REBusinessOnline

Michigan Medicine to Develop $920M Hospital in Ann Arbor

ANN ARBOR, MICH. — Michigan Medicine, a health and hospital system affiliated with the University of Michigan, has announced plans to develop a new adult hospital and surgical care facility near the university in Ann Arbor. Construction of the $920 million project will begin in October, with completion slated for fall 2024. The 690,000-square-foot facility will offer state-of-the-art neurological and neurosurgical care, as well as acute cardiovascular services. Michigan Medicine cites a …

PREP Property Group to Redevelop Mall into Mixed-Use Property in Metro Boston for $250M

HANOVER, MASS. — PREP Property Group has unveiled plans to redevelop Hanover Mall in Hanover, approximately 22 miles southeast of downtown Boston. The project costs are estimated at $250 million. PREP will rebrand the mall as Hanover Crossing, an open-air, mixed-use project that will feature 297 multifamily units and will be anchored by an 80,000-square-foot Market Basket Supermarket. Market Basket will feature Market’s Kitchen and Café, a prepared foods department offering a variety …

Alexandria Real Estate Equities to Develop 800,000 SF Mixed-Use Technology Campus in Seattle

SEATTLE — The City of Seattle has selected Alexandria Real Estate Equities Inc. (NYSE: ARE) to develop an approximately 800,000-square-foot mixed-use campus known as the Mercer Mega Block. The life sciences and technology-driven project will be built on the last large, undeveloped site — nearly three acres ­— in Seattle’s Lake Union submarket. Alexandria won the bid for the project by agreeing to pay $143.5 million for the land and to address homelessness, according to the Puget …

Prescott Group Breaks Ground on Multi-Tower Mixed-Use Campus in Turtle Creek Neighborhood of Dallas

DALLAS — Prescott Group has begun the demolition and early construction phase for 2727 Turtle Creek, a five-acre mixed-use campus in the Turtle Creek submarket of Dallas. The development will include an office tower, high-rise apartment tower and a hotel tower. Prescott Group imploded an existing, vacant nine-story office building and parking garage on the site early on Sunday, Sept. 15. The building was the former home of Republic Insurance, according to local media …

InvenTrust Acquires Two Grocery-Anchored Shopping Centers in Texas, Maryland for $123M

FRISCO, TEXAS AND ROCKVILLE, MD. — InvenTrust Properties Corp., an Illinois-based shopping center REIT, has acquired two grocery-anchored properties in Texas and Maryland for $123 million. Eldorado Marketplace is a 186,068-square-foot property in Frisco, a northern suburb of Dallas, and Travilah Square is a 56,220-square-foot center in Rockville, a suburb of Washington D.C. The properties fetched sales prices of $71 million and $52 million, respectively. Market Street serves as the …

PMG, Greybrook Plan 49-Story Mixed-Use Tower in Miami

MIAMI — A development partnership between New York City-based Property Markets Group (PMG) and Toronto-based Greybrook Realty Partners are currently developing 400 Biscayne, a mixed-use project offering 646 rental apartments in Miami. Slated for completion in 2021, the 49-story building will include 51,000 square feet of commercial space and a 22,000-square-foot redesigned First United Methodist Church of Miami. PMG originally bought the development site from the church in 2018 for $55 …

Kennedy Wilson, Security Benefit Life Insurance Acquire Office Campus in Metro Seattle for $227M

BELLEVUE, WASH. — A new joint venture between Kennedy Wilson (NYSE: KW) and Security Benefit Life Insurance Co. has acquired Sunset North, a 464,000-square-foot, three-building office campus in Bellevue for $227 million. The property’s three buildings, which are certified LEED Silver, were constructed between 1999 and 2000. They were 99 percent leased at the time of sale to 10 long-term tenants with a weighted-average lease term of eight years. Sunset North is located near the …

China’s Anbang Agrees to Sell U.S. Hotel Portfolio for $5.8B

BEIJING — China-based Anbang Insurance Group Co. has agreed to sell a luxury U.S. hotel portfolio for more than $5.8 billion, according to several media outlets. Mirae Asset Global Investments, part of a South Korean financial services company, has agreed to acquire the 15 properties. The portfolio includes high-end hotels such as Essex House in Manhattan, Westin St. Francis in San Francisco and InterContinental hotels in Chicago and Miami. Anbang acquired the hotels in 2016 by purchasing …

HCP Agrees to Purchase Life Sciences Building Near Boston from Davis Cos., Invesco for $332.5M

CAMBRIDGE, MASS. — HCP Inc. (NYSE: HCP), a healthcare and seniors housing REIT, has agreed to acquire a 224,000-square-foot life sciences building in the Cambridge submarket of Boston for $332.5 million. The Davis Cos. and Invesco Real Estate are selling the LEED Gold-certified property, which is located at 35 CambridgePark Drive. Known as Alewife Research Center, 35 CambridgePark Drive is fully leased to five life sciences firms. The leases have a weighted average term exceeding 10 years. …

Boston Properties Acquires 392,600 SF Office Complex in Massachusetts for $106M

WALTHAM, MASS. — Boston Properties Inc. (NYSE: BXP) has acquired 880 and 890 Winter Street, a two-building, 392,600-square-foot office complex in Waltham, a suburb of Boston. The all-cash deal fetched a sales price of $106 million. The complex was 82 percent leased at the time of sale to 24 tenants in the healthcare, technology and energy sectors. Amenities include a two cafés, an outdoor seating area, a fitness center and a conference center. The 28-acre property is situated adjacent …

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