REBusinessOnline

Hillwood to Develop 1 MSF Amazon Fulfillment Center in North Mississippi

OLIVE BRANCH, MISS. — Hillwood Investment Properties plans to build a 1 million-square-foot fulfillment center in Olive Branch, approximately 25 miles from Memphis, for e-commerce giant Amazon (NASDAQ: AMZN). The facility will house picking, packing and shipping operations for larger customer orders and create 500 new full-time jobs. According to The Clarion-Ledger, the new facility will be located within Hillwood’s Legacy Park, a 266-acre business park in DeSoto County. The Class A …

Roseland Residential Receives $300M Construction Loan for 57-Story Apartment Building in Jersey City

JERSEY CITY, N.J. — Roseland Residential Trust, a subsidiary of locally based REIT Mack-Cali Realty Corp. (NYSE: CLI), has received a $300 million loan for the construction of The Charlotte, a 57-story apartment tower on the fringe of New York City. The Charlotte will be located at 25 Christopher Columbus Drive in Jersey City and feature 750 Class A apartments, 37 of which will be earmarked for affordable housing. In addition, Roseland Residential will construct a 36,000-square-foot …

Dewitt Carolinas Unveils Plans for $1B Midtown Exchange Project in Raleigh

RALEIGH, N.C. — Dewitt Carolinas Inc. has unveiled the master plans for development of Midtown Exchange, a $1B mixed-use project in Raleigh that will feature residential, office, hotel, entertainment and retail components. The development will be built on a 40-acre lot just outside Interstate 440, north of downtown Raleigh, and will comprise 790,000 square feet of Class A office space, 125,000 square feet of retail and restaurant space, 300 hotel rooms, 300 senior living units and 1,275 …

Stockbridge Acquires 8.7 MSF Industrial Portfolio Across Seven States

SAN FRANCISCO — Stockbridge Real Estate, a California-based investment firm with additional offices in Chicago and Atlanta, has acquired a portfolio of 17 industrial properties totaling 8.7 million square feet in seven states. Stockbridge purchased the portfolio from Hillwood, an industrial development and investment firm based in Fort Worth, Texas, according to IPE Real Assets, which tracks institutional property investments across the world. The analytics firm also reported that the …

Jodeco 158 to Develop $400M Mixed-Use Project Near Atlanta

STOCKBRIDGE, GA. — Jodeco 158 LLC, a newly formed firm headed by local developers Jeff Grant and David Hughes, will develop Bridges at Jodeco, a $400 million mixed-use project near Interstate 75 in Stockbridge, a southeastern suburb of Atlanta. According to the development team, Bridges at Jodeco will be built on the largest remaining tract of undeveloped land adjacent to I-75 in Henry County. The development will also offer convenient access to the Atlanta Motor Speedway and …

Welltower Expands Medical Office Holdings Through Five Transactions Totaling $1.7B, Including Hammes Acquisition

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL), a Toledo-based seniors housing and healthcare REIT, is continuing to expand its medical office holdings. The company announced five transactions totaling approximately $1.7 billion, including a $787 million portfolio acquisition of 29 Class A medical office buildings from Hammes Partners, a medical office investment firm based in Milwaukee. The 1.5 million-square-foot portfolio is concentrated in the New York City and Boston suburbs and includes …

Inland Private Capital Sells Bank of America-Occupied Office Building in Baltimore for $99.3M

BALTIMORE, MD. — JLL has arranged the sale of 11333 McCormick Road, a two-tower, single-tenant office building in Baltimore, for $99.3 million. The 377,332-square-foot property is net leased to Bank of America. Situated on 16.3 acres, the asset is located in the Hunt Valley submarket, about 15 miles north of downtown Baltimore. The property has immediate access to I-83 and light rail access to Baltimore City, greater Maryland and Pennsylvania. Built in 1974, the eight-story property was …

Sears to Close 96 More Stores by February 2020

HOFFMAN ESTATES, ILL. — Sears Holdings Corp. plans to close 96 underperforming stores by February 2020, according to the retailer’s parent company, Transform Holdco LLC. The closings will consist of 51 Sears stores and 45 Kmart stores, leaving 182 operational Sears and Kmart stores remaining in the United States. The closing stores are scattered throughout all regions of the country, including 28 located in California. A full list of store closures can be found here. “Since …

Barclays Provides $350M Loan to Refinance Leasehold Interest in 43-Story Manhattan Office Tower

NEW YORK CITY — Barclays has provided Shorenstein Properties LLC with a $350 million loan to refinance the leasehold position in 1407 Broadway, a 43-story, 1.1 million-square-foot office tower near Times Square in New York City. The five-year loan features a floating interest rate. Solil Management, the company that manages the assets of late real estate mogul Sol Goldman, owns the land upon which 1407 Broadway is situated. The building is located at 1407 Broadway between 38th and 39th …

Golub & Co., Farpoint Acquire 1,675-Unit Prairie Shores Workforce Housing Community in Chicago

CHICAGO — Chicago-based real estate development firms Golub & Co. and Farpoint Development have acquired Prairie Shores, a large-scale workforce housing apartment community in Chicago’s Bronzeville neighborhood. The purchase price was not disclosed, but Crain’s Chicago Business reported earlier this year that the buyers were slated to pay $180 million for the property. The Goldman Sachs Urban Investment Group was the largest equity investor in the acquisition. The 20-acre Prairie …

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