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CaliforniaDevelopmentMultifamilyTop StoriesWestern

Cityview to Break Ground on $125M Multifamily Community in Los Angeles

by Alex Tostado

LOS ANGELES — Cityview will break ground on Adams & Grand, a 296-unit multifamily community situated within an Opportunity Zone in Los Angeles, this month. The Los Angeles-based developer secured $125 million for the project through Opportunity Zone investors. Communal amenities will include a two-story clubroom, business center, fitness center, pool, dog park, a pet washing station and two rooftop decks. The community will also feature 390 parking spaces and 332 bike spaces, as well as 5,000 square feet of ground-level retail space. The seven-story property will offer 125 studio, 87 one-bedroom and 84 two-bedroom floor plans. Unit interiors will include stainless steel appliances, Nest thermostats, vinyl flooring and quartz countertops. Select units will feature balconies. Three units will be reserved for moderate-income residents and 25 units will be designated for low-income residents. Adams & Grand will be situated at 2528 S. Grand Ave., one mile from the University of Southern California (USC) and three miles south of downtown Los Angeles. The property will not be reserved for college students but will cater toward many residents, including students at USC. “Catering to college faculty and staff, other professionals and students, the project will bring much-needed housing to this rapidly growing …

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DevelopmentGeorgiaIndustrialSoutheastTop Stories

Nestlé Purina to Invest $550M for Expansion of Pet Food Manufacturing Facility in Georgia

by Kristin Harlow

HARTWELL, GA. — Nestlé Purina PetCare Co. has unveiled plans to invest $550 million to expand its pet food manufacturing facility in Hartwell, located in Northeast Georgia. The expansion, which is expected to create up to 130 jobs, comes just one year after the factory opened in November 2019. By expanding the facility, Purina will add more processing, packaging and warehousing capacity. The expansion is also part of a broader growth plan for Purina, which includes new factories recently announced in Williamsburg Township, Ohio, and Eden, N.C. Purina brands feed 49 million dogs and 66 million cats each year, according to the company. The Hartwell location produces several of the company’s flagship brands, including Fancy Feast. When Purina first announced plans for the Hartwell facility in 2017, it committed to investing $320 million and employing 240 people. Purina will now combine $320 million of refinanced bonds to a new $550 million investment, according to local paper The Hartwell Sun. Purina now expects to employ up to 370 people by the end of 2025, and the new jobs in Hartwell will include positions in manufacturing and assembly. Purina expects to complete construction of the expansion by the end of 2021. Currently, …

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AcquisitionsLife SciencesMassachusettsNortheastOfficeTop Stories

Harrison Street, Partners Sell Trio of Life Sciences Properties in Metro Boston to Healthpeak for $720M

by John Nelson

CAMBRIDGE, MASS. — Harrison Street and its investment partners The Bulfinch Cos. and National Real Estate Advisors have sold three life sciences buildings at Cambridge Discovery Park for a gross sale price of $720 million. Denver-based REIT Healthpeak Properties Inc. (NYSE: PEAK) purchased the properties, which are situated in Boston’s West Cambridge submarket. For Bulfinch, the master developer of Cambridge Discovery Park, the transaction with Healthpeak was a recapitalization of its stake in the development. The Boston-based firm entered into a joint venture transaction with Healthpeak whereby Bulfinch will retain a majority ownership stake in one of the buildings. Additionally, Bulfinch will continue to manage the property. The Cambridge Discovery Park acquisition, which also includes two parking garages, totals approximately 620,000 square feet. The buildings, called 100 CDP, 200 CDP and 400/500 CDP, were 94 percent leased at the time of sale to biotechnology, pharmaceutical and research companies with a weighted average remaining lease term of approximately 7.5 years. According to Healthpeak, the acquisition also includes an approximately 100,000-square-foot site for a future densification opportunity that the REIT plans to co-develop with Bulfinch. Cambridge Discovery Park includes six life sciences buildings and an AC Hotel by Marriott. The campus is …

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Elanco-Gov-Holcomb
DevelopmentIndianaMidwestOfficeTop Stories

