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Simon Property Group Terminates $3.6B Taubman Centers Merger Agreement

by Kristin Harlow

INDIANAPOLIS — Simon Property Group (NYSE: SPG) has terminated its Feb. 9 merger agreement with Taubman Centers Inc. (NYSE: TCO). Simon also filed an action today in Michigan’s Oakland County Circuit Court saying Taubman breached the covenants in the merger agreement. Under the terms of the agreement, Simon was to acquire an 80 percent interest in Taubman for approximately $3.6 billion. Indianapolis-based Simon says its termination of the merger agreement is based on two separate grounds. “First, the COVID-19 pandemic has had a uniquely material and disproportionate effect on Taubman compared with other participants in the retail real estate industry,” according to a statement from Simon. “Second, in the wake of the pandemic, Taubman has breached its obligations, which are conditions to closing, relating to the operation of its business.” Taubman failed to take steps to mitigate the impact of the pandemic as others in the industry have, such as not making essential cuts in operating expenses and capital expenditures, according to Simon. The merger agreement specifically gave Simon the right to terminate the transaction in the event that a pandemic disproportionately hurt Taubman. Simon says that Taubman’s significant proportion of enclosed retail properties in densely populated metropolitan areas — …

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AcquisitionsCaliforniaLeasing ActivityOfficeTop StoriesWestern

PG&E to Move to Oakland, Sell San Francisco Headquarters

by John Nelson

SAN FRANCISCO AND OAKLAND, CALIF. — PG&E Corp. (NYSE: PCG), parent company of West Coast utilities company Pacific Gas and Electric Co., has entered into a long-term lease at 300 Lakeside, a 824,469-square-foot office building situated along Lake Merritt in Oakland. Starting in 2022, the publicly traded firm will move away from its longtime downtown San Francisco headquarters at 77 Beale St. and 245 Market St. The company plans to sell the buildings, pending approval of the bankruptcy court. PG&E entered into bankruptcy protection in January 2019 that included a $13.5 billion settlement for approximately 70,000 victims of the Northern California wildfires in 2017 and 2018, according to the San Francisco Business Times. The company’s power lines were reported to have sparked the fires. PG&E plans to request approval from the California Public Utilities Commission to return the net gain realized upon the future sale of its San Francisco headquarters to its customers. The company currently owns and occupies roughly 1 million square feet of office space in San Francisco, according to the San Francisco Business Times. PG&E’s lease in Oakland includes a purchase option from landlord TMG Partners taking effect in 2023, the same year that PG&E plans to …

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Company NewsMassachusettsNortheastRetailTop Stories

Dunkin’ Commits to Hiring 25,000 Workers Nationwide As Reopening of Economy Accelerates

by Alex Tostado

CANTON, MASS. — Fast-food breakfast chain Dunkin’ (NASDAQ: DNKN) has announced plans to hire 25,000 new employees nationwide as the company looks to lead the charge out of nationwide coronavirus quarantines. Taco Bell recently made a similar declaration, vowing in late May to hire 30,000 workers this summer. With 55,000 planned hires between just two companies, quick-service restaurants could be an early sign of economic recovery during the COVID-19 pandemic. The reliance on drive-thru and pickup orders makes fast food a natural type of restaurant to rebound first. Last Friday, the U.S. Bureau of Labor Statistics reported the unemployment rate was 13.3 percent, down from 14.7 percent in April. Economists expected an increase in unemployment in May, but instead 2.5 million jobs were added during the month. Dunkin’ has more than 9,500 locations in the U.S. and a total of 13,100 locations in 41 countries. Canton-based Dunkin’ launched its first-ever national restaurant employee recruitment advertising campaign through a series of “Dunkin’ Runs on You” national TV broadcast and digital spots that will be aired in English and Spanish beginning today. Available jobs range from front-counter employees to managers. A timeline for the hirings was not disclosed. Taco Bell’s newly created …

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AcquisitionsIndustrialTop Stories

