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Mark-Hoplamazian-Hyatt
Company NewsHospitalityIllinoisMidwestTop Stories

Hyatt Agrees to Acquire Hospitality Operator Apple Leisure Group for $2.7B

by Taylor Williams

CHICAGO — Hyatt Hotels Corp. (NYSE: H) has agreed to acquire Apple Leisure Group (ALG), a Pennsylvania-based firm that specializes in third-party operations of luxury wellness resorts, for $2.7 billion. The transaction comes as part of the Chicago-based hotel giant’s initiative to sell off $2 billion in real estate holdings by the end of 2024 and focus its growth strategy on the operations side of the hospitality business. Hyatt expects to sell $1.5 billion of its real estate assets by the end of this year, which would result in more than $3 billion in sales since the strategy was announced in 2017. Mark Hoplamazian, Hyatt president and CEO, notes that under this strategy, he expects that 80 percent of the company’s revenue stream will be fee-based earnings by the end of 2024. “The addition of ALG’s properties will immediately double Hyatt’s global resorts footprint,” says Hoplamazian. “ALG’s portfolio of luxury brands, leadership in the all-inclusive segment and large pipeline of new resorts will extend our reach in existing and new markets, including Europe, and further accelerate our industry-leading net rooms growth.” ALG’s operations portfolio spans 33,000 rooms across 100 properties in 10 countries. ALG’s resort brand management platform AMResorts provides …

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Ambulatory care
DevelopmentHealthcareMissouriTop Stories

Clayco, TW Constructors Break Ground on 659,000 SF Ambulatory Care Building in St. Louis

by Julia Sanders

ST. LOUIS — Clayco and its joint venture partner TW Constructors have broken ground on a 659,000-square-foot ambulatory care center for Siteman Cancer Center at Barnes-Jewish Hospital and Washington University School of Medicine in St. Louis. Completion is slated for summer 2024. The university and BJC HealthCare are leading development of the nine-story building, which will be located on the corner of Forest Park and Taylor avenues. The building will feature 238,560 square feet of occupied medical space, as well as a 243,250-square-foot parking garage with 430 parking spaces located above the main lobby on the second through fourth floors. Connected to the Washington University Medical Campus by a pedestrian link, the ambulatory care center will feature 96 exam rooms, 88 infusion bays, radiology, breast imaging and chemistry laboratory departments. Additionally, the project will include a three-bay loading dock on the lower level. Lawrence Group and Perkins Eastman are the project architects. An ambulatory care center is also known as an outpatient care center, which provides same-day medical procedures in an outpatient environment. The project is the latest addition to the medical campus that continues to expand east into St. Louis’ Central West End. The Barnes-Jewish Hospital is where the …

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IllinoisMidwestMultifamilySingle-Family RentalTop Stories

JLL Income Property Trust Acquires 47 Percent Interest in Single-Family Rental Portfolio for $560M

by Katie Sloan

CHICAGO — JLL Income Property Trust has acquired a 47 percent interest in a single-family rental portfolio assembled and managed by Amherst Residential for $560 million. The 4,000-home portfolio is valued in total at $1.2 billion.  Properties within the portfolio are located in 14 major markets across 10 states, with nearly 80 percent located in Atlanta; Dallas; Nashville, Tenn.; Charlotte, N.C.; and Tampa, Fla. The portfolio is currently over 96 percent leased and is occupied with no displacement anticipated as a result of the transaction. “LaSalle’s Research & Strategy team has identified single-family rentals as a ‘near-core’ property sector poised for accelerating institutional capital inflows, along with an attractive risk-adjusted return profile,” says Allan Swaringen, president and CEO of JLL Income Property Trust.  “Given the superior long-term tenant demand growth outlook, our research projects long-term expected rent and NOI growth above all other institutional property type averages,” he continues.  JLL’s investment was funded with $205 million in equity and the assumption of its proportionate share of an existing in-place financing — a $761 million securitized loan. The debt, which features interest-only payments, has a fixed interest rate of 2.1 percent and matures at the end of 2025. At the current …

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AcquisitionsCaliforniaOfficeSingle-Family RentalTop StoriesWestern