Elanco Animal Health Plans $100M Headquarters in Downtown Indianapolis

by Taylor Williams

INDIANAPOLIS — Elanco Animal Health Inc. (NYSE: ELAN), a pharmaceutical company that produces medicines and vaccinations for pets and livestock, has selected Indianapolis for its new $100 million global headquarters. Elanco is currently headquartered in Greenfield, approximately 25 miles east of Indianapolis. The company’s new headquarters campus will be located on a 45-acre site on the southwestern side of downtown Indianapolis that formerly served as a stamping plant for General Motors. The plant closed in 2011, and developer Ambrose purchased the site with plans to build a mixed-use community, according to The Indianapolis Star. Ambrose officially canceled those plans in September 2019. Project planning will begin immediately, with construction anticipated to last two to three years. Elanco’s new facility is expected to add as many as 570 permanent new jobs to the local economy. The move represents an effort to cut costs while consolidating Elanco’s global footprint after the company’s August acquisition of Bayer’s animal health business. The Star reports that the acquisition was valued at roughly $6.9 billion. Elanco’s new campus will feature a smaller, more flexible design as a result of COVID-19. The company says it envisions a more efficient campus with at least 25 percent less office space than its …

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IndustrialTop Stories

COVID-19 Holiday Season Brings Increase in Online Shopping, Big-Ticket Industrial Acquisitions

by Katie Sloan

As with many other events and rites of passage, the COVID-19 pandemic has transformed the holiday season. With concerns over the safety of in-person gathering top of mind, many have moved their normal brick-and-mortar holiday gift shopping online.  Even Black Friday — a hallmark shopping event of the holiday season geared toward big sales for those willing to venture among heavy crowds — moved online this year in order to better suit the needs and safety of shoppers in the current environment.  With an increase in online shopping comes an increase in need for logistics and industrial space in order to fulfill orders in a timely fashion. Against the backdrop of a predominantly online holiday shopping season, a flurry of big-ticket industrial acquisitions have filled news headlines during the first week of December.  Today, news broke that Rexford Industrial Realty has acquired Van Nuys Airport Industrial Center in California, an 18-building portfolio of industrial properties within the Los Angeles submarket, for $154.6 million. Additionally, KKR acquired two industrial distribution properties in Texas totaling approximately 1.8 million square feet for $171 million.  “As more consumers migrate to shopping online and expect a seamless delivery experience, the demand for modern logistics real …

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DevelopmentMarylandOfficeSoutheastTop Stories

Armada Hoffler, Beatty Development to Build $250M Headquarters for T. Rowe Price in Baltimore

by Alex Tostado

BALTIMORE — A joint venture between Armada Hoffler Properties and Beatty Development Group has unveiled plans for T. Rowe Price’s new office headquarters in Baltimore’s Harbor Point for $250 million. Plans call for the property to span 450,000 square feet and include ground-level retail space, parking and expanded green spaces. T. Rowe Price expects to move its 1,700 employees into the space in the first half of 2024. The initial lease is for 15 years. T. Rowe Price was founded in Baltimore in 1963 and has been headquartered at 100 E. Pratt St. in downtown Baltimore since 1975. According to the Baltimore Sun, T. Rowe Price signed a 10-year lease renewal at 100 E. Pratt in 2017. The newspaper cited T. Rowe Price’s concerns over safety and traffic as the main reasons for the global investment management firm’s move away from downtown. Harbor Point is situated along Patapsco River, two miles south of T. Rowe Price’s current headquarters. Other Armada Hoffler projects within Harbor Point include office buildings Wills Wharf and Thames Street Wharf, and 1405 Point Apartments. “T. Rowe Price further validates Harbor Point as a top-tier destination for world-class companies,” says Lou Haddad, president & CEO of Armada …

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AcquisitionsCaliforniaHospitalityTop StoriesWestern

Oxford Capital Group Acquires Five Boutique Hotels in Downtown San Francisco, Silicon Valley

by Kristin Harlow

SAN FRANCISCO, PALO ALTO AND LOS GATOS, CALIF. — Oxford Capital Group LLC has acquired five boutique hotels in San Francisco and Silicon Valley from Greystone Hotels for an undisclosed price. The company plans to reposition many of the assets. The properties include King George Hotel, Hotel Griffon and The Inn at Union Square in San Francisco, as well as Creekside Inn in Palo Alto and Hotel Los Gatos in Los Gatos. Dating back to 1914, the 53-room King George Hotel includes a lobby bar and 1,150 square feet of meeting space. Hotel Griffon, which opened in 1906, includes 62 rooms as well as 308 square feet of meeting space and Perry’s restaurant. The Inn at Union Square, which features 30 rooms, opened in 1980 and includes Chloe Gallery. Creekside Inn dates back to 1955. It features 136 rooms, 1,400 square feet of meeting space, CIBO restaurant, Driftwood Deli and a Metro PCS store. Opened in 2002, the 72-room Hotel Los Gatos features 2,000 square feet of meeting space, Dio Deka restaurant and a Verde Touch holistic massage center. “We have been value-oriented investors in the lodging sector for nearly 30 years,” says John Rutledge, founder, chairman and CEO of …

