Thursday, November 12, 2026
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Top Stories

DevelopmentHospitalityLoansNew YorkNortheastTop Stories

Developer Secures $230M Construction Loan for TWA Hotel at JFK Airport

by David Cohen

NEW YORK CITY — MCR and MORSE Development has secured a $230 million construction loan for the transformation of the former TWA Flight Center and construction of the TWA Hotel at John F. Kennedy International Airport. M&T Bank arranged the loan and provided $60 million of the financing package, which involved several banks. The redevelopment of the property will include a complete restoration of the 1962 Eero Saarinen-designed midcentury modern building that served as a TWA air terminal from 1962 to 2001. In 2005, the flight center was listed on the National Register of Historic Places. Scheduled for completion in spring 2019, the TWA Hotel will include 512 rooms with views of JFK’s runways and the TWA Flight Center, as well as a 50,000-square-foot event center. The property will be JFK’s first on-site, full-service hotel. The completed project will include six restaurants and eight bars, including a cocktail lounge inside of a repurposed Lockheed Constellation “Connie” L-1649A Starliner positioned on the tarmac. The hotel will offer connections to JFK Terminal 5 via the flight center’s iconic arrival tubes, made famous by the 2002 film Catch Me if You Can. The flight center will also house a museum focused on the …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsProperty TypeRetailTop Stories

H&R REIT to Sell 63-Property Retail Portfolio for $633M

by John Nelson

TORONTO — H&R Real Estate Investment Trust has entered into an agreement to sell nearly all of its U.S. retail holdings for US$633 million. The sale includes 63 assets and is expected to close in June. The Toronto-based REIT’s portfolio houses retailers including Walgreens, CVS/pharmacy, Publix, Kroger, Kohl’s, Rite Aid, Sam’s Club, Lowe’s Home Improvement and The Home Depot. H&R REIT (TSX: HR.UN) still owns 16 gas and convenience stores in the United States. The buyer was not disclosed. The company plans to use a large portion of the sale proceeds to grow Lantower Residential, the REIT’s multifamily investment arm that comprises nearly 15 percent of the company’s real estate portfolio. The REIT will also use the proceeds to repay US$205.9 million of mortgage debt on the portfolio and buy back stock. “This transaction follows through on our strategy of narrowing and streamlining our focus, while enhancing the quality and growth profile of our portfolio,” says Thomas Hofstedter, president and CEO of H&R REIT. Following the sale, H&R REIT expects for office investments and developments to make up approximately 47 percent of its real estate portfolio, with the company’s Primaris retail division making up more than 20 percent. H&R REIT …

Continue Reading
FacebookTwitterLinkedinEmail
Somerby-Peachtree-City-Harrison-Street.jpg
AcquisitionsHealthcareIllinoisMidwestMultifamilySelf-StorageSeniors HousingStudent HousingTop Stories

Colliers to Acquire 75 Percent Stake in Harrison Street for $450M

by Taylor Williams

TORONTO AND CHICAGO — In an effort to expand its global investment management platform, Colliers International Group Inc. (NASDAQ: CIGI) has agreed to acquire 75 percent of Harrison Street Real Estate Capital LLC for $450 million. Under the terms of the transaction, which is expected to close during the third quarter, the senior management team of Harrison Street will hold the remaining 25 percent of equity. An additional $100 million will be payable to Harrison Street in 2022 based on the achievement certain performance targets. Chicago-based Harrison Street currently manages about $14.6 billion worth of assets, primarily in the seniors housing, student housing, medical office and self-storage sectors. The company’s senior management team will continue to handle its day-to-day operations. No changes to the company name have been announced at this time. According to CEO Christopher Merrill, Harrison Street was seeking an outside investment partner to assist with its global positioning strategy. Harrison Street was drawn to the depth of Colliers’ relationships on a global scale, as well as the brokerage firm’s decentralized management style and track record in investment sales. For its part, Toronto-based Colliers was in the market for a new platform that would enable global investment growth. …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentFloridaSoutheastTop Stories

