Top Stories

Brooklyn Bedding Breaks Ground on $72M Manufacturing Facility, Corporate Headquarters in Metro Phoenix

by Katie Sloan February 18, 2021

GLENDALE, ARIZ. — Mattress retailer Brooklyn Bedding has broken ground on a $72 million manufacturing facility and corporate headquarters nine miles outside Phoenix in Glendale. The 648,165-square-foot building will be located on 42.8 acres at the crossroads of West Bethany Home Road and 52nd Ave. The new manufacturing facility, set for delivery in December 2021, will give the company the capacity to triple its mattress production. Founded in 1995, Brooklyn Bedding claims to be a pioneer in the “bed-in-a-box movement,” selling its first roll-packed mattress product on Amazon in 2008. By 2015, Brooklyn Bedding had developed and constructed a 150,000-square-foot, full-scale factory in the Phoenix area. The company currently employs 250 and plans to add 150 employees upon the completion of its new facilities. Brydant Real Estate will spearhead development of the project, working alongside the development team of Alston Construction and the architectural team of Ware Malcomb. Brooklyn Bedding will continue operations at its manufacturing facility at 4455 West Camelback Road and its warehouse at 4524 North 44th Ave. in Phoenix until the new headquarters is delivered. — Katie Sloan

February 18, 2021

Acquisitions Life Sciences Massachusetts Northeast Office Top Stories

Newmark Arranges $1.5B Recapitalization of Life Sciences, Office Campus in Boston

by Kristin Harlow February 17, 2021

BOSTON — Newmark has arranged the $1.5 billion recapitalization of 401 Park Drive and 201 Brookline Ave. in Boston’s Fenway submarket. The 1.5 million-square-foot campus sits on nearly nine acres. Concurrent with the financing transaction, Alexandria Real Estate Equities Inc. acquired a majority stake in the campus. The seller is a joint venture between institutional investors advised by J.P. Morgan Global Alternatives and Samuels & Associates. Boston-based Samuels will retain a minority interest in the campus and continue to operate, lease and lead development activities for the property in conjunction with the new majority owner. The asset at 401 Park Drive is an existing 973,145-square-foot office and retail tower. It is currently 93 percent occupied. The second property, 201 Brookline Ave., is a 510,116-square-foot laboratory and office tower that is currently under construction. It is 17 percent pre-leased with tenants expected to take occupancy in 2022. There is also potential for an additional phase of commercial development at the site. Located next to an MBTA Green Line station, the campus incorporates a recently created 1.1-acre park that provides direct access to new retailers Time Out Market and Trillium Brewing Co. The park also features an ice-skating rink in the winter. …

February 17, 2021

Development Industrial Texas Top Stories

Rastegar to Build 530,000 SF Industrial Park Near Tesla’s Gigafactory in Austin

by John Nelson February 16, 2021

AUSTIN, TEXAS — Rastegar Industrial, a division of Austin-based Rastegar Property Co., plans to build a 530,000-square-foot industrial park in Austin. The developer is targeting a third-quarter 2022 delivery and has tapped Newmark to market the property for lease. The unnamed project will span 50 acres near State Highway 130 at 11708 McAngus Road, which is within an opportunity zone. The development will be situated near Tesla’s new Gigafactory, as well as Austin-Bergstrom International Airport. “Austin is one of the fastest growing metros in the United States. The world’s greatest tech companies and manufacturers are all moving to the region, creating an imminent need for more industrial space,” says Ari Rastegar, founder and CEO of Rastegar Property Co. “State Highway 130 stretches all the way down to San Antonio and provides an alternative route to heavily congested Interstate 35, making it appealing to industrial facilities for distribution. It is the most active corridor in the entire region.” Also along the State Highway 130 corridor, Chanel is completing a manufacturing facility and Formula 1 racetrack Circuit of the Americas is being redeveloped to include a hotel and water park. Rastegar is banking on the high demand for contiguous industrial product in …

February 16, 2021

Acquisitions Industrial Net Lease Retail Top Stories

W.P. Carey Acquires 1.5 MSF National Portfolio of Net-Leased Properties for $149M

by Taylor Williams February 15, 2021

NEW YORK CITY — W.P. Carey Inc. (NYSE: WPC) has acquired a 1.5 million-square-foot portfolio of net-leased properties for $149 million. The acquisition comprises three separate deals involving industrial and retail properties in various markets, including California, New Jersey and Pennsylvania. In the first deal, the New York City-based REIT acquired two cold storage production and distribution facilities in California’s Central Valley region. The tenant, a summer fruit grower, sold the properties to W.P. Carey for $75 million in a sale-leaseback transaction. The tenant signed a 25-year, triple-net lease with fixed annual rent increases. In the second transaction, W.P. Carey purchased seven auto dealerships totaling 170,000 square feet that were net leased to Auto Lenders, a retailer of used vehicles, for $55 million. Located in New Jersey and Pennsylvania, the facilities comprise the entirety of Auto Lenders’ operating footprint, including dealerships, servicing centers and headquarters for each of its business segments. The seller was not disclosed. In the third deal, the firm acquired two industrial facilities totaling 296,300 square feet that were net leased to a global plastics distributor. The tenant, which has committed to a 20-year, triple-net lease with fixed annual rent increases, sold the properties to W.P. Carey …

February 15, 2021

Development Multifamily Texas Top Stories

ZOM Living Completes 41-Story Atelier Multifamily Tower in Dallas Arts District

by Jeff Shaw February 12, 2021

DALLAS — ZOM Living has completed construction of Atelier, a 41-story apartment tower in the Dallas Arts District. The property features 417 luxury multifamily units, including 53 lofts, near Klyde Warren Park. Units range from 500 to 2,300 square feet with panoramic views of uptown and downtown Dallas. The property also features two levels of underground parking and 15,000 square feet of retail space, with CBRE handling the retail leasing. The location is walking distance from the AT&T Performing Arts Center, Dallas Museum of Art, Crow Museum of Asian Art and Nasher Sculpture Center. Atelier’s main lobby is designed as an art gallery and the tower features resort-style amenities, including an expansive amenity deck with infinity edge pool and sun deck, custom cabanas, yoga lawn, outdoor lounge with grilling area for al fresco dining, a bar and a fire pit. Interior amenities include a fitness area, coworking space with private conference rooms, private wine lockers, entertainment lounge, catering kitchen with harvest table, grab-n-go resident market and a pet spa. Stantec was the architect on the project, which general contractor Balfour Beatty built. ZRS Management, an affiliate of ZOM, is managing the community. Orlando-based ZOM is developing heavily in the Dallas …

February 12, 2021

Development Hospitality Southeast Top Stories Virginia

Marriott International Plans $250M Hotel in Reston Station Near Washington, D.C.

by Jeff Shaw February 11, 2021

RESTON, Va. — Marriott International (NASDAQ: MAR) has unveiled plans for a $250 million luxury JW Marriott hotel in Reston, located between Washington, D.C. and Dulles International Airport. The building will rise 26 stories, featuring 250 guestrooms, 90 for-sale residential units, 15,000 square feet of meeting space, two restaurants, an executive lounge, swimming pool and fitness center. Marriott reached a franchise agreement with Comstock Holdings Cos. (NASDAQ: CHCI) to make the hotel the centerpiece for the next phase of Comstock’s Reston Station development. The hotel will anchor the Reston Row District, the newest section of the 60-acre, mixed-use, transit-oriented project. Reston Row District is located adjacent to Reston’s first Silver Line station, offering public transportation to D.C. via the Washington Metropolitan Area Transit Authority. When completed, Reston Row District will feature two office towers totaling approximately 500,000 square feet; a 350-unit multifamily building; 65,000 square feet of retail, service and fitness spaces; and a 2,500-space underground parking garage, all surrounding a 1.2-acre central park. The for-sale JW Marriott Residences Reston units will be served by a separate residential lobby entrance and located on the upper floors of the tower. This portion of the building will offer separate spaces and amenities …

February 11, 2021

Loans New York Northeast Office Top Stories Walker & Dunlop

Walker & Dunlop Arranges $205M Refinancing for Hudson Research Center in Manhattan

by Kristin Harlow February 10, 2021

NEW YORK CITY — Walker & Dunlop Inc. has arranged a $205 million loan for the refinancing of Hudson Research Center in Manhattan’s Midtown West neighborhood. Located along the Hudson River at 619 W. 54th St., the Class A life sciences and medical office property spans 320,000 rentable square feet. Originally built in 1930 as a film-editing house for Warner Brothers Pictures, the Art Deco property came to be known as The Movie Lab Building. Taconic Partners purchased the asset in October 2012 and undertook a capital improvement plan, including creating several floors of research space; updating the building’s façade, interior and crown; and adding tenant amenities such as bike storage and private showers. In 2017, Taconic recapitalized the asset with Silverstein Properties Inc. Since the end of 2013, the number of life sciences jobs nationally has increased by 70,000 per year, according to Walker & Dunlop. Demand for well-located, modernized life sciences and medical office space has soared nationally amid industry growth and lack of available product, adds the finance company. A Walker & Dunlop team led by Aaron Appel and Keith Kurland arranged the loan, with Square Mile providing the funds. The interest-only financing features a floating rate, …

February 10, 2021

Wheelhouse-of-Fair-Oaks-Fairfax-Virginia

Acquisitions Multifamily Southeast Top Stories Virginia

DSF Group Acquires Wheelhouse of Fair Oaks Apartments in Fairfax, Virginia, for $134M

by Taylor Williams February 9, 2021

FAIRFAX, VA. — The DSF Group, an investment firm with offices in Boston and Washington, D.C., has acquired Wheelhouse of Fair Oaks, a 491-unit apartment community located about 20 miles outside of Washington, D.C. in Fairfax. The price of $134 million equates to roughly $273,000 per unit. The new ownership will rebrand the 13-acre community and operate it under its Halstead brand, which includes a number of Class A multifamily properties that are primarily located in New England. As part of the rebranding, DSF Group will implement a value-add program that will upgrade unit interiors. According to the property website, units are available in one-, two- and three-bedroom floor plans and feature individual washers and dryers, walk-in closets and private balconies. Amenities include a pool, fitness center, dog park, package locker service by Luxer One and an outdoor amenity lawn with bocce ball courts and fire pits. In addition, the property is within walking distance of numerous retail and restaurant options, including the Fair Oaks Promenade shopping mall. The seller was not disclosed. — Taylor Williams

February 9, 2021

Acquisitions Georgia Industrial Mississippi Southeast Tennessee Top Stories

Core5 Sells New Distribution Center Portfolio in Metro Atlanta, Memphis for $166.7M

by John Nelson February 8, 2021

MEMPHIS, TENN., AND ATLANTA — Developer Core5 Industrial Partners has sold a three-property distribution center portfolio in the Atlanta and Memphis metro areas for $166.7 million. The buyer is Preylock Holdings, a private equity investor and manager based in Los Angeles. Atlanta-based Core5 delivered all three properties in 2020. Totaling approximately 2.2 million square feet, the bulk distribution centers feature ESFR sprinklers, ample auto parking and trailer storage, clear heights ranging from 36 to 40 feet and abundance of dock-high doors with view windows. “The willingness of buyers to be aggressive in both price and transaction structure demonstrates the continued demand for core industrial product,” says Dennis Mitchell, a JLL Capital Markets team member who represented Core5 in the deal. The Atlanta-area asset in the portfolio sale is Crossroads Business Center, a 1 million-square-foot distribution center located at 5705 Campbellton Fairburn Road in the south Atlanta suburb of Union City. The metro Memphis assets are both situated within the DeSoto 55 Logistics Center, an industrial campus located in Horn Lake, Miss. The properties are the 328,355-square-foot DeSoto A2 and the 860,915-square-foot Desoto D, which are located at 1453 and 1615 Commerce Parkway, respectively. The buildings are all situated near the …

February 8, 2021

Multifamily Top Stories Washington Western

Berkadia Brokers $279.1M Sale of Hyde Square Apartments Near Microsoft, Facebook Offices in Bellevue

by Katie Sloan February 5, 2021

BELLEVUE, WASH. — Berkadia has brokered the $279.1 million sale of Hyde Square, a 618-unit multifamily community located between the offices of Microsoft and Facebook in the Seattle suburb of Bellevue. Kenny Dudunakis, David Sorensen, Ben Johnson and George Pallis of Berkadia’s Seattle office completed the sale on behalf of the buyer, Illinois-based DWS RREEF Management LLC. The Seattle Daily Journal of Commerce reports that Carmel Partners was the seller in the transaction. Built in 2019, the garden-style property offers a mix of studio, one- and two-bedroom units with quartz countertops, stainless-steel appliances and in-unit washers and dryers. Communal amenities include a fitness and wellness center, business center, outdoor courtyards, barbecue area with fire pits, pet spa, gaming tables and theater room. Located at 2030 155th Place NE, the community also affords residents convenient access to Bellevue College, the Lake Washington Institute of Technology and dining and shopping options along NE 24th St. “This was a record-breaking sale as this was the largest single-asset podium building ever sold in Washington state and the largest apartment deal sold in Washington state over the last six months,” says Sorensen of Berkadia. “This was also the largest apartment deal in the Bellevue area …

February 5, 2021

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