Top Stories

Stiles to Build 327-Unit Luxury Apartment Property in Fort Lauderdale, Florida

by Kristin Harlow October 24, 2017

FORT LAUDERDALE, FLA. — Stiles Construction has been selected to build a 25-story, 327-unit luxury apartment property in downtown Fort Lauderdale. Greystar will own and operate the 661,000-square-foot property, to be located at 790 E. Broward Blvd. The project, situated on the site of a former Chase Bank, will feature a 508-space parking garage and a recreational deck with amenities. Greystar purchased the site from Stiles Corp. several months ago. Stiles was also the contractor behind Amaray Las Olas, a 254-unit luxury apartment property located just one block from this project. Neither the construction cost nor a timetable for completion was disclosed. Greystar received an $88 million construction loan for the project, according to the South Florida Business Journal. This is the second residential tower in downtown Fort Lauderdale to be announced recently. Earlier this month, the Fort Lauderdale City Commission approved Ocean Land Investments’s proposed Riverwalk Residences of Las Olas project, which will offer 401 units of seniors housing in a 42-story building. Fort Lauderdale-based Stiles has completed more than 43 million square feet of office, industrial, retail and mixed-use residential projects in the Southeastern United States. Charleston, S.C.-based Greystar is the largest operator of apartments in the country, with …

October 24, 2017

Features Heartland Feature Archive Midwest Northeast Northeast Feature Archive Southeast Southeast Feature Archive Texas Texas & Oklahoma Feature Archive Top Stories Western

Forecast Survey: What’s Your Take on Real Estate in 2018?

by John Nelson October 24, 2017

France Media, Inc. is conducting a brief online survey to gauge market conditions, and we welcome your participation. This survey should only take a few minutes to complete. Questions range from property sectors that your firm is most bullish on heading into 2018 to trends in deal volume to the outlook for interest rates. The results will be collated and published in the January 2018 issue of our regional magazines. Conducting these surveys is part of our mission at France Media to provide readers with indispensable information. To participate in our broker/agent survey, click here. For developers/owners/managers, click here. For lenders and financial intermediaries, click here. (Note: Please remember to click on “done” to properly submit the survey.) Sincerely, Matt Valley Editorial Director, Real Estate Regionals France Media, Inc.

October 24, 2017

Hospitality Loans Massachusetts Northeast Top Stories

Starwood Provides $140M Refinancing for Two Boston Hotels Totaling 510 Rooms

by Taylor Williams October 23, 2017

BOSTON — Starwood Property Trust, a Connecticut-based lender, has provided $140 million in refinancing for the Aloft Hotel and the Element Hotel, two hospitality properties totaling 510 rooms in Boston’s Seaport District. Starwood provided the funds on behalf of the borrower, a venture between a fund managed by an affiliate of Los Angeles-based Ares Management and Boston-based CV Properties LLC. HFF arranged the financing. The 13-story Aloft Hotel offers 330 rooms, as well as amenities such as a pool, fitness center, gourmet eatery and 12,000 square feet of meeting space. The six-story Element Hotel features 180 rooms with kitchens and flexible workspaces, as well as a pool, fitness center, meeting space and a bike-sharing program. Both hotels are situated adjacent to the Boston Convention and Exhibition Center (BCEC). Anthony Cutone and Matthew Enright of HFF, which secured construction financing for both properties in 2014, led the debt placement effort. “The hotels opened for business in early 2016 and have enjoyed a strong reception due in part to the phenomenal growth of the Seaport area, the quality of the development and the strong demand generated from the BCEC,” said Cutone. HFF’s stock price closed at $43.13 per share on Friday, Oct. …

October 23, 2017

Illinois Midwest Mixed-Use Top Stories

University of Illinois to Develop $1.2B Innovation Center in Downtown Chicago

by Kristin Harlow October 20, 2017

CHICAGO — The University of Illinois has unveiled plans to develop an interdisciplinary public-private research and innovation center known as the Discovery Partners Institute (DPI) in Chicago. The $1.2 billion project will be situated at The 78, a mixed-use development by Related Midwest. DPI will be developed on a donated portion of the 62-acre site bordered by Roosevelt Road, Clark Street, 16th Street and the Chicago River. The facility is the first step in the development of the Illinois Innovation Network (IIN), which will join businesses, public sector partners and research universities to focus on the study of computing and big data, food and agriculture and health and wellness. Led by the University of Illinois system, with its campuses in Champaign, Springfield and Chicago, DPI will bring together students, faculty and businesses. DPI will be operated through private donations, government support and partnerships with industry business. The size of the institute’s site at The 78 is still to be determined. A timetable for the opening is slated to be complete next year. At full operation, DPI is expected to have as many as 90 faculty members — sourced from the University of Illinois system’s three universities as well as partner …

