Top Stories

Foulger-Pratt, USAA Break Ground on 25-Story Spec Office Project in Tysons, Virginia

by Taylor Williams December 2, 2019

TYSONS, VA. — A partnership between locally based developer Foulger-Pratt and USAA Real Estate has broken ground on Tysons Central, a 25-story speculative office project located within the Tysons Corner submarket of Northern Virginia. Tysons Central will span 383,628 square feet. Approximately 91 percent of the space will be dedicated to office use, with the remainder for retail and restaurant use. The building will feature 9-foot ceilings and column-free floors that support floor plates ranging in size from 26,000 to 29,000 square feet. Amenities will include a penthouse and fitness center on the top floor, as well as elevated terraces on the upper portion of the building. Gensler designed the project, which will be located just steps away from the Greensboro Metro Station. “As competition for talent intensifies, companies have increasingly selected highly connected and amenitized locations that appeal to an educated urban workforce,” says Cameron Pratt, CEO of Foulger-Pratt. “With only a handful of large blocks available in Tysons, we believe the market will respond strongly to the project’s world-class design, modern efficiencies and unrivaled walkability to transit, local residential and destination retail.” Avison Young has been tapped to lease the building, completion of which is scheduled for 2021. …

December 2, 2019

California Development Hospitality Mixed-Use Multifamily Office Retail Top Stories Western

Republic Urban Properties, Principal Real Estate Plan $401M Gateway at Millbrae Station Mixed-Use Project in Bay Area

by Alex Patton November 27, 2019

MILLBRAE, CALIF. — A partnership between Republic Urban Properties and Principal Real Estate Investors is preparing to break ground on a transit-oriented, mixed-use project named Gateway at Millbrae Station in Millbrae, a suburb just south of San Francisco. Located at the Millbrae Bay Area Rapid Transit (BART) station, the development will comprise 157,000 square feet of office space, 320 market-rate apartments, 80 affordable housing units, a 164-room hotel, 400 homes and 44,000 square feet of retail. Development costs are estimated at $401 million. The two developers formed a partnership called Republic Millbrae LLC, which will finance, construct and own the residential and office components of the project. “Gateway at Millbrae Station promises to be the new standard for revitalizing transit stations by increasing ridership while increasing revenues and creating much-needed affordable housing and jobs for the city of Millbrae and San Mateo County,” says Michael Van Every, president and CEO of Republic Urban Properties. The Millbrae BART Station and parking garage will remain open during construction, which is scheduled to begin on Wednesday, Dec. 4. “BART’s transit-oriented development helps the Bay Area address two of its greatest challenges: worsening traffic congestion and the lack of affordable housing,” says Bevan Dufty, …

November 27, 2019

Acquisitions Massachusetts Net Lease Northeast Retail Texas Top Stories

Spirit Realty Capital Acquires 123 Single-Tenant Retail Properties from Service Properties Trust for $435M

by John Nelson November 26, 2019

DALLAS AND NEWTON, MASS. — Spirit Realty Capital Inc. (NYSE: SRC), a net-lease REIT based in Dallas, has purchased a national single-tenant retail portfolio for $435 million. The portfolio’s seller is Service Properties Trust (NASDAQ: SVC), a net-lease retail and lodging REIT based in the western Boston suburb of Newton. The portfolio spans 26 states and includes 123 stores leased to 54 different concepts. About a third of the portfolio is leased to restaurants, including Wendy’s, Buffalo Wild Wings, KFC, Skyline Chili, Burger King, Rally’s and Popeye’s. The portfolio’s tenant roster also includes service-oriented and furniture concepts such as LA Fitness, Ashley Home Store, O’Reilly Auto Parts, At Home, Mister Car Wash, Carmax, Crunch Fitness and Tire Warehouse. This transaction is part of SVC’s disposition strategy to sell up to $500 million of net lease assets in connection with its $2.4 billion acquisition of retail properties from Spirit MTA REIT, which Spirit Realty Capital manages. “Coupled with our other recent net lease sales and agreements to sell totaling $66 million, we have reached our target of $500 million in net lease asset sales, the proceeds of which will be used to reduce the company’s leverage,” says John Murray, president and …

