Top Stories

National Property Holdings Underway on 87-Acre Industrial Project in Metro Houston

by John Nelson May 12, 2020

KATY, TEXAS — National Property Holdings (NPH), a Houston-based industrial developer and owner, is underway with Katy Prairie Business Park, an 87-acre industrial project located in the western Houston suburb of Katy. At full buildout, the project will span approximately 1.1 million square feet across three tilt-wall buildings. The development’s first facility has been underway for a few months. Dallas-based design-build firm ARCO Design/Build Inc. broke ground last December on a 59,000-square-foot warehouse and distribution center within the park for Domino’s Pizza, progress of which can be seen here. The facility is expected to be complete in the fourth quarter and support more than 300 Domino’s Pizza restaurants across South Texas. “We are delighted Domino’s selected National Property Holdings to develop its new supply chain center and fresh pizza dough production line in our first building at Katy Prairie Business Park,” says Ryan Lovell, vice president of real estate for NPH. In addition to building the Domino’s facility, NPH is now expanding the park’s infrastructure to make way for the other two buildings. This work includes excavating detention ponds totaling approximately 20 acres, extending the public water line by half a mile, implementing a wastewater collection system and lift station …

May 12, 2020

Development Hospitality Texas Top Stories

Sam Moon Group to Open 303-Room Hyatt Regency Frisco Hotel on June 1

by Taylor Williams May 11, 2020

FRISCO, TEXAS — Locally based developer Sam Moon Group will open the Hyatt Regency Frisco, a 303-room luxury hotel located at the intersection of Preston Road and the Sam Rayburn Tollway in Frisco on June 1. Construction began in May 2018. The 18-story hotel is connected to Stonebriar Mall, a 1.7 million-square-foot shopping and dining destination. Brookfield Properties owns the mall, with Nordstrom and Dillard’s as anchor tenants. A number of entertainment concepts such as Kidzania, Dave & Buster’s and iFly Dallas indoor skydiving are also located near the hotel. In addition, seven sports teams, including the Dallas Cowboys, Frisco RoughRiders (baseball) and FC Dallas (soccer) are located within a few miles of the property. “Frisco is a modern city brimming with attractions, and the new Hyatt Regency Frisco will reflect this contemporary mindset,” says developer Daniel Moon. “This bustling city was once a dusty cattle drive trail that was later transformed by the railroad through the North Texas plains, and now it’s a tourist destination renowned for shopping, stadiums, conventions and entertainment. Our hotel will celebrate the spirit of this vibrant community.” Amenities at the hotel include a 27,500-square-foot conference center, lobby bar, two restaurants and an outdoor pool. HKS …

May 11, 2020

Development Midwest Multifamily Ohio Top Stories

Flaherty & Collins Begins Construction of $80M Luxury Apartment Project in Cleveland Heights

by Alex Patton May 8, 2020

CLEVELAND HEIGHTS, OHIO — Flaherty & Collins Properties, an Indiana-based developer, has started construction of The Ascent at Top of the Hill, an $80 million luxury apartment project in Cleveland Heights. The 261-unit community will also include 11,000 square feet of retail space and a 500-space parking garage. The 460,056-square-foot development is situated on a four-acre parcel at the intersection of Cedar Road and Euclid Heights Boulevard. Amenities will include a rooftop pool and lounge, public green space, coworking areas, a dog park, fitness center and bike storage area. Residential floorplans will include studio, one-bedroom and two-bedroom units, as well as premium three-bedroom penthouses. Goldman Sachs Private Bank provided a $52.6 million construction loan for the project and a public-private partnership with the City of Cleveland Heights provided additional financing. Cleveland Heights is a first-ring suburb just east of Cleveland proper. “The city has been a tremendous partner through this process and the Top of the Hill project is going to be a transformative and catalytic gateway project that complements the existing district that is already thriving,” says Deron Kintner, general counsel for Flaherty & Collins Properties and lead project developer. Construction began this week following financial closing. Completion is …

