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EdR, Northern Michigan University Open First Phase of $75.4M On-Campus Housing Development

by Katie Sloan

MARQUETTE, MICH.  — A public-private partnership between EdR (NYSE: EDR) and Northern Michigan University has opened The Woods, a 417-bed living-learning community located on the university’s campus in Marquette. The property is the first phase of a $75.4 million, 1,229-bed development scheduled for full delivery in 2018. The community features robust internet and wi-fi capabilities, classrooms, study rooms, television lounges and laundry facilities. A large patio area, fireplace and an open lobby are designed to accommodate art shows, student events, university functions and various types of entertainment for residents year round. “When we began this relationship with Northern Michigan University in 2016, we were struck by how dedicated the entire campus was to modernizing and revitalizing the on-campus housing for current and future students,” says Randy Churchey, CEO of EdR. “From student recruitment and retention, to graduation and academic success rates, we’ve seen first-hand what an impact high-quality on-campus housing can make for a university, as well as its students.” EdR is leasing the land from the university and owns the community through its on-campus equity plan titled the ONE Plan program. This public-private partnership is the largest construction project in the university’s history. EdR is one of America’s largest …

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FeaturesRetailTexasTop StoriesWashingtonWestern

Amazon, Whole Foods Focus on Lowering Prices for Shoppers

by John Nelson

SEATTLE AND AUSTIN, TEXAS — Amazon (NASDAQ: AMZN) has officially closed its $13.7 billion acquisition of Whole Foods Market. The first order of business for the e-commerce giant is making the Austin-based grocer’s high-quality and organic food more affordable for its shoppers. Beginning yesterday, Whole Foods Market now offers lower prices on selected grocery staples across its stores, with more to come. These include fair-trade bananas, organic avocados, organic large brown eggs, organic salmon and tilapia, organic baby kale and baby lettuce, animal-welfare-rated 85 percent lean ground beef, creamy and crunchy almond butter, organic Gala and Fuji apples, organic rotisserie chicken and organic butter. “We’re determined to make healthy and organic food affordable for everyone,” said Jeff Wilke, CEO of AmazonWorldwide Consumer, in a statement. “We will lower prices without compromising Whole Foods Market’s long-held commitment to the highest standards.” Due to Amazon’s reputation and ability to deliver on its promises, other grocers are watching closely as Whole Foods transitions to the new model, according to Rick Scardino, principal of Lee & Associates’ Chicago office. “Most grocers will be concerned for obvious reasons as to Amazon’s plan to lower pricing because that will shrink already tight margins in the grocery …

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IndustrialMidwestOhioTop Stories

Amazon to Open 855,000 SF Fulfillment Center at Former Mall Site Near Cleveland

by Camren Skelton

NORTH RANDALL, OHIO — Amazon (NASDAQ: AMZN) has unveiled plans to open an 855,000-square-foot fulfillment center at the former site of Randall Park Mall in North Randall, roughly 15 miles southeast of Cleveland. “Along with Team NEO and the Village of North Randall, the Cleveland Port Authority and the Greater Cleveland Partnership, we are pleased to partner with Amazon to revitalize and bring jobs back to a property that has stood vacant for too long,” said John Minor, JobsOhio president and chief investment officer. “Amazon’s investment at a site where the nation’s largest shopping mall once stood will now support digital retail jobs.” The new center will create approximately 2,000 full-time associate jobs with benefits. Employees will work with Amazon Robotics to pack and ship smaller customer items such as electronics, toys and books. Amazon currently employs more than 4,500 full-time hourly associates at its two existing Ohio fulfillment centers in Etna and Obetz. “Our ability to expand in Ohio is the result of two things: incredible customers and an outstanding workforce in the state,” said Sanjay Shah, Amazon’s vice president of North American customer fulfillment. “We very much appreciate the state and local elected leaders who have supported Amazon’s arrival …

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District of ColumbiaLoansOfficeSoutheastTop Stories

KeyBank Arranges $165M Financing for Two Office Buildings in Washington, D.C.