Pacific Oak Sells Orange County Office Tower for $150.5M

by Kristin Harlow

ORANGE, CALIF. — Pacific Oak Strategic Opportunity REIT Inc. has sold City Tower, a 435,000-square-foot Class A office tower in Orange County, for $150.5 million. Opal Holdings, a New York City-based real estate investment firm, was the buyer. The 20-story property is located at 333 City Blvd. in Orange, about three miles north of Santa Ana and 30 miles southeast of Los Angeles. The building was 90 percent leased at the time of sale to tenants such as UC Irvine Medical Center, Enterprise Rent-A-Car, Sedgwick and Spaces. Developed in 1988, City Tower recently underwent a $3 million renovation that included upgrades to the lobby, a state-of-the-art fitness center, conference center and new building entryway. The property is certified LEED Gold. “We increased occupancy by almost 15 percent over the past three years and are proud of the improvements and value we created during our ownership,” says Michael Potter, senior vice president with Pacific Oak, which purchased City Tower for $147.2 million in March 2018 when it was 78 percent occupied. Pacific Oak Strategic Opportunity REIT is a public, non-traded corporation headquartered in Los Angeles. The REIT manages a portfolio valued in excess of $2 billion comprised primarily of office, apartment, …

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AcquisitionsColoradoHealthcareIllinoisIndustrialLife SciencesMidwestOfficeTop StoriesWestern

NexCore, Nuveen Acquire National Medical Office and Life Sciences Portfolio for $620.4M

by John Nelson

CHICAGO AND DENVER — NexCore Group, a national healthcare real estate developer and owner, has teamed up with global investment management firm Nuveen Real Estate to acquire a portfolio of 27 medical office and two life sciences buildings spanning nearly 1.2 million square feet. IRA Capital, a private equity firm based in Southern California, sold the portfolio in two transactions totaling $620.4 million. The portfolio spans 13 states: Arizona, California, Florida, Illinois, Michigan, North Carolina, New Jersey, New York, Ohio, Oklahoma, Pennsylvania, Texas and Wisconsin. The medical office properties comprise ambulatory surgery centers, micro-hospitals, freestanding emergency departments and single- and multi-tenant clinics. The properties were 99 percent leased at the time of sale to 38 tenants, the vast majority of which are well-established healthcare systems. The medical office buildings sold for about $463 million, according to NexCore, which will manage the facilities moving forward. Allianz Real Estate provided $234 million in acquisition financing on behalf of NexCore and Nuveen for the medical office portfolio. The financing is structured on a seven-year term with both a fixed-rate tranche totaling $163.8 million and a floating-rate tranche totaling $70.2 million. Chicago-based Nuveen is using equity for the medical office assets via its newly launched U.S. Cities …

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David-Levine-Blackstone
AcquisitionsCompany NewsIndustrialNew YorkNortheastTop Stories

Blackstone Enters into Agreement to Acquire WPT Industrial REIT for $3.1B in Cash

by Taylor Williams

NEW YORK CITY — Blackstone Real Estate Income Trust Inc. (BREIT) has entered into an agreement to acquire Toronto-based WPT Industrial REIT for a cash price of US$3.1 billion. That figure includes the assumption of the publicly traded Canadian REIT’s corporate debt. Under the terms of the deal, shareholders of WPT Industrial will receive US$22 for each share of common stock they own. That figure represents a premium of 17 percent over the closing price of WPT Industrial’s stock on Friday, Aug. 6, the last day of trading prior to the merger announcement. The price per share also marks a 19.5 percent premium over the Canadian REIT’s weighted average unit price for the 30-day period that ended on Aug. 6. The deal is expected to close in the fourth quarter. “Logistics continues to benefit from strong tailwinds driven by e-commerce,” says David Levine, senior managing director at Blackstone. “We look forward to expanding our logistics presence across key U.S. markets with the acquisition of this high-quality portfolio that WPT has built.” WPT Industrial owns, develops and manages warehouse and distribution facilities throughout the United States. The company’s U.S. footprint consists of 109 properties totaling approximately 37.5 million square feet of …

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Raleigh
DevelopmentIndustrialMassachusettsMinnesotaNorth CarolinaTop Stories

JLL Arranges $157.3M Equity Partnership for Industrial Developments in Minnesota, North Carolina

by Julia Sanders

MINNEAPOLIS AND BOSTON — JLL Capital Markets has arranged a $157.3 million joint venture equity partnership for the development of three bulk distribution and life sciences projects in Minnesota and North Carolina. Colin Ryan, John Huguenard, David Berglund, Pete Pittroff and Patrick Nally of JLL arranged the equity investment with Rockpoint Group LLC, a Boston-based real estate private equity firm, on behalf of the Minneapolis-based developer, Oppidan Investment Co. Blake Hastings, Jay Moore and Tim Brent of Oppidan are leading the project development. “We are excited to embark on a programmatic relationship with Rockpoint and continue to grow the industrial and logistics vertical at Oppidan,” says Blake Hastings, president of Oppidan. “Our cultures are very well aligned, and we look forward to a long, deep relationship.” The portfolio will include nine buildings on three construction sites that total about 1.6 million square feet. Five buildings are expected to begin construction this year, and completion of all nine are anticipated by 2023. The Minnesota facilities are planned for industrial use while the North Carolina facilities will be for life sciences firms. Two of the nine buildings will be within Chaska Creek Industrial Park, which is 26.5 miles from Minneapolis in Chaska. …