October 20, 2017

Midwest Minnesota Mixed-Use Top Stories

Kraus-Anderson to Break Ground on $100M Mixed-Use Project in Downtown Minneapolis

by John Nelson October 19, 2017

MINNEAPOLIS — Kraus-Anderson Construction Co., a general contractor based in Minneapolis, plans to break ground this coming Monday, Oct. 23 on Ironclad, a $100 million mixed-use development in downtown Minneapolis. The site, currently a parking lot, is located within the historic Mills District near U.S. Bank Stadium, the newly opened home of the Minnesota Vikings NFL team. Designed by St. Paul-based Collage Architects, Ironclad will include a 14-story, 172-unit apartment building and an eight-story, 139-room, Moxy-branded hotel. The plans also call for a 3,300-square-foot restaurant; 10,000 square feet of retail space on the first floor of the hotel; and a four-story, 65,318-square-foot underground parking garage with room for 411 cars. The apartments will feature private outdoor terraces, a sky lounge and a large amenity deck with green space. The property will also feature a swimming pool, hot tubs, fire pits, cloister garden and insider amenities including electric vehicle charging stations, bike repair facility and rider lounge, sauna, theater and media center, pool table and gaming and an on-site property manager. Ironclad is owned by 811 Washington LLC, a wholly owned entity controlled by the Kharbanda family, which owns and operates multiple properties in downtown Minneapolis. The developer of the hotel …

October 19, 2017

Features Northeast Feature Archive Office Top Stories

Office Tenants Prefer Dynamic Workspace with Amenities, Says Coldwell Banker Survey

by John Nelson October 19, 2017

MADISON, N.J. — Physical office space can have a positive influence on its tenant base, which ultimately helps companies attract and retain employees, according to a new survey conducted by Coldwell Banker Commercial Affiliates, a Madison-based company made up of independently owned and operated commercial real estate service practices. The survey uncovered which popular office amenities resonated with respondents to see how office spaces could further improve the functionality of their square footage. “Offices are becoming a center for social activity, and it is important for office commercial real estate to accommodate this,” says Fred Schmidt, president and COO of Coldwell Banker Commercial Affiliates. Working on behalf of Coldwell Banker, Harris Poll surveyed 2,001 adults from Aug. 15-17 as part of the online study. The participating cohort included younger Millennial workers (age 18-29), older Millennials (30-34), Gen Xers (ages 35-49) and Baby Boomers (50-69), to identify worker attitudes toward their current physical workplace and better understand how office space can be optimized to meet worker needs and comfort. The highest concentration of respondents identified themselves as Baby Boomers (a little over 44 percent), followed by Gen Xers, younger Millennials and older Millennials. Overall, the survey found that the most coveted office …

October 19, 2017

California Office Top Stories Western

Northwood Investors Buys 245,786 SF Office Building in Los Angeles for $148M

by Nellie Day October 18, 2017

LOS ANGELES — Northwood Investors has purchased 800 Corporate Pointe, a 245,786-square-foot office building in the Los Angeles submarket of Culver City, for $148 million. The Class A building is situated off Slauson Avenue and Bristol Parkway near State Route 90. The four-story building was developed in 2007. It was 98 percent occupied at the time of sale. The LEED Gold-certified asset houses six tenants within the financial services, media, technology and engineering industries. The acquisition includes an adjacent six-level parking structure. Nearby retail amenities include Westfield Culver City Mall, Runway at Playa Vista and downtown Culver City. “800 Corporate Pointe is one of the two newest and one of the best office buildings in this evolving Culver Pointe park,” says Kevin Shannon, president of NKF’s Capital Markets. “Culver City is drafting off the momentum from Playa Vista and is attracting similar-profile tenants seeking cool environments. The property enjoys a strong tenant roster with attractive returns augmented by its ownership of the parking structure for the adjacent building.” Shannon, along with Ken White, Rob Hannan, Michael Moll and Laura Stumm, represented the seller, Vornado Realty Trust, in this transaction. Northwood, a New York-based real estate investment and management firm, represented …