Sealy & Co. Acquires Industrial Portfolio in Midwest, Southeast for $108M

by Alex Patton

DALLAS — Sealy & Co., a developer headquartered in Dallas, has acquired a 34-property industrial portfolio for $108 million. The sale included three off-market acquisitions of warehouse properties located in Kansas City, Missouri; Oklahoma City; and Memphis, Tennessee. The Kansas City transaction included five buildings in Executive Park, a master-planned industrial park constructed by ADCO Group on 1,200 acres in 1974. That transaction also included a second industrial park in the East Bottoms submarket. Sealy also acquired a 20 distribution warehouses in Memphis’ Southeast submarket consisting of single-tenant buildings averaging 50,500 square feet. The last acquisition was for five modern, Class A distribution warehouse facilities in Oklahoma City. The fully occupied assets are situated 2.5 miles from the Will Rogers World Airport. The sellers were undisclosed in all three transactions. “In a time when many have been forced to the sidelines, we are pleased to continue to capture compelling deals in enduring distribution hubs,” says Michael Sealy, executive vice president of capital markets for Sealy & Co. “Each investment was reviewed for the reliability and stability of future income, the potential for capital appreciation and the impact of each acquisition as it relates to the portfolio as a whole.” Sealy …

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AcquisitionsColoradoDevelopmentHealthcareOfficeTop StoriesWestern

AGC Biologics Acquires Vacant AstraZeneca Plant in Colorado, Plans to Invest $100M

by Alex Tostado

BOULDER, COLO. — AGC Biologics has acquired a vacant, 300,000-square-foot pharmaceutical plant in Boulder from AstraZeneca. The Japan-based company plans to invest $100 million in the plant and create 280 jobs, according to multiple news outlets. The facility will provide AGC with additional capacity and significantly larger production scale. AGC expects to move into the facility in April 2021, 18 months sooner than it would take to build a new facility, according to the company. In February, the Colorado Economic Development Commission approved a tax credit on the property worth up to $6.4 million. AstraZeneca vacated the 20-acre property in January 2019, according to the Denver Post. The sales price was not disclosed, though the Boulder Daily Camera reports the property traded for $40 million. The Camera also reports jobs at the plant will pay an average of $96,253 per year. “This facility will enable us to continue to advance the development, manufacturing and commercial functions within our dynamic global company,” says AGC Biologics CEO Patricio Massera. Although the specific drugs and research planned for the facility were not disclosed, Massera made reference to “mammalian projects,” suggesting that animal research will take place there. The property is located at 5550 Airport …

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DevelopmentMultifamilyTop StoriesWashingtonWestern

LMC Breaks Ground on 450-Unit Luxury Apartment Community in Redmond, Washington

by Kristin Harlow

REDMOND, WASH. — LMC, a wholly owned subsidiary of Lennar Corp., has broken ground on LMC Marymoor, a 450-unit luxury apartment community in Redmond, a suburb of Seattle. The three-building project will feature 37,000 square feet of retail space. The first move-ins are slated for early 2022. The development is situated on 70th Street, just northeast of the 640-acre Marymoor Park. Residents will be steps from a Whole Foods Market and less than a mile from Redmond Town Center, a retail destination with more than 110 shops and restaurants. Public transportation access will be available through the SE Redmond Link Light Rail Station, which is currently under construction. LMC Marymoor will consist of studio, one-, two- and three-bedroom floor plans ranging from 450 to 1,400 square feet. Amenities will include a pool, hot tub, fitness center, coworking lounge, community gardens and play areas. A sky lounge will open to a large rooftop deck. The project will feature artwork from several local artists, including a mural wrapping the entire northern building. Redmond is known for its tech sector, being the home of Microsoft and Nintendo. Amazon, Google, Facebook and SpaceX also have large presences in the area. “Redmond continues to be …

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Broadstone Vilara Laguna Niguel California
AcquisitionsArizonaMultifamilySeniors HousingSouth CarolinaSoutheastTop StoriesWestern

Greystar Acquires Property Management Business of Alliance Residential, Including Future Business

by John Nelson

CHARLESTON, S.C. AND PHOENIX — Multifamily development and management firm Greystar Real Estate Partners has acquired the property management business of competitor Alliance Residential Co., the fourth-largest apartment management firm in the United States. Financial terms of the transaction were not disclosed, but The Wall Street Journal reports that the all-cash deal totaled nearly $200 million. Phoenix-based Alliance Residential will shift its focus from property management to development, construction and acquisition across the multifamily spectrum, including workforce housing and seniors housing. As part of the deal, Greystar will provide management services to Alliance Residential’s owned portfolio going forward, including both new developments and acquisitions. Alliance Residential has been the No. 1 developer of multifamily units in the United States for the last two years, and Greystar is the largest apartment management firm in the country, according to the National Multifamily Housing Council. The combined property management business will operate under the Greystar brand, bringing the Charleston-based firm’s total unit count to 660,000. The combined portfolio comprises 2,400 properties in 42 states and 13 countries. Additionally, the acquisition will bring Greystar’s workforce to nearly 19,000 team members. The acquisition boosts Greystar’s property management business by approximately 25 percent and gives the …