May 8, 2020

California Development Top Stories Western

Carmel Partners Plans 11-Acre Cumulus District Mixed-Use Development in Los Angeles

by Alex Tostado May 7, 2020

LOS ANGELES — Carmel Partners has unveiled its full plans for Cumulus District, an 11-acre mixed-use development in Los Angeles’ Baldwin Hills neighborhood. The centerpiece of the development will be a pair of multifamily buildings rising 31 stories and seven stories with a total of 1,210 units between them. The project is a redevelopment of a former Cumulus Media radio broadcast site. The property will also feature private underground parking for residents and 100,000 square feet of retail, with a 50,000-square-foot Whole Foods Market as the anchor. A one-acre park will connect the two main buildings. Amenities for residents include a 24-hour fitness center, skydeck, dog run, pet spa, co-working spaces, and multiple pools and spas. The 31-story building will offer 300 units ranging from studios to penthouses, while the seven-story building will offer 910 units. Cumulus District is located at 3333 S. La Cienega Blvd., adjacent to the Expo Line light rail, which connects the property to downtown Los Angeles and the beaches. In addition, major tech companies such as Apple and Sony Studios are located within three miles of the development. “The launch of the Cumulus District comes at an exciting time as Culver City and West Adams …

May 7, 2020

Florida Loans Multifamily Southeast Top Stories

Fortune International, Château Receive $119M Refinancing for Oceanfront Condo Development Site Near Miami

by Kristin Harlow May 6, 2020

SUNNY ISLES BEACH, FLA. — Fortune International Group and Château Group have received a $119 million loan for the refinancing of La Playa de Varadero, an oceanfront condominium development site in Sunny Isles Beach, a barrier island about 20 miles north of Miami. Located at 18801 Collins Ave., the 4.7-acre site boasts beach frontage of 435 feet directly on the Atlantic Ocean. Plans call for 490 residential units across two condominium towers. Construction of the 1.2 million-square-foot project will be completed in two phases. In 2015, the developers received site plan approval from the City of Sunny Isles Beach. The team recently secured final approval for the last set of modifications to the original design. To date, a portion of the predevelopment work has been completed, including the demolition of an existing structure and a structural build-out of the sales center. Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer and Dominick Calisto of Newmark Knight Frank (NKF) arranged the refinancing, with Bank OZK as the lender. The loan covers some predevelopment costs and land carry costs, according to NKF. Fortune International Group is a real estate development firm located in Miami that is known for its luxury condo projects. Fortune’s …

May 6, 2020

Development New York Northeast Office Top Stories

SL Green Forms Partnership for $2.3B One Madison Avenue Redevelopment in Manhattan

by John Nelson May 5, 2020

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has formed a joint venture partnership with the National Pension Service of Korea (NPS) and Hines for the $2.3 billion redevelopment of One Madison Avenue in Manhattan. The 1.4 million-square-foot office project is situated in the borough’s Midtown South neighborhood facing Madison Square Park near the 23rd Street subway station. SL Green, which is self-described as Manhattan’s largest office landlord, has sold a 49.5 percent interest in One Madison Avenue to NPS and Hines, which have combined to invest “no less than $492.2 million” of equity into the redevelopment. SL Green and Hines are co-developing the project, and Kohn Pedersen Fox Associates (KPF) is leading the design. The SL Green-NPS-Hines-KPF team is also working together to develop One Vanderbilt Avenue, an office project currently underway in Manhattan’s East Midtown neighborhood. The existing office building at One Madison Avenue will be demolished down to the ninth floor, and the development group will build 17 glass and steel, column-free floors above. The podium levels at the base of the existing building will have 90,000 square foot floor plates, while the new floors above will feature 36,000-square-foot floor plates. The 10th and 11th …

May 5, 2020

Company News New York Northeast Retail Top Stories

J.Crew Files for Chapter 11 Bankruptcy, Expects to Eventually Reopen Stores

by Taylor Williams May 4, 2020

NEW YORK CITY — J.Crew Group Inc., which operates the J.Crew and Madewell fashion retail brands, has filed for Chapter 11 bankruptcy protection. The company hopes to restructure its debt while aiming to eventually reopen its stores in the aftermath of the COVID-19 pandemic. Chinos Holdings Inc., the parent company of J.Crew, filed the voluntary petitions for protection on Monday in the U.S. Bankruptcy Court of the Eastern District of Virginia. In a statement, the New York City-based retailer said its lenders and stakeholders agreed to convert $1.6 billion of debt into equity. Typically in a debt-to-equity conversion, lenders receive ownership of a company in exchange for cancelling existing debt. With this conversion, creditors will now own about 82 percent of the company, per The Wall Street Journal. The company also said it has secured $400 million in debtor-in-possession financing to exit debt structures with existing lenders such as Anchorage Capital Group and GSO Capital Partners. Between these initiatives, the company believes it can reopen many stores that have been temporarily shuttered amid the COVID-19 outbreak. As of May 1, J.Crew Group Inc. operated 181 J.Crew retail stores, 140 Madewell stores and 170 factory stores. “This agreement with our lenders …

