Top Stories

Pier 1 Imports to Shutter Up to 450 Stores

by John Nelson January 7, 2020

FORT WORTH, TEXAS — Pier 1 Imports Inc., a home goods retailer based in Fort Worth, has announced its intention to shutter up to 450 stores, which represents nearly half of its current store count of 936. The retailer also plans to close a select number of distribution centers and reduce its corporate expenses, which includes corporate layoffs. Pier 1 says that its efforts will help right-size the company’s omni-channel operations and allow it to move forward with an “appropriately sized store footprint.” Pier 1 has hired a third-party liquidator to help manage the store closings. The locations of the closing stores and distribution centers were not disclosed. Pier 1 (NYSE: PIR) reported that its net sales are down 13.3 percent year-over-year in its most recent quarter ending Nov. 30, 2019. (The company’s fiscal calendar traditionally runs from early March to late February.) Pier 1 also reported a 15.3 percent reduction in its inventory compared to this time last year. Robert Riesbeck, CEO and CFO of Pier 1, says that the company has been seeking to clear out its “non go-forward” merchandise. “Looking ahead, we believe that we will deliver improved financial results over time as we realize the benefits …

January 7, 2020

Acquisitions Multifamily Top Stories Washington Western

Security Properties, Pacific Life Acquire Anthology Multifamily Asset in Metro Seattle for $163.3M

by Jeff Shaw January 6, 2020

ISSAQUAH, WASH — Seattle-based Security Properties and Newport Beach, Calif.-based Pacific Life Insurance Co. have purchased Anthology, a 398-unit new construction multifamily property in Issaquah for $163.3 million. Located at 1610 Anthology Ave. NW, Anthology is situated 14 miles southeast of Seattle in the Puget Sound region. Anthology offers studio, one-, two- and three-bedroom apartments. Amenities include a two-story clubhouse featuring a game room with shuffleboard and billiards, conference room and community kitchen. The complex also features a fitness center with yoga studio and bike room, a pool, barbecues, package access, bicycle storage and repair station, a park and easy access to nature trails. Security Properties Residential, an affiliate of Security Properties, will manage the property. The Issaquah Reporternotes that Anthology is one of three similar residential projects along Newport Way NW. The Puget Sound area as whole has experienced a housing crisis with growth of tech companies and Amazon creating a booming population and a scarcity of affordable housing. Bisected by Interstate 90, Issaquah allows commuters access to downtown Seattle and nearby employers, including Microsoft, Amazon and Costco. The Issaquah suburb has grown rapidly since 2000, nearly quadrupling its population, which is now almost 40,000. The area is affluent, …

January 6, 2020

Development Florida Industrial Southeast Top Stories

Dalfen Industrial Acquires 243 Acres for 2.8 MSF Speculative Development in Orlando

by Alex Patton January 3, 2020

ORLANDO, FLA. — Dalfen Industrial has acquired a 243-acre undeveloped parcel in Orlando, where the company plans to build a 2.8 million-square-foot speculative industrial project. The Class A asset will be situated along State Road 417 near the interchange with Lee Vista Boulevard and Orlando International Airport. Dalfen plans to construct multiple facilities on the site, ranging from 100,000 to 1.5 million square feet. Total construction could exceed 3 million square feet when all phases are complete, according to the developer. The first building is scheduled for completion in the fourth quarter of 2021. The seller and price of the vacant property were undisclosed. “With this project, Dalfen Industrial is satisfying a strong need in Orlando, as there are a limited number of development projects in our market geared toward bulk users,” says Jared Bonshire of Cushman & Wakefield, who represented Dalfen in the land sale transaction. “While there are projects of this scale along the I-4 Corridor in Davenport, Apopka and Lakeland, this development is the first of its kind for Orlando.” Dalfen Industrial is a Dallas-based buyer of industrial real estate, primarily focused on strategically located urban infill warehouses and distribution buildings. The developer recently acquired a 1.9 …

