Top Stories

Simon Breaks Ground on $300M Phipps Plaza Redevelopment in Atlanta’s Buckhead District

by Taylor Williams October 19, 2018

ATLANTA — Simon Property Group (NYSE: SPG), the owner and developer best known for Class A malls, has broken ground on the $300 redevelopment of Phipps Plaza, an upscale shopping mall located in Atlanta’s Buckhead district. The project is a redevelopment of the former Belk department store and surface parking space at the 821,000-square-foot, three-story mall. It includes a new, 150-room hotel by Nobu Hotels, a luxury line co-founded by Robert De Niro. The hotel will offer a rooftop pool, spa and a corporate conference center, as well as a Nobu Atlanta Restaurant, a Japanese eatery that will occupy 10,000 square feet. The redevelopment will also deliver One Phipps Plaza, a 13-story, 350,000-square-foot office building that features a three-story parking garage. Other components of the project include a 90,000-square-foot Life Time Athletic Center with a rooftop pool, beach club and bistro. The redevelopment will also create an outdoor event venue and communal green space. “Phipps Plaza has long been a luxury icon in the Southeast and this expansion will further elevate its exceptional position by creating a reimagined destination to live, work, shop, and dine, unlike any other in the region,” said David Simon, chairman and CEO of Simon. According to …

October 19, 2018

California Mixed-Use Top Stories Western

Public-Private Partnership Breaks Ground on $453M Redevelopment Project in LA’s Koreatown District

by John Nelson October 18, 2018

LOS ANGELES — Trammell Crow Co. (TCC), in a public-private partnership with the County of Los Angeles (LA County), Public Facilities Group and Meta Housing Corp., has commenced construction of Vermont Corridor, a three-site redevelopment project in Los Angeles’ Koreatown submarket. The development costs are estimated at $453 million, according to local media reports. LA County owns all three sites, which span three city blocks between 4th and 6th streets. Situated on Vermont Avenue within one block of the Metro Red and Purple subway lines, the transit-oriented project comprises: • a new, 468,000-square-foot, Class A office headquarters for the LA County Department of Mental Health and Workforce Development, Aging and Community Services • an adaptive reuse of an existing 12-story office building into 172 residential units and • a 72-unit affordable seniors housing complex with a 13,000-square-foot community center to be operated by the YMCA of Metropolitan Los Angeles Construction will occur in multiple phases, beginning with the development of the Vermont Corridor County Administration Building. Designed by Gensler, the 21-story building will feature 7,500 square feet of ground-floor retail space, a peer resource center, fitness facility, open office floor layouts, outdoor terrace with an amenity deck, an indoor/outdoor conference …

October 18, 2018

Development Loans Massachusetts Multifamily Northeast Top Stories

JPMorgan Chase Provides $306.5M Construction Loan for St. Regis Residences in Boston

by David Cohen October 17, 2018

BOSTON — JPMorgan Chase Bank has provided a $306.5 million construction loan for The St. Regis Residences a 114-unit, waterfront multifamily project in Boston’s Seaport district. The 22-story tower, which will be located at 150 Seaport Blvd., will feature a twisting and angular design evoking billowing sails in a nod to its location. Every residence in the property will offer views of the Boston skyline or Boston Harbor. The residences will also include underground parking and a two-story restaurant. Amenities will include a swimming pool, spa, health club, library and golf simulator. HFF represented the developer, Cronin Development, in the transaction. HFF also advised Cronin in structuring a joint venture for $34.5 million with a private equity partner, the JCM Opportunity Fund I LLC, a subsidiary holding of Joyal Capital Management. “With its unique design and location, The St. Regis Residences, Boston will be unlike any residential development ever built in the City, serving as an iconic landmark on the Boston skyline,” said HFF senior director Brett Paulsrud. Condominium units at the St. Regis Residences will range from one-bedrooms to penthouse homes. The 208,000-square-foot project will also include around 10,000 square feet of retail space, according to the developer’s website. …