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GeorgiaLoansOfficeSoutheastTop Stories

JLL Arranges $421.8M Refinancing for Atlanta’s Piedmont Center Office Complex

by Jeff Shaw

ATLANTA — JLL’s Capital Markets group has arranged a $421.8 million refinancing for Piedmont Center in Atlanta. The 2.2 million square foot, 14-building, Class A office complex is located on Piedmont Road NE in Atlanta’s Buckhead submarket. Proceeds from the loan were used to purchase four additional office buildings within the complex and to refinance the debt of Ardent’s existing holdings within Piedmont Center. The tenant roster includes technology, healthcare and professional services companies. The area is served by a MARTA Station that provides transportation throughout the city of Atlanta, as well as several thoroughfares such as Georgia 400 and Peachtree, Roswell and Lenox roads. The office space is located four miles north of Midtown, which offers amenities from museums to shopping to recreation. JLL’s Capital Markets team represented the borrower, The Ardent Cos., in the transaction to secure the floating-rate loan from a bank lender. Matt Casey and Ed Coco led the JLL Capital Markets team, while JLL’s brokerage team of David Horne and Jeff Taylor won the assignment to lease buildings five through eight. “Through its consolidation of ownership within Piedmont Center, Ardent has created a huge opportunity to reinvent the office campus into a more dynamic workplace …

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AcquisitionsHospitalityNevadaNew YorkNortheastTop StoriesWestern

VICI Properties to Acquire MGM Growth Properties for $17.2B

by Kristin Harlow

NEW YORK CITY AND LAS VEGAS — VICI Properties Inc. (NYSE: VICI), MGM Growth Properties LLC (NYSE: MGP) and MGM Resorts International (NYSE: MGM) have entered into a definitive agreement under which VICI will acquire MGP for a total consideration of $17.2 billion, including the assumption of approximately $5.7 billion of debt. MGM Resorts is the controlling shareholder of MGP. Upon completion of the merger, VICI will have an estimated enterprise value of $45 billion representing 43 properties in 15 states. The deal will add 15 Class A entertainment resort properties across the country to VICI’s portfolio, comprising 33,000 hotel rooms; 3.6 million square feet of meeting and convention space; and hundreds of food, beverage and entertainment venues. The deal represents an estimated 30 to 40 percent discount to replacement cost. The move will solidify VICI as the largest experiential net-lease REIT, while also advancing its goals of portfolio enhancement and diversification, according to the company. Following the transaction, approximately 55 percent of VICI’s rent base will be generated by market-leading regional properties, while the remaining 45 percent will come from properties on the Las Vegas Strip. Simultaneous with the closing of the transaction, VICI will enter into an amended …

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AcquisitionsCaliforniaOfficeTop StoriesWestern

KKR Purchases Silicon Valley Office Campus for $535M

by John Nelson

SAN JOSE, CALIF. — Global private investor KKR has purchased HQ @ First, an office campus in Silicon Valley totaling 603,666 square feet. Mori Trust Co. Ltd., a real estate development firm based in Japan, sold the campus to KKR for $535 million, according to several media outlets. The LEED Gold-certified property was fully leased at the time of sale to data memory and storage manufacturer Micron Technologies and IT securities firm Zscaler. The campus is located at 110, 120, 130 Holger Way in San Jose in the heart of Silicon Valley’s “Golden Triangle,” which is home to globally renowned tech firms such as Cisco Systems, Adobe, PayPal and eBay. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark brokered the transaction. KKR purchased HQ @ First via its KKR Real Estate Select Trust fund and selected San Francisco-based Drawbridge Realty to manage the office campus. “HQ @ First is a marquee property with great amenities, including onsite lab facilities, and access to Silicon Valley’s immense pool of talent,” says Justin Pattner, partner and head of real estate equity in the Americas at KKR. “We believe well-located trophy assets that can deliver a dynamic work environment for innovative …

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