January 3, 2020

Acquisitions Industrial Office Texas Top Stories

Howard Hughes Corp. Acquires Two Office Campuses in Metro Houston for $565M

by Alex Tostado January 2, 2020

HOUSTON AND THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has acquired Century Park in Houston and The Woodlands Towers at The Waterway in The Woodlands, a master-planned municipality just north of Houston. HHC paid $565 million for the 2.8 million-square-foot office/industrial portfolio, nearly all of which is Class A office space. Century Park is a 17-building, 1.3 million-square-foot office park in Houston’s Energy Corridor. The Woodlands Towers at The Waterway is a three-building campus that includes two office buildings totaling 1.4 million square feet and a 125,000-square-foot warehouse. The purchase also includes 9.3 acres of developable land adjacent to The Woodlands Towers at The Waterway. The seller of the portfolio, Occidental Petroleum Corp. (NYSE: OXY), will fully lease back the 32-story, 808,000-square-foot office building and warehouse at the Woodlands property. The tower was built in 2002. Both leases are for 13 years. HHC announced in October that it would relocate its corporate headquarters from Dallas to The Woodlands Towers at The Waterway, where it will occupy the 595,000-sqaure-foot building at 9950 Woodloch Forest Drive, which was built in 2014. The 31-story building features a rooftop garden, fitness center, basketball court and conference rooms. The Woodlands is a …

January 2, 2020

Acquisitions Development North Carolina Office Southeast Top Stories

Childress Klein, CGA Capital Acquire Duke Energy’s Office Tower Underway in Uptown Charlotte

by John Nelson December 24, 2019

CHARLOTTE, N.C. — Childress Klein and CGA Capital have partnered to purchase the Uptown Charlotte site for Duke Energy’s future office tower. Located at 525 S. Tryon St., the 40-story Charlotte Metro Tower project is set for a 2022 completion. Construction is currently underway. Charlotte-based Childress Klein and Baltimore County-based CGA Capital have agreed to fully fund the development and construction of the project, which could total up to $675 million as per the purchase agreement with seller and future tenant Duke Energy (NYSE: DUK), an energy holding company based in Charlotte. “We look forward to working with Childress Klein and its team to fund the creation of a dynamic office tower and a terrific new addition to the city skyline,” says Kyle Gore, managing director and principal of CGA Capital. As part of the sale-leaseback agreement, the new ownership will enter into a long-term lease with Duke Energy at the tower upon completion. The development will span 1 million square feet of office and retail space and include a 1,100-space parking garage. Nuveen, a TIAA Company, is leading a debt investment group to help fund the development. The project team includes general contractor Batson-Cook Co. and architect tvsdesign, which …

December 24, 2019

Development Illinois Midwest Office Top Stories

Riverside, Convexity Break Ground on 50-Story BMO Tower Office Building in Chicago

by Taylor Williams December 23, 2019

CHICAGO — A partnership between Riverside Investment & Development and Convexity Properties has broken ground on BMO Tower, also known as Union Station Tower. The 50-story office building is part of the Union Station redevelopment project in Chicago. Global architecture firm Goettsch Partners (GP) designed the property, which will be situated on 2.2 acres directly south of the Union Station headhouse building. The office tower will feature 1.4 million square feet of office space. The tower and new public space are part of the larger redevelopment of Chicago Union Station, which originally opened in 1925. Riverside and Complexity unveiled plans for the $1 billion project in September 2018, beginning with the demolition of a 404-unit apartment building and the design of a 1.5-acre plaza and park. “This project will activate a prime site that has been largely underutilized next to Chicago’s busiest commuter station,” says James Goettsch, chairman and co-CEO at GP. “The office tower and park will bring vibrant, complementary additions to the city.” As the name indicates, Montreal-based BMO Financial Group will be the building’s anchor tenant. Construction is scheduled for completion in 2022. Although development costs were not disclosed, the Chicago Tribune reports that the developers received $476 million …

December 23, 2019

Acquisitions Massachusetts Northeast Office Top Stories

The Fallon Co., Barings Sell Boston Seaport Office Tower for $482M

by Alex Patton December 20, 2019

BOSTON — A joint venture between The Fallon Co. and Barings LLC has sold One Marina Park Drive, a 491,573-square-foot, multi-tenant office tower in the Boston Seaport district. An affiliate of Clarion Partners LLC acquired the property for $482 million. The 18-story One Marina Park Drive is the tallest building situated within Fan Pier, Fallon’s 3 million-square-foot mixed-use development in the Seaport. Fan Pier comprises six buildings with 2.6 million square feet of commercial space and 229 residential units. The ground floor of One Marina Park Drive features 19,000 square feet of retail and dining, including the Strega Waterfront Italian restaurant, the Empire Asian restaurant and the SailTime Boston sailing club. A host of other retail and entertainment attractions are located within walking distance, including the Fan Pier Park, Boston Children’s Museum, the Equinox Seaport fitness center and Trillium Brewing Co. At the time of sale, One Marina Park Drive was fully leased to tenants including law firms Fish & Richardson and Gunderson Dettmer; energy tech companies Enel X and Battery Ventures; Intarcia Therapeutics; and healthcare and tech investment firm Polaris Ventures. The Fallon Co. was the original developer of the One Marina Park Drive, which was designed by Elkus Manfredi and completed …

