Top Stories

Inova Health to Anchor Landmark Mall Redevelopment in Alexandria with $1B Hospital Campus

by John Nelson November 23, 2021

ALEXANDRIA, VA. — The City of Alexandria has signed Inova Health System, a nonprofit healthcare provider in Northern Virginia, to a 99-year ground lease at the site of the former Landmark Mall on the city’s west side. Inova plans to invest $1 billion to create a new medical campus that will be anchored by the relocation and expansion of its existing Alexandria hospital, which is located at 4320 Seminary Road. Inova expects the new campus to employ more than 2,000 healthcare workers. The hospital will include a large emergency room, private patient rooms and a prominent oncology department, according to reports from Patch.com. The healthcare campus will also include a medical office building. The landowner for the hospital portion, the City of Alexandria’s Industrial Development Authority (IDA), signed Inova to the longest ground-lease term possible. IDA purchased the 11-acre former Sears site recently from Landmark Land Holdings LLC for $54 million. Landmark Land Holdings LLC is the joint venture ownership comprising Foulger-Pratt, The Howard Hughes Corp. (NYSE: HHC) and Seritage Growth Properties (NYSE: SRG). Development plans for the remaining portions of the overall 52-acre Landmark Mall site include a mix of residential, retail, commercial and entertainment offerings. Plans also call …

November 23, 2021

Acquisitions Florida Multifamily Southeast Top Stories

ECI Group Sells High-Rise Apartment Building in Tampa to Snell Properties for $136M

by Taylor Williams November 22, 2021

TAMPA, FLA. — Atlanta-based developer ECI Group has sold Channel Club, a 22-story high-rise apartment building in Tampa, to Snell Properties, an investment firm based in the Washington, D.C. area. The sales price was $136 million. The property totals 324 units, which translates to a per-unit sales price of approximately $420,000. Apartments feature one- and two-bedroom floor plans and an average size of 911 square feet. Units are furnished with stainless steel appliances and private balconies. ECI Group developed Channel Club, which also houses a Publix grocery store and several levels of onsite parking, in 2019. The community offers amenities such as a pool, fitness center and a business center. The Publix was not included in the sale. ECI Group is also developing Parc Madison, a 351-unit apartment community on the same block as Channel Club. Both projects represent part of a broader effort to redevelop and revitalize one of Tampa’s former industrial districts. The block is also home to Madison Street Park. “ECI Group is excited to be continuing to invest in one of the most transformational downtowns in the nation with Parc Madison,” says ECI Group CEO Seth Greenberg. “We congratulate Snell on their purchase of Channel Club, …

November 22, 2021

Company News Retail Rhode Island Top Stories

CVS Health Plans to Close 900 Stores, Focus on Digital Strategy

by Julia Sanders November 19, 2021

WOONSOCKET, R.I. — CVS Health Corp. (NYSE: CVS) plans to close about 900 stores over the next three years, or about 300 stores a year, starting in the spring of 2022. The pharmacy retailer says the decision to close its stores was in order to focus more on its digital strategy. The store closures equal about 9 percent of the approximately 10,000 locations that the retailer currently operates. CVS says it will help those who lose their jobs as a result of the store closures to find a different role at another one of the retailer’s locations, according to CNBC. As part of the plan to close many of its stores, CVS Health will create new store formats. The retailer released three models for its new store layouts including sites dedicated to offering primary care services; an enhanced version of HealthHub locations with products and services designed for everyday health and wellness needs; and traditional CVS pharmacy stores that provide prescription services and health, wellness, personal care and other retail offerings. CVS Health plans to build 1,000 HealthHub locations by the end of the year, CNBC reports. This model includes a wider range of medical products and medical services from …

November 19, 2021

Acquisitions California Company News New York Northeast Top Stories Washington Western

Sycamore Partners Management Acquires 30,000-Acre Wine Producer for $1.2B

by Katie Sloan November 18, 2021

NEW YORK CITY — Private equity firm Sycamore Partners Management has acquired Ste. Michelle Wine Estates for $1.2 billion. The transaction is the largest private equity purchase of a wine business in the U.S., according to Bank of the West, which led financing for the acquisition. Altria Group Inc. was the seller, according to reports by Bloomberg. Ste. Michelle Wine Estates is the third-largest premium winery in the U.S. with over 30,000 acres of vineyards spread across three states. Some of the company’s popular brands include Chateau Ste. Michelle, 14 Hands, Patz & Hall, Northstar, Erath and Stags Leap. Chateau Ste. Michelle is one of the largest brands in the Pacific Northwest, located roughly 18 miles northeast of Seattle in Woodinville, Wash. The winery — which produces 60 percent of Washington’s annual wine sales — also owns 3,900 acres of vineyards in the Columbia Valley of Eastern Washington, including Canoe Ridge Estate and Cold Creek. New York City-based Sycamore Partners specializes in consumer, distribution and retail-related investments. The firm has approximately $10 billion in aggregate committed capital. Bank of the West, headquartered in San Francisco, is one of the largest commercial lenders to the wine industry in the U.S. —Katie Sloan

