Top Stories

Moinian Group Breaks Ground on 2 MSF Office Tower Within Manhattan’s Hudson Yards District

by Taylor Williams November 6, 2017

NEW YORK — The Moinian Group has broken ground on 3 Hudson Boulevard, a planned 53-story, 2 million-square-foot office tower located within the 60-acre Hudson Yards district on Manhattan’s far west side. The New York-based developer, which owns, manages and has in development more than 4 million square feet of commercial and residential real estate holdings throughout Manhattan, expects to deliver the Class A building by 2021. The property will occupy an entire block between 11th Avenue and Hudson Boulevard Park from West 34th to West 35th streets. The building offers convenient access to the No. 7 subway extension. The Metropolitan Transit Authority (MTA) recently completed infrastructural work on that site, opening the door for construction to begin. Designed by Dan Kaplan of architecture firm FXFOWLE, the property will feature a multi-tiered lobby anchored by 50,000-square-foot floorplates, as well as 12,600 square feet of retail space with multiple entrances. Individual floors within the building will average about 40,000 square feet each, and feature 10-foot ceiling heights, 5-foot window modules and column-free corners that allow for more open spaces. Floor-to-ceiling glass arrangements will provide for ample natural light throughout the building. The rooftop will offer an entertainment space, outdoor terrace and …

November 6, 2017

Illinois Michigan Midwest Multifamily Top Stories

CCA Sells Three Apartment Properties in Illinois, Michigan for $125M

by Kristin Harlow November 3, 2017

ANN ARBOR, MICH., PALATINE, ILL., AND HOFFMAN ESTATES, ILL. — City Club Apartments (CCA) has sold three apartment properties in Illinois and Michigan for $125 million. The properties include Village Park of Ann Arbor, Village Park of Palatine and Village Park of Hoffman Estates in Illinois. The buyers were not disclosed. Village Park of Ann Arbor consists of 520 units and is located adjacent to U.S. Route 23 near The University of Michigan. Village Park of Palatine consists of 448 units and is located in the northwest suburb of Chicago. The 221-unit Village of Hoffman Estates is also located northwest of Chicago. These three communities no longer fit the vision of the company, which has shifted to developing and managing midrise, high-rise and historic mixed-use apartment and penthouse communities, according to CEO Jonathan Holtzman. Prior to launching CCA in early 2016, Holtzman served as chairman, CEO and 50 percent owner of Village Green Holdings. CCA began transferring the management of its entire portfolio from Village Green to City Club management in June of this year. With offices in Detroit, Chicago and Toronto, CCA has a portfolio of approximately 10,000 apartments in 30 communities, $2 billion in real estate assets and …

November 3, 2017

Industrial Mixed-Use Office Top Stories Utah Western

WICP Underway on $200M Mixed-Use Campus Near Provo, Utah

by John Nelson November 2, 2017

LINDON, UTAH — WI Commercial Properties (WICP), a developer based in Tampa, Fla., is building out a new master-planned campus in Lindon known as Mountain Technology Center. The $200 million development is situated about 12 miles north of Provo in Utah County. WICP has already invested over $80 million in the 55-acre development and will be investing another $120 million before the project’s completion. The campus sits west of the Pleasant Grove Boulevard freeway interchange and features unobstructed mountain views with lake views to the south. At full build-out, the mixed-use development will feature 650,000 square feet of Class A office and industrial space spread over 10 buildings, as well as a food court off Pleasant Grove Boulevard. The new components coming to the campus include Mountain Tech North, which comprises an 88,000-square-foot flex industrial facility known as Mountain Tech III and the new food court. Mountain Tech III will be the first building with 32-foot clear heights in Utah County, according to WICP. Mountain Tech South is planned on the south side of Pleasant Grove Boulevard. This phase will include two four-story office buildings and four office/warehouse hybrid facilities. Construction on Mountain Tech South is scheduled to begin in …

