Top Stories

Passco Acquires 330-Unit Multifamily Community in Coastal South Carolina for $78M

by Katie Sloan September 11, 2020

BLUFFTON, S.C. — Passco Cos. has acquired One Hampton Lake, a 330-unit multifamily community located seven miles outside Hilton Head Island in Bluffton, for $78 million. Southeastern Co. sold the property in an off-market transaction. One Hampton Lake was developed in two phases, with the first phase of construction completed in 2018 and the second phase completed earlier this year. The garden-style property offers one-, two- and three-bedroom units with quartz countertops, stainless steel appliances, in-unit washers and dryers, patios and balconies. Shared amenities at the community include a resort-style infinity pool and deck; kayak launch site and storage on Hampton Lake, located adjacent to the property; pet park and wash station; state-of-the-art fitness center; screened-in outdoor lounge with a fireplace; an outdoor kitchen; and grilling areas. Greystar will continue to manage the property under the new ownership. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing on behalf of Passco. Headquartered in Augusta, Georgia, Southeastern Co. offers development, property management, construction management and brokerage services for commercial real estate properties across the Southeast. Irvine, California-based Passco Cos. acquires, develops and manages multifamily and commercial real estate throughout the United States. The company currently has a …

September 11, 2020

Company News Retail Texas Top Stories

Brookfield Property Group, Simon Property Group Agree to Acquire JCPenney for $1.75B

by Alex Tostado September 10, 2020

PLANO, TEXAS — Brookfield Property Group and Simon Property Group have agreed to acquire the retail and operating assets of J.C. Penney Co. for $1.75 billion at a bankruptcy auction. As part of the sale agreement, the three companies will form a property holding company (PropCos), which will include 161 of the J.C. Penney real estate assets and all of its owned distribution centers. The Plano-based retailer’s Ad Hoc Group of First Lien Lenders will own PropCos. J.C. Penney filed for Chapter 11 bankruptcy in mid-May and restructured 90 percent of its debt with its lenders. Brookfield and Simon enter into the bankruptcy auction as the stalking-horse bidders. The Plano-based retailer expects the auction to close before the 2020 holiday season. “As we continue to move through the sale process, our focus will remain on serving our customers and working seamlessly with our vendor partners,” says Jill Soltau, CEO of J.C. Penney. “We have been a trusted partner to all of our stakeholders since 1902, and we expect to continue that track record for decades to come under the J.C. Penney banner.” The auction is being held through the U.S. Bankruptcy Court for the Southern District of Texas. During its …

September 10, 2020

Development Florida Hospitality Multifamily Southeast Top Stories

Miami Beach’s Historic Preservation Board Approves $750M Mixed-Use Redevelopment Project

by Kristin Harlow September 9, 2020

MIAMI BEACH, FLA. — The Historic Preservation Board (HPB) of the City of Miami Beach has approved the three-acre master plan for the redevelopment of the historic Raleigh, South Seas and Richmond hotels. Real estate owner and developer Michael Shvo plans to fully restore the three properties and unify them as one site to be operated as a luxury hotel and condominium building. Project costs are estimated at $750 million. The approved plan also includes construction of a new 175-foot oceanfront residential tower behind the Richmond and South Seas. The developer agreed to trim the height from 200 feet, according to the Miami Herald. No further approvals are needed and construction is expected to begin within the year. Shvo will restore the Raleigh Hotel and its iconic pool as well as the historic frontage of the Richmond and South Seas to their original 1941 grandeur. Legendary architect L. Murray Dixon was the original designer. The pool was used in several movies, including The Birdcage, Bad Boys and Up Close and Personal. Shvo and his team worked with HPB and Miami Beach stakeholders to ensure that the proposed plans would maintain the buildings’ original facades. This includes the removal of the penthouse floor that …