by Kristin Harlow

WASHINGTON, D.C. — KeyBank Real Estate Capital has arranged $165 million in permanent financing for two office buildings in Washington, D.C. Known as The Executive Building, the 332,000-square-foot office building located at 1030 15th St. Northwest features 12 office floors and three ground-level retail spaces. The 11th and 12th floors include outdoor corner balconies. The Colorado Building, located at 1341 G St. Northwest, features 121,701 square feet. The building features ground-floor retail space and a fitness center. Michael Keach and Hugh Hall of KeyBank arranged the loan for the borrower, UNIZO Holdings US. New York Life Real Estate Investors provided the seven-year, first mortgage loan. Cleveland-based KeyBank is a provider of commercial real estate finance. New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly owned subsidiary of New York Life Insurance Co. — Kristin Hiller

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IllinoisMidwestMultifamilyStudent HousingTop Stories

JV Purchases 1,732-Bed Student Housing Development in Chicago for $201M

by John Nelson

CHICAGO — A joint venture between real estate investment firms AXA Investment Managers – Real Assets and Blue Vista Capital Management has purchased University Center Chicago, a 1,732-bed student housing complex located at 525 S. State St. in Chicago’s South Loop district. Educational Advancement Fund (EAF) sold the asset to the joint venture for $201 million. University Center Chicago was jointly developed in 2004 by three major universities in Chicago – Columbia College Chicago, DePaul University and Roosevelt University. The 702,000-square-foot project features student housing, dining facilities, recreational areas, music practice rooms, conference center operations and ground-floor retail space. As part of the transaction, the three universities each negotiated a long-term lease with the new ownership to remain in the facility. John Jaeger, Dan Cohen and M.J. Zaring of CBRE represented EAF in the transaction in partnership with CBRE’s National Student Housing Team, headed by Jaclyn Fitts and William Vonderfecht. CBRE also partnered with Kevin Hoecker and Chris Good of RBC Capital Markets, as well as RBC’s Real Estate Investment Banking team. Peter Marino and Molly Green of CBRE’s Chicago office partnered with the Dallas CBRE Capital Markets Debt & Structured Finance team of Mike Bryant, Jon Wooton and Ben …

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Conference CoverageFeaturesMultifamilySeniors HousingTop Stories

Healthcare, Tax Reform Legislation Will Impact American Businesses, says Sen. Johnny Isakson

by Camren Skelton

ATLANTA — Legislative decisions made over the next 18 months will have a substantial effect on American businesses, according to Sen. Johnny Isakson (R-Ga.). The remarks were made at the fourth annual InterFace Seniors Housing Southeast conference on Wednesday, Aug. 23. The event drew over 400 industry professionals. “If you’re in business in America, what happens in Washington has a lot to do with your business,” he says. “You’re going to begin to see pressure on elected officials to move out of partisan voting, and I think that’s good for the economy.” Before entering politics, Isakson worked in real estate for more than 40 years and has a long family history in the industry. His father helped establish the prominent Atlanta-area real estate firm Northside Realty, which Isakson led as president for 22 years. Johnny’s brother, Andy Isakson, founded Isakson Living, a seniors housing development company, based on the Isakson family’s own difficulty finding suitable retirement options for their parents. Currently serving his third term, the U.S. Senator delivered this year’s keynote address at the Westin Buckhead in Atlanta. According to Isakson, healthcare and tax reform top the list of issues that need be addressed by Congress over the next …

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FeaturesGeorgiaSoutheastTop Stories

Growth in CapEx Spending Bodes Well for Economic Future, Says GSU’s Rajeev Dhawan

by John Nelson

ATLANTA — When businesses loosen their purse strings and increase their capital expenditures (CapEx), good things tend to follow. U.S. businesses this year have already doubled the volume of CapEx recorded for all of 2016, which has contributed positively to the nation’s real gross domestic product (GDP), according to Rajeev Dhawan, director of the Economic Forecasting Center at Georgia State University’s (GSU) J. Mack Robinson College of Business. Speaking at his quarterly economic forecast, which was held on Wednesday, Aug. 23 at GSU’s Centennial Hall Auditorium, Dhawan says that the 5.2 percent growth of nonresidential fixed investment in the second quarter over the prior quarter has boosted his outlook for the U.S. economy. “Compared to February, my forecast is way more optimistic,” says Dhawan. “I don’t usually change my opinion that quickly until all the evidence comes in. I’ve always said ‘investment today, jobs tomorrow.’” CapEx spending was down in 2016 leading up to the U.S. presidential election, which Dhawan says was due to both oil prices coming down and the uncertainty surrounding the election’s outcome. “Everyone was waiting to see which way the election was going to go,” says Dhawan. “Since the election, CapEx spending has rebounded sharply.” Dhawan …

