SAN DIEGO — Pacific Coast Commercial has arranged the sale of a retail and office property located at 2790 Lytton St. in San Diego. Greentree Enterprises sold the property to Global Disposal for $2.1 million. The property features 13,428 square feet of retail and office space. David Dilday and Erik Anderson of Pacific Coast represented the buyer and seller in the deal.
BETHESDA, MD. — Affiliates of global asset management firm Blackstone have agreed to acquire Maryland-based LaSalle Hotel Properties in an all-cash transaction valued at roughly $4.8 billion. The deal is expected to close during the third quarter. LaSalle’s portfolio spans 104,000 guestrooms across 41 properties in 11 markets. Under the terms of the agreement, Blackstone will acquire all outstanding shares of LaSalle’s common stock at $33.50 per share. This price represents a premium of about 35 percent over the company’s stock price of $24.84 per share at the time the deal was proposed. LaSalle’s stock price closed at $31.90 per share on Friday, May 18, up from $28.53 per share in mid-May 2017. “After careful consideration of multiple proposals received, the board determined that this transaction represents the most compelling opportunity for LaSalle’s shareholders,” said Stuart Scott, chairman of the board for LaSalle. “This transaction will deliver a significant premium with immediate and certain cash value.” Blackstone submitted a winning bid after hospitality REIT Pebblebrook Hotel Trust offered to acquire LaSalle in late April. Local news outlet WTOP reports that Pebblebrook, which is also based in Bethesda, entered a bid of $3.7 billion. However, in a statement released this morning, Pebblebrook claimed …
It wasn’t until the last five to seven years that college graduates started looking at Birmingham as a place to live and work. Cities like Nashville and Atlanta were getting too expensive and too congested. Upon discovering how progressive Birmingham has become with the revitalization of the downtown area, it became the new hot place to live, play and work. So what was once an untapped market has started to grow with new retailers and restaurants to meet the growing demand. The addition of Topgolf to downtown Birmingham, for example, would not have happened without the influx of new multifamily projects in the downtown/southside area. Birmingham has also seen a growth of new restaurants to the area because of the diversity of population. The number of medical and undergraduates students studying at the University of Alabama-Birmingham (UAB) Medical complex has contributed to the diversity. As such, restaurants and retailers that cater to this diversity have begun to open in the area. The Pizitz Food Hall is a prime example as it includes two restaurants and 12 food stalls serving cuisines from all over the world, including Italian, Israeli, Ethiopian, Japanese, Vietnamese, Indian and traditional Southern soul food like fried chicken …
AUSTIN, TEXAS — Trammell Crow Co. (TCC) will develop a 709,000-square-foot office tower at 200 W. Sixth St. in Austin. The 36-story, Class A building will be the tallest office tower in Austin and include 10,600 square feet of retail and restaurant space. TCC is also redeveloping a nearby building that was built in 1914 into a 25,000-square-foot shopping and dining destination with a 20,000-square-foot urban green space. Construction is expected to begin within the next few weeks with a target completion date of 2021. Online job aggregator Indeed has signed a long-term lease to occupy the top 10 floors, which total approximately 307,000 square feet, at the new building. Page Southerland Page is serving as project architect and DPR is serving as general contractor. CBRE will handle marketing and leasing of the asset.
CONROE, TEXAS — CBRE has arranged the $34.5 million refinancing for Woodhaven Village, a 157-unit independent living, assisted living and memory care community in the Houston suburb of Conroe. The borrowers are Padua Realty Co. and Paradigm Senior Living, the joint venture developers of the property. The Freddie Mac loan features a 10-year term, floating interest rate and five years of interest-only payments. Aron Will of CBRE National Senior Housing arranged the financing. Opened in January 2017, Woodhaven Village is located one mile from Conroe’s largest medical center and was more than 90 percent occupied at the time of the refinancing.
HOUSTON — Stages Repertory Theatre, a production and promotions company for the performing arts industry, has broken ground on The Gordy, a $30.5 million theater complex in Houston. The property will feature three performance stages and total approximately 67,000 square feet, according to local magazine Houstonia. The complex will also offer rehearsal studios, production and design workshops, meeting and event space and a full administrative suite. The Gordy is expected to open during the 2019-2020 theater season.
PLANO, TEXAS — Peloton, a fitness company known for its indoor cycling programs and equipment, will establish a regional campus at Legacy Central, an 84-acre office development in Plano. The company has leased 27,518 square feet at the property, which offers amenities such as a 25,000-square-foot wellness center with a pool, basketball court, climbing wall, 15,000-square-foot conference center and food hall. The company plans to move into its new space during the third quarter and hire as many as 400 new employees over the next few years. Noreen Mehdi Weathers and Baron Aldrine of CBRE represented Peloton in the lease negotiations. Nathan Durham of Transwestern represented the landlord, Regent Properties.
DALLAS — Lee & Associates has negotiated the sale of a 36,227-square-foot industrial asset located at 121 La Paz St. on Dallas’ southeast side. Corbin Blount and Nathan Denton of Lee & Associates represented the seller, La Paz Partners Ltd., in the transaction. Caleb Bates of Bates & Myers Co., represented the buyer, Jessup Charitable Remainder Trust.
PAWTUCKET, R.I. — WinnCos. and Omni Development Corp. have broken ground on a $42 million redevelopment of Prospect Heights Apartments, an affordable housing property in Pawtucket. Built in 1942, Prospect Heights qualified for Federal Historic Tax Credits after being placed on the National Register of Historic Places in December 2016. The project will rehabilitate 292 units spread across 35 buildings and add 20 new units of housing on the 21-acre site. A joint venture between WinnDevelopment and Omni Development acquired the ground lease for the property from the Pawtucket Housing Authority in June 2017. Rhode Island Housing and Mortgage Finance Corp. provided tax-exempt bond financing for the construction and permanent loans, the Low Income Housing Tax Credits and separate bridge financing for the project.
NEW YORK CITY — Google has leased 8,000 square feet of retail space at 350 Sixth Ave. in Manhattan. The three-week lease will serve as a technology pop-up for the tech giant and will feature mini-golf, games, giveaways and demonstrations of the company’s newest tech products. The site will be located one block from the A, C, E, B, D, F and M subway lines. The asking rent was $225 per square foot. Google’s pop-up will take occupancy in the last week of May 2018 and will run through the first two weeks of June. Lee & Associates represented both Google and the landlord, Nuovo Ciao-Di LLC, in the lease negotiations.