November 26, 2019

Acquisitions New York Northeast Retail Top Stories

LVMH Agrees to Acquire Tiffany & Co. for $16.2B

by Taylor Williams November 25, 2019

NEW YORK CITY — LVMH Moët Hennessy Louis Vuitton SE (LVMH), a French conglomerate and supplier of luxury goods, has agreed to acquire luxury jewelry retailer Tiffany & Co. (NYSE: TIF) for approximately $16.2 billion. The sales price equates to $135 per share, to be paid in cash. The deal is expected to close in the second or third quarter of 2020. LVMH, based in Paris, owns more than 70 luxury brands in the clothing, cosmetics, jewelry and spirits industries, including Dom Pérignon champagne, Givenchy clothing and perfume and Christian Dior fashion and perfume. New York City-based Tiffany & Co., which was founded in 1837, currently operates about 300 stores worldwide and employs some 14,000 people. LVMH executives cited the opportunity to grow its watches and jewelry division in American markets as a key driver behind the acquisition. Those items account for just 9 percent of the company’s revenue stream, according to an analysis published by Deloitte earlier this year. In addition, The Wall Street Journal reports that Tiffany has seen its sales slump over the last several years and that the 182-year-old company is focusing more on China, the leading consumer of luxury products. The acquisition by LVMH should help Tiffany …

November 25, 2019

Development Midwest Missouri Office Top Stories

McCarthy, HITT to Build $1.7B Office Campus in St. Louis for Government Agency

by Taylor Williams November 22, 2019

ST. LOUIS — McCarthy Building Cos. and HITT Contracting will build a $1.7 billion office campus in St. Louis for the National Geospatial-Intelligence Agency (NGA), which provides intelligence and combat support services to the U.S. Department of Defense. The campus is being developed on a 97-acre tract at the corner of Jefferson and Cass avenues on the city’s north side. The property will feature approximately 712,000 square feet of office space, parking garages, a visitor’s center and an inspection facility. NGA, which has operated out of St. Louis for 70 years, will relocate from its current facility in south St. Louis to the new campus, which is expected to be fully operational by 2025. The U.S. Air Force owns NGA’s current campus, and it remains unclear what the military branch will do with that property following the relocation. “NGA’s new campus will be built with spaces that facilitate information sharing and collaboration among NGA’s and St. Louis’ talented innovators,” says Vice Admiral Richard Sharp, director of NGA. “Working together, we can better achieve NGA’s mission of providing world-class intelligence to U.S. service members and leaders to keep our nation secure.” A groundbreaking ceremony is scheduled for Tuesday, Nov. 26. Following …

November 22, 2019

California Development Office Top Stories Western

Joint Venture Completes 45-Story Office Building for Facebook in San Francisco

by Alex Tostado November 21, 2019

SAN FRANCISCO — A joint venture between The John Buck Co., Golub & Co. and MetLife has completed construction of Park Tower at Transbay, a 45-story, 803,700-square-foot office tower in San Francisco’s Transbay district. The building is situated at the corner of Howard and Beale streets, two miles east of downtown San Francisco and four blocks from San Francisco Bay. Architect Goettsch Partners (GP) designed the 605-foot-tall building to include a covered, 3,600-square-foot outdoor plaza with a 35-foot ceiling at the base of the tower. A major focal point of this outdoor space is a site-specific art installation, titled “Night Writing” by Teresita Fernandez, which is integrated into the main wall of the tower’s core. Park Tower is certified LEED Gold. In May 2018, Facebook signed a long-term lease to fully occupy the building upon completion. “We’re pleased to welcome Facebook to Park Tower,” said Joel Redmon, San Francisco-based managing director for MetLife Investment Management’s real estate business, when the lease was announced. “We’ve worked hard to design an office of the future that will facilitate technological innovation and provide a great foundation for Facebook’s future success.” In addition to the outdoor plaza, Park Tower offers a series of large …

November 21, 2019

Development Office Texas Top Stories

Apple Breaks Ground on $1B Campus in Austin

by Kristin Harlow November 20, 2019

AUSTIN, TEXAS — Apple (NASDAQ: AAPL) has broken ground on its new $1 billion, 3 million-square-foot office campus in Austin. The 133-acre property will initially house 5,000 employees, with the capacity to grow to 15,000. It is expected to open in 2022. Cupertino, Calif.-based Apple is steadily growing in Austin with approximately 7,000 employees in the city — more than a 50 percent increase in the past five years alone. Plans for the campus were first announced in December 2018. “With the construction of our new campus in Austin now underway, Apple is deepening our close bond with the city and the talented and diverse workforce that calls it home,” says CEO Tim Cook. The company has partnered with Austin-based Bartlett Tree Experts to preserve and increase the diversity of native trees on the new campus. Additionally, the site is designed to maximize green space, with landscaping covering more than 60 percent of the project, including a 50-acre nature and wildlife preserve that will be open to the public. Like all Apple facilities, the Austin campus will run on 100 percent renewable energy, including solar power generated on site. The groundbreaking coincides with the company’s announcement that it is preparing …