November 18, 2021

Acquisitions Industrial South Carolina Southeast Top Stories

CRG Sells 1.4 MSF Distribution Center in South Carolina for $119.5M

by Kristin Harlow November 17, 2021

GREER, S.C. — Development and investment firm CRG has sold Building C at The Cubes at Inland 85 in Greer, located midway between Greenville and Spartanburg. Investment management firm PRP purchased the asset for $119.5 million. An affiliate of Techtronic Industries Co. Ltd. fully occupies the 1.4 million-square-foot distribution center. Techtronic is a global consumer products company headquartered in Hong Kong. Its brand portfolio includes Milwaukee, Ryobi, Hoover and others within the cordless power tools, accessories, floorcare and do-it-yourself segments. Completed in early November, Building C features a clear height of 36 feet, 246 dock doors, a 185-foot truck court and 555 trailer parking spaces. The building is situated five miles from the Greenville-Spartanburg International Airport and four miles from Inland Port Greer, with rail connection to the Port of Charleston. “The project benefits from great access to major transportation, which we know is more important than ever as e-commerce providers are striving to meet the growing consumer demands for quick delivery,” says Mike Demperio, partner and senior vice president of the Southeast region at CRG. “Additionally, Greenville-Spartanburg continues to be an attractive investment market because of its business-friendly, labor-rich environment and easy access to the Southeast and Eastern Seaboard.” …

November 17, 2021

Acquisitions Colorado Company News Data Centers Massachusetts Northeast Texas Top Stories Western

Data Center REITs CyrusOne, CoreSite to Sell for Combined $25B in Two Separate Mega Deals

by John Nelson November 16, 2021

DALLAS AND DENVER — In two separate transactions exceeding $25 billion in value, data center REITs CyrusOne Inc. (NASDAQ: CONE) and CoreSite Realty Corp. (NYSE: COR) have agreed to be acquired. KKR and Global Infrastructure Partners (GIP) are teaming up to acquire all outstanding shares of common stock for CyrusOne at $90.50 per share for a deal value of approximately $15 billion, including the assumption of debt. In the other mega transaction, telecommunications firm American Tower Corp. (NYSE: AMT) has agreed to acquire Denver-based CoreSite for $170 per share in cash. The total consideration for the transaction is approximately $10.1 billion, including the assumption and/or repayment of CoreSite’s existing debt at closing. The purchase price for CyrusOne, a Dallas-based company that owns and operates 50 data centers worldwide, reflects an approximately 25 percent premium over CyrusOne’s stock price on Sept. 27, which was the last day of trading before market speculation of a potential sale was published. KKR and GIP plan to grow CyrusOne’s global footprint of data centers following the closing of the acquisition. The company’s provides IT infrastructure for more than 1,000 clients, including 200 Fortune 1000 companies, according to CyrusOne. The transaction, which CyrusOne’s board of directors …

November 16, 2021

Acquisitions District of Columbia Hospitality Southeast Top Stories

Reports: Trump Organization Agrees to Sell Washington, D.C. Hotel for $375M

by Taylor Williams November 15, 2021

WASHINGTON, D.C. — The Trump Organization has entered into an agreement with Miami-based investment firm CGI Merchant Group to sell its namesake hotel in the nation’s capital for $375 million, according to multiple news outlets including The Wall Street Journal, which broke the news. The Journal reports that the new ownership will remove the Trump name and signage from the 263-room luxury hotel, which opened in 2016 at 1100 Pennsylvania Ave., just a few blocks from The White House. The project was a redevelopment of a former U.S. Post Office building, which has served many functions since its construction in the late 1800s. Lastly, the business publication states that CGI Merchant Group has reached an agreement with Hilton Worldwide Holdings Inc. (NYSE: HLT) to operate the property under the Hilton Waldorf Astoria brand. The sale is expected to close in the fourth quarter, per the Journal. The hotel was valued at $212 million when it opened. At that time, the property housed the Benjamin Bar & Lounge, restaurant BLT Prime, The Spa by Ivanka Trump, a Brioni menswear boutique store and a 13,200-square-foot ballroom. The hotel includes a 4,000-square-foot presidential suite, which is located in the former Postmaster General’s office. …