Okan Group to Build 70-Story, Mixed-Use Tower in Downtown Miami

by David Cohen

MIAMI — Turkish real estate developer Okan Group has announced plans to build a 70-story, mixed-use project in downtown Miami at 555 North Miami Ave. The $300 million development is slated to include a 294-room Hilton hotel, 64,000 square feet of office space, 236 condo-hotel units and 149 condominium residences as well as four penthouses. Condo-hotel units are often sold to individuals as vacation homes, then rented out the rest of the year. Once completed, Okan Tower will become one of the tallest buildings in Miami. Currently, the 85-story Panorama Tower, which rises 868 feet, is the tallest. Construction on the tower is expected to begin this fall with One Sotheby’s International Realty handling sales and marketing for the development. Architectural firm Behar Font & Partners designed the building, which was inspired by the silhouette of a tulip, Turkey’s official flower. “It is with great pleasure that we unveil Okan Tower as we embark on a journey to present a bold real estate product in one of the world’s leading destinations,” says Bekir Okan, chairman of Okan Group. “In selecting our projects throughout the world, we always seek to establish an impact that will make history. Not only in its design, …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentGeorgiaMixed-UseSoutheastTop Stories

Joint Venture Unveils $600M Mixed-Use Project in Savannah, Georgia

by Camren Skelton

SAVANNAH, GA. — A joint venture between ELV Associates, Mariner Group and Regent Partners has unveiled the development plans for a $600 million mixed-use project in Savannah. The joint venture originally acquired the site — formerly known as Savannah River Landing — in September 2017. The project will be renamed Eastern Wharf, a nod to the site’s history. The Savannah Eastern Wharves date back to the early 1800s, when Savannah was on the rise as one of the major ports on the East Coast. “It was important to our team that we were respectful of Savannah’s history,” says Trent Germano, a principal with Mariner Group. “When we started to learn about the site and the significant role it played in the early commerce of Savannah, we knew what direction we wanted to go.” The 57-acre site is located adjacent to downtown Savannah’s Landmark Historic District. The development plan outlines approximately seven acres of public open space including squares and a park along the Savannah River. The group plans to break ground on the first phase of Eastern Wharf this summer. Representing a $225 million investment, the first phase will include more than 300 apartment units; a 1,100-space parking garage; 40,000 square feet …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentMultifamilyNew YorkNortheastTop Stories

JD Carlisle, Fosun International Receive $350M Loan to Build Luxury Multifamily Tower in Manhattan

by Kristin Harlow

NEW YORK CITY — JD Carlisle Development Group and Fosun International have received a $350 million loan for the construction of a 66-story luxury condominium project in Manhattan’s NoMad neighborhood. The 199-unit tower will be located at 126 Madison Ave., also known as 15 East 30th St. Once known for its wholesale stores along Broadway Street, NoMad is now a hotbed for luxury condo buildings. Designed by Handel Architects, the project will span 400,408 square feet and include 4,093 square feet of retail space. Amenities will include an indoor pool, private party room, dining room, lounge, fitness center and full-time doorman. The building is slated for completion in 2021. Adam Hakim, James Murad and Andrew Ladeluca of Eastern Consolidated arranged the construction loan, which was provided by Bank of the Ozarks. Jon Mechanic, Nathaniel Lifschitz, Danielle Frank and Shelby Smith of Fried Frank acted as counsel on behalf of the developers. Other recent luxury residential developments for JD Carlisle in Manhattan include 160 Madison Ave., the Beatrice, Centria, Cielo and Morton Square. The New York-based firm was founded in 1946. In addition to 126-132 Madison Ave., Shanghai-based Fosun International owns 28 Liberty St. in Manhattan. — Kristin Hiller

Continue Reading
FacebookTwitterLinkedinEmail
CaliforniaDevelopmentHealthcareProperty TypeTop StoriesWestern

CHA Health Systems Breaks Ground on $291M Hospital Tower in Hollywood

by John Nelson

LOS ANGELES — CHA Health Systems Inc. has broken ground on a new patient care tower within CHA Hollywood Presbyterian Medical Center (HPMC), a private hospital campus in Hollywood. The nearly 175,000-square-foot tower will replace an existing building at an estimated cost of $291 million. The tower is part of HPMC’s three-phase, $350 million overhaul that includes retrofitting the existing Doctor’s Tower and South Wing to satisfy California’s seismic requirements. The state passed a seismic retrofitting law in the wake of the 1994 Northridge earthquake that requires all acute care medical centers and hospitals to adhere to seismic-specific structural standards by 2030. The goal of the law is for all California hospitals to remain operational in the event of an earthquake, such as the 4.5-magnitude tremor that shook regions of Southern California early this morning. KMD Architects designed the new tower to meet the state’s seismic requirements as well. Doctor’s Tower, South Wing and HPMC’s new parking deck are set to open this year. The tower will double the hospital’s current emergency department with a 26,000-square-foot space that features 20 exam rooms and a private room for women’s services, as well as areas designated for chest pain observation and detox …

