Top Stories

Atlas Global Plans 3,000-Acre I-40 TradePort Industrial Project in Winslow, Arizona

by Jeff Shaw November 10, 2023

WINSLOW, ARIZ. — Atlas Global Development Group has released plans for I-40 TradePort Winslow, a 3,000-acre manufacturing and logistics park in Winslow, approximately 57 miles southeast of Flagstaff, Arizona. The project will kick off the development of the I-40 TradePort Corridor, a planned 805-mile network of clean-energy logistics hubs. According to Atlas Global, the project aims to circumvent the increasingly slow supply chain performance of the Inland Empire in Southern California, and to address future negative impacts to the national supply chain. The park will seek tenants in industries such as advanced manufacturing, heavy manufacturing, logistics, transportation, manufactured wood products, renewable energy production and storage, semiconductor suppliers and aerospace. The site sits at the nexus of a BNSF Railroad line, the Winslow-Lindberg Regional Airport and Interstate 40. The U.S. Department of Transportation has awarded a $974,000 grant to the project. Atlas Global plans to use the funds to support planning, studies and analysis for the project’s development, as well as primary engineering and design work. “These rural Arizona communities have long been overlooked, despite their incredible potential as central and essential pieces to the supply chain logistics puzzle,” says Daniel Lupien, managing director of Atlas Global Development Group. “The RIA grant …

November 10, 2023

Development Office Texas Top Stories

KDC, Pacific Elm Break Ground on 500,000 SF Parkside Office Building in Uptown Dallas

by Katie Sloan November 9, 2023

DALLAS — A partnership between KDC and Pacific Elm Properties has broken ground on Parkside, a 500,000-square-foot office development located at the corner of North Harwood Street and Woodall Rodgers Freeway in Uptown Dallas. Bank of America has committed to be the building’s anchor tenant with a 238,000-square-foot lease, and upon move-in, the building will become known as Bank of America Tower at Parkside. The development will be home to 1,000 Bank of America employees upon completion, which is expected for the first half of 2027. Designed by New York-based architect Kohn Pedersen Fox, the 30-story tower will feature a conference center with a training room that seats 50; pre-function and lounge space; an executive board room; break-out chat rooms; a state-of-the-art fitness center; private outdoor terraces; and a 12th-floor sky lobby and lounge with a coffee and cocktail bar. The development is located across the street from the 5.2-acre Klyde Warren Park, which connects uptown and downtown Dallas. The tower also offers easy access to a variety of transportation options, including the M-Line Trolley, which connects to a nearby DART Rail System station. The full development team includes Miyama USA Texas, Kohn Pedersen Fox, Corgan and OJB. Andy Leatherman …

November 9, 2023

Development Florida Multifamily Southeast Student Housing Top Stories

Toll Brothers, Davis Plan 680-Bed Aperture Student Housing Community Near University of Central Florida

by Kristin Harlow November 8, 2023

ORLANDO, FLA. — Toll Brothers Campus Living and The Davis Cos. have unveiled plans to develop Aperture, a 680-bed student housing community situated adjacent to the University of Central Florida (UCF) in Orlando. The project will encompass two buildings and rise five stories. Located at 12727 E. Colonial Drive, Aperture will feature a fitness center, e-sports gaming center, computer lounge, content creation studio, LuxerOne package locker system, courtyard and resort-style pool. Residents will have access to a private shuttle to campus, as well as a parking garage with electric vehicle charging stations. Completion is slated for fall 2025. TD Bank provided a $50 million construction loan for the project. Toll Brothers’ in-house finance department arranged the equity and debt. According to the developers, UCF has the second largest on-campus enrollment of any public university in the U.S. with almost 70,000 students enrolled in the 2022-2023 academic year. “Demand for elevated student housing continues to rise across the country as highly amenitized offerings gain prevalence in the market, especially in the Sun Belt region,” says Jerry Murphy, managing director of investments at Davis. Toll Brothers Campus Living will manage the property’s development, construction and asset management, as well as handle marketing …

