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RED Development Underway on $2B Redevelopment of Paradise Valley Mall in Phoenix

by Katie Sloan

PHOENIX — RED Development has begun construction on PV, the $2 billion redevelopment of a 100-acre site in Phoenix formerly occupied by Paradise Valley Mall.  Phase I of the project will include retail, dining and entertainment space anchored by Whole Foods Market; AVE Paradise Valley, a 400-unit multifamily community; and a 77,000-square-foot co-headquarters for Fender Musical Instruments Corp. Each component of the development will be linked via centrally located parks.  A groundbreaking was recently held for the office portion of the development — a three-story building designed by SmithGroup to be occupied solely by Fender. Scheduled for completion in fall 2025, the complex will feature a dedicated model shop for its guitar and amplifier designers, an upscale sound room, café, meeting rooms and flexible workspaces.  Openings began on the retail portion of the project last week and will continue through the end of this year. Tenants will include Flower Child, Blanco Cocina + Cantina, The Melt, Trevor’s Liquor, Wren House Brewing Co., Frost Gelato, Sephora, Hammer & Nails, SkinSpirit and European Wax Center. AVE Paradise Valley is currently preleasing with move-ins scheduled to begin in November. The mid-rise community offers studio, one-, two- and three-bedroom units with private patios or …

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DevelopmentHealthcareIndianaIndustrialLife SciencesMidwestTop Stories

Eli Lilly to Build $4.5B Center for Advanced Manufacturing, Drug Development in Lebanon, Indiana

by Kristin Harlow

LEBANON, IND. — Eli Lilly and Co. (NYSE: LLY) has unveiled plans to invest $4.5 billion to create the Lilly Medicine Foundry, a new center for advanced manufacturing and drug development in Lebanon, about 27 miles northwest of Indianapolis. The Medicine Foundry, slated to open in late 2027, will be located in Indiana’s LEAP Research and Innovation District. The project brings Lilly’s total investment in the area to more than $13 billion. Earlier this year, Lilly released plans for a $5.3 billion expansion of its pharmaceutical manufacturing facility in Lebanon. “As we accelerate our work to discover new medicines for the toughest diseases, we’re continuing to invest in state-of-the-art infrastructure to support our growing pipeline,” says David Ricks, Lilly’s chair and CEO. “In addition to supplying high-quality medicine for our clinical studies, this new complex will further strengthen our process development and scale up our manufacturing capabilities to speed delivery of next-generation medicines to patients around the world.” Lilly says the flexible design of the new facility will enable production of various molecular therapies, including drug substances for small molecules, biologics and nucleic acid therapies. New technologies developed at the Medicine Foundry will be transferred to Lilly’s other manufacturing sites …

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IllinoisIndustrialLoansMidwestTop Stories

JLL Arranges $577.6M in CMBS Financing for National Industrial Portfolio for LBA Logistics

by John Nelson

CHICAGO — JLL’s Capital Markets group has arranged a $577.6 million CMBS loan for a national industrial portfolio owned by LBA Logistics, an industrial owner-operator based in Irvine, Calif. The portfolio comprises 25 properties in 10 states totaling a little more than 7 million square feet. The properties are located in infill submarkets across California, New Jersey, Utah, Washington, Florida, Georgia, Nevada, Ohio, Kentucky and Tennessee. The portfolio includes assets in core submarkets of major cities including Los Angeles and Orlando. The properties were fully leased at the time of sale to a tenant mix spanning various industries, including web services, food-and-beverage, building materials and logistics. Kevin MacKenzie, Brian Torp and Christopher Pratt of JLL secured the floating-rate loan with a five-year term through a syndicate led by J.P. Morgan. Bank of America and Wells Fargo served as joint bookrunners in the transaction. The final pricing for the loan was approximately 195 basis points over the secured overnight financing rate (SOFR). The date of the financing was not disclosed, but the SOFR rate closed on Monday, Sept. 30 at 4.96 percent. The loan falls under the single-asset, single-borrower (SASB) category of CMBS despite the financing involving multiple assets. “This is …

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AcquisitionsMultifamilySeniors HousingTop Stories