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Company NewsRetailTop Stories

Target, Other Retailers Temporarily Close Stores Across Nation in Response to Violent Protests

by Taylor Williams

MINNEAPOLIS — Minnesota-based discount retailer Target has temporarily closed six stores in four states in response to protests that turned violent over the weekend. The looting and destruction of commercial property took place in the days following the death of George Floyd, an unarmed black man who died May 25 following an encounter with Minneapolis police during which an officer kneeled on his neck for several minutes. On Sunday, several other retailers, including CVS, Apple and Walmart also announced temporary closures or adjusted hours in major cities where rioting had taken place. None of these retailers specified which stores would be closed and for how long, only saying that the measures had been taken to protect customers and employees. Other cities imposed weekend curfews, and the City of Philadelphia ordered all retailers to close entirely on Sunday. The National Retail Federation (NRF), a trade association representing the industry, issued a statement on Monday imploring Americans to cease defacing and plundering retail properties in the name of general welfare. “Of primary concern to our retailers is the safety of their teams, the communities they serve and the emotional and physical well-being of their African American colleagues and customers,” said Matthew Shay, …

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AcquisitionsColoradoIndustrialTop StoriesWestern

United Properties Sells Industrial Property in Denver for $85.7M

by Alex Tostado

DENVER — United Properties has sold Enterprise Business Center Building Six, a 647,483-square-foot industrial building in Denver’s Northfield neighborhood. An undisclosed investor advised by Zurich Alternative Asset Management LLC (ZAAM) acquired the asset for $85.7 million. Denver-based Beverage Distributors Co. LLC fully leases the property. The tenant’s parent company, Breakthru Beverage Group, distributes wine, spirit and beer brands and has distribution centers in 12 states, Washington, D.C. and Canada. The property is situated at 3980 Central Park Blvd., eight miles east of downtown Denver. Building Six is part of the 38-acre, 2 million-square-foot Enterprise Business Center, which comprises seven total buildings. All seven buildings are fully leased. “Its physical and locational merits are obvious,” says Sean Bannon, managing director and head of U.S. real estate for ZAAM. “What we found equally compelling was the recession-resiliency of the tenant. We anticipate holding this asset for the long term.” In 2017, United Properties built Building Six, which includes warehouse space, nearly 84,000 square feet of office and showroom space plus 70,000 square feet of climate-controlled cooler space. The center can accommodate 1 million cases of product. It also has a west-facing roof deck with unobstructed mountain views and the “Alchemy Room” for beverage …

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AcquisitionsCaliforniaDevelopmentHealthcareOfficeTop StoriesWestern

City of Hope Acquires Development Site in California, Plans $1B Cancer Center Project

by Alex Patton

IRVINE, CALIF. — City of Hope has acquired a 190,000-square-foot, four-story building and 11 acres of adjacent land in Irvine, located approximately 40 miles southeast of Los Angeles, for $108 million. The acquisition was part of the Duarte, California-based nonprofit medical organization’s plan to construct a $1 billion comprehensive cancer center on the site. Located at 15161 Alton Parkway, the project will offer diagnostic imaging, screenings, precision medicine, early detection, chemotherapy, surgery and other cancer treatments. In addition, a research center for clinical trials will be located in the building. The adjacent hospital, which City of Hope plans to construct, will focus exclusively on treating and curing cancer. The seller was Five Point Holdings LLC (NYSE: FPH), a California-based owner and developer of master-planned, mixed-use communities. The property is part of Five Point’s 1 million-square-foot FivePoint Gateway corporate campus currently under development in Orange County. In addition to office space, the four-building campus will offer access to retail, entertainment venues, restaurants and the Irvine Transportation Center. The cancer center and hospital will anchor what FivePoint and City of Hope believe will one day become a regional hub for a larger wellness campus in the heart of Irvine. “We are ‘all …

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