Top Stories

PRP, Flint Development Complete 1.9 MSF Distribution Center in Moore, South Carolina

by Katie Sloan February 22, 2024

MOORE, S.C. — A partnership between PRP and Flint Development has completed the development of a 1.9 million-square-foot distribution center in the Greenville-Spartanburg metropolitan area community of Moore. The property is fully leased to an affiliate of Hong Kong-based power tool manufacturer Techtronic Industries Co. and will distribute goods from the company’s Hart Consumer Products division. The development is one of the largest single-story logistics properties in the United States, according to PRP. The center features a cross-dock loading configuration with 40-foot clear heights, 338 dock doors and a 185-foot truck court, with 835 spaces of excess trailer parking across 178 acres of land. The development is located near the Greenville-Spartanburg International Airport and Inland Port Greer, which offers direct rail connection to the Port of Charleston. Techtronic Industries leases a second 1.4 million-square-foot logistics center roughly 11 miles away in Duncan, which PRP also developed. The property distributes products from the company’s Hoover brand. PRP is a Washington, D.C.-based real estate investment management company with a focus on corporate headquarters facilities, office properties, logistics facilities, high-street retail properties, multifamily and data centers. Prairie Village, Kan.-based Flint Development is a commercial real estate development firm specializing in industrial, multifamily and …

February 22, 2024

California Development Multifamily Top Stories Western

Kennedy Wilson Nears Completion of 579-Unit Anacapa Canyon Multifamily Project in Camarillo, California

by Taylor Williams February 21, 2024

CAMARILLO, CALIF. — Global investment and development firm Kennedy Wilson (NYSE: KW) is nearing completion of Anacapa Canyon, a 579-unit multifamily project in the Southern California community of Camarillo. Anacapa Canyon, a 32-acre master-planned development, consists of 310 market-rate apartments, 109 for-sale, single-family homes and 170 income-restricted apartments for senior citizens. The first move-ins are underway, and full completion of the project is slated for the third quarter. Kennedy Wilson developed Anacapa Canyon in a public-private partnership with California State University Channel Islands (CSUCI) and partnered with Comstock Homes, as well as Hearthstone, on the single-family home component of the development. The affordable seniors housing units are fully preleased to qualified renters. The firm also developed various pieces of infrastructure in conjunction with the apartments, which Kennedy Wilson owns in their entirety. Residential amenities at Anacapa Canyon include multiple pools with an accompanying spa, a community garden, game room, event lounge, fitness center, dog parks and various open green spaces and pocket parks. “We are encouraged by the early interest in both leasing and home sales at Anacapa Canyon, which is a testament to the inclusive community we have created, its unique offerings and the continued demand for high-quality homes …

February 21, 2024

Development Industrial New York Northeast Top Stories

GlobalFoundries Plans $11.6B Expansion of Semiconductor Manufacturing Plant in Upstate New York

by John Nelson February 20, 2024

MALTA, N.Y. — GlobalFoundries (NASDAQ: GFS), a leading semiconductor manufacturer headquartered in Upstate New York, plans to invest a total $11.6 billion over the next 10 years to expand its Fab 8 manufacturing base in Malta, a city north of Albany in Saratoga County. The investment includes an expansion of its existing facility and the development of a new 358,000-square-foot plant. GlobalFoundries says the investment will triple its capacity to manufacture semiconductors, with the ultimate goal of producing 1 million semiconductor wafers per year at its Malta campus at full operation. The planned enhancements will create more than 1,500 direct jobs and 9,000 indirect construction jobs over the next 10 years, according to the office of New York Gov. Kathy Hochul. Concurrently, GlobalFoundries will receive $1.5 billion in direct funding from the U.S. Department of Commerce as part of the U.S. CHIPS and Science Act, a law ratified by U.S. President Joe Biden in Aug. 2022. The company will use the federal government funding in the Malta projects, as well as for enhancements planned at GlobalFoundries’ Fab 9 facility in Essex Junction, Vt. Also known as computer chips, semiconductors are an essential element of nearly all electronic and computing devices, including …