November 20, 2019

Development Industrial Mississippi Southeast Top Stories

Hillwood to Develop 1 MSF Amazon Fulfillment Center in North Mississippi

by John Nelson November 19, 2019

OLIVE BRANCH, MISS. — Hillwood Investment Properties plans to build a 1 million-square-foot fulfillment center in Olive Branch, approximately 25 miles from Memphis, for e-commerce giant Amazon (NASDAQ: AMZN). The facility will house picking, packing and shipping operations for larger customer orders and create 500 new full-time jobs. According to The Clarion-Ledger, the new facility will be located within Hillwood’s Legacy Park, a 266-acre business park in DeSoto County. The Class A industrial campus has proximity to U.S. Highway 78 and Tennessee Highway 385; the BNSF and Norfolk Southern intermodal terminals; Memphis International Airport; FedEx Air and Ground hubs; and a UPS sort hub. In 2018, Amazon unveiled plans for another fulfillment center in nearby Marshall County, leasing 554,000 square feet within Panattoni Development’s Gateway Global Logistics Center. “Mississippi has proven itself to be a great place for Amazon to do business and gives us the opportunity to better serve our customers in the region,” says Alicia Boler Davis, Amazon’s vice president of global customer fulfillment. “We are excited about our growth and remain committed to creating a positive economic impact in the region with job opportunities that have great pay and benefits.” No timeline for construction was disclosed. Hillwood …

November 19, 2019

Loans Multifamily New Jersey Northeast Top Stories

Roseland Residential Receives $300M Construction Loan for 57-Story Apartment Building in Jersey City

by Taylor Williams November 18, 2019

JERSEY CITY, N.J. — Roseland Residential Trust, a subsidiary of locally based REIT Mack-Cali Realty Corp. (NYSE: CLI), has received a $300 million loan for the construction of The Charlotte, a 57-story apartment tower on the fringe of New York City. The Charlotte will be located at 25 Christopher Columbus Drive in Jersey City and feature 750 Class A apartments, 37 of which will be earmarked for affordable housing. In addition, Roseland Residential will construct a 36,000-square-foot elementary school on the site that will be deeded over to Jersey City upon completion. The Charlotte will also feature approximately 16,500 square feet of retail space and a public plaza. Michael Sherman and Irene Lu of CBRE’s Midtown Manhattan office arranged the financing through an undisclosed lender on behalf of Roseland Residential Trust. The nonrecourse loan was structured with a five-year term and a one-year extension option. “The trophy quality of the asset, strength of sponsorship and prime location led to a highly competitive bid process for this loan at very attractive pricing,” says Sherman. “The project is a testament to the continuing growth of Jersey City, as evidenced by the strong partnership between the developer and the municipality.” Construction of the …

November 18, 2019

Development Mixed-Use North Carolina Property Type Southeast Top Stories

Dewitt Carolinas Unveils Plans for $1B Midtown Exchange Project in Raleigh

by Alex Patton November 15, 2019

RALEIGH, N.C. — Dewitt Carolinas Inc. has unveiled the master plans for development of Midtown Exchange, a $1B mixed-use project in Raleigh that will feature residential, office, hotel, entertainment and retail components. The development will be built on a 40-acre lot just outside Interstate 440, north of downtown Raleigh, and will comprise 790,000 square feet of Class A office space, 125,000 square feet of retail and restaurant space, 300 hotel rooms, 300 senior living units and 1,275 residential units. The residential component will include apartments, condominiums and townhomes, but how the units will be divided was not disclosed. The site will also include a large convention center with rooftop dining space and more than seven acres of green space with water features. Local newspaper North State Journal reports that the office space will comprise two office towers connected by a sky bridge between the two top floors. Those two floors and the sky bridge will make up one large office space, intended to attract a major corporate headquarters tenant. “We envision Midtown Exchange to be a destination unlike any other in Raleigh,” says Todd Saieed, CEO and co-founder of Dewitt Carolinas Inc. “This will be a place where family entertainment …

November 15, 2019

Newer Posts

Older Posts