Top Stories

Keurig to Build $350M Coffee Roasting Facility in Upstate South Carolina

by Camren Skelton May 24, 2018

MOORE, S.C. — Keurig Green Mountain Inc. will invest $350 million to build a new roasting and packaging facility in Moore, a city in Upstate South Carolina’s Spartanburg County. The specialty coffee and coffeemaker company acquired 215 acres of land within Tyger River Industrial Park from Pacolet Milliken Enterprises to build the new facility, which is expected to create 500 new jobs upon completion. Garrett Scott, John Montgomery and Brockton Hall of Colliers International represented Pacolet in the transaction. “As we plan for the future, we’re pleased to locate our newest facility in Spartanburg County to support our growth,” says Richard Jones, chief supply chain officer for Keurig. “We view the region’s talented employee base and attractive business environment as the right place to invest.” The new production facility will primarily house coffee roasting and packaging for Keurig’s single-serve K-Cup pods, and will have the potential to support beverage distribution and warehousing in the future. Prior to the sale, Pacolet made significant investments in sewer and power infrastructure at the site, and built a new road that will serve Keurig and the rest of the business park. The Greenville, S.C.-based developer has an additional 10 sites within Tyger River Industrial Park …

May 24, 2018

Development Hospitality Massachusetts Northeast Top Stories

Omni Breaks Ground on $550M Boston Seaport Hotel

by David Cohen May 23, 2018

BOSTON — Omni Hotels & Resorts has broken ground on the $550 million Omni Boston Seaport Hotel, a 21-story, 1,055-room hotel in Boston’s Seaport district. Set to open in late 2020 on a two-acre parcel at the corner of Summer and D streets, the hotel will feature 100,000 square feet of meeting and event space that includes the largest hotel ballroom in the Seaport District. Other amenities will include an urban rooftop pool deck with an event space featuring views of Boston’s skyline, all-day restaurant, retail shop, fitness center and spa. Once completed, the Omni Boston Seaport will become the city’s fourth largest hotel, according to the developer. “This project’s hotel, retail, restaurant and outdoor space is a welcome addition to Boston’s Seaport District and will lead to expanded economic opportunities for many businesses within the Commonwealth,” Massachusetts Governor Charlie Baker said at the groundbreaking. “Our administration looks forward to continuing to work together with partners at the local level and in the private sector to support economic development in communities across Massachusetts.” The Massachusetts Port Authority (Massport) tapped Omni Hotels & Resorts, along with a team from New Boston Hospitality, in 2017 to develop the hotel. The project is estimated …

May 23, 2018

California Leasing Activity Office Property Type Top Stories Western

Facebook Signs Full-Building Lease for 43-Story Office Tower in San Francisco

by John Nelson May 22, 2018

SAN FRANCISCO — Social media giant Facebook Inc. (NASDAQ: FB) has signed a long-term lease to fully occupy Park Tower at Transbay, a 43-story office tower under construction in San Francisco’s Financial District. According to the San Francisco Business Times, the transaction is the largest office lease in the history of the city and will make Facebook the market’s third-largest tech tenant by square footage. Park Tower is co-owned by MetLife Investment Management, the asset management arm of MetLife Inc. (NYSE: MET), as well as Chicago-based owners and developers The John Buck Co. and Golub & Co. The ownership group plans to deliver the 764,700-square-foot office tower in the fourth quarter of this year. “We’re pleased to welcome Facebook to Park Tower,” says Joel Redmon, San Francisco-based managing director for MetLife Investment Management’s real estate business. “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.” Designed by Goettsch Partners and Solomon Cordwell Buenz, Park Tower at Transbay will feature approximately 26,000 square feet of outdoor and open space that includes 14 sky decks. The project will also feature a three-story, open-air lobby, and about 70 …