May 4, 2020

District of Columbia Loans Multifamily Southeast Top Stories Walker & Dunlop

Walker & Dunlop Provides $2.4B Fannie Mae Refinancing for Multifamily Portfolio in Metro D.C., Largest Loan in Company’s History

by Alex Patton May 1, 2020

WASHINGTON, D.C. — Walker & Dunlop Inc. has provided a $2.4 billion Fannie Mae loan to refinance a 67-property multifamily portfolio in the Washington, D.C., metro area. The borrower is Virginia-based multifamily owner and manager Southern Management Corp. (SMC). The portfolio includes 22,439 units in total, more than 60 percent of which qualify as affordable housing. The loan package features staggered maturities across a mix of fixed- and floating-rate, full-term, interest-only financing. “This $2.4 billion Southern Management transaction gave us the opportunity to partner with one of our top DUS lenders, Walker & Dunlop, using the credit facility, one of our most flexible financing products, to structure a winning solution for the borrower while delivering affordability to the Washington, D.C.,” says Jeffery Hayward, executive vice president of multifamily at Fannie Mae. The loan represents the largest transaction in Walker & Dunlop’s history, according to a statement from the company. “Walker & Dunlop’s creativity, tenacity and market knowledge resulted in a superior execution for this large and complex transaction amidst the uncertainty of a rapidly unfolding financial and health crisis,” says Suzanne Hillman, president and CEO of SMC. Brendan Coleman, Chris Forte and Connor Locke led a Walker & Dunlop team …

May 1, 2020

Acquisitions California Retail Top Stories Western

CIM Group Agrees to Acquire Baldwin Hills Crenshaw Plaza Mall in Los Angeles for Over $100M, Plans Office Expansion

by Alex Tostado April 30, 2020

LOS ANGELES — CIM Group has agreed to purchase Baldwin Hills Crenshaw Plaza, an 869,000-square-foot mall in the Crenshaw/Baldwin Hills submarket of Los Angeles. The Los Angeles Times reports the sales price at over $100 million. The seller is Chicago-based Capri Urban Investors, which took control of the property in 2019 from Capri Capital Advisors, the Times also reports. The mall is situated on 40 acres at 3650 W. Martin Luther King Blvd., eight miles west of downtown Los Angeles. The Walmart and Sears stores shuttered prior to the COVID-19 outbreak, leaving over one-third of the property vacant. Cinemark Theater is also a tenant. The Macy’s and IHOP locations at the mall were not part of the sale. A timeline for the sale closing was not disclosed. The asset is adjacent to the Crenshaw-LAX metro light-rail station, an eight-mile line that will connect the neighborhood to Los Angeles International Airport. The station is slated to open by the end of the year. CIM Group reportedly plans to add office space to the property, closing the door on rumors that residential units might go up at the mall. “We have the opportunity to bring a fresh perspective to the future of …

April 30, 2020

Acquisitions New Jersey Northeast Office Top Stories

American Real Estate Partners, Independencia Sell Merrill Lynch-Occupied Office Park in New Jersey for $95M

by Kristin Harlow April 29, 2020

HOPEWELL TOWNSHIP, N.J. — American Real Estate Partners (AREP) and Independencia Asset Management have sold 1100-1200 American Boulevard in Hopewell Township, approximately 10 miles west of Princeton, for $95 million. Originally built in 2000 as part of the Merrill Lynch corporate campus, the property consists of three Class A office buildings totaling 380,417 square feet. It is currently fully leased to Merrill Lynch, which Bank of America acquired in 2008. AREP purchased the property in 2013. Under terms of the new agreement, AREP will continue to lease and manage the asset. Cushman & Wakefield brokered the transaction. A New York City-based real estate investment firm was the buyer. “The deal offered positive cash flow from an investment-grade tenant for several years; desirable real estate centrally located between New York City and Philadelphia; and an opportunity to ensure management continuity by leveraging AREP’s operating platform,” says David Bernhaut, executive vice chairman of Cushman & Wakefield’s capital markets group. The Princeton/Route 1 Corridor has been one of New Jersey’s top submarkets for nearly two decades, according to AREP. Since 2004, the area has experienced a 20 percent increase in Class A asking rents. Headquartered in metro Washington, D.C., AREP is an institutional …

April 29, 2020

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