Brookdale Senior Living Agrees to Acquire Three Portfolios Totaling 41 Properties for $610M

by Taylor Williams

BRENTWOOD, TENN. — Brookdale Senior Living (NYSE: BKD), an owner-operator based in the Nashville area, has entered into agreements to acquire three seniors housing portfolios totaling 41 properties and 2,789 units. The combined purchase price is $610 million. Brookdale currently leases and operates the properties on triple-net bases. In explaining the move, company officials noted that by taking ownership of these communities, Brookdale will gain portfolio management flexibility that is not present in a leased structure, providing additional opportunities to further enhance shareholder value. “The immediate and long-term benefits of these real estate transactions are wide-ranging,” says Cindy Baier, Brookdale’s president and CEO. “They include future portfolio flexibility that comes through asset ownership, the opportunity to fully realize the long-term benefits of the powerful senior housing outlook and, following closing, the expected immediate improvement in adjusted free cash flow from a lower-cost capital structure.” In the first transaction, Brookdale agreed to buy 11 properties totaling 1,228 units from a joint venture led by Ohio-based REIT Welltower Inc. (NYSE: WELL) for $300 million. The properties are largely concentrated in West Coast markets, and the portfolio comprises 470 independent living units, 723 assisted living units and 36 memory care units with a …

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DevelopmentGeorgiaHealthcareSoutheastTop Stories

Children’s Healthcare of Atlanta to Open 2 MSF Children’s Hospital in Brookhaven

by John Nelson

BROOKHAVEN, GA. — On Sunday, Children’s Healthcare of Atlanta (CHOA) is set to open Arthur M. Blank Hospital, a 2 million-square-foot children’s hospital located in the northeastern Atlanta suburb of Brookhaven. The Atlanta Journal-Constitution reports that development costs for the facility, which is situated at the heart of CHOA’s new North Druid Hills campus, totaled approximately $1.5 billion. Arthur M. Blank Hospital rises 19 stories on a 70-acre site at the corner of I-85 and North Druid Hills Road. The new facility offers 446 patient beds, a 70,000 square-foot emergency department with 69 emergency exam rooms and a level one pediatric trauma center — the only dedicated one in Georgia, according to CHOA. The new hospital is named after Arthur Blank, one of the founders of The Home Depot and the current owner of the Atlanta Falcons and Atlanta United professional sports teams. The Arthur M. Blank Family Foundation made a $200 million donation to help fund the cost of the new hospital. The property also offers amenities for patients and their families, such as lounges, libraries, child life activity rooms, a business center and laundry facilities and kitchenettes on every floor. The building cafeteria, dubbed The Eatery, will provide patient …

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AcquisitionsLoansMassachusettsMultifamilyNortheastTop Stories

Carmel Partners Purchases Downtown Boston Multifamily Tower Using $137.3M Acquisition Financing

by John Nelson

BOSTON — Carmel Partners, a San Francisco-based multifamily investor, has purchased LUKA on the Common, a 30-story apartment high-rise in downtown Boston. Northern Virginia-based AvalonBay Communities sold the 398-unit property, which was formerly known as the AVA Theater District. Carmel Partners utilized a $137.3 million Fannie Mae acquisition loan to fund the purchase. Jeff Burns, senior managing director of multifamily finance at Walker & Dunlop, originated the five-year, interest-only loan on behalf of the buyer. The agency loan features an early rate lock. “Boston’s multifamily fundamentals are among the strongest in the nation, driven by limited existing and future supply,” says Burns. “The housing scarcity has impacted both rent growth and the for-sale condominium market [in Boston] and has enabled us to refinance successfully alongside the team at Carmel.” The sales price was not disclosed, but the Boston Business Journal reported that the property traded for $212 million. Walker & Dunlop’s investment sales team in Boston, which brokered the transaction, disclosed it was the highest price paid for an apartment complex in the city in more than a year. Lee Bloch, partner at Carmel Partners, says that LUKA on the Common has an “enviable location” as it is about a 10-minute …

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DevelopmentOfficeRetailTop StoriesWashingtonWestern

Lincoln Property Co. Opens Port of Vancouver Office, Retail Development in Southern Washington

by Kristin Harlow

VANCOUVER, WASH. — Lincoln Property Co. (LPC) has opened Port of Vancouver USA Terminal 1, an office and retail development in southern Washington. The two-building complex is located in the city’s waterfront district and features 366,000 square feet of Class A office space, 12,000 square feet of ground-floor retail space and commercial amenities. The office component of the project will house the new global headquarters for ZoomInfo, an artificial intelligence platform provider based in Vancouver. Four years ago, the Port of Vancouver USA selected LPC to develop the site on port land along the Columbia River in one of two master-planned communities that are transforming the waterfront into a live-work-play neighborhood. The waterfront district is situated in the city’s urban core with convenient access to highways, public transit and Portland, Ore. The Terminal 1 development features 10- and nine-story buildings, a rooftop deck and 10,000 square feet of landscaped green spaces and outdoor seating that will be open to the public. Parking will be available on nights and weekends. The development team is also targeting LEED Gold certification. The 10-acre site is already home to an AC Hotel by Marriott, green open spaces, walking trails and bike paths. A public …