September 9, 2020

Development Leasing Activity Mixed-Use Office Top Stories Washington Western

Vulcan Developing Two Major Mixed-Use Projects Near Seattle Anchored by Amazon

by John Nelson September 8, 2020

BELLEVUE, WASH. — Vulcan Real Estate, a Seattle-based owner and developer, is underway on two mixed-use developments known as 555 Tower and West Main in the central business district of Bellevue. Amazon (NASDAQ: AMZN) has preleased the office portion of both properties, which totals more than 2 million square feet. “We are very excited to be working with Amazon again, and we are thrilled to be kicking off our first development projects in the Bellevue CBD,” says Ada Healey, chief real estate officer for Vulcan. Bellevue is an upscale suburb of Seattle that sits on the east side of Lake Washington in the state’s Puget Sound area. “It is projects like these that will help stimulate business in Bellevue and help create jobs and opportunity — from construction jobs to new roles in hospitality and local retail — in the years to come,” adds Healey. The 555 Tower will be a 42-story building comprising 967,500 square feet of office space and 28,400 square feet of retail space. The site is located at 555 108th Ave. NE, immediately adjacent to the Bellevue Transit Center and within walking distance of the future Sound Transit light rail station that is scheduled to open …

September 8, 2020

Development Industrial New Jersey Northeast Top Stories

Joint Venture to Break Ground on 511,200 SF Industrial Project in Phillipsburg, New Jersey

by Katie Sloan September 4, 2020

PHILLIPSBURG, N.J. — A joint venture between J.G. Petrucci Co. and PGIM Real Estate is set to break ground on a 511,200-square-foot industrial building in Phillipsburg, located just across the Delaware River from Allentown, Pennsylvania. The project — to be named the Phillipsburg Logistics Center at 78 — will be located on a 66-acre site less than three miles from Route 22 and Interstate 78, providing access to many of the Northeast’s major metropolitan areas. The property is less than 70 miles from both Philadelphia and New York City. “The site provides excellent connectivity between the Northern and Central New Jersey industrial markets and to the Lehigh Valley Market along the I-78 corridor,” says Peter Polt, executive vice president at J.G. Petrucci. The speculative industrial facility will feature 36-foot clear heights, LED Lighting, wide column spacing, two drive-in doors, and “ample” trailer parking stalls and loading positions, according to the developers. Jon Mikula and John Plower of JLL represented J.G. Petrucci Co. in the arrangement of the joint venture partnership. Jeff Lockard, also of JLL, will lead lease-up efforts at the site upon its completion, which is scheduled for summer 2021. J.G. Petrucci Co. is a privately held development firm specializing …

September 4, 2020

Acquisitions Development Industrial Northeast Pennsylvania Top Stories

Ball Corp. to Purchase Pennsylvania Plant, Retrofit into Beverage Packaging Facility for $360M

by Alex Tostado September 3, 2020

JENKINS TOWNSHIP, PA. — Ball Corp. plans to invest $360 million to acquire Interstate Distribution Center in Jenkins Township and retrofit the facility as an aluminum beverage packaging plant. The asset comprises nearly 1.1 million square feet and Ball will employ 230 employees at the plant when it begins production, which is slated for mid-2021. According to local newspaper Times Leader, the property is located at 140 Industrial Drive, between Interstates 81 and 476 and eight miles north of downtown Wilkes-Barre. Endurance Real Estate Group built the asset in 2019. The property features 40-foot clear heights, 108 loading docks, two drive-in doors, 421 car parking spaces and 129 trailer parking spaces. “Ball Corp. has a longstanding presence in the international marketplace, and Pennsylvania is pleased with the company’s commitment to expand its manufacturing facilities in the northeast,” says Pennsylvania Gov. Tom Wolf. The project will generate more than $16 million in new employment payroll annually, according to the governor’s office. The state’s Department of Community and Economic Development (DCED) offered up to $2 million in Redevelopment Assistance Capital Project (RACP) funding to be distributed upon the creation of the new jobs, as well as $400,000 in funding for workforce development …

September 3, 2020

Development Top Stories Utah Western

Salt Lake City International Airport Completes $4B Expansion Project

by Kristin Harlow September 2, 2020

SALT LAKE CITY — The first phase of Salt Lake City International Airport’s $4 billion expansion is now complete and set to open Tuesday, Sept. 15. HOK Architects designed the project, which features more efficient passenger flow, visual aesthetics, new amenities and high environmental standards. The airport serves more than 26 million passengers per year. Airport officials say that the original facilities, designed 50 years ago, were no longer efficient for use as a modern hub airport and were not built to today’s earthquake standards. The project was funded with federal grants, user fees, airport revenue bonds and airport reserves. Construction began in July 2014. Completion of all phases is slated for 2024. Leading the construction was HDJV, a joint venture between Holder Construction and Big-D Construction. AOJV, a joint venture between Austin Commercial and Okland Construction, led construction of the North Concourse. Design and engineering partners included HNTB, Colvin Engineering, Reaveley Engineers + Associates and Dunn Associates. The new terminal is designed to eliminate airplane parking bottlenecks and enable airlines to get planes back in the air more quickly. Napa, Calif.-based artist Gordon Huether completed art installations within the project. The largest installation, The Canyon, reflects Utah’s landscape and …

