Top Stories

Crescent Communities Breaks Ground on Three Industrial Projects Totaling 1.7 MSF

by Julia Sanders February 11, 2022

CHARLOTTE, N.C. — Charlotte-based Crescent Communities has broken ground on three industrial properties totaling 1.7 million square feet. The company plans to build eight buildings across three markets known as AXIAL Crosspoint in Greenville, S.C.; AXIAL Bonds Farm in Concord, N.C.; and AXIAL 301 Manatee in Bradenton, Fla. The firm bought the project land for an undisclosed price, and the seller of the land was not disclosed. Along with the three land transactions, Crescent Communities announced a new brand name for its industrial platform, AXIAL Industrial. The brand will first be executed through the AXIAL Bonds Farm, AXIAL Crosspoint and AXIAL 301 Manatee projects, which are all set to begin construction soon this year and are slated for completion in 2023. “With the debut of AXIAL Industrial, we will provide our clients with a one-stop platform featuring a thoughtful and diligent process for each industrial development, from land acquisition to product development for each specific location and every stage in between,” says Bryan Blythe, managing director of AXIAL Industrial at Crescent Communities’ Commercial business unit. AXIAL Bonds Farm will feature three rear-load buildings totaling 809,720 square feet. The property will also offer various-sized buildings with ample employee parking. The property …

February 11, 2022

Development Life Sciences North Carolina Southeast Top Stories

Crescent Communities, Nuveen to Expand $500M Life Sciences Project Near North Carolina’s Research Triangle

by Katie Sloan February 10, 2022

HOLLY SPRINGS, N.C. — A joint venture between Crescent Communities and Nuveen Real Estate has acquired a 120-acre development site to expand The Yield, a $500 million life sciences development currently underway in Holly Springs, roughly 23 miles south of North Carolina’s Research Triangle. Crescent Communities broke ground on the project’s first phase of development in December 2021, which will include two 105,000-square-foot biomanufacturing buildings, 52,000 square feet of lab and office space and retail. Phase I is scheduled for delivery this summer. Crescent and Nuveen are set to break ground on the second phase of development later this year, which will expand the development through the addition of 2 million square feet of lab, office and manufacturing space. Further details on Phase II of the project were undisclosed. The Research Triangle remains a top life sciences market in the U.S., with recently announced projects including the development of a $1 billion life sciences campus in Morrisville; the acquisition and expansion of Research Commons, a life sciences campus within Research Triangle Park in Durham; and the redevelopment of a 110,500-square-foot life sciences property in Raleigh. John Brewer, Brian Carr and Ann-Stewart Patterson of CBRE are in charge of leasing for …

February 10, 2022

Development Mixed-Use Southeast Tennessee Top Stories

SomeraRoad Begins Construction of First Ground-Up Tower at Paseo South Gulch Mixed-Use Project in Nashville

by Kristin Harlow February 9, 2022

NASHVILLE, TENN. — SomeraRoad has started construction of the first ground-up tower within its Paseo South Gulch mixed-use project in Nashville. Known as Prima, the building will include 278 apartment units, 18,000 square feet of Class A office space and 8,000 square feet of retail space. ESa designed the project, which is slated for completion by the third quarter of 2023. Clark Construction is the general contractor. Safehold Inc. and S3 Capital provided financing. The tower will complement the recently completed adaptive reuse of two historic buildings within the project featuring office and retail space. SomeraRoad has planned future ground-up projects within Paseo South Gulch, with construction of a second tower scheduled to begin by early 2023. “Paseo South Gulch will be a premier live-work-play destination in Nashville, and the start of Prima is a significant step toward our transformational vision becoming a reality,” says Andrew Donchez, principal and head of development at SomeraRoad. “We’ve worked tirelessly to craft every detail of Paseo South Gulch, to tie new towers into the adaptive reuse of historic structures and future phases, to ultimately create a district that feels authentic and vibrant.” The name Paseo speaks to the district’s interconnected walkways and terraces …

February 9, 2022

Development Healthcare Maryland Mixed-Use Multifamily Office Southeast Top Stories