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AcquisitionsOfficeTop StoriesWashingtonWestern

Hudson Pacific, CPP Investments Agree to Acquire Amazon-Leased Office Tower in Downtown Seattle for $625M

by John Nelson

SEATTLE — Hudson Pacific Properties (NYSE: HPP) and Canada Pension Plan Investment Board (CPP Investments) have agreed to acquire a 36-story office tower anchored by Amazon in Seattle. The companies plan to form a joint venture to purchase the 668,000-square-foot property located at 1918 8th Ave. for $625 million. CPP Investments will own a 45 percent interest in the joint venture, while Hudson Pacific will own 55 percent and act as general partner and as property, leasing and construction manager. The seller was not disclosed, but multiple media outlets report J.P. Morgan Chase has owned the property since 2011 when affiliates bought the asset from developer Schnitzer West LLC. The property is 98 percent leased with an average remaining lease term of 10 years. Amazon is the largest tenant and occupies a majority of the building, which the Seattle-based e-commerce giant dubs the Blackfoot building. The LEED Platinum-certified tower features a multi-level lobby, great room, central conferencing facility and large fitness center. The office tower is situated in downtown Seattle’s Denny Triangle neighborhood near Hill7, an office tower that Hudson Pacific and CPP Investments purchased in 2016. The property is also near Washington 1000, an office development that Hudson Pacific …

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LOFT-Oregon
AcquisitionsCompany NewsNew JerseyNew YorkNortheastRetailTop Stories

Premium Apparel Agrees to Acquire Multiple Clothing Brands from Ascena Retail Group for $540M

by Taylor Williams

NEW YORK CITY AND MAHWAH, N.J. — Premium Apparel LLC, an affiliate of New York City-based private equity firm Sycamore Partners, has entered into an agreement to purchase multiple clothing brands from Mahwah-based Ascena Retail Group (OTCMKTS: ASNAQ) for $540 million. The apparel and footwear brands in question include Ann Taylor, LOFT, Lane Bryant and Lou & Grey. Under the terms of the deal, which is expected to close by mid-December, Premium Apparel will acquire the brands on a cash-free and debt-free basis. Premium Apparel did not specify how many of brick-and-mortar stores will be affected by the transaction, but the new ownership did say that it remains committed to retaining a “substantial portion” of stores and employees affiliated with these brands. “Ann Taylor, LOFT, Lane Bryant and Lou & Grey are well-known brands, each with passionate associates and loyal customers,” says Stefan Kaluzny, managing director of Sycamore Partners. “These brands have significant potential, and we are excited about the opportunity to partner with Ascena’s talented team to continue delivering new and relevant experiences for customers.” Ascena Retail Group, which operated about 1,500 stores throughout the country as of late August, filed for Chapter 11 bankruptcy in July. In September, …

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LoansMichiganMidwestMultifamilyTop Stories

ACRE Provides $78.5M Bridge Loan for Final-Phase Construction of Detroit City Club Apartments

by Kristin Harlow

DETROIT — Asia Capital Real Estate (ACRE) has provided a $78.5 million bridge loan to City Club Apartments (CCA) for the developer’s multifamily project in Detroit. The loan, provided through ACRE’s latest debt fund, will fund the final phase of construction on the six-story, 288-unit development in the city’s central business district. Located at 1501 Washington Blvd., Detroit City Club Apartments is currently 95 percent complete. Residents are expected to begin taking occupancy as early as December with 40 percent of the units pre-leased. “Detroit’s downtown has been growing rapidly in recent years and is showing strong fundamentals that support precisely this kind of luxury multifamily development,” says Daniel Jacobs, ACRE’s head of origination. The project includes 11,291 square feet of retail space. Two tenants, Premier Pet Supply and French-American restaurant Statler Bistro, have already secured leases for the retail portion. Amenities for the apartments include a fitness center, business center, clubroom, pool with hot tub, outdoor movie theater, event space and underground valet parking. The luxury, Class A project also includes duplex and townhome units. Monthly rents start around $1,210. Based in Detroit, CCA specializes in the development and management of apartment communities throughout the Midwest and East Coast. …

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