November 15, 2021

Acquisitions Florida Multifamily Southeast Top Stories

Berkadia Arranges $133M Sale of LUMA Multifamily Community in Miramar, Florida

by Julia Sanders November 12, 2021

MIRAMAR, FLA. — Berkadia has arranged the sale of LUMA at Miramar, a 380-unit, garden-style multifamily community in Miramar, about 22 miles north of Miami. Roberto Pesant, Jaret Turkell, Charles Foschini, Omar Morales and Jose Mota of Berkadia Miami marketed the property on behalf of the seller, ANSCA. Avalon Bay Communities Inc. acquired the property for $133 million. Built in 2019, LUMA at Miramar features three- and four-story buildings with one-, two- and three-bedroom floorplans ranging from 818 square feet to 1,355 square feet. Each building features an elevator, and the units include insulated impact windows, wood plank flooring, granite countertops, stainless steel appliances, subway tile backsplash, walk-in closets and private screened balconies or patios. Monthly rent ranges from $1,999 to $2,750, according to Apartments.com. Community amenities include a gated electric entrance, swimming pool, fitness center, yoga room, Zen Garden, billiard room with fireplace, café with complementary self-service Starbucks coffee, outdoor grilling area, independent attached and detached garages and valet trash service. The occupancy rate at LUMA at Miramar remained at or above 90 percent throughout 2020 and 2021. The property was fully occupied at the time of sale. Robert Pesant, a senior managing director at Berkadia, says the property …

November 12, 2021

Acquisitions Southeast Texas Top Stories

RREAF Holdings Acquires 21-Property Multifamily Portfolio for $534M

by Katie Sloan November 11, 2021

DALLAS — RREAF Holdings, in partnership with DLP Capital and 3650 REIT, has acquired a 21-property multifamily portfolio for $534 million. The portfolio — named TransCoastal 21 — consists of 4,000 units located in Georgia, Alabama, Florida, Texas, Arkansas, Louisiana and North Carolina. RREAF’s multifamily division acquired the communities from three different sellers, the names of which were undisclosed. RREAF’s in-house property management company, RREAF Residential, will manage 16 of the 21 assets, with DLP Real Estate Management managing the remaining five. Properties include: 2626 Park, located at 2626 E. Park Ave. in Tallahassee, Fla. Ascend at Savannah, located at 10714 Abercorn St. in Savannah, Ga. Ascend Midtown, located at 2200 E. Victory Drive in Savannah, Ga. Azure Cove, located at 1326 US-80 in West Garden City, Ga. Carriage House, located at 125 Tibet Ave. in Savannah, Ga. Falls at Spring Creek, located at 1900 Wesleyan Drive in Macon, Ga. Kessler Point, located at 901 Kessler Court in Garden City, Ga. Legacy at River Crossing, located at 1800 Wesleyan Drive in Macon, Ga. Mill Creek, located at 802 Limestone Circle in Russellville, Ark. Park Place, located at 400 Park Ave. in Foley, Ala. Pelican Pointe, located at 3400 Pelican Pointe …

November 11, 2021

Development Massachusetts Mixed-Use Northeast Top Stories

New England Development to Break Ground on 1.2 MSF Allston Yards Mixed-Use Project in Boston

by Kristin Harlow November 10, 2021

BOSTON — New England Development, in partnership with Stop & Shop, Bozzuto and Southside Investment Partners, will soon break ground on Allston Yards, a 1.2 million-square-foot mixed-use project in the Allston neighborhood of Boston. The site currently houses an older but still-operating Stop & Shop store and parking lots, which will be redeveloped. Built in multiple phases, Allston Yards will feature a 165-unit apartment building; a new Stop & Shop grocery store; 117,000 square feet of retail and restaurant space; 350,000 square feet of office and lab space; and a one-acre community green space. Construction of Building A, which comprises the apartment building and grocery store, is scheduled to commence this month. Construction of the office and life sciences building is slated to begin in the third quarter of 2022. Building A will contribute $1.2 million to the Allston-Brighton Homeowner Fund, a charity created in partnership with the Boston Home Center that aims to increase affordable homeownership opportunities in Allston-Brighton. JLL arranged financing for Building A through Bank of America and TD Bank. The project will extend and expand upon the area’s street grid, providing new connections to the Boston Landing Massachusetts Bay Transportation Authority (MBTA) station and improving both …

November 10, 2021

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