REBusinessOnline

Joint Venture Expands Beachfront Footprint with Acquisition of Two Hotels in Miami Beach for $139.9M

MIAMI BEACH, FLA. — A joint venture between SHVO, Bilgili Group and Deutsche Finance Group (DFG) has acquired the Richmond Hotel, Richmond Apartments and South Seas Hotel for a total of $139.9 million. The companies purchased South Seas Hotel from Majestic Hotel Corp. for $52 million. Along with direct access to the beach, the hotel offers amenities such as a swimming pool, poolside café and bar, business center, complimentary breakfast and concierge service. South Seas is located at 1751 …

Lowe Acquires Former School Site in Washington, D.C., Plans 500,000 SF Art Museum-Anchored Development

WASHINGTON, D.C. — Lowe, a national real estate investor, developer and manager, has acquired the former Randall School site at 65 I St. SW in Washington, D.C. Lowe plans to redevelop the 2.7-acre site into a 500,000-square-foot mixed-use project featuring a contemporary art museum. Lowe had first come on as partner for the project in 2017 but is now assuming control of the development from TRSW, a partnership between Telesis Corp., a national affordable housing developer, and the Rubell …

Barneys New York Files for Bankruptcy, Will Keep Some Stores Open

NEW YORK CITY — Luxury department store retailer Barneys New York has voluntarily filed for bankruptcy protection and has disclosed plans to close 15 of its 22 brick-and-mortar stores. The Chapter 11 filing in the U.S. Bankruptcy Court of the Southern District of New York indicated that Barneys had more than $100 million in assets and more than $100 million in debts, according to The Wall Street Journal. Barneys plans to keep five of its flagship locations open, including its famous …

RSE Capital, Carter Multifamily Acquire Georgia Apartment Portfolio for $202.5M

GEORGIA — A joint venture between Washington, D.C.-based RSE Capital Partners and Tampa-based Carter Multifamily has acquired a portfolio of 11 apartment communities located across five cities in Georgia for $202.5 million. The seller was Savannah-based Kole Management. The new ownership will undertake a capital improvement program that will upgrade the properties’ unit interiors and amenity space. In announcing the value-add deal, the joint venture cited the strong job growth that is …

Balfour Beatty to Build $1B Broward County Convention Center Expansion in Fort Lauderdale

FORT LAUDERDALE, FLA. — General contractor Balfour Beatty has signed a $780 million agreement with developer Matthews Southwest, making Balfour Beatty the design-build lead for the over $1 billion expansion of the Broward County Convention Center in Fort Lauderdale. The project will add 525,000 square feet of meeting space to the complex, plus a 29-story, 800-room Omni Hotel. Located on Florida’s southeastern coast approximately 25 miles north of Miami, the completed convention center …

Welltower Shakes Up Portfolio, Commits to Nearly $2.75B in Transactions

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has expanded its senior living portfolio to the tune of 15 properties worth $949 million across the country. Simultaneously, the healthcare REIT giant exited its partnership with seniors housing operator Benchmark Senior Living, selling its 48-property portfolio to an undisclosed buyer for $1.8 billion. The 48 properties that Benchmark operates total 4,137 units and are located in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and …

Bleutech Park Properties to Develop $7.5B Technology-Driven Project in Las Vegas

LAS VEGAS — Bleutech Park Properties Inc. has unveiled plans for a $7.5 billion mixed-use project known as Bleutech Park Las Vegas. The developer plans to break ground this December, and construction is expected to take six years. Bleutech has confirmed that financing is in place. Bleutech Park will be home to workforce housing, luxury residential, office, retail, hotel and entertainment space. The project will incorporate environmental and technological features such as water …

Core Spaces Aligns with Goldman Sachs in $600M Student Housing Deal

CHICAGO AND NEW YORK CITY — Student housing developer Core Spaces has entered into a partnership with Goldman Sachs (NYSE: GS) to recapitalize nine of its properties in a deal valued at $600 million. The national portfolio consists of seven operating student housing properties and two projects under development, totaling 4,358 beds. The Wall Street Journal reports that Goldman Sachs will likely utilize its newly launched, $2.5 billion real estate investment fund for the Core student …

Los Angeles Clippers Unveil Plans for $1.1B Basketball Arena in Inglewood

INGLEWOOD, CALIF. — The NBA’s Los Angeles Clippers have unveiled plans for a $1.1 billion arena and team headquarters in Inglewood, located just southwest of downtown Los Angeles. The Inglewood Basketball & Entertainment Center will be located along Prairie Avenue and West Century Boulevard and offer seating for approximately 18,500 fans. In addition, the building will house the Clippers’ team offices, training facility and a sports medicine clinic, essentially making Inglewood the …

San Francisco Planning Commission OKs Pinterest-Anchored Mixed-Use Project

SAN FRANCISCO — For the second time in a week, the San Francisco Planning Commission has approved a significant mixed-use development in the city’s SoMa (South of Market) district. Following its approval of the Flower Mart redevelopment project, the commission has approved a 1.1 million-square-foot mixed-use development located at 88 Bluxome St. The project, led by developers Alexandria Real Estate Equities Inc. (NYSE: ARE) and TMG Partners, is nearly 60 percent preleased. The …

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