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Ophelia
DevelopmentMultifamilyNortheastPennsylvaniaRetailTop Stories

Greystar, ECHO Realty Break Ground on Multifamily, Retail Development in Pittsburgh

by Katie Sloan

PITTSBURGH — A joint venture between Greystar and ECHO Realty has broken ground on Ophelia and The Meridian, a multifamily and retail project located at the intersection of Penn and Shady avenues in Pittsburgh.  The development will include Ophelia, a 231-unit multifamily project by Greystar; The Meridian, a 44,000-square-foot retail development spearheaded by ECHO Realty; and parking for both retail and residential uses. Ophelia will offer units in studio, one- and two-bedroom configurations, 35 of which will be subject to income restrictions under the city’s affordable housing program. Shared amenities will include a fitness center with an outdoor workout area, coworking space, a pool, grilling and lawn area and a clubroom with billiards and a bar. The development is set for completion in early 2026 with preleasing planned to begin in late 2025. The Meridian will include a 36,000-square-foot Market District grocery store alongside inline retail space, which has been preleased to tenants including Shake Shack and Barnes & Noble. The retail portion of the larger project is set to begin opening in 2025.  “Pittsburgh has a lot to offer with several of the country’s best universities — Pitt, Carnegie Mellon and Duquesne — and significant growth in the tech industry,” …

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DevelopmentFloridaHospitalityMultifamilySoutheastTop Stories

Unicorp National Developments Completes $376M Hotel Resort, Residences Near Sarasota, Florida

by Taylor Williams

LONGBOAT KEY, FLA. — Unicorp National Developments Inc. has completed the St. Regis Longboat Key Resort & Residences, a 1.1 million-square-foot project located on a barrier island near the southwestern Florida beach city of Sarasota. The project carried a total price tag of $376 million. The 18-acre resort and residential complex consists of five six-story buildings. The hotel houses 168 guestrooms, including 26 luxury oceanfront suites that offer one- to four-bedroom options. Each suite features separate living rooms, private terraces and butler service. Additionally, the property includes 69 for-sale condo residences. Resort amenities include an 800-foot private beach and 42 water features, including a winding river and a 500,000-gallon saltwater lagoon where guests can swim with tropical fish and interact with the resident giant tortoises. The St. Regis Spa spans 20,000 square feet and features a eucalyptus steam room, a snow shower and hot and cold plunge pools. Additional amenities include a fitness center and a children’s club. The St. Regis also offers 10 indoor and outdoor meeting/event spaces totaling 36,285 square feet, with one ballroom capable of accommodating up to 600 people in a theater-style setting. The food-and-beverage component entails seven different bar and restaurant concepts. Moss Construction served …

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ArizonaDevelopmentMixed-UseMultifamilyRetailTop StoriesWestern

Development Team Begins Demolition Process for $850M Metrocenter Mall Redevelopment in Phoenix

by John Nelson

PHOENIX — Developers Concord Wilshire Capital and TLG Investment Partners have begun the abatement and demolition of the Metrocenter Mall in Phoenix, beginning the $850 million redevelopment of the property into a mixed-use community. The Metrocenter Mall opened its doors in 1973 and closed in 2020. The two-story, 140,000-square-foot mall is situated on 312 acres on the city’s northwest side. Plans for the redevelopment include more than 2,600 apartment units, as well as 100,000 square feet of retail space. The demolition process has commenced with the destruction of the former Dillard’s and U-Haul buildings. Following a survey and analysis of the materials inside the building to ensure the protection of the public, Los Angeles-based Resource Environmental Inc. will abate and remove the asbestos from the building, then proceed with the demolition of the property. The developers formed a strategic alliance in 2021 with Hines, an investment manager based in Houston, to redevelop the property, which the investment group purchased last summer. Hines is overseeing the development site on behalf of the ownership group. According to the development team, the project has been designed as a transit-oriented, self-contained community. The property encompasses Phoenix’s new light rail station that was completed in …

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