Howard Hughes Corp. Plans to Invest $325M in Medical Office, Residential Projects in Columbia, Maryland

by John Nelson February 8, 2022

COLUMBIA, MD. — The Howard Hughes Corp. (NYSE: HHC) has unveiled plans to invest $325 million to densify Downtown Columbia, the REIT’s 391-acre mixed-use development within the master-planned community of Columbia. Founded by James Rouse in 1967, Columbia is situated within the Baltimore-Washington, D.C. corridor in Maryland and is one of the first master-planned communities in the United States. The first new HHC project within Downtown Columbia’s Lakefront District is a four-story, 86,000-square-foot medical office building representing about $45.8 million in investment. Studio Red Architects is designing the property to achieve LEED Platinum and Fitwel certifications. Orthopaedic Associates of Central Maryland (OACM), a division of The Centers for Advanced Orthopaedics, will move its Columbia office into the new building upon completion in 2024, occupying approximately 20 percent of the asset. The property will be situated near a Whole Foods Market and Lake Kittamaqundi. Several health and wellness tenants signed on at Downtown Columbia to capitalize on the halo effect from the nearby Howard County General Hospital, which is part of Johns Hopkins Medicine. Other tenants at the Lakefront District include The Pearl spa, medtech firm NuVasive, MedStar Health’s headquarters, Healthcare Management Solutions, Welldoc, Sharecare, Consortium Health Plans, Vaya Pharma, Medisolv …

February 8, 2022

Acquisitions Hospitality Massachusetts Northeast Top Stories

Värde Partners, Hawkins Way Capital Buy Sheraton Boston Hotel for $233M

by Taylor Williams February 7, 2022

BOSTON — A joint venture between global asset manager Värde Partners and California-based Hawkins Way Capital has purchased the 1,220-room Sheraton Boston Hotel, located at 39 Dalton St. in the city’s Back Bay neighborhood. The hotel sold for $233 million, or roughly $191,000 per room, according to multiple local news outlets including The Boston Globe and WCBV. The partnership purchased the 29-story, 1.1 million-square-foot property from Maryland-based REIT Host Hotels & Resorts Inc. (NASDAQ: HST). The luxury hotel offers amenities such as a pool, business center, fitness center, meeting space, spa and wellness center, convenience store and an onsite restaurant. The Sheraton is Boston’s largest hotel, and the sales price is below that of comparable hotel deals that traded in Boston’s downtown area prior to the pandemic, according to the Globe. Citing data from Pinnacle Advisory Group, the local newspaper puts the downtown Boston hotel market’s average nightly occupancy rate for 2021 at approximately 45 percent. The deal marks the sixth acquisition between Värde Partners and Hawkins Way Capital as part of a larger plan to acquire $1 billion in value-add and distressed hospitality and housing assets in major U.S. cities. The joint venture’s portfolio also includes the DoubleTree by …

February 7, 2022

Industrial Loans New York Top Stories

JLL Arranges $455M Refinancing for Industrial Portfolio in New York’s Westchester County

by Julia Sanders February 4, 2022

HAWTHORNE, ELMSFORD AND YONKERS, N.Y. — JLL has arranged a $455 million refinancing loan for a portfolio of 45 properties totaling approximately 2.6 million square feet across three industrial parks in New York’s Westchester County. Bank of America provided the floating-rate, non-recourse loan to the borrower, Robert Main Co. Mike Tepedino, Andrew Scandalios, Jose Cruz, Peter Rotchford and Tyler Peck of JLL arranged the financing transaction. The loan terms were not disclosed. The portfolio is situated in infill locations within in the New York metropolitan area. The properties benefit from significant barriers to entry, limited new supply and access to Interstates 287 and 87. Over the past few years, Robert Martin Co. has made improvements to the properties including new roofs, LED lighting upgrades, solar panel installations, paving and landscaping. The three industrial campuses include Mid Westchester Executive Park at 2 Skyline Drive in Hawthorne; Cross Westchester Executive Park at 100 Clearbrook Road in Elmsford; and South Westchester Executive Park at 7 Odell Plaza in Yonkers, according to the Commercial Observer. The properties are occupied by approximately 300 tenants in a wide variety of industries including warehousing, transportation, mechanical, child care, health technologies and quantum computing research. “This portfolio has …

February 4, 2022

Acquisitions Industrial Northeast Pennsylvania Southeast Texas Top Stories

Equus Capital Partners Acquires 5.4 MSF Industrial Portfolio for $900M

by Katie Sloan February 3, 2022

PHILADELPHIA — Equus Capital Partners has acquired a 5.4 million-square-foot industrial portfolio located across the Sun Belt and East Coast. The properties were purchased from Prologis for $900 million, according to the Philadelphia Business Journal. The 75-property portfolio primarily comprises multi-tenant, infill, shallow-bay assets located across seven major distribution markets in Texas, Florida, Georgia, South Carolina and Virginia. The acquisition was made on behalf of the company’s sponsored value-add fund, Equus Investment Partnership XII L.P. The portfolio was 98 percent leased to 250 tenants at the time of sale, which included e-commerce, logistics providers, manufacturing, business-to-business and business-to-consumer users. Equus made headlines with another large-scale industrial acquisition in October of last year, buying a 7.3 million-square-foot industrial portfolio in Arizona for $1.1 billion. “We remain disciplined in our approach to appropriately scaling our industrial holdings across the U.S. on behalf of our investment partners,” says Kyle Turner, partner and director of investments for the Philadelphia-based firm. “This most recent investment further diversifies our platform holdings in the industrial sector and provides access to dynamic distribution locations poised to benefit from improving industrial fundamentals and sustained population growth,” he continues. Kyle Turner, Tim Feron, Laura Brestelli, Joe Felici, Scott Miller and Ryan Klancic …

