Top Stories

Joint Venture Breaks Ground on 4.1 MSF Industrial Park in Linden, New Jersey

by Taylor Williams June 24, 2019

LINDEN, N.J. — A joint venture between Advance Realty Investors, Greek Development and PGIM Real Estate has broken ground on Linden Logistics Center, a 4.1 million-square-foot industrial park in Linden, located south of Newark. Linden Logistics Center will consist of eight Class A buildings that will run the gamut of industrial uses: warehousing, distribution, logistics, fulfillment and manufacturing. The development team will complete the project in phases, with the first deliveries slated for late 2020. Upon completion, the property will be the largest industrial development in the region, according to the developers. The project is situated on 350 acres off Tremley Point Road near the Port of New York/New Jersey. Prior to the joint venture acquiring the plot in 2018, the land was vacant for 15 years. The site housed chemical manufacturing operations during the 20th century. Estimated development costs for the new property were not disclosed. In addition to being located within 10 miles of the port, Linden Logistics Center will offer proximity to the New Jersey Turnpike and Newark Liberty International Airport. Individual buildings will be designed with flexible layouts to suit specific tenants. Excess space will be available for car and trailer parking, cross-docking capabilities and rail …

June 24, 2019

Development Hospitality Mixed-Use Office Oregon Retail Top Stories Western

BPM Plans $600M, 35-Story Mixed-Use Tower in Downtown Portland

by Jeff Shaw June 21, 2019

PORTLAND, ORE. — BPM Real Estate Group has unveiled plans for a 35-story tower in downtown Portland that will feature a mix of condominiums, office space, retail and the Pacific Northwest’s first Ritz-Carlton hotel. Project costs are estimated at $600 million. The tower will be built on the current site of the Alder Street Food Cart Pod, a collection of street food vendors that recently announced it would close at the end of this month. Construction of the project is slated to begin before the end of the year for completion in early 2023. Marriott International Inc. recently signed a contract to bring the Ritz-Carlton Residences brand to the tower with 251 hotel rooms and 138 condominiums. Marriott will also operate that portion of the development, which will be the city’s first five-star hotel, according to Marriott. Plans also call for retail space and a ground-level food hall, while details on the office portion have not yet been released. The new tower will be one of the five tallest buildings in Portland upon completion, offering views of the city, Cascade Mountains and Willamette River. The site is a few blocks from Pioneer Courthouse Square, the most-visited tourist destination in Oregon, …

June 21, 2019

Acquisitions Mixed-Use Northeast Pennsylvania Top Stories

Next Tier Connect Acquires 505,000 SF Mixed-Use Campus in Metro Pittsburgh

by Alex Tostado June 20, 2019

MONROEVILLE, PA. — Next Tier Connect has acquired the former Westinghouse Nuclear headquarters campus in Monroeville. The 505,000-square-foot campus is located at 4350 Northern Pike, 15 miles east of downtown Pittsburgh. The property comprises two buildings connected by a common entrance. Other features of the facility include 206,000 square feet of contiguous space on the second, third and fourth floors of the East Tower; a shipping and receiving area with three loading docks. This is the first acquisition by Next Tier Connect, which is a recently formed partnership between New York City-based companies Next Tier HD and RedBird Capital Partners. The new partnership plans to reposition the property and rebrand it as Next Tier Connect — Pittsburgh East. The two buildings are currently home to several Fortune 500 companies for office, call center, business continuity, and data center spaces. Next Tier Connect has also signed new tenants since closing on the sale. In a press release announcing the new company, RedBird and Next Tier HD officials said, “Next Tier Connect will seek to acquire mixed-use, mission-critical real estate properties and data center-related properties across the United States.” Mission-critical real estate assets are purpose-built facilities designed to support the most essential …

