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DevelopmentFloridaOfficeSoutheastTop Stories

Strategic Property Partners Unveils Plans for Two Office Towers Within $3B Water Street Tampa Project

by Kristin Harlow

TAMPA, FLA. — Strategic Property Partners LLC (SPP) has unveiled plans for a pair of office towers within the $3 billion Water Street Tampa project. The multi-phased development will comprise more than 9 million square feet of commercial, residential, hospitality, educational, entertainment, cultural and retail space upon completion scheduled for 2027. The office towers will total approximately 1 million square feet and will be the first ground-up office buildings to be constructed in downtown Tampa in nearly 25 years. “With Tampa’s population growing daily and sustained job creation happening within the community, we saw a tremendous opportunity to build new and efficient office space within the initial phase of the Water Street Tampa neighborhood,” says David Bevirt, executive vice president of corporate leasing and strategy for SPP. One of the buildings, 1001 Water St., will rise 20 stories and span 380,000 square feet. COOKFOX Architects designed the speculative property. Construction is expected to begin in the spring, with completion slated for the second quarter of 2021, according to the Tampa Bay Times. Building features will include a rooftop terrace, conference space, flex rooms and a wellness community center. A Nelson Byrd Woltz Landscape Architects-designed plaza area will link the building …

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Westin Copley Place in Boston
HospitalityTop Stories

LaSalle Hotel Properties Changes Course, Accepts Pebblebrook’s $5.2B Merger Offer as Blackstone Bows Out

by Jeff Shaw

BETHESDA, MD. —It appears the sixth time’s a charm as LaSalle Hotel Properties (NYSE: LHO) has accepted Pebblebrook Hotel Trust’s (NYSE: PEB) merger proposal made in late August. The two Maryland-based hotel REITs jointly announced today that Pebblebrook will acquire all of LaSalle’s outstanding common shares in a deal valued at $5.2 billion. In accepting the unsolicited Pebblebrook bid, LaSalle has terminated its previously announced merger agreement with affiliates of The Blackstone Group LP (NYSE: BX). Blackstone declined to revise its $4.8 billion bid, including $1.1 billion in debt, which LaSalle previously accepted in May. According to The Wall Street Journal,Blackstone is entitled to a $112 million termination fee. Under terms of the merger agreement, each LaSalle shareholder will have the option to receive for each LaSalle common share owned either a fixed amount of $37.80 in cash or a common share of Pebblebrook stock at a fixed exchange ratio of 0.92. A maximum of 30 percent of outstanding LaSalle common shares may be exchanged for cash. “We are very pleased to have reached an agreement to bring Pebblebrook and LaSalle together in a strategic combination that represents a terrific value-maximizing opportunity for both LaSalle and Pebblebrook shareholders,” says Jon …

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AcquisitionsNew YorkNortheastOfficeTop Stories

Lexington Realty Trust Sells 21 Office Assets for $726M

by David Cohen

NEW YORK CITY — Lexington Realty Trust (NYSE: LXP) has sold a 21-office asset portfolio for $726 million to a joint venture between affiliates of Davidson Kempner Capital Management LP and Lexington. The office properties are spread across the U.S., with properties in the eastern and western regions, the South and the Midwest. The 3.8 million-square-foot portfolio is currently 98.6 percent leased to a tenant roster that includes Amazon, Experian Holdings, Motel 6 and Nissan. “This transaction marks a major step forward as we execute on our strategy to efficiently recycle capital out of suburban office properties and concentrate our portfolio on single-tenant, net leased industrial properties,” says T. Wilson Eglin, CEO of New York City-based Lexington Realty Trust. We intend to use transaction proceeds to continue to acquire high-quality industrial properties and repay our revolving credit facility and other debt, which we believe is the best path to create meaningful long-term shareholder value.” Following the transaction, Lexington’s percentage of industrial assets based on consolidated revenue is expected to increase to 60 percent from 44 percent at year-end 2017. Lexington received net cash proceeds of approximately $565 million at closing. The joint venture is expected to assume approximately $57 million …

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AcquisitionsMichiganMidwestRetailTop Stories