February 3, 2022

Acquisitions Affordable Housing Illinois Midwest Multifamily Top Stories

Turner Impact Capital Acquires 1,155-Unit Workforce Housing Property in Suburban Chicago for $137M

by Kristin Harlow February 2, 2022

GLENDALE HEIGHTS, ILL. — Turner Impact Capital has acquired Ellyn Crossing Apartments, a 1,155-unit workforce housing property in Glendale Heights, a western suburb of Chicago. The sales price of $137 million, as reported by Crain’s Chicago Business, and the number of units mark the biggest suburban Chicago apartment deal ever, according to research firm Real Capital Analytics. With this acquisition, Turner Impact Capital’s housing portfolio now includes nearly 2,800 units in the Chicagoland area and over 11,200 units of workforce housing in metropolitan areas across the nation. These properties serve more than 18,600 low- and moderate-income residents such as teachers, police officers and healthcare workers. These employees often earn too much to qualify for subsidized housing but too little to afford higher-cost housing near their workplaces, according to Turner Impact Capital. “As Americans face double-digit rent increases in markets nationwide, along with limited housing supply and uncertainty surrounding the pandemic, our need for housing solutions is more urgent than ever,” says Bobby Turner, CEO of Turner Impact Capital. “Our scalable investment model has uplifted communities far and wide by putting affordable, quality housing within reach for thousands of families while generating strong risk-adjusted returns for investors. The model proves that …

February 2, 2022

Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Texas Top Stories

Inspire Development Breaks Ground on $2B Mixed-Use Campus in Northwest Austin

by John Nelson February 1, 2022

AUSTIN, TEXAS — Inspire Development, an Austin-based developer of residential and commercial properties, has broken ground on the first phase of Pearson Ranch, a new mixed-use campus in northwest Austin. The $2 billion project will include 2.6 million square feet of new office space; 200,000 square feet of stores, restaurants and community and cultural spaces; two hotels; thousands of high-end residences; and 30 acres of park land. Phase I of Pearson Ranch will span 41 acres and feature approximately 600,000 square feet of office space, three high-end apartment communities and some lifestyle retail space. “We worked very closely with our team to create a plan that tightly knits the past, present and future into the most compelling land plan possible,” says Brett Ames, managing principal of Inspire Development, as well as president and CEO of Austin-based Ames Design Build. “Frankly, we feel a true sense of obligation to get it fully right.” The Pearson Ranch site is located on 156 acres at the corner of State Highway 45 and West Parmer Lane, which is approximately two miles north of Apple’s new $1 billion corporate campus. Other nearby employers include Dell, PayPal, Amazon and Visa. Pearson Ranch will include a 48-acre …

February 1, 2022

Development Multifamily Northeast Pennsylvania Top Stories

Post Brothers, Tower Investments Start Construction of $750M Multifamily Project in Philadelphia

by Taylor Williams January 31, 2022

PHILADELPHIA — A partnership between developer Post Brothers and Tower Investments has started construction of Broad & Washington, a $750 million, multi-phase multifamily project in Philadelphia. Designed by BKV Group, the project will consist of 1,457 apartments, 65,000 square feet of retail space and a parking garage. According to the architecture firm, the site consists of two parcels: Parcel A, which spans approximately 1.4 million square feet, and the 318,000-square-foot Parcel B. The project is located at 1001 S. Broad St. at the corner of Washington Avenue, near the end of the Avenue of the Arts district. Russell Schildkraut and Christine Zivkovic of Ackman-Ziff Real Estate Group arranged $250 million and $100 million, respectively, in construction financing from Bank OZK and Starwood Property Trust for the first phase of Broad & Washington. Both direct lenders have partnered with Post Brothers on past projects as well. All told, Post Brothers has secured more than $400 million in construction debt for the first phase of the project, which will comprise some 600 units and 50,000 square feet of commercial space across four interconnected buildings. Delivery of the first phase is slated for 2024, and the development team expects to complete the entire project …

January 31, 2022

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