February 20, 2024

California Development Multifamily Student Housing Top Stories Western

Landmark Properties Breaks Ground on 1,284-Bed The Standard at Los Angeles Student Housing Community Near USC

by Kristin Harlow February 19, 2024

LOS ANGELES — Landmark Properties has broken ground on The Standard at Los Angeles, a 1,284-bed student housing community located a few blocks south of the University of Southern California (USC) campus. The mid-rise apartment building will include the construction of 1,236 beds across 429 units, as well as the renovation of five existing townhomes that will comprise 48 beds. Landmark Construction, the in-house general contractor for Landmark Properties, is managing construction. HED designed the project. The property is slated to open in August 2026. Situated at the east side of the 160-acre Exposition Park, The Standard at Los Angeles will include a mix of floor plans ranging from studios to five-bedroom units. Residences will be fully wired for high-speed internet. Landmark says the amenity package at The Standard at Los Angeles will be one of the largest by square footage within its portfolio. Residents will have access to more than 60,000 square feet of indoor and outdoor amenity spaces. The rooftop will include a resort-style pool with a sun deck, Jumbotron and outdoor grilling stations. The clubhouse spaces will be anchored by a rooftop clubroom adjoining the 24-hour fitness center. Students will have access to multiple study lounges as …

February 19, 2024

Company News Development Retail Top Stories

PNC Bank to Invest $1B to Renovate 1,200 Branches, Add 100 New Locations

by Jeff Shaw February 16, 2024

PITTSBURGH — PNC Bank plans to invest approximately $1 billion to open more than 100 new branches and renovate 1,200 existing locations by 2028. Expansion plans call for new locations in key cities such as Austin, Dallas, Denver, Houston, Miami and San Antonio, among others, to establish a coast-to-coast network. According to PNC Bank, the goal of the renovations is to create a better customer experience when conducting transactions or meeting with bankers to discuss financial goals. PNC Bank is a member of The PNC Financial Services Group Inc. (NYSE: PNC), which is headquartered in Pittsburgh. PNC bank currently has approximately 2,300 brick-and-mortar locations across the country, in addition to 60,000 PNC and partner ATMs. According to Forbes Advisor, PNC Bank is the sixth largest bank in the country, with $553 billion in total assets. “As one of the largest retail banks in the United States, our vast branch network, alongside our other core banking channels, plays a key role in how we serve and provide solutions to our customers across the country,” says Alex Overstrom, head of PNC Retail Banking. PNC Bank’s announcement comes on the heels of last week’s news that JPMorgan Chase has made a multi-billion dollar investment in its own …

February 16, 2024

Development Industrial South Carolina Southeast Top Stories

EnerSys Plans $500M Manufacturing Facility in Greenville, South Carolina

by Hayden Spiess February 15, 2024

GREENVILLE, S.C. — EnerSys, an industrial technology company, has announced plans to develop a new manufacturing facility in Greenville. EnerSys expects to break ground on the $500 million project next year. Upon completion, the facility will total 500,000 square feet on 140 acres within the August Grove Business Park. Operations are slated to begin at the property in late 2027. Reading, Pa.-based EnerSys manufactures batteries, chargers and power systems for use in the telecommunications, broadband, data center, industrial utilities, warehouse, logistics, aerospace, defense and transportation industries. The new operations will focus on producing lithium-ion cells, with a projected annual production capacity of four gigawatt hours (GWh). This will mark the second facility in the state for the company, which operates in 14 other locations throughout North America. EnerSys says the new facility will create 500 jobs, presumably including both the permanent employees and temporary construction workers. — Hayden Spiess

February 15, 2024

Acquisitions Midwest Multifamily Ohio Seniors Housing Top Stories Washington Western

Welltower Agrees to Acquire 25-Property Affinity Living Active Adult Portfolio for $969M

by Kristin Harlow February 14, 2024

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has agreed to acquire 25 active adult properties from Affinity Living Communities for $969 million. The off-market transaction is part of a long-term strategic partnership between the two companies, with plans for future development activity together. The portfolio encompasses nearly 3,900 units predominately located in the Pacific Northwest. Welltower says the acquisition will enable the company to strategically scale the geographic reach of its active adult portfolio into markets with a five-year projected population growth in the 55-plus demographic that is more than 2.5 times higher than the U.S. average. Post-closing, Affinity will continue to manage the portfolio subject to a terminable management contract. Welltower plans to fund the acquisition using cash on hand and the assumption of $523 million of below-market-rate debt with an average interest rate of 3.8 percent and a nine-year weighted average maturity. The purchase price of approximately $249,000 per unit represents a significant discount to replacement cost, according to Welltower. The average property age is eight years. The transaction is expected to close in tranches over the next several months with timing dependent on property-level loan assumption approvals. The deal will expand Welltower’s in-place and under-development active adult …