September 2, 2020

Acquisitions New York Northeast Office Top Stories

RFR Acquires Midtown Manhattan Office Tower from Morgan Stanley for $350M

by John Nelson September 1, 2020

NEW YORK CITY — New York City-based investment firm RFR has purchased 522 Fifth Avenue, a 23-story office tower in Midtown Manhattan. Morgan Stanley, which currently occupies the building, sold the property for $350 million. The office building neighbors Bryant Park and is situated near Grand Central Terminal and Rockefeller Center. RFR is hoping to find a single tenant to fully occupy the 575,000-square-foot property when Morgan Stanley moves out in 2024. Morgan Stanley’s CEO James Gorman told Bloomberg TV that the firm will need much less real estate going forward and that 90 percent of the company’s workforce is working from home during the COVID-19 pandemic. Aby Rosen, co-founder and CEO of RFR, and A.J. Camhi, executive vice president and head of RFR’s internal leasing team, are leading the leasing efforts for 522 Fifth Avenue. “We acquired 522 Fifth Avenue with the vision of working with a single user to create a custom, marquee headquarters in the premier midtown location,” says Rosen. “The vacancy is a remarkable blank canvas, well-positioned to respond to the requirements of a forward-thinking company looking for the prestige and exclusivity of a full building and New York City presence.” In 2014, Morgan Stanley sold …

September 1, 2020

Acquisitions Industrial New Jersey Northeast Top Stories

PGIM Real Estate Acquires 4.7 MSF National Industrial Portfolio for $425M

by Taylor Williams August 31, 2020

MADISON, N.J. — New Jersey-based PGIM Real Estate has acquired a portfolio of 15 industrial buildings totaling 4.7 million square feet for $425 million. Four of the buildings are located in the Atlanta metros of Lithia Springs, Buford and Union City. Six of the buildings are located in the Dallas-Fort Worth (DFW) metroplex, and two are located in the Phoenix suburb of Avondale. The remaining three buildings are located in the Denver area, but the addresses and submarkets of those assets were not disclosed. All of these developments are newly constructed projects or are nearing completion. In addition, the properties all feature 32- to 36-foot clear heights and ample dock doors, which the new ownership cites as key features in marketing to e-commerce users. “COVID-19 has not only supported the continued rise of e-commerce and distribution demand across the United States, but it has also significantly accelerated the existing trend,” says Cathy Marcus, global chief operating officer and head of U.S. equity for PGIM Real Estate. “As many more retailers and international corporations enter the U.S. industrial market or expand their presence in the sector, these state-of-the-art properties will be an attractive component of our broader industrial portfolio.” “This transaction …

August 31, 2020

Acquisitions California Healthcare Top Stories Western

Verity Health System Completes Sale of Six Hospitals as Part of Bankruptcy Process

by Katie Sloan August 28, 2020

REDWOOD CITY, CALIF. — Verity Health System has completed the sale of its six-property hospital portfolio as part of the company’s Chapter 11 bankruptcy procedures. The Redwood City-based nonprofit healthcare company filed for bankruptcy protection in summer 2018 and subsequently worked to sell off its portfolio of assets, which included six medical centers offering 1,650 inpatient beds, six active emergency rooms, a trauma center and a host of spaces centered on medical specialties including tertiary and quaternary care. Most recently, Verity Health completed the sale of St. Francis Medical Center, a 384-bed hospital in the Los Angeles County suburb of Lynwood, for $350 million to Prime Healthcare. The provider also sold Seton Medical Center, a 357-bed hospital located in the San Francisco suburb of Daly City, and Seton Coastside, a 116-bed hospital located in Moss Beach, Calif., for $40 million to AHMC Healthcare. The agreement to sell St. Francis Medical Center was announced in April of this year. Also in April, Verity agreed to sell St. Vincent Medical Center, a 381-bed hospital located in Los Angeles, for $135 million to surgeon and medical researcher Dr. Patrick Soon-Shiong. Santa Clara County was the buyer in Verity’s first two asset sales — O’Connor Hospital and St. …

August 28, 2020

Newer Posts

Older Posts