October 18, 2017

Hospitality Texas Top Stories

The Statler Hotel Reopens in Dallas Following $255M Redevelopment

by Katie Sloan October 17, 2017

DALLAS — The Statler Hotel, an iconic hotel located in downtown Dallas, has reopened as part of the Curio Collection by Hilton following a $255 million redevelopment. The 19-story hotel originally opened in 1956 as one of Conrad Hilton’s first convention properties. Owned and redeveloped by Centurion American Development Group, the hotel offers 219 luxury residences, 159 guest rooms, restaurants and retail. Amenities at The Statler include a rooftop pool; 33,000 square feet of meeting and event space, including entertainment suites, an outdoor garden court, 10 meeting rooms and a 13,154-square-foot grand ballroom; and a fitness center including bowling and games. Restaurants and bars on the property slated to open later this year include Overeasy, an upscale diner; Bourbon & Banter, an underground cocktail lounge; Fine China, a full-service Asian restaurant and cocktail bar; Waterproof, a poolside roof deck bar and lounge; and Scout, a 12,000-square-foot social space serving American food. Dallas-based Aimbridge Hospitality manages The Statler, which Merriman Anderson/Architects designed. Local chef Graham Dodds leads all five of the property’s restaurants. Curio Collection by Hilton launched in 2014, and is a global portfolio of more than 40 upscale hotels and resorts. Hilton’s (NYSE: HLT) stock price closed on Monday, …

October 17, 2017

Features Office Top Stories

Strong Tech Sector, Robust Construction Pipeline Influence U.S. Office Fundamentals, Says Cushman & Wakefield

by Camren Skelton October 17, 2017

CHICAGO — A strong tech sector and the effects of a robust construction pipeline influenced U.S. office fundamentals during 2017’s third quarter, according to Cushman & Wakefield. The commercial real estate services firm today released its third quarter statistics, which demonstrated that nationally markets remained stable during the past three months. Overall, though, the strength of these and additional top markets — including Midtown Manhattan and Dallas — was offset by significant negative absorption elsewhere. Out of the 87 markets tracked by Cushman & Wakefield, 27 markets posted a combined total of 5.3 million square feet of negative absorption during the third quarter, a third more than the 3.4 million square feet of negative absorption recorded in the second quarter. “The flow of tenants into new construction is beginning to impact fundamentals in some markets,” says Greenwood. “Developers delivered more than 11 million square feet of office space nationwide during the third quarter. The pipeline of new product is and will remain an important influence on the U.S. office market for the balance of 2017 and beyond.” Currently, Cushman & Wakefield tracks approximately 104 million square feet of new office development — representing 2 percent of total U.S. office inventory — in …

October 17, 2017

California Loans Multifamily Top Stories Western

Greystar Receives $201M Loan to Develop 636-Unit Multifamily Community in San Jose

by Taylor Williams October 16, 2017

SAN JOSE, CALIF. — Greystar has received a $201 million loan for the development of The Reserve, a 636-unit multifamily community that will be located at 897 S. Winchester Blvd. in San Jose. The site previously housed a 216-unit community that was also branded “Reserve.” Demolition of that property began in August. The Reserve will be situated within walking distance of Santana Row, a 42-acre mixed-use development that houses about 70 shops, 20 restaurants and nine spas and salons. In addition, the community will be adjacent to I-280, which provides access to the base offices of Apple, eBay, Google and Netflix, among others. Scheduled for completion in 2020, The Reserve will offer a mix of one-, two- and three-bedroom units averaging 869 square feet per unit. The project will also feature more than 8,000 square feet of ground-floor retail space and two levels of underground parking. Amenities will include a pool, rooftop lounge, fitness center with yoga rooms, clubhouse with private dining rooms, business center, pet spa and electric car charging stations. Charles Halladay and Jordan Angel of HFF led the debt placement effort. Canadian lender Otéra Capital provided the capital on behalf of Greystar. The South Carolina-based multifamily development and …

October 16, 2017

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