Vision Growth Partners to Acquire 65 Salons in Michigan, Becoming Largest Supercuts Franchisee in Midwest

by Camren Skelton

BLOOMFIELD HILLS, MICH. — Vision Growth Partners has entered into an agreement to acquire 65 salons in Michigan from Regis Corp. (NYSE: RGS). The store acquisitions will take place in small groups and will be completed by spring 2019. Financial terms of the transaction were not disclosed. The stores are currently branded as BoRics, Hair Masters and Fiesta Salons, but will transition into Supercuts franchises upon acquisition. The agreement also includes 13 existing Supercuts corporate stores. Super C Group LLC, an entity managed by Vision Growth Partners, will operate the salons. In addition to the acquisitions, Super C Group plans to open 10 new Supercuts locations in Michigan over the next several years, making the entity the largest Supercuts franchisee in the Midwest. “We are very excited to enter the salon space in a significant way in our home state of Michigan,” said Michael Sarafa, managing partner of Vision Growth and Super C Group. “Regis is a great partner with great employees, and we look forward to growing the Supercuts brand and building a culture of teamwork and success.” Over the next 10 months, Super C Group will renovate the acquired properties. The investment level will vary by location, but Crain’s …

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AcquisitionsHospitalityNevadaTop StoriesWestern

Investor Buys Mandarin Oriental Las Vegas for $214M, Rebrands as Waldorf Astoria

by Kristin Harlow

LAS VEGAS — CityCenter Holdings LLC, which is a joint venture between MGM Resorts International (NYSE: MGM) and Infinity World Development Corp., has sold the Mandarin Oriental Las Vegas and adjacent retail parcels for $214 million. The 392-room hotel will be rebranded as a Waldorf Astoria. CCLV Luxury Hotel LLC purchased the property, according to the Las Vegas Review-Journal. The investor’s owners include a commercial real estate developer and the co-founders of Panda Express restaurants. The hotel is located at the entryway of CityCenter, a mixed-use development on the Las Vegas Strip located between the Bellagio and Park MGM resorts that includes ARIA Resort & Casino; Vdara Hotel and Spa; and the Veer Towers. The hotel features 12,000 square feet of meeting space, five food and beverage outlets and a 27,000-square-foot spa. JLL served as advisor to the sellers, who expect to use the proceeds from the sale to pay a dividend to shareholders. Waldorf Astoria is part of the Hilton chain of hotels. — Kristin Hiller

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DevelopmentIndustrialNorth CarolinaSoutheastTop Stories

Publix to Build $300M Distribution Center in Greensboro

by David Cohen

GREENSBORO, N.C. — Publix Super Markets Inc. has announced plans to build a refrigerated distribution center in Greensboro as part of a multi-phase project. The company plans to invest up to $300 million in the first phase of the project, which is scheduled for completion by 2022. The distribution center, which will be located in Guilford County, will support the delivery of grocery products to Publix locations in the Carolinas and Virginia. The project is expected to create up to 1,000 jobs with an annual payroll of $44 million by 2025. A Job Development Investment Grant (JDIG) approved by the North Carolina Department of Commerce and the Economic Development Partnership of N.C. (EDPNC) will enable the project to commence. The state estimates that the project will grow the state’s economy by $1.38 billion over the course of the 12-year term of the grant. “Publix’s decision to locate up to 1,000 jobs and a new distribution center in Guilford County affirms our state’s reputation as the ideal place to do business,” says North Carolina Commerce Secretary Anthony M. Copeland. “In addition to our strategic location and proximity to major interstates and railroads, North Carolina is home to a competitive business climate, robust …

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AcquisitionsMultifamilySoutheastTop StoriesVirginia

Harbor Group International Acquires Apartment Community in Northern Virginia for $193M

by Camren Skelton

HERNDON, VA. — Harbor Group International LLC (HGI) has acquired Dulles Greene Apartments, an 806-unit multifamily community in Herndon, for $193 million. The community is located roughly four miles from Washington Dulles International Airport and approximately 26 miles west of Washington, D.C. In addition, the property is situated adjacent to a new Metrorail station that is currently under construction. Constructed between 1998 and 2003, Dulles Greene Apartments includes a mix of one-, two- and three-bedroom floor plans ranging in size from 750 square feet to 1,370 square feet. Monthly rental rates range from $1,537 for a one-bedroom unit to $2,138 for a three-bedroom unit. Community amenities include a fitness center, resident lounge, theater room, resort-style swimming pool, outdoor fire pit, tennis court, playground, yoga room, coffee bar, outdoor hot tub, sand volleyball court and walking trails. “This property supports two of our key investment objectives — acquiring multifamily properties in top-tier markets with value-add upside potential and acquiring investments in areas with strong employment drivers and public transportation infrastructure,” says T. Richard Litton, Jr., president of HGI. Dubbed “Data Center Alley,” the Dulles Technology Corridor and Northern Virginia are known for their high concentration of data centers belonging to Amazon, Google, …

