REBusinessOnline

Partnership Breaks Ground on $1.8B Arena for Los Angeles Clippers in Inglewood, California

INGLEWOOD, CALIF. — A public-private partnership between Murphy’s Bowl LLC and the City of Inglewood has broken ground on Intuit Dome, a 915,000-square-foot basketball and events arena in Inglewood that will serve as the home of the Los Angeles Clippers. Murphy's Bowl is a development entity backed by the Los Angeles Clippers. San Francisco-based developer and investor Wilson Meany is also part of the project, which is expected to cost $1.8 billion, according to the Los Angeles …

Joint Venture Receives $250M in Financing for 1.2 MSF Dayton’s Redevelopment Project in Downtown Minneapolis

MINNEAPOLIS — The Telos Group and 601W Cos. have received $250 million in financing for The Dayton’s Project, a historic redevelopment of 700 Nicollet Mall in downtown Minneapolis. The 12-story property was previously occupied by Dayton’s department store, which rebranded as Macy’s in 2004 before closing its doors in 2017.The 1.2 million-square-foot project will include office space, 200,000 square feet of dining and retail, and a 45,000-square-foot food hall and market. Office …

JBG Smith Breaks Ground on $1B Virginia Tech Innovation Campus in Alexandria, Virginia

ALEXANDRIA, VA. — JBG Smith (NYSE: JBGS), a Maryland-based developer and REIT, has broken ground on the first building within the $1 billion Virginia Tech Innovation Campus at the university’s satellite campus in the Washington, D.C. area. The development is located about 275 miles from Virginia Tech’s main campus in Blacksburg.The 300,000-square-foot building will be situated on a 3.5-acre site within the Potomac Yard development. Construction of the first building is scheduled to be …

Oxford Properties Group Acquires Industrial Park in Metro LA for $133.5M

SANTA CLARITA, CALIF. — Oxford Properties Group, a real estate investment and management firm based in Toronto, has purchased Santa Clarita Innovation Park, a 14-building campus situated on 118.5 acres in the Los Angeles suburb of Santa Clarita.Funds managed by Oaktree Capital Management and Intertex Cos. sold the property, which was formerly known as Mann Biomedical Park, for $133.5 million.The acquisition of Santa Clarita Innovation Park falls in line with Oxford’s investment …

Seefried Breaks Ground on 2.8 MSF Amazon Fulfillment Center in Tallahassee

TALLAHASSEE, FLA. — Seefried Industrial Properties has broken ground on a 2.8 million-square-foot fulfillment center in Tallahassee. The developer did not disclose the tenant, but the Tallahassee Democrat reported that the occupant will be Amazon.Dubbed “Project Mango,” the development will be situated on 118 acres near the Mahan Drive and I-10 interchange. Seefried says that the four-story project is record-breaking in terms of its size and functionality, and that it will feature …

CapRock Partners Breaks Ground on 3.4 MSF Spec Industrial Complex in Phoenix

PHOENIX, ARIZ. — CapRock Partners has broken ground on CapRock West 202 Logistics, a 183-acre speculative industrial project in Phoenix. The eight-building, Class A industrial warehouse complex will total 3.4 million square feet.The project will be developed in two phases. Phase I will start in November 2021, with completion and delivery anticipated by the end of 2022. The first phase will include the first five buildings, totaling approximately 2.5 million square feet.The timeline …

Highgate Capital, Aurora Health to Buy 300-Property Healthcare Portfolio in Deal Valued at $3.2B

BOCA RATON, FLA. — DigitalBridge (NYSE: DBRG) has agreed to sell its entire wellness portfolio, consisting of 300 seniors housing, skilled nursing, medical office and hospital properties, in a deal valued at $3.2 billion. The buyers are Highgate Capital Investments and Aurora Health Network.Before announcing its rebrand to DigitalBridge in June, the Boca Raton-based real estate investment trust (REIT) was formerly known as Colony Capital. The sale is the final step of the company’s …

Stratus Properties Acquires Land in Downtown Austin for 300-Unit Luxury Apartment Tower

AUSTIN, TEXAS — Stratus Properties Inc. (NASDAQ: STRS) has acquired land near the Texas State Capitol in downtown Austin with plans to develop Block 150, a 300-unit luxury apartment tower.Rising 400 feet at the corner of 12th and San Antonio streets, the project will span 420,000 gross square feet and include ground-floor retail space. Development costs are estimated at $185 million, according to the Austin American-Statesman.The scope of the project includes the historic A.O. Watson …

PIMCO to Acquire Office REIT Columbia Property Trust in $3.9B Deal

NEWPORT BEACH, CALIF. AND NEW YORK CITY — Pacific Investment Management Co. (PIMCO) has entered into a definitive agreement with Columbia Property Trust (NYSE: CXP) to acquire the New York City-based office REIT. Funds managed by PIMCO will acquire all of the outstanding shares of Columbia’s common stock in a deal valued at $3.9 billion, including debt.Columbia owns 15 office properties spanning more than 6 million square feet in the gateway markets of New York City, Boston, San …

Walker & Dunlop Arranges $79.3M Sale of Sunny Lake Apartments in South Florida

LAUDERHILL, FLA. — Walker & Dunlop has arranged the $79.3 million sale of Sunny Lake Apartments, a 405-unit, garden-style community in Lauderhill. Still Hunter and Kaya Suarez of Walker & Dunlop represented the seller, Bar Invest Group. The buyer is a joint venture between East Hill Capital Partners, The Bascom Group and Leste Group, with Leste Group participating as the majority equity investor. Bridge Investment Group provided the debt financing for the acquisition, which Stuart …

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