Continue Reading
FacebookTwitterLinkedinEmail
47th-Street-McCook-Illinois
AcquisitionsIndustrialTop Stories

Blackstone Agrees to Acquire Gramercy Property Trust in $7.6B, All-Cash Transaction

by Taylor Williams

NEW YORK — Affiliates of Blackstone Real Estate Partners VIII have agreed to acquire Gramercy Property Trust (NYSE: GPT) for $7.6 billion in an all-cash transaction. The sale is expected to close before the end of the year. Shortly after the announcement of the merger, shareholder rights law firm Johnson Fistel LLP launched an investigation into whether the board members of Gramercy breached their fiduciary duties in valuing the transaction at this level. One Wall Street analyst has set a price target of $33 per share for Gramercy’s common stock, the 52-week high of which was $31.26 per share. Under the terms of the deal, Blackstone will acquire all outstanding shares of New York-based Gramercy’s common stock for $27.50 per share. This figure represents a 15 percent markup of Gramercy’s current stock price, which closed at $23.82 per share on Friday, May 4. Shareholders of Gramercy will still be entitled to receive second-quarter dividends of 37.5 cents per share. Should the deal close after Oct. 15, shareholders will receive a per diem payment of approximately $.004 per share on each day between Oct. 15 and the closing date. “We believe this transaction validates the quality of the portfolio and platform …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsCaliforniaMultifamilyTop StoriesWestern

IPA Brokers $161.9M Sale of Multifamily Portfolio in Los Angeles County

by Kristin Harlow

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of an eight-property, 644-unit multifamily portfolio in Los Angeles County for $161.9 million. The properties include: Oaktree Apartments and Stillmore Apartments in Santa Clarita; Tamarind Terrace Apartments in Hollywood; Regency Apartments, Woodley Court and Sylvan Apartments in Van Nuys; Vista Del Madre in Pasadena; and Foothill Village in Sylmar. Seven of the eight assets were not subject to rent control. Greg Harris, Ron Harris, Kevin Green, Joseph Grabiec and Bryan Schellinger of IPA represented the seller, a private ownership group. The team also procured the five separate buyers, which include an institutional discretionary fund, regional syndicators and private investors. Renovations are currently planned for the properties. “It is rare to find a sizeable, almost completely non-rent-controlled, value-add portfolio where the upside can be immediately realized,” says Green. Cap rates ranged between 3.5 percent and 4.5 percent based on current net operating income, according to Harris. Projected cap rates following renovations are between 5 percent and 6 percent. — Kristin Hiller

Continue Reading
FacebookTwitterLinkedinEmail
Company NewsMarylandMultifamilyNew YorkNortheastSeniors HousingSoutheastTop Stories

Annaly to Acquire Healthcare Real Estate Specialist MTGE for $900M in REIT Merger

by Camren Skelton

NEW YORK AND BETHESDA, MD. — New York-based Annaly Capital Management Inc. (NYSE: NLY) has agreed to acquire Bethesda-based real estate investment trust MTGE Investment Corp. (NASDAQ: MTGE) for $900 million in cash and stock. The transaction values healthcare real estate specialist MTGE at $19.65 per share. Under the deal, MTGE shareholders will have the option to receive cash, stock or a combination of the two. In addition, Annaly will assume the existing $55 million in MTGE preferred stock. The transaction is expected to close in the third quarter. “The acquisition of MTGE adds complementary assets, deepens the breadth of our investment alternatives, is accretive to earnings and provides immediate cost savings and efficiencies to shareholders,” says Kevin Keyes, chairman, CEO and president of Annaly. MTGE invests in and manages a portfolio of mortgage-backed securities and investments in triple net leased healthcare real estate. The company is externally managed and advised by MTGE Management LLC, an affiliate of AGNC Investment Corp. As of Dec. 31, MTGE’s portfolio included $6.6 billion in assets. With approximately $104.3 billion in assets as of March 31, Annaly’s portfolio includes securities, loans and equity in the residential and commercial markets. The transaction marks Annaly’s third …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts