REBusinessOnline

Trammell Crow, CBRE Plan 116,000 SF Vista Sorrento Labs Spec Life Sciences Building in San Diego

SAN DIEGO — Trammell Crow Co. (TCC), in partnership with CBRE Investment Management on behalf of a separate account client, has unveiled plans to build Vista Sorrento Labs, a 116,000-square-foot speculative life sciences development in the Sorrento Mesa submarket of San Diego.The purpose-built life sciences building marks the first ground-up life sciences project in San Diego for both firms. The partnership plans to begin demolition of an existing building on the site and break ground on …

Parkview Financial Provides $207M Loan for Acquisition, Redevelopment of Former Hudson Hotel in New York City

NEW YORK CITY — Parkview Financial has provided $207 million in financing for the acquisition and redevelopment of the former Hudson Hotel in Manhattan's Clinton neighborhood. Located at 353-366 West 58th St., the 24-story hotel was most recently operated by Cain International until shuttering in 2020 under strain from the COVID-19 pandemic. The undisclosed borrower plans to convert the 385,124-square-foot property into a 438-unit residential tower. Units will feature eight-foot to …

Brookfield Agrees to Acquire Watermark Lodging Trust for $3.8B

NEW YORK CITY AND CHICAGO — Private real estate funds managed by Brookfield Asset Management (NYSE: BAM) have agreed to acquire Chicago-based hospitality REIT Watermark Lodging Trust for $3.8 billion.Watermark’s portfolio was constructed over the past decade and currently consists of 25 luxury hotels and resorts totaling 8,100 rooms across 14 states. The properties are primarily located in Sun Belt markets.Under the terms of the deal, Brookfield will acquire all outstanding shares …

Bally’s Wins Bid to Build $1.7B Casino in Former Tribune Printing Plant in Chicago

CHICAGO — Chicago Mayor Lori Lightfoot has selected Bally’s Corp. as the preferred company to redevelop a former Chicago Tribune printing plant into a gaming and entertainment destination.  The 30-acre site is located at the intersection of Chicago Avenue and Halstead Street along the Chicago River in the city’s River West neighborhood.The $1.7 billion proposal calls for the city’s first casino featuring 3,400 slots; 170 table games; 10 food and beverage venues; a 500-room hotel …

Centurion American Breaks Ground on 3,200-Acre Mixed-Use Development in North Texas

CELINA, TEXAS — Centurion American Development Group has broken ground on Legacy Hills, a mixed-use, master-planned development that will span approximately 3,200 acres in the North Texas city of Celina. The site is located at the corner of Legacy Drive and Celina Parkway, about 40 miles north of downtown Dallas.Legacy Hills will feature more than 10,000 residential units, with current plans calling for about 7,000 single-family homes and 4,100 multifamily units. The commercial component …

Butters, BentallGreenOak Plan 2.2 MSF Gulf Landing Logistics Center in Fort Myers, Florida

FORT MYERS, FLA. — Butters Group and BentallGreenOak have partnered to develop Gulf Landing Logistics Center, a 2.2 million-square-foot speculative industrial park in Fort Myers. The project will be situated on 284 acres.The partnership anticipates developing the Class A property in several phases, with the first phase consisting of seven buildings totaling 740,000 square feet. Construction is scheduled to begin this fall, with completion of the first buildings slated for the third …

Lincoln Property, FCP Plan 450,000 SF Colorado Research Exchange Life Sciences Campus in Broomfield

BROOMFIELD, COLO. — Lincoln Property Co. (LPC) and FCP, both privately held real estate investment companies, have unveiled plans for the Colorado Research Exchange (CoRE), a 450,000-square-foot life sciences campus in Broomfield. Construction is scheduled to begin this fall for completion in early 2024.Located approximately midway between Denver and Boulder, CoRE will comprise four buildings, three of which will be four- to five-story tenant buildings ranging from approximately 110,000 …

MRP Industrial, Hillwood Development Plan 3.7 MSF Bainbridge Logistics Center in Port Deposit, Maryland

PORT DEPOSIT, MD. — A joint venture between MRP Industrial and Hillwood Development Co. has announced plans for Bainbridge Logistics Center, a 3.7 million-square-foot industrial development in the town of Port Deposit, located in Maryland's Eastern Shore region. Bainbridge Naval Training Center formerly occupied the 440-acre site, which is located three miles from Interstate 95, approximately 42 miles from Baltimore and 40 miles from Wilmington, Delaware. The project’s first phase of …

Hudson Pacific Buys Development Site in Seattle for 546,000 SF Office Project

SEATTLE — Hudson Pacific Properties Inc. (NYSE: HPP) has completed its purchase of Washington 1000, a fully entitled office development site in Seattle, for $85.6 million. The Los Angeles-based REIT will break ground immediately on a 546,000-square-foot office tower at the site. The total project costs, including the purchase price of the land, is anticipated to range from $340 million to $360 million.Washington 1000 is located at 1000 Olive Way within Seattle’s Amazon-anchored Denny …

Silvestri Investments Acquires Flagship Neiman Marcus Building on Chicago’s Magnificent Mile

CHICAGO — Silvestri Investments Inc. has acquired the flagship Neiman Marcus building located at 737 N. Michigan Ave. within Chicago’s Magnificent Mile, a 13-block shopping district that attracts more than 30 million visitors annually.The transaction is one of only eight trades on Michigan Avenue over the past decade, according to JLL, which brokered the sale. The luxury department store chain has operated its 195,500-square-foot location since the four-story building was constructed in …




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