Top Stories

Signature Development Receives $130M in Construction Financing for Mixed-Use Project in Oakland’s Brooklyn Basin

by Amy Works March 2, 2021

OAKLAND, CALIF. — Signature Development Group has received $130 million in construction financing for the development of Brooklyn Basin – Parcel G, an unnamed apartment and retail property located on 2.7 acres within the master-planned Brooklyn Basin community in Oakland. The project is entitled for 371 apartments and 31,000 square feet of retail space. Designed by California-based TCA Architects, the residential property will offer a fitness center, clubhouse, outdoor courtyard and roof deck with views of San Francisco Bay. Ramsey Daya and Chris Moritz of Newmark’s Debt & Structured Finance arranged the financing behalf of Signature Development. Bank OZK provided the construction loan. “Even with the pandemic-driven challenges posed to the multifamily market, Parcel G’s exceptional location and unique offering for tenants presented a compelling opportunity for lenders,” says Moritz. “This, combined with the strength and experience of the sponsor, resulted in significant interest from the debt markets.” Brooklyn Basin is a 63-acre master-planned development located along Oakland’s waterfront. The project will include market-rate housing, affordable housing and townhome residences, including Parcel G. Orion Apartments is currently leasing units, while MidPen Housing’s Paseo Estero and Vista Estero affordable housing communities are set to open this spring. Last November, Township Commons …

March 2, 2021

Loans Multifamily Southeast Top Stories Virginia

JLL Arranges $135M Refinancing for Altaire Apartments in Arlington, Virginia

by Taylor Williams March 1, 2021

ARLINGTON, VA. — JLL has arranged a $135 million loan for the refinancing of Altaire Apartments, a 451-unit luxury high-rise community located in Arlington. The property is located on the border of the Crystal City and Pentagon City neighborhoods near major landmarks and institutions such as Arlington National Cemetary, the Pentagon and Ronald Reagan International Airport. Pentagon City is the neighborhood where Amazon is building its $2.5 billion second headquarters. Constructed in 2018, Altaire Apartments is a two-building development that features studio, one- and two-bedroom floor plans. Units are furnished with stainless steel appliances, kitchen islands, wood-style flooring, walk-in closets, individual washers and dryers and keyless entry mechanisms. Rents start at approximately $1,800 per month for a studio unit, according to Apartments.com. Communal amenities include a sky lounge, rooftop terrace, fitness center, courtyard, fire pits, grilling area, pool, game room, penthouse lounge and pet washing area. The property is LEED Gold certified. Residents are offered concierge package handling services along with Luxer package lockers. Jamie Leachman and Paul Spellman of JLL arranged the five-year, floating-rate loan through an undisclosed lender on behalf of the borrower, LCOR, an investment and management firm with offices throughout the mid-Atlantic. Proceeds will be used to …

March 1, 2021

Healthcare North Carolina Southeast Top Stories

Novant Health Plans $222M Hospital Expansion in Winston-Salem, North Carolina

by Julia Sanders February 26, 2021

WINSTON-SALEM, N.C. — Novant Health, an integrated network of physician clinics, outpatient centers and hospitals, has invested $222 million for a new critical care building in Winston-Salem. The development is a part of expansions and renovations at Novant Health Forsyth Medical Center campus, located at 3333 Silas Creek Parkway. The new building will be constructed on the current site of the rehabilitation center, which is being demolished. The expansion will feature 60 critical care beds and 36 intermediate beds in the surgical suite. The patient rooms will be bigger than previously, providing more privacy and flexible space. In 2019, Novant Health invested over $180 million in the medical facility for development of Phase I, which is currently under construction and includes renovation of patient rooms and improvements on the women’s and children’s center. The critical care building is part of Phase II, which will raise the amount of pre- and post-operation space, as well as reduce travel time within the hospital. “Once complete, the critical care building will combine medical expertise and an optimally designed space that prioritizes patient experience and healing,” says Lari Harding, chair of the Novant Health Triad Region Board of Trustees. — Julia Sanders

February 26, 2021

Retail Top Stories

Target to Open Mini Apple Stores in 17 Locations, Expand Online Offerings

by Katie Sloan February 25, 2021

MINNEAPOLIS — Target (NYSE: TGT) has announced plans to open small-scale Apple (NASDAQ: AAPL) shops inside 17 of its stores this month, with additional locations scheduled to open this fall. The company will also expand its online Apple product offerings over the coming weeks. The new Apple in-store experience will offer a mix of products and accessories in a dedicated space designed for guests to see new products and view demonstrations by Target Tech Consultants, who will receive specialized training from Apple. Each shop will feature new lighting fixtures and displays for iPhone, iPad, Apple Watch, AirPods, HomePod, Apple TV and other Apple accessories. “Apple products are popular with Target’s guests and this new dedicated shopping experience offers enhanced service and expanded offerings, building on our strength as a go-to destination for electronics,” says Christina Hennington, executive vice president and chief growth officer of Minneapolis-based Target. “This new model was created with Target’s guests in mind and we’ll continue to learn and enhance the experience through future rollouts later this year.” Apple shops are set to open this month at Target locations in Monticello, Minn.; San Jose, Calif.; Oklahoma City; Allen, Hurst, Austin, Irving and San Antonio, Texas; Gainesville, Orlando, …

February 25, 2021

Acquisitions Florida Georgia Illinois Indiana Louisiana Michigan Midwest Multifamily North Carolina Ohio South Carolina Southeast Texas Top Stories