May 22, 2018

Acquisitions Hospitality Top Stories

Blackstone to Acquire LaSalle Hotel Properties for $4.8B

by Taylor Williams May 21, 2018

BETHESDA, MD. — Affiliates of global asset management firm Blackstone have agreed to acquire Maryland-based LaSalle Hotel Properties in an all-cash transaction valued at roughly $4.8 billion. The deal is expected to close during the third quarter. LaSalle’s portfolio spans 104,000 guestrooms across 41 properties in 11 markets. Under the terms of the agreement, Blackstone will acquire all outstanding shares of LaSalle’s common stock at $33.50 per share. This price represents a premium of about 35 percent over the company’s stock price of $24.84 per share at the time the deal was proposed. LaSalle’s stock price closed at $31.90 per share on Friday, May 18, up from $28.53 per share in mid-May 2017. “After careful consideration of multiple proposals received, the board determined that this transaction represents the most compelling opportunity for LaSalle’s shareholders,” said Stuart Scott, chairman of the board for LaSalle. “This transaction will deliver a significant premium with immediate and certain cash value.” Blackstone submitted a winning bid after hospitality REIT Pebblebrook Hotel Trust offered to acquire LaSalle in late April. Local news outlet WTOP reports that Pebblebrook, which is also based in Bethesda, entered a bid of $3.7 billion. However, in a statement released this morning, Pebblebrook claimed …

May 21, 2018

Development Florida Retail Southeast Top Stories

Triple Five Group’s $4B Mall, Theme Park in Miami Wins County Approval

by Kristin Harlow May 18, 2018

MIAMI — Miami-Dade County has approved the development of the American Dream Miami retail theme park. From Canadian developer Triple Five Group, the project is expected to cost $4 billion and span 6.2 million square feet. Located at the intersection of Interstate 75, Florida’s Turnpike Extension and Miami Gardens Drive, American Dream Miami will include a selection of retailers, restaurants, a performing arts center, multi-screen theater, hotel, theme park, indoor ski park, indoor waterpark, indoor skating rink, aquarium and submarine ride. The project is slated to become the largest mall in the United States and draw a large number of visitors each year. The site is located near both Miami International Airport and Ft. Lauderdale-Hollywood International Airport. “American Dream Miami will not only create jobs and attract investment to our community, but it will also contribute to the county nearly $60 million in impact fees, a transit center, new buses for Miami-Dade and Broward and $210 million for roads and interchange improvements to accommodate traffic,” says Miguel Diaz de la Portilla, attorney with Saul Ewing Arnstein & Lehr representing Triple Five on the project. Triple Five is the developer behind Minnesota’s Mall of America, Canada’s West Edmonton Mall and American …

May 18, 2018

Development Mixed-Use Property Type South Carolina Southeast Top Stories

RocaPoint Partners to Lead $1B Mixed-Use Redevelopment in Upstate South Carolina

by Camren Skelton May 17, 2018

GREENVILLE, S.C. — RocaPoint Partners, an affiliate of The Georgetown Co., has unveiled plans to develop a $1 billion mixed-use project in downtown Greenville. The Atlanta-based development firm has received unanimous approval from Greenville County Council to redevelop 37 acres along University Ridge. The land currently houses administrative offices at County Square, along with offices across the street including the South Carolina Department of Motor Vehicles and the Greenville County Public Health Department. The redevelopment will add approximately 3 million square feet of new Class A office, retail, hotels, residential and public spaces, as well as a new build-to-suit county government building. In addition, the project will be located within walking distance to Falls Park, located in downtown Greenville’s Historic West End; Fluor Field, home of Greenville’s minor league baseball team; and the Greenville Health System Swamp Rabbit Trail, a 20.6-mile multi-use greenway system. “The project is going to have a $1.1 billion impact on the local economy and create a more walkable environment to further support local business growth, as well as providing a distinct gathering place for residents and visitors,” says Phil Mays, principal of RocaPoint Partners. The development team for the project includes local partner KDS Commercial …

May 17, 2018

Development Hospitality Loans New York Northeast Top Stories

Developer Secures $230M Construction Loan for TWA Hotel at JFK Airport

by David Cohen May 16, 2018

NEW YORK CITY — MCR and MORSE Development has secured a $230 million construction loan for the transformation of the former TWA Flight Center and construction of the TWA Hotel at John F. Kennedy International Airport. M&T Bank arranged the loan and provided $60 million of the financing package, which involved several banks. The redevelopment of the property will include a complete restoration of the 1962 Eero Saarinen-designed midcentury modern building that served as a TWA air terminal from 1962 to 2001. In 2005, the flight center was listed on the National Register of Historic Places. Scheduled for completion in spring 2019, the TWA Hotel will include 512 rooms with views of JFK’s runways and the TWA Flight Center, as well as a 50,000-square-foot event center. The property will be JFK’s first on-site, full-service hotel. The completed project will include six restaurants and eight bars, including a cocktail lounge inside of a repurposed Lockheed Constellation “Connie” L-1649A Starliner positioned on the tarmac. The hotel will offer connections to JFK Terminal 5 via the flight center’s iconic arrival tubes, made famous by the 2002 film Catch Me if You Can. The flight center will also house a museum focused on the …