November 2, 2017

Features Top Stories

InterFace On-Campus Housing Brings Focus to Generation Z, Successful 3Ps

by Katie Sloan November 2, 2017

PHILADELPHIA — Over 240 leading figures in on-campus student housing gathered last week for the 5th annual InterFace On-Campus Housing conference at the Loews Hotel in Philadelphia. Each year, the conference brings together a cross-section of all the stakeholders in on-campus housing, from academic institutions to developers, owners and vendors. The first day of the conference, Oct. 24, began with on-campus tours of Drexel University and the University of Pennsylvania, where attendees were able to visit The Summit at University and Chestnut Square by American Campus Communities at Drexel University, and New College House at the University of Pennsylvania. In lieu of the tour, attendees were also able to attend facilitated discussions on incorporating retail into student housing and key issues and trends on-campus. Both events were followed by a successful cocktail reception. Day two kicked off with speed networking, a popular event which provides attendees a venue to meet fellow industry experts in short, one-minute conversations designed to spark conversation and grow new relationships. Keynote speaker Michael Wood, youth expert with The 747 Group, continued the day with a deep look into the differences and similarities between generations from the baby boomers forward, and provided a look into important factors to …

November 2, 2017

Hospitality Indiana Loans Midwest Top Stories

Ashford Hospitality Trust Closes $427M Refinancing for 17-Property Hotel Portfolio

by Nellie Day November 1, 2017

DALLAS — Ashford Hospitality Trust (NYSE: AHT) has closed a $427 million refinancing of 17 properties within its hotel portfolio. The hotels in the portfolio are situated throughout the West, Midwest and South. The new loan is expected to result in annual interest savings of about $9.8 million. Properties included in the portfolio are — Courtyard Alpharetta, Georgia — Courtyard Bloomington, Indiana — Courtyard Crystal City, Virginia — Courtyard Foothill Ranch, California — Embassy Suites Austin, Texas — Embassy Suites Dallas, Texas — Embassy Suites Houston, Texas — Embassy Suites Las Vegas, Nevada — Embassy Suites Palm Beach, Florida — Hampton Inn Evansville, Indiana — Hilton Garden Inn Jacksonville, Florida — Hilton Nassau Bay, Texas — Hilton St. Petersburg, Florida — Residence Inn Evansville, Indiana — Residence Inn Falls Church, Virginia — Residence Inn San Diego, California and — Sheraton Indianapolis, Indiana The new mortgage loan has a two-year initial term and five, one-year extension options. The loan is interest-only features a floating interest rate of LIBOR plus 3 percent. The previous mortgage loan that was refinanced was the BAML 17 Pool loan with a final maturity date in December 2021. “The early execution of this refinancing provided us with …

November 1, 2017

New York Northeast Office Top Stories

Olayan America, Chelsfield Unveil Plans for $300M Renovation of 550 Madison Avenue in Manhattan

by Katie Sloan October 31, 2017

NEW YORK CITY — Olayan America and developer Chelsfield have unveiled plans for a $300 million renovation of 550 Madison Avenue, an office tower located in Midtown Manhattan. The property — which was completed in 1984 and designed by architect Philip Johnson — was formerly known as the Sony Tower and the AT&T Building. Olayan America acquired the property in May 2016, and has tapped design firm Snøhetta for the renovation. The renovation is set to double the size of the nearby public space; create an outdoor garden; add food and retail offerings; and partially replace the building’s eye-level façade with undulating glass to allow a transparent look into the lobby, atrium and first two levels of the building. The property will also be seeking LEED Gold certification, WELL certification from the International WELL Building Institute, and Wired certification for digital infrastructure upon completion. The property will incorporate a dedicated outdoor air ventilation system, which will ensure tenants have access to a continuous supply of fresh air while consuming less energy than a typical mechanical ventilation system. The renovation is slated for completion in 2019. Lead brokers for the project are Mary Ann Tighe, Howard Fiddle and Scott Gottlieb of CBRE. Olayan …

October 31, 2017

Affordable Housing Features Top Stories

Not-So-Affordable Affordable Housing: Low Cap Rates, Funding Challenges Impact Niche Sector

by Katie Sloan October 31, 2017

Always on the lookout for new yield-producing products, commercial property investors have turned affordable housing into the latest hot alternative real estate asset. Backed by government subsidies and incentives, affordable housing investments provide the relative safety and income of a high-yield Treasury bond or net-lease investment, which is hard to pass up in the crowded field that has driven up conventional property prices. “A lot of cash buyers and funds have come into the affordable housing market. They see it as a stable asset class,” says Heidi Burkhart, founder and president of New York-based Dane Real Estate, an affordable housing brokerage that has closed some $1.5 billion in transactions since 2008. “It’s a cool time to be in affordable housing; it’s a hot topic.” It’s going to get hotter. Economic and cultural trends portend a shortage of the product for years to come as college debt, unpredictable job creation, high home prices, rising rents and other variables are blocking home ownership and weighing down renters, according to observers and Affordable Housing: Emerging Asset Class, Global Investment Possibilities, a report issued by CBRE in July. In New York City, some 54 percent of renters in 2015 were “cost-burdened,” paying more than …