October 17, 2018

Georgia Leasing Activity Office Southeast Top Stories

Salesforce to Expand Regional Headquarters in Atlanta, Adding 600 New Jobs

by Jeff Shaw October 16, 2018

ATLANTA — Salesforce (NYSE: CRM), a customer relationship software and services provider, is set to expand its regional headquarters in Atlanta. The company will grow its current footprint in The Atlanta Plaza, located in the city’s Buckhead district, which will now be known as Salesforce Tower Atlanta. The lobby, and each new floor set for occupancy by the company, will be renovated as part of the expansion. Salesforce currently occupies four floors of The Atlanta Plaza totaling 85,722 square feet. Following the expansion, the company will occupy seven floors and 158,163 square feet. The top floor of the building will also be transformed into an, “Ohana Floor,” which will offer an open hospitality space for Salesforce employees, customers and partners. The space will also be available for use by nonprofits and local education groups on weeknights and weekends at no cost. The expansion will allow the company to nearly double its Atlanta-based workforce of approximately 600 employees. Employees will begin moving into the newly renovated floors in 2019. “Atlanta is a fantastic market for world-class talent and we’re thrilled to grow our presence in the region,” says Warren Wick, executive vice president of commercial sales at Salesforce. “Many of our top customers call …

October 16, 2018

Illinois Midwest Retail Top Stories

Sears Files for Chapter 11 Bankruptcy, Plans 142 More Store Closures

by Kristin Harlow October 15, 2018

HOFFMAN ESTATES, ILL. — Sears Holdings Corp. (NASDAQ: SHLD) has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. A $134 million debt payment was due today. Eddie Lampert will step down as Sears chief executive, but will remain the company’s chairman. The Hoffman Estates-based company oversees both Sears and Kmart-branded department stores. The company has negotiated $300 million in senior financing from its lenders and is also in the process of negotiating a $300 million loan with ESL Investments Inc., which is Lampert’s hedge fund. “While we have made progress, the plan has yet to deliver the results we have desired, and addressing the company’s immediate liquidity needs has impacted our efforts to become a profitable and more competitive retailer,” says Lampert. “The Chapter 11 process will give [Sears] the flexibility to strengthen its balance sheet, enabling the company to accelerate its strategic transformation, continue right-sizing its operating model and return to profitability.” Sears and Kmart stores will remain open for business, but the company plans to close 142 unprofitable stores by the end of the year. Liquidation sales at these stores are expected to begin shortly. This is in addition …

October 15, 2018

California Multifamily Top Stories Western

Republic Urban Properties Sells Luxury Apartment Community in San Jose for $104M

by Jeff Shaw October 12, 2018

SAN JOSE, CALIF. — Republic Urban Properties has sold Meridian at Midtown in San Jose for $104 million. The luxury apartment community includes 218 units and 14,000 square feet of ground-floor retail space. The property is situated at 1432 W. San Carlos St., less than one mile west of downtown and just north of I-280. The location is surrounded by restaurants and retail, as well as just a few blocks from a light rail station. Built in 2015, the mid-rise property offers amenities such as fitness centers, conference rooms, a resort-style pool, community lounge, dog park and playground. Retail amenities include The Breakfast Club and Starbucks. Floor plans average 875 square feet each. Scott Bales, Peter Yorck and Eric Bet of HFF arranged the sale on behalf of the seller, Republic Urban Properties LLC, a division of the Republic Family of Cos. The buyer was not disclosed. — Kristin Hiller

October 12, 2018

Acquisitions Georgia Multifamily Southeast Top Stories

Cortland Acquires 531-Unit Multifamily Community at The Battery Atlanta for $156M

by Katie Sloan October 11, 2018

ATLANTA — Cortland has acquired Home at The Battery Atlanta, a 531-unit multifamily community, from a joint venture between Braves Development Co. (BDC) and Pollack Shores for $156 million. Walker & Dunlop brokered the transaction. The three-building property — to be renamed Cortland at the Battery Atlanta — offers 328 one-bedroom units, 195 two-bedroom units and eight three-bedroom units. The apartments were 92 percent occupied at the time of sale. Each building offers a range of shared amenities including swimming pools; a rooftop lounge and bar; an entertainment center with billiards, shuffleboard and an open kitchen; a poolside fitness center with cardio, CrossFit and yoga components; and a cyber café. The community opened in 2017 as part of The Battery Atlanta, a 1.5 million-square-foot mixed-use development surrounding SunTrust Park, home ballpark of the Atlanta Braves. The master-planned development features residential, retail, office and entertainment space. “We are pleased to add Cortland to The Battery Atlanta with their strong market leadership,” says Mike Plant, president and CEO of BDC. “This is an exciting next step in our master-planned development process by selling our residential component.” Cortland, an Atlanta-based multifamily real estate investment firm, owns and manages 140 communities in the United …