May 16, 2018

Acquisitions Property Type Retail Top Stories

H&R REIT to Sell 63-Property Retail Portfolio for $633M

by John Nelson May 15, 2018

TORONTO — H&R Real Estate Investment Trust has entered into an agreement to sell nearly all of its U.S. retail holdings for US$633 million. The sale includes 63 assets and is expected to close in June. The Toronto-based REIT’s portfolio houses retailers including Walgreens, CVS/pharmacy, Publix, Kroger, Kohl’s, Rite Aid, Sam’s Club, Lowe’s Home Improvement and The Home Depot. H&R REIT (TSX: HR.UN) still owns 16 gas and convenience stores in the United States. The buyer was not disclosed. The company plans to use a large portion of the sale proceeds to grow Lantower Residential, the REIT’s multifamily investment arm that comprises nearly 15 percent of the company’s real estate portfolio. The REIT will also use the proceeds to repay US$205.9 million of mortgage debt on the portfolio and buy back stock. “This transaction follows through on our strategy of narrowing and streamlining our focus, while enhancing the quality and growth profile of our portfolio,” says Thomas Hofstedter, president and CEO of H&R REIT. Following the sale, H&R REIT expects for office investments and developments to make up approximately 47 percent of its real estate portfolio, with the company’s Primaris retail division making up more than 20 percent. H&R REIT …

May 15, 2018

Acquisitions Healthcare Illinois Midwest Multifamily Self-Storage Seniors Housing Student Housing Top Stories

Colliers to Acquire 75 Percent Stake in Harrison Street for $450M

by Taylor Williams May 14, 2018

TORONTO AND CHICAGO — In an effort to expand its global investment management platform, Colliers International Group Inc. (NASDAQ: CIGI) has agreed to acquire 75 percent of Harrison Street Real Estate Capital LLC for $450 million. Under the terms of the transaction, which is expected to close during the third quarter, the senior management team of Harrison Street will hold the remaining 25 percent of equity. An additional $100 million will be payable to Harrison Street in 2022 based on the achievement certain performance targets. Chicago-based Harrison Street currently manages about $14.6 billion worth of assets, primarily in the seniors housing, student housing, medical office and self-storage sectors. The company’s senior management team will continue to handle its day-to-day operations. No changes to the company name have been announced at this time. According to CEO Christopher Merrill, Harrison Street was seeking an outside investment partner to assist with its global positioning strategy. Harrison Street was drawn to the depth of Colliers’ relationships on a global scale, as well as the brokerage firm’s decentralized management style and track record in investment sales. For its part, Toronto-based Colliers was in the market for a new platform that would enable global investment growth. …

May 14, 2018

Development Florida Southeast Top Stories

Okan Group to Build 70-Story, Mixed-Use Tower in Downtown Miami

by David Cohen May 11, 2018

MIAMI — Turkish real estate developer Okan Group has announced plans to build a 70-story, mixed-use project in downtown Miami at 555 North Miami Ave. The $300 million development is slated to include a 294-room Hilton hotel, 64,000 square feet of office space, 236 condo-hotel units and 149 condominium residences as well as four penthouses. Condo-hotel units are often sold to individuals as vacation homes, then rented out the rest of the year. Once completed, Okan Tower will become one of the tallest buildings in Miami. Currently, the 85-story Panorama Tower, which rises 868 feet, is the tallest. Construction on the tower is expected to begin this fall with One Sotheby’s International Realty handling sales and marketing for the development. Architectural firm Behar Font & Partners designed the building, which was inspired by the silhouette of a tulip, Turkey’s official flower. “It is with great pleasure that we unveil Okan Tower as we embark on a journey to present a bold real estate product in one of the world’s leading destinations,” says Bekir Okan, chairman of Okan Group. “In selecting our projects throughout the world, we always seek to establish an impact that will make history. Not only in its design, …

May 11, 2018

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