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District of ColumbiaMixed-UseRetailSoutheast

Wegmans to Anchor Former Fannie Mae Headquarters Redevelopment in D.C.

by John Nelson

WASHINGTON, D.C. — Roadside Development and North America Sekisui House LLC (NASH) have inked a deal with supermarket chain Wegmans to anchor the redevelopment of the former Fannie Mae headquarters at 3900 Wisconsin Ave. in Washington, D.C. The redevelopment includes the original brick buildings that were constructed by Equitable Life Co. in 1958 and 1962, as well as nearly 10 acres surrounding the buildings. The redevelopment will feature retail, residential, cultural arts, hospitality and commercial space. The development team includes Shalom Baranes Associates and Michael Vergason Landscape Architects. A timeline for the project has yet to be announced.

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MidwestNorth DakotaRetail

Marcus & Millichap Brokers $3.4M Sale of Retail Property Net Leased to Wells Fargo in Minot, North Dakota

by Kristin Harlow

MINOT, N.D. — Marcus & Millichap has brokered the sale of a retail property net leased to Wells Fargo in Minot, located in north central North Dakota, for $3.4 million. The property is located at 3106 16th St. Chris Lind, Jamie Medress and Mark Ruble of Marcus & Millichap secured and represented the buyer, a limited liability company.

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FloridaMixed-UseOfficeRetailSoutheastTop Stories

Hines to Develop 600,000 SF Mixed-Use Tower in Downtown Miami

by Katie Sloan

MIAMI — Hines is set to break ground on 110 10th Street, a 45-story, 600,000-square-foot mixed-use tower located within Miami Worldcenter, a 27-acre development in downtown Miami. The tower will be the first Class A office building of scale constructed in Miami’s Central Business District in eight years, and will offer a mix of office space and retail. The project is located directly adjacent to Miami Worldcenter’s 360,000-square-foot retail promenade. “More companies are moving to downtown Miami each day and existing brands are expanding here,” says Nitin Motwani, managing principal for the master developer of Miami Worldcenter, Miami Worldcenter Associates. “An office tower at Miami Worldcenter will offer tenants a chance to be in a mixed-use setting that’s centrally located, walkable and connected.” New Haven, Conn.-based architecture firm Pickard Chilton Associates was chosen to design the building, which will feature three indoor/outdoor terraces. Construction on the first phase of Miami Worldcenter began in 2016, including a 60-story Paramount luxury multifamily community and retail space. Construction on 110 10th Street is expected to begin in the second quarter of 2018, with initial occupancy occurring in late 2020. Hines has been active in the Florida real estate market since 1982 with the development of …

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New JerseyNortheastRetail

Triple Five, Ghermezian Family Secure $1.6B Funding for American Dream Meadowlands Project in New Jersey

by Haisten Willis

EAST RUTHERFORD, N.J. — Triple Five Cos. and the Ghermezian family, developers of the American Dream Meadowlands project, have secured $1.6 billion in private construction financing for the project, which is under construction and scheduled to open in March 2019. J.P.Morgan led the construction financing and Goldman Sachs led a tax-exempt bond offering. The project will include DreamWorks Water Park and the Nickelodeon Universe Theme Park, both of which will be fully enclosed and open year-round. Other attractions will include the Big Snow Indoor Ski & Snowboard Park, a 1,350-seat Cirque Du Soleil theater, movie theaters by Cinemax, Sea Life Aquarium, Legoland Discovery Center, an 18-hole miniature golf course and an ice rink. Retailers will include Saks Fifth Avenue and Hermes.

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CaliforniaRetailWestern

DICK’S Sporting Goods Opening Six New Stores in May

by Nellie Day

SAN JOSE, CALIF. — DICK’S Sporting Goods opened six new stores in May. A grand opening event was recently held for the new location in Chula Vista, and another will be held May 26-28 for the new location in San Jose. With the grand opening of these new stores, DICK’S will have 697 locations in the United States. Headquartered in Pittsburgh, DICK’S also owns and operates Golf Galaxy and Field & Stream specialty stores.

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ColoradoRestaurantRetailWestern

Church’s Chicken To Add 20 New Restaurants in Six States

by Nellie Day

DENVER — Church’s Chicken has entered into a multi-year development deal with Goalz Restaurant Group LLC to develop 20 Church’s Chicken restaurants per year in six states. The agreement, which will affect expansion in Colorado, as well as Florida, Kentucky, Ohio, North Carolina and South Carolina, is Church’s largest ever with a single operator. For the new development deal, Shawn Eby, president of Goalz Restaurant Group, partnered with American Development Partners (ADP) for development of the restaurants. ADP will invest capital to fund real estate acquisitions, construction and design. ADP will be Goalz’s build-to-suit landlord.  

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RetailTexas

SRS Brokers $24.5M Sale of 174,484 SF Shopping Center in Plano

by Taylor Williams

PLANO, TEXAS — SRS Investment Properties Group has brokered the $24.5 million sale of Creekwalk Village, a 174,484-square-foot shopping center in Plano. Chris Tramontano and John Redfield of SRS represented both the undisclosed seller and the buyer, a private investor based on the East Coast, in the transaction. The center is currently leased to tenants such as Bed Bath & Beyond, Old Navy and Barnes & Noble.  

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RetailTop Stories

Phillips Edison to Acquire Limited Partnership, Create $4B Shopping Center REIT

by Taylor Williams

CINCINNATI — Phillips Edison Grocery REIT I Inc. (OTC: PHLD) has entered into an agreement to acquire the real estate assets and third-party asset management business of its sponsor firm, Phillips Edison Limited Partnership (PELP), in a stock and cash transaction valued at roughly $1 billion. The transaction is expected to close during the fourth quarter. Upon closing, the transaction will create a non-traded shopping center REIT with a total enterprise value of approximately $4 billion. The new REIT will own 230 grocery-anchored shopping centers spanning roughly 25.5 million square feet across 32 states. Shareholders of Phillips Edison Grocery REIT I are expected to own approximately 80.2 percent of the new company, while PELP shareholders will own the remaining 19.8 percent. The company’s pro forma for the first quarter of 2017 suggests that funds from the transaction would have generated an 8 to 10 percent increase per share. At the end of that period, the REIT’s common stock was valued at $10.20 per share, based on third-party valuations. Under the terms of the deal, the REIT will refinance or assume approximately $501 million in outstanding debt. The new company is expected to have a total debt-to-enterprise value of 41.4 percent. …

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District of ColumbiaLoansOfficeRetailSoutheastVirginia

Citizens Bank Leads Financing for Two JBG Cos. Deals in D.C. Area Totaling $90M

by John Nelson

WASHINGTON, D.C. — Citizens Bank has led the financing on two deals in the metropolitan Washington, D.C., area with The JBG Cos. totaling $90 million. The financing included the $49 million refinancing of Georgetown Center, two office buildings at 2115 and 2121 Wisconsin Ave. in D.C.’s Georgetown district, and a $41 million loan to finance the Old Centerville, a 171,631-square-foot, H-Mart-anchored shopping center on Braddock Road in Centerville, Va. Citizens was the administrative agent and sole lead arranger for both transactions.

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