kitchen; and electric vehicle charging stations. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the transaction.

June 9, 2020

Acquisitions Arkansas Multifamily Southeast

Pebb Capital Sells Apartment Complex in Conway, Arkansas for $17.5M

by Alex Tostado June 9, 2020

CONWAY, ARK. — Pebb Capital has sold Glenrock Apartments, a 180-unit apartment complex in Conway, for $17.5 million. Pebb acquired the property in 2016 when it was a 540-bed student housing community. The asset is located at 2730 Dave Ward Drive, one mile from the University of Central Arkansas campus. The Boca Raton, Fla.-based company converted the property, which now offers two-, three- and four-bedroom floor plans. Communal amenities include a 24-hour fitness center, saltwater pool, sand volleyball and basketball courts, business center, game room, coffee bar and tanning beds. The buyer was not disclosed.

June 9, 2020

Industrial Leasing Activity North Carolina Southeast

Circle Graphics to Fully Occupy 153,990 SF Industrial Building in Triangle

by Alex Tostado June 9, 2020

MOORESVILLE, N.C. — Circle Graphics has signed a lease to fully occupy Woodlake 501, a 153,990-square-foot industrial building in Mooresville. The property is located at 501 Innovation Ave., equidistant to Raleigh and Durham. The large-format, digital graphics producer will move into the space in October, according to Battista Orcino, vice president of leasing and development for Duke Realty, the landlord of Woodlake 501. Ernest Packaging currently occupies the asset but its lease is expiring soon, says Orcino. Lee Holder and Chris Wiley of Colliers International represented the tenant in the lease negotiations. Larry Lakins, Hunter Willard and Andrew Young of Cushman & Wakefield represented the landlord.

June 9, 2020

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