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AcquisitionsGeorgiaMidwestMinnesotaRetailSoutheastTexasTop Stories

CBRE, Brookfield Property Partners Buy Three Super-Regional Malls from GGP for More Than $1B

by Camren Skelton

LOS ANGELES AND NEW YORK — CBRE Global Investors (NYSE: CBRE) has formed a joint venture with Brookfield Property Partners (NASDAQ: BPY) to purchase three super-regional malls totaling 3.7 million square feet from General Growth Properties (NYSE: GGP). As part of the transaction, CBRE is purchasing a 49 percent stake in the three malls from BPY. The sales price for the portfolio was not disclosed, but The Wall Street Journal reports the deal is valued at more than $1 billion. The assets include Cumberland Mall, a 1 million-square-foot mall in northwest Atlanta; Ridgedale Center, a 1.2 million-square-foot mall in the western Minneapolis suburb of Minnetonka; and The Parks Mall at Arlington, a 1.5 million-square-foot mall in the Dallas/Fort Worth metroplex. The three malls were 98 percent leased at the time of sale to tenants including Amazon Pop-Up, AMC Theatres, Apple Store, Barnes & Noble, The Cheesecake Factory, Chick-fil-A, Costco, Dick’s Sporting Goods, Dillard’s, Disney Store, DSW, H&M, JC Penney, Macy’s, Nordstrom, Nordstrom Rack, Old Navy, Pottery Barn, Sears, Starbucks Coffee, Williams-Sonoma and Victoria’s Secret. “We believe that Class A, super-regional malls remain one of the most attractive investments available today,” says David Morrison, chief investment officer of the Americas at CBRE Global …

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AcquisitionsIllinoisMidwestMultifamilyTop Stories

FPA Multifamily Buys 332-Unit High-Rise Apartment Complex in Chicago’s South Loop

by Taylor Williams

CHICAGO — FPA Multifamily LLC has acquired The Lex, a 332-unit high-rise apartment complex located within the McCormick Square entertainment district in Chicago’s South Loop. The seller was Crescent Heights, a developer of luxury multifamily communities with five offices across the country. San Francisco-based FPA purchased the property free and clear of debt for an undisclosed price. Sean Fogarty, Marty O’Connell, Wick Kirby and Kevin Girard of HFF represented the seller in the transaction. Completed in 2009, The Lex consists of one 35-story tower and one seven-story building featuring a mix of one-, two- and three-bedroom residences. Units average more than 900 square feet each and include granite countertops, floor-to-ceiling windows and private balconies. Communal amenities include a pool, outdoor grilling stations, 24-hour fitness center, game room, resident lounge and business center. The Lex also features more than 17,000 square feet of ground-floor retail and dining space. The property is situated adjacent to the newly constructed Wintrust Arena and Marriott Marquis Hotel. The location puts The Lex within walking distance of Lake Michigan. The Lex was originally built as a condominium project, but failed as it was completed in the midst of the housing crisis, according to local real estate …

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AcquisitionsMassachusettsOfficeTop Stories

CommonWealth Partners Acquires Pier 4 Office Building in Boston’s Seaport District for $450M

by David Cohen

BOSTON — CommonWealth Partners has acquired the Pier 4 office building in Boston’s seaport district from developer Tishman Speyer for $450 million. The 372,372-square-foot property sold for $1,208 per square foot, the highest ever for a Boston office property, according to Tishman Speyer. Located at 200 Pier 4 Blvd., the building was designed by Elkus Manfredi Architects of Boston and completed in May 2018. Pier 4 currently serves as the global headquarters for the Boston Consulting Group, educational content and technology services company Cengage Learning, and equity manager Man Numeric. “From the beginning, the Pier 4 site presented Tishman Speyer with a unique opportunity to create Boston’s finest modern mixed-use development,” says Jessica Hughes, managing director of Tishman Speyer. “We thank the City of Boston, the Commonwealth of Massachusetts, and the very dedicated waterfront community for sharing our vision for this property and working with us to bring that vision to full realization.” Amenities at Pier 4 include harbor views, a roof terrace, fitness center, bicycle storage and three levels of parking. Tishman Speyer is currently developing the final phases of the Pier 4 project, which will include a nine-story condominium building and one-acre public waterfront park. The Pier 4 …

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