October 11, 2018

Development Loans Multifamily New Jersey Northeast Top Stories

Madison Realty Capital Provides $258M Construction Loan for 1,161-Unit Multifamily Portfolio in New Jersey

by David Cohen October 10, 2018

BAYONNE AND RARITAN, N.J. —Madison Realty Capital has provided $258 million in construction financing for a 1,161-unit multifamily development portfolio in Bayonne and Raritan. The portfolio consists of three large-scale, shovel-ready development sites. The financing will be used to complete site acquisitions and for the construction of all three projects. Jack Klugmann’s Accurate Builders and Developers of New Jersey owns the portfolio. Shaya Ackerman of Meridian Capital arranged the financing. Terms of the financing were not disclosed. “We’re financing three major transit-oriented development sites located in different towns, so clearly there are many moving parts,” says Josh Zegen, managing principal of Madison Realty Capital. “These are prime sites in communities with strong apartment demand based on demographics and transportation connections, and we believe they have great prospects for success.” Harbor Station South in Bayonne will consist of 651 units spread over two buildings. The project is located near the 34th Street Station of the Hudson-Bergen Light Rail system, which provides connections to New York City. A ferry station is also being planned in the vicinity with service to Manhattan and Staten Island. Amenities will include a rooftop pool overlooking the Hudson River, concierge service, a pet center, and a bike …

October 10, 2018

Acquisitions California Office Retail Top Stories Western

Hudson Pacific, Allianz to Acquire Historic Ferry Building in Downtown San Francisco for $291M

by John Nelson October 9, 2018

SAN FRANCISCO — Hudson Pacific Properties Inc. (NYSE: HPP) and Allianz Real Estate have formed a joint venture to acquire the Ferry Building in downtown San Francisco. Located at the foot of Market Street along the San Francisco Bay waterfront, the landmark features 192,532 square feet of office space and 75,486 square feet of retail space. Equity Office, an affiliate of the Blackstone Group, sold the leasehold interest in the land and improvements to the Ferry Building to the joint venture for $291 million. The remaining term on the ground lease, which is owned by the Port of San Francisco, is 49 years. The Ferry Building is fully leased to companies including SS&C Technologies Inc., Meltwater Inc., Meritage Group LP and Niantic Inc., as well as restaurants and retail tenants such as The Slanted Door and Blue Bottle Coffee. The Ferry Building also plays host to the Ferry Building Marketplace, a public food market that is organized along an indoor street known as the Nave. The food market attracts more than 8.8 million annual visitors. Hudson Pacific owns a 55 percent interest in the joint venture and will serve as the managing member and day-to-day operator of the property, while …

October 9, 2018

Development Florida Mixed-Use Southeast Top Stories

Joint Venture Breaks Ground on $200M Mixed-Use Project in South Florida

by Taylor Williams October 8, 2018

BOCA RATON, FLA. — A trio of developers — Giles Capital Group, Rosemurgy Properties, Schmier Property Group — in partnership with Wheelock Street Capital have broken ground on Uptown Boca, a $200 million mixed-use project in South Florida. The development, which will be located at the corner of Glades Road and 95th Avenue South in Boca Raton, will feature 150,591 square feet of retail space. Lucky’s Market and Silverspot Cinema will anchor the project. In addition, Uptown Boca will offer 456 Class A apartments. Additional tenants will include Bolay, a healthy restaurant concept, and Chick-fil-A. Marc Wiener Architecture, a local firm, provided design services for the retail portion of the project. Roxanne Register and Nicole Fontaine of the Boca Raton office of Katz & Associates are the leasing agents for the retail portion of the project. Retailers are expected to open their doors in summer 2019, and multifamily units are projected to be available for occupancy by early 2020. “With no new significant development in over two decades, this type of lifestyle component is long overdue in West Boca,” says Alexander Rosemurgy, CEO of Rosemurgy Properties. “It will truly create the complete shop-dine-live experience that this area deserves.” — Taylor …

October 8, 2018

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