February 14, 2024

California Civic Development Mixed-Use Student Housing Top Stories Western

Greystar Delivers $282M Student Housing Development at UC Law in Downtown San Francisco

by John Nelson February 13, 2024

SAN FRANCISCO — Real estate development firm Greystar has delivered Academe at 198, a $282 million student housing property in downtown San Francisco. Located at 198 McAllister St. in the city’s Civic Center district, the mixed-use property is Phase I of the Academic Village expansion at UC Law San Francisco, formerly known as UC Hastings College of the Law. Academe at 198 spans 14 stories and features 656 units (667 beds) for students at UC Law SF, as well as faculty and staff. The property website also says students from nearby University of California San Francisco, San Francisco State University, University of San Francisco and University of the Pacific Dugoni School of Dentistry can apply for housing. The units come in a variety of layouts: efficiency (232 square feet); studio (275 square feet); one-bedroom (397 square feet); and two-bedroom (568 square feet). Monthly rental rates begin at $1,850 for an efficiency apartment, which is below market rates, according to the property website. In addition to housing, the 365,000-square-foot property includes 43,000 square feet of office and academic space that is leased and operated by UC Law, including an incubator space for start-up tech firms that doubles as event space called LexLab. …

February 13, 2024

California Development Mixed-Use Top Stories Western

Alagem Capital, Cain International Break Ground on $2B Mixed-Use Project in Beverly Hills

by Taylor Williams February 12, 2024

BEVERLY HILLS, CALIF. — Alagem Capital Group and Cain International have broken ground on One Beverly Hills, a $2 billion mixed-use project in the Los Angeles suburb of Beverly Hills, according to Foster + Partners, the project’s master architecture and planning firm. One Beverly Hills will be a 17.5-acre “urban resort” that will feature two new condominium towers, an eight-acre botanical garden and a 10-story tower comprising 42 luxury hotel rooms, 37 shared-ownership condos and a fine dining restaurant. One Beverly Hills also includes the revitalization of the adjacent Beverly Hilton and Waldorf Astoria Beverly Hills, two luxury hotels that Alagem Capital and Cain purchased in 2018. In June 2021, the Beverly Hills City Council approved a historic development agreement in which the developers would pay the City of Beverly Hills a $100 million public benefit fee in lieu of including an affordable housing component in the project. Alagem Capital and Cain will pay the fee over the course of eight years, according to the Beverly Hills Courier. Specific plans for One Beverly Hills were unveiled shortly thereafter, at which time the development team said it was targeting a 2026 delivery. One Beverly Hills’ hotel-condo tower will include a private …

February 12, 2024

Hospitality Loans Top Stories

MCR Receives $333M Refinancing for 16-Property Hotel Portfolio in 11 States

by Jeff Shaw February 9, 2024

NEW YORK CITY — MCR, a New York City-based hotel owner and operator, has received a $333 million loan to refinance a 16-property hotel portfolio totaling 2,274 guest rooms. The portfolio spans 11 states and features 11 Hilton and Marriott extended-stay and select-service brands, including Home2 Suites by Hilton, Hilton Garden Inn, DoubleTree by Hilton, Hampton by Hilton, Residence Inn by Marriott and Courtyard by Marriott. MCR acquired the properties primarily in 2020 and 2021. Although a full property list was not disclosed, a partial list includes Hilton Garden Inn Louisville Mall of St. Matthews in Louisville, Kentucky; Hampton Inn & Suites Charlotte Steele Creek in Charlotte, North Carolina; Courtyard by Marriott Oxford in Oxford, Mississippi; Hilton Garden Inn Missoula in Missoula, Montana; and Hilton Phoenix Chandler in Chandler, Arizona. The loan was securitized in a floating-rate, single-asset, single-borrower CMBS transaction. The financing replaces the original debt, with an outstanding balance of $268 million at the time of payoff. The portfolio’s net operating income has increased from $15 million at the time of acquisition to $36 million, according to MCR. The company says that the refinancing generated $51 million of net proceeds as a result. Deutsche Bank Securities and BMO …

February 9, 2024

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