Morgan Properties, Olayan America Acquire 14,414-Unit Apartment Portfolio Across Midwest, Southeast for $1.7B

by Kristin Harlow February 24, 2021

KING OF PRUSSIA, PA. — Morgan Properties and Olayan America have acquired a portfolio of 48 apartment communities totaling 14,414 units in 11 states for $1.7 billion. STAR Real Estate Ventures, a joint venture between El-Ad National Properties LLC and Yellowstone Portfolio Trust, was the seller. The portfolio, named the North Star Portfolio, consists of Class B assets in Florida, Texas, Georgia, North Carolina, South Carolina, Louisiana, Michigan, Illinois, Indiana, Ohio and Maryland. On average, the communities total 300 units each and date to 1985. “While most of our competitors remain defensive and on the sidelines, Morgan Properties continues to play offense. North Star was right in our wheelhouse given the barriers to entry and we pounced on the opportunity to secure it,” says Jonathan Morgan, president of Morgan Properties. “The North Star investment speaks to the strength of our partnership with Morgan Properties and our continued confidence in the multifamily sector,” says Erik Horvat, managing director and head of real estate at Olayan America. The buyers plan to invest an additional $100 million for enhancements and amenity upgrades at the properties. With the North Star acquisition, Morgan and Olayan entered five new states, including Florida, Texas, Georgia, Louisiana and …

February 24, 2021

Development Life Sciences Northeast Office Pennsylvania Top Stories

Republic Properties to Develop $190M Life Sciences Facility in Philadelphia

by John Nelson February 23, 2021

PHILADELPHIA — Republic Properties Corp., a privately owned real estate investment and management firm, plans to build Ultra Labs at University City, a $190 million life sciences facility in Philadelphia. The property will stand 11 stories tall and comprise 185,000 square feet of advanced research and development space for cell and gene therapy users. Republic Properties entered into a 90-year ground lease last year with Southeastern Pennsylvania Transit Authority (SEPTA) at the site, which is located adjacent to SEPTA’s Powelton Rail Yard station along North 32nd Street. Additionally, Ultra Labs at University City will sit within an Opportunity Zone between Powelton and Market streets overlooking the Schuylkill Expressway. The site is within close proximity to life science clusters including The Wistar Institute, University of Pennsylvania, Drexel University and Children’s Hospital of Philadelphia. The production center will be designed to ensure compliance with the U.S. Food and Drug Administration’s (FDA) Current Good Manufacturing Practice (cGMP) standards for pharmaceutical and cell production facilities, according to Republic Properties. The Washington, D.C.-based developer has tapped Maryland-based brokerage firm Scheer Partners to lease the property, which is slated for completion in less than 36 months. Republic Properties’ investment partner on the project is an entity …

February 23, 2021

Development Illinois Industrial Midwest Top Stories

Wayfair Plans 1.2 MSF Fulfillment Center in Metro Chicago, Will Add 250 Full-Time Jobs

by Taylor Williams February 22, 2021

ROMEOVILLE, ILL. — Wayfair Inc. (NYSE: W) has announced plans for a 1.2 million-square-foot fulfillment center on a 60-acre tract in Romeoville, located along the Interstate 55 corridor about 30 miles southwest of downtown Chicago. Construction of the facility is scheduled to begin this spring with a projected opening date of mid-2022. The Boston-based online furniture retailer anticipates hiring about 250 people on a full-time basis at the facility, with that figure expected to grow to as many as 500 positions over time. The new facility will be located on Renwick Road near the Lewis University Airport. As part of the development, the Village of Romeoville partnered with Illinois State Sen. John Connor to secure funding for a road extension from Airport Road to Renwick Road. “Our new fulfillment center in Romeoville will enable us to further scale our shopping experience to meet the needs of our rapidly growing customer base in the greater Chicago region and across the U.S.,” says Thomas Netzer, COO of Wayfair. “Online retail continues to be the dominant force in the market today,” adds Romeoville Mayor John Noak. “Facilities such as this are large property and sales tax generators, which provide additional funding to our …

February 22, 2021

Arizona Development Multifamily Seniors Housing Top Stories Western

McCarthy Completes $252M Mirabella at ASU Continuing Care Retirement Community in Tempe, Arizona

by Julia Sanders February 19, 2021

TEMPE, ARIZ. — A St. Louis-based McCarthy Building Cos. has completed construction of Mirabella at ASU, a $252 million continuing care retirement community in Tempe. Pacific Retirement Services and University Realty were the developers for the project. Mirabella at ASU is located at the corner of University Drive and Mill Avenue on the campus of Arizona State University (ASU), 4.5 miles from the Phoenix Sky Harbor International Airport. The community features a 20-story, 613,992-square-foot tower with 252 apartment units ranging from 751 square feet to 2,665 square feet. Portland-based Ankrom Moissan Architects designed the tower. The community’s amenities include an indoor pool; wellness center; theater; art museum; four restaurants; event and lecture hall; game rooms; dog park; salon and spa; valet and underground parking; and a physical therapy gym. The plan behind Mirabella was to provide a unique, university-based living for residents age 62 and older. According to ASU News, residents at Mirabella can take classes at ASU, have full access to the university’s amenities and be close to the school’s sports and cultural events. Although focused on independent living, the community offers a full continuum of senior living care. Along with 52 healthcare units, Mirabella offers onsite healthcare services …

February 19, 2021

Arizona Industrial Office Top Stories Western

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

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