October 31, 2017

Arizona Multifamily Top Stories Western

Bascom Acquires 724-Unit Multifamily Portfolio in Scottsdale for $148M

by Taylor Williams October 30, 2017

SCOTTSDALE, ARIZ. — Bascom Arizona Ventures, a subsidiary of Irvine, Calif.-based private equity firm The Bascom Group, has acquired a two-property multifamily portfolio totaling 724 units in Scottsdale. The sales price was $148 million, or $204,420 per unit. The seller was a fund managed by London-based TH Real Estate. Legend at Kierland and Tradition at Kierland are both Class A properties situated within the Kierland master-planned community in North Scottsdale. Both are located within walking distance of Scottsdale Quarter and Kierland Commons, two shopping and entertainment developments. Both properties were constructed in the late 1990s by luxury apartment builder Mark Taylor. Each property offers a resort-style pool and spa, volleyball and tennis courts, a 24-hour fitness center and attached garages. The purchase follows Bascom’s recent acquisition of an 812-unit portfolio of three multifamily properties located in Tucson and Sierra Vista. The sales price of that transaction was approximately $70.2 million. The new ownership plans to invest in capital improvements to both properties, including upgrades to the leasing offices, pool and other common areas and unit interiors. “The Kierland portfolio provides us with an exceptional opportunity to acquire two Class A properties in an absolutely perfect location,” says Mark Brotherton, portfolio …

October 30, 2017

Office Texas Top Stories

CBRE Arranges Sale of 634,381 SF Office Tower in Dallas

by Katie Sloan October 27, 2017

DALLAS — CBRE has arranged the sale of Trinity Towers, a Class A, 634,381-square-foot office tower located in the Medical and Love Field District of Dallas. The 20-story building was recently renovated and features structured parking, a full-service deli, conference center and fitness center with locker rooms. The tower is 97 percent leased to tenants including Aetna, Children’s Medical Center and Southwest Airlines. Gary Carr, Eric Mackey, Evan Stone, John Alvarado, Jared Chua and Robert Hill of CBRE worked on behalf of the seller, JP Realty Partners. Stanton Road Capital acquired the property. The price was not disclosed, but a website affiliated with The Dallas Morning News, dallasnews.com, reports that the asset was sold for $50 million. “As one of the market’s most recognizable buildings, Trinity Towers presented investors with an exceptional asset located within Dallas’s premier emerging marketplace,” says Carr. “The building’s outstanding tenants and low-risk upside potential attracted a wide range of investor interest.” The property is positioned along Stemmons Freeway, and is located near both Dallas Love Field Airport and DFW International Airport. Stanton Road Capital is a Los Angeles-based investment management firm focused on commercial real estate and private equity strategies. — Katie Sloan

October 27, 2017

Illinois Midwest Retail Top Stories

Walgreens to Shutter 600 Stores as Part of $4.38B Rite Aid Acquisition

by John Nelson October 26, 2017

DEERFIELD, ILL. — Walgreens Boots Alliance Inc. (NASDAQ: WBA), a global pharmacy-led enterprise comprising brands such as Walgreens and Duane Reade, plans to shutter 600 of its stores as part of its $4.38 billion purchase of rival Rite Aid Corp. During a conference call on Wednesday, Oct. 25, Walgreens spokesman Michael Polzin said the 600 shuttered stores will mostly be Rite Aid locations within close proximity to existing Walgreens stores as the company looks to optimize its retail store footprint. On Sept. 19, Walgreens announced it had secured regulatory clearance for its acquisition of 1,932 stores, three distribution centers and related inventory from Rite Aid. According to Walgreens’ earnings report released yesterday, the first few Rite Aid stores were acquired in the past week. Walgreens plans to transfer ownership of the remaining stores in phases as it aims to complete the store transfers by spring 2018. Walgreens has reviewed its combined U.S. store portfolio to determine the affected stores. The company expects to start closings between spring 2018 and mid-2019. As a result of the store closures, Walgreens expects to realize $300 million in annual savings through Aug. 31, 2020. The savings will be derived primarily from procurement, cost savings …

October 26, 2017

Newer Posts

Older Posts