REBusinessOnline

Brookfield Asset Management Offers to Take Brookfield Property Partners Private for $5.9B

NEW YORK CITY — Brookfield Asset Management (NYSE: BAM) has submitted a non-binding proposal to acquire all outstanding shares of common stock of Brookfield Property Partners (NASDAQ: BPY), which would effectively take its commercial real estate division private.Brookfield Property Partners has about 357.6 million outstanding shares. Brookfield Asset Management’s bid to acquire those shares from public investors at $16.50 per share gives the deal a total price tag of $5.9 …

Gardner Tanenbaum, Robinson Park to Develop 400,000 SF Mixed-Use Project in Oklahoma City’s Innovation District

OKLAHOMA CITY — Gardner Tanenbaum and Robinson Park Investments have unveiled plans to develop a 400,000-square-foot mixed-use project within Oklahoma City’s Innovation District. The developers secured 2.7 acres of land for the project and expect to break ground in late 2021.Plans call for research labs, office space, a hotel, retail space and a public area. FSB Architects designed the project. Expected development costs were undisclosed.According to the developers, the goal is to …

Skanska Sells Majority Stake in Seattle Mixed-Use Tower for $669M, Nation’s Largest Single-Property Trade Since Pandemic

SEATTLE — Skanska has sold a 95 percent stake of 2+U, a 38-story mixed-use tower in downtown Seattle. South Korea-based Hana Alternative Asset Management and parent firm Hana Financial Group purchased the majority interest from the Swedish developer for $669 million. According to Skanska, the sale of 2+U is the largest single-property commercial real estate transaction in the United States since the pandemic began.Office tenants at 2+U include job search giant Indeed.com, tech firm …

IPA Negotiates $90M Sale of 560-Unit Multifamily Portfolio in Tucson, Arizona

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has negotiated the $90 million sale of a two-property, 560-unit multifamily portfolio in Tucson.The Equestrian is a 288-unit complex that sold for $47.7 million, or $165,625 per unit. Ridgeline is a 272-unit property that traded for $42.5 million, or $156,250 per unit. The Equestrian and Ridgeline were built in 2008 and 2002, respectively, and are located one mile apart from each other …

JLL Brokers Sale of Two Office Properties in Metro D.C. for $106.5M

HERNDON, VA., AND WASHINGTON, D.C. — JLL Capital Markets has brokered the sale of two office properties owned by WashREIT (NYSE: WRE) in metro Washington, D.C., for a combined $106.5 million. The company sold Monument II, a 200,000-square foot, Class A office building in Herndon, to an affiliate of Westbrook Partners; and 1227 25th St. NW, a 136,540-square-foot office asset in Washington, D.C., to an undisclosed buyer.Completed in 2000, Monument II is an eight-story office building …

Davis Medical Investors Acquires Eight-Property Medical Office Portfolio for $112M

MINNEAPOLIS — Davis Medical Investors LLC has acquired an eight-property, 309,735-square-foot medical office portfolio for $112 million. The Minneapolis-based buyer acquired the assets through a new fund backed by Capital One.Three of the buildings were purchased from Davis Medical Investors-affiliated partnerships and the other five were acquired from undisclosed, third-party sellers. The portfolio comprises three properties in Minnesota, three in Tennessee and one each in Ohio and …

Toll Brothers, GSLM Receive $160M in Construction Financing for Multifamily Redevelopment Project in Washington, D.C.

WASHINGTON, D.C. — Toll Brothers Apartment Living and GSLM Capital Partners, a venture between L+M Development Partners and Goldman Sachs Urban Investment Group, have received $160 million in construction financing for Phase I of a new multifamily project in the NoMa neighborhood of Washington, D.C.The project will redevelop Sursum Corda Cooperative, a low-income housing complex built in 1968. Sursum’s tenant association sold the site in 2018. As part of the agreement, current residents …

Bed Bath & Beyond Agrees to Sell Cost Plus World Market to Private Equity Firm, Including 243 Stores

UNION, N.J. AND LOS ANGELES — Bed Bath & Beyond Inc. (NASDAQ: BBBY) has agreed to sell Cost Plus World Market, a specialty retail chain that sells home furniture, décor and international food products. The buyer, Los Angeles-based private equity firm Kingswood Capital Management, expects to continue operations under the Cost Plus World Market banner.The purchase agreement includes 243 brick-and-mortar locations, the World Market digital business, two distribution facilities and a …

Blackstone Acquires Life Sciences Portfolio in Metro Boston for $3.4B

CAMBRIDGE, MASS. — Blackstone (NYSE: BX) has acquired a 2.3 million-square-foot life sciences portfolio in Cambridge, located across the Charles River from Boston, for approximately $3.4 billion. The seller was Brookfield Asset Management.The majority of the properties in the portfolio are located in East Cambridge, adjacent to the Massachusetts Institute of Technology (MIT) campus, and are leased to investment-grade tenants with both traditional office and lab requirements.Following …

CA Ventures Tops Off 500,000 SF Multifamily Tower in Nashville’s Midtown Neighborhood

NASHVILLE, TENN. — General contractor James McHugh Construction and developer CA Ventures are celebrating the topping off of 2010 West End, a 500,000-square-foot multifamily development located near Vanderbilt University in Nashville’s Midtown neighborhood. Architectural firm Solomon Cordwell Buenz designed the 25-story project, which will include 358 residential units, 420 parking spaces and 5,700 square feet of ground-floor retail space. Communal amenities are set to include an …

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