June 20, 2019

Acquisitions Multifamily Nevada Student Housing Texas Top Stories Western

Preiss, BCEG International Acquire Two Student Housing Communities Totaling 1,104 Beds in San Antonio, Las Vegas

by Kristin Harlow June 19, 2019

SAN ANTONIO AND LAS VEGAS — The Preiss Co. (TPCO), in a joint venture partnership with BCEG International Investment US (BCEGI), has acquired the 624-bed High View Place Student Apartments in San Antonio and the 480-bed Rebel Place in Las Vegas. Neither the sellers nor purchase prices were disclosed. Located at 15949 Chase Hill Blvd. and serving the University of Texas at San Antonio student population, High View Place offers a variety of one-, two- and four-bedroom floor plans. Each of the 204 units includes a kitchen, balcony, in-unit washer and dryer, 50-inch TV, complimentary high-speed internet and cable, and walk-in closets. Amenities include study spaces, a clubhouse, computer lab, swimming pool, gaming center, sand volleyball court and grilling area. TPCO is overseeing a multi-million refurbishment of the property, which marks the company’s third acquisition in the San Antonio market in the last 12 months. Plans call for electronic key-fob installation and upgrades to the interior flooring, amenities and internet service. Rebel Place is located at 3896 Swenson St. near the University of Nevada, Las Vegas. Each fully furnished apartment includes energy-efficient appliances, cable television packages, internet and in-unit washer and dryers. Community amenities include a fitness center, picnic area, …

June 19, 2019

California Development Office Top Stories Western

Kaiser Permanente Unveils Plans for $900M Corporate Headquarters in Downtown Oakland

by John Nelson June 18, 2019

OAKLAND, CALIF. — Healthcare behemoth Kaiser Permanente has unveiled plans to build a new headquarters dubbed The Kaiser Permanente Thrive Center in downtown Oakland. Local developer Lane Partners will break ground on the project in 2020 with a planned opening slated for 2023. The San Francisco Chronicle reports that the $900 million office tower will rise 29 stories. The new campus will consolidate 7,200 Kaiser Permanente employees who are currently working in seven different locations around Northern California. Situated at 2100 Telegraph Ave., the new building will span 1.6 million square feet of office space and will reduce the company’s operational costs by more than $60 million annually, according to Bernard Tyson, chairman and CEO of Kaiser Permanente. The building’s design is set to include dedicated space for a health clinic and health education, healthy food options and 20,000 square feet of public space for weekly farmers markets, exercise and cooking classes and a showplace for community-inspired art. Lane Partners is aiming to achieve LEED Platinum certification for Thrive Center. Kaiser Permanente is the largest private employer in Oakland, and Lane Partners estimates that the new building, which was formerly known as Eastline, will generate a one-time $23 million economic …

June 18, 2019

Loans Massachusetts Northeast Office Retail Top Stories

Citizens Commercial Provides $435M Construction Loan for Boston Office, Retail Project

by Taylor Williams June 17, 2019

BOSTON — Citizens Commercial Banking has provided a $435 million construction loan for a 500,000-square-foot office and retail project in Boston’s Seaport District. The new building at 111 Harbor Way will feature two floors of retail space and 15 floors of office space that Amazon will fully occupy. Construction of the project is scheduled for completion by 2021. The borrower, a partnership between locally based investment firm WS Development and Canada’s Public Sector Pension Investment Board, officially broke ground on the building May 28. The partnership is the lead developer of the Boston Seaport, a 23-acre waterfront project that will eventually span 7.6 million square feet of residential, retail, office and hospitality space. The project also includes 8.8 acres of open public space. Citizens, a Rhode Island-based lender with more than $160 billion in assets under management, is also the lead arranger and administrative agent for the loan, which officially closed June 7. — Taylor Williams

June 17, 2019

Acquisitions Georgia Office Southeast Top Stories

Investcorp Sells Former Home Depot Headquarters in Atlanta’s Vinings District for $120M

by John Nelson June 14, 2019

ATLANTA — Investcorp has sold an office campus in Atlanta’s Vinings district that formerly housed the world headquarters of The Home Depot back in the 1990s. The global asset management firm sold the property, known as Paces West, to a joint venture between Farallon Capital Management LLC and Crocker Partners for $120 million. Crocker Partners served as the asset and property management team in partnership with Investcorp since late 2015. Situated along Paces Ferry Road in Atlanta’s Cumberland/Galleria office submarket, the 646,471-square-foot property comprises two buildings connected via a pedestrian bridge. Amenities include two full-service cafes, a renovated fitness center, conference facilities, dry cleaners, a car wash service, onsite ATM and electric car charging stations. Paces West has served as the administrative headquarters for Piedmont Healthcare, an Atlanta-based health system with 11 hospitals and 650 facilities, since 2002. Jay O’Meara, Justin Parsonnet, Will Yowell, and Ryan Reethof of CBRE represented Investcorp in the sale. Since acquiring Paces West in 2015, Investcorp has boosted its occupancy from 85 percent to 93 percent, according to CBRE. “Paces West has withstood the test of time due to its quality, amenities, large flexible floor plates, and location in one of Atlanta’s most authentic and …