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MassachusettsNortheastOfficeTop Stories

Ashkenazy Acquisition Acquires South Station Transit Hub in Boston

by Nellie Day

BOSTON — Ashkenazy Acquisition Corp. (AAC) has purchased South Station, a Boston transportation hub known as “the gateway to New England,” for an undisclosed sum. AAC will assume the 98-year leasehold for the transit station’s concourse and upstairs office space. The South Station Train Terminal is part of the Michael S. Dukakis South Station Transportation Center, Boston’s busiest transit hub. Opened in 1898, the historic train terminal now serves thousands of commuters, travelers, shoppers and diners daily. Amtrak, MBTA (Massachusetts Bay Transportation Authority) rapid transit and MBTA commuter rail all serve the station. Regional coach services are available in the adjacent South Station Bus Terminal Building. The building is recognizable due to its exterior clock and neo-classical revival architecture. South Station also contains more than 59,000 square feet of retail space, including quick-service food options like McDonald’s, Auntie Anne’s, Au Bon Pain, Dunkin’ Donuts, Starbucks and Pret, among others. These options join other retailers at South Station, including CVS/pharmacy, Barbara’s Bookstores, Bank of America and Citizens Bank. AAC has also operated Boston’s famed Faneuil Hall Marketplace for the past six years. That property is currently undergoing a renovation that will upgrade its design and appearance. “It is fitting that AAC …

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HospitalityIllinoisMidwestTop Stories

Natixis Provides $270M Refinancing for JW Marriott Chicago

by Katie Sloan

CHICAGO — Natixis has provided a $270 million refinancing for the JW Marriott Chicago, a luxury hotel located within The Loop in downtown Chicago. Daniel Burnham designed the property in the early 1900s. It served as the Continental and Commercial National Bank Building for many years. In 2010, the first 12 floors of the building were transformed into a 610-room hotel. Architectural firm Lucien Lagrange & Associates led the $396 million restoration. The hotel offers amenities including a 20,000-square-foot spa; 38 meeting rooms totaling 45,000 square feet; a fitness center; barber and beauty shop; The Florentine, a full service Italian restaurant; lobby lounge; and 24-hour room service. Danny Kaufman and Jeff Bucaro of HFF placed the five-year, fixed-rate refinancing loan on behalf of UST XIX 208 S LaSalle, a German real estate investment fund managed by affiliates of Orlando, Fla.-based Estein USA. Natixis is the international corporate, asset management, insurance and financial services arm of Groupe BPCE, the second largest banking group in France. The firm is a full-service, direct lender for commercial real estate clients across the United States. Groupe BPCE has 31.2 million clients spread over two retail-banking networks — Banque Populaire and Caisse d’Epargne. — Katie Sloan

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FeaturesRetailTop Stories

The ‘Space’ Age Of Retail – Integrating Technology into Today’s Shopping Center

by Katie Sloan

It was not so long ago that the actual merchandise was the focal point of most malls and shopping centers throughout the country. Technology, social media and the rise of a new generation have changed that focus. Or, at least, altered that focus, blurring the lines between products and services, retail and entertainment and ecommerce and bricks and mortar. Nowadays, shopping centers and the store brands that inhabit them must be much more. In fact, many are now tasked with being all things to all people. They can babysit your kids, act as your personal shopper, tell you which parking space is open, deliver your purchase to your front door, provide you with items that might complement your purchase and so on. While there are a variety of very creative, well-informed and innovative people behind all of these new and emerging services, most of them have come to fruition through the use of technology. Yes, the term once reserved for the computer science, engineering and medical fields has now become a premier commodity — rivaling that of even the merchandise — in the shopping centers of America. Though the actual blueprint for the next wave of retail real estate remains …

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