December 20, 2019

Acquisitions New York Northeast Office Top Stories

Munich Reinsurance America Agrees to Purchase 39-Story Madison Avenue Office Tower in Manhattan

by Alex Tostado December 19, 2019

NEW YORK CITY — Munich Reinsurance America Inc. has agreed to purchase 330 Madison Ave., a 39-story, 852,000-square-foot office tower in Manhattan. The building was originally constructed in 1963 and was renovated in 2012 to include a new glass curtainwall façade, upgraded lobby and updated systems that achieved LEED Gold certification. The asset is located adjacent to Grand Central Station and near the New York Public Library and Bryant Park. The sales price was not disclosed, although multiple news outlets reported the negotiations were in the range of $850 million to $900 million. At the time of the agreement, the building was 95 percent occupied by tenants including Guggenheim Partners, JLL and HSBC. “We are glad to invest in the United States, given the U.S. share of [the buyer’s] insurance portfolio,” says Hans-Joachim Barkmann, managing director of MEAG, which advised the buyer in the transaction. “The overall American real estate market is also currently outperforming continental Europe, especially Midtown Manhattan, which is really unique in the world in terms of status and prospects.” CBRE represented the seller, which was undisclosed, though several outlets report the seller was Abu Dhabi Investment Authority. Based in Princeton, N.J., Munich Reinsurance America is the …

December 19, 2019

Development Mixed-Use Texas Top Stories

Loews Hotel, New Convention Center to Anchor $810M Development in Arlington, Texas

by Kristin Harlow December 18, 2019

ARLINGTON, TEXAS — The Arlington City Council has approved an $810 million expansion of the city’s Entertainment District. The project is a continuation of the public-private partnership between the city, the Texas Rangers baseball team, Loews Hotels & Co. and The Cordish Cos. At the forefront of the expansion is a $550 million, 888-room Loews hotel with 1,500 parking spaces. The hotel will be connected to the new Arlington Convention Center, which will offer 216,000 square feet of meeting and outdoor space. Other components of the project include a 280-unit apartment building with 100,000 square feet of retail, entertainment and coworking space operated by Spark; a 200,000-square-foot office building; and a new public garage with 1,900 parking spaces. The expansion is the next phase of a greater $4 billion vision by the development partners that began with the $250 million Texas Live! entertainment center, which opened in August 2018, and Live! By Loews Hotel, which opened in August 2019. Paired with the Rangers’ new Globe Life Field set to open in March 2020, the total investment of new development by the partnership totals more than $2.25 billion. “As an owner and operator, Loews Hotels has the advantage of deciding when …

December 18, 2019

North 8th Brooklyn Williamsburg Collective

Development Multifamily New York Northeast Student Housing Top Stories

The Collective to Build $150M Co-Living, Student Housing Project in Brooklyn’s Williamsburg District

by John Nelson December 17, 2019

NEW YORK CITY — The Collective, a multifamily developer based in London, has unveiled plans to build a $150 million co-living project located at 292 N. 8th St. in Brooklyn’s Williamsburg neighborhood. Co-living is defined as a type of residential development that is a hybrid between apartment housing and hotels. Known as North 8th, the development will feature 242 units, 97 of which are designed for students attending local universities. The remaining 127 studio units are designed for nightly and monthly stays. At full capacity, North 8th is expected to house 321 occupants. “North 8th will be the first project of its kind for New York City,” says Reza Merchant, founder and CEO of The Collective. “It will bring community of all ages together in one holistic environment, designed to promote an intergenerational exchange of knowledge through shared amenities and dynamic programming.” North 8th is The Collective’s fourth co-living project in New York City, joining The Collective Paper Factory that opened in November in Queens’ Long Island City. The Collective has two other Brooklyn projects in the pipeline: 555 Broadway and 1215 Fulton St. All three of The Collective’s Brooklyn projects are expected to open in 2022. The Collective collaborated …

December 17, 2019

Newer Posts

Older Posts