June 14, 2019

Leasing Activity North Carolina Office Southeast Top Stories

BB&T-SunTrust Pick Charlotte’s Hearst Tower as Corporate Headquarters Location

by Alex Tostado June 13, 2019

CHARLOTTE, N.C. — The 965,000-square-foot Hearst Tower in Charlotte, which is owned by Cousins Properties, will be the new corporate headquarters for BB&T Corp. and SunTrust Banks Inc. once the merger between the two banks is complete. BB&T-SunTrust confirmed in a press release that the combined bank is expected to begin occupying 651,000 square feet of office space in phases from August 2019 to June 2021. Up to 2,000 employees of the proposed new company will be housed in the space. The lease term is for 15 years. The space is currently occupied by Bank of America and other tenants, all of which will move out to make room for BB&T-SunTrust. Bank of America has signed a 550,000-square-foot lease within Lincoln Harris’ Legacy Union in Uptown Charlotte. Winston-Salem, N.C.-based BB&T agreed to acquire Atlanta-based SunTrust in a $66 billion deal announced in early February. Details have not yet been released on future plans for the banks’ existing corporate offices. BB&T-SunTrust will have the option to purchase the 47-story building from Cousins Properties for $455.5 million through the fourth quarter of this year. If the company exercises that option, the sale will close in the first quarter of 2020. On Wednesday, …

June 13, 2019

Development Illinois Industrial Midwest Top Stories

Elion Unveils $2B Expansion Project for Logistics Park in Wilmington, Illinois

by Kristin Harlow June 12, 2019

WILMINGTON, ILL. — Elion Partners has renamed RidgePort Logistics Center to Elion Logistics Park 55 (ELP 55) and planned a $2 billion development project at the site in Wilmington, approximately 40 miles southwest of Chicago. Following the expansion, ELP 55 will become the largest rail-served industrial park in the Midwest, according to the real estate investment firm. Elion began acquiring land for the park in 2016. To date, 6.3 million square feet of multi-tenant and build-to-suit space exists. Some of the tenants include Post, Lineage and Batory Foods. The master plan comprises up to 2,500 acres, which includes an existing, full-service TA Petro Travel Plaza and up to 140 acres for planned commercial development. Current projects underway include an on-site first responders’ station, interconnectivity via planned pedestrian walking paths and an on-site helipad. ELP 55 features two miles of frontage along the BNSF’s Transcontinental Mainline with up to 12 million square feet of potential rail services, and three miles of I-55 frontage with a complete interchange. The park is located in a regional distribution hub that reaches 27 percent of the U.S. population within a one-day drive, according to Elion. “The goal is to develop a mixed-use logistics park that …

June 12, 2019

Acquisitions California Multifamily Retail Top Stories Western

Douglas Emmett Acquires Apartment, Retail Complex in Los Angeles for $365M

by Jeff Shaw June 11, 2019

LOS ANGELES — Douglas Emmett Inc. (NYSE: DEI) has acquired The Glendon, a multifamily and retail complex in the Westwood Village neighborhood of Los Angeles, for $365 million. Built in 2008, The Glendon features 350 apartment units and 50,000 square feet of ground-floor retail space on a 4.3-acre plot. The multifamily and retail components combined were 97 percent occupied at the time of sale. The Glendon common areas were recently upgraded and the property is midway through a total unit renovation, which DEI plans to complete. Westwood Village is located approximately 12 miles west of downtown Los Angeles. The neighborhood is home to UCLA’s main campus, and abuts popular locations such as Los Angeles National Cemetery and Bel-Air Country Club. The Glendon is also located within walking distance of more than 2.1 million square feet of DEI-owned office space. DEI is a Santa Monica-based real estate investment trust. Although the seller was not officially disclosed, Clarion Partners purchased the property in 2014, according to Los Angeles Business Journal. With the acquisition of The Glendon, DEI has grown its total multifamily portfolio by over 20 percent in the last two years to more than 4,000 units in West Los Angeles and …

June 11, 2019

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