November 8, 2023

Company News New York Northeast Office Top Stories

Flexible Workspace Pioneer WeWork Files for Bankruptcy, Plans to Renegotiate Leases

by John Nelson November 7, 2023

NEW YORK CITY — Coworking and office-sharing pioneer WeWork Inc. (NYSE: WE) has filed for Chapter 11 bankruptcy protection. WeWork also plans to file similar protectionary measures in Canada. WeWork has entered into a restructuring support agreement with its creditors representing approximately 92 percent of its secured notes to “drastically reduce” the company’s existing funded debt and expedite the restructuring process. Reuters reports the debt-for-equity swap deal with its creditors totals $3 billion. The New York City-based company plans to continue operations and “further rationalize its commercial office lease portfolio” with its network of office landlords. WeWork’s locations and franchisees outside of the United States and Canada are not part of this process. According to the company website, WeWork operates more than 320 locations globally across various workplace solutions platforms. As part of the filing, WeWork is requesting the ability to reject the leases of certain locations that are “non-operational,” all of which have affected members that have received advanced notice. The company has retained Hilco Real Estate, an Illinois-based real estate restructuring and advisory firm, to assist with lease renegotiations. “WeWork has a strong foundation, a dynamic business and a bright future,” says David Tolley, CEO of WeWork. “Now …

November 7, 2023

Development Massachusetts Mixed-Use Northeast Top Stories

Tishman Speyer Breaks Ground on 900,000 SF Enterprise Research Campus in Boston

by Taylor Williams November 6, 2023

BOSTON — New York City-based real estate giant Tishman Speyer has broken ground on Phase I of Enterprise Research Campus, a 900,000-square-foot mixed-use project that will be located in the Allston neighborhood of Boston. The nine-acre site is adjacent to the Harvard Business School and Harvard Science & Engineering Complex in Allston. New York City-based Otera Capital led a syndicate of lenders that provided $750 million in construction financing for the project earlier this year. Phase I of the development will consist of two life sciences buildings totaling 440,000 square feet, a 343-unit apartment complex and a hotel, all of which will be developed on a nine-acre parcel. Within the multifamily component, 25 percent of the units will be designated as affordable housing for households earning between 30 and 100 percent of the area median income. Tishman Speyer will also develop, on Harvard University’s behalf, the mass-timber David Rubenstein Treehouse to serve as a campus-wide conference facility. Turner Construction is partnering with Janey Construction Management and J&J Contractors to build the life sciences portion of the project. A partnership between Consigli Construction and Smoot Construction is building the multifamily and hotel portions of the development. At full build-out, Enterprise Research …

November 6, 2023

Arizona Development Industrial Top Stories Western

Creation, Clarion Partners Acquire 100 Acres in Phoenix for $250M Park Algodon Industrial Campus

by Jeff Shaw November 3, 2023

PHOENIX — A joint venture between locally based developer Creation and New York City-based investment firm Clarion Partners has acquired nearly 100 acres in Phoenix. Located on the northwest corner of the Loop 101 and Indian School Road, the site will be used to develop a $250 million industrial project known as Park Algodon. Park Algodon is a speculative industrial development that totals approximately 1.3 million square feet across 86 acres. The project will be built in two phases, with construction on the first phase slated to begin by the end of the year. The first phase comprises four buildings totaling 670,000 square feet. The second phase will include one 556,000-square-foot building. LGE Design Build is leading the construction, which is scheduled for completion in late 2025. Creation and Clarion Partners acquired the land from the John F. Long family in an off-market transaction. Greg Vogel and Max Xander of Land Advisors represented both parties in the deal. “This acquisition marks our first joint venture with Clarion Partners. We’re honored to work alongside them on this significant project, addressing a key gap in the West Phoenix industrial market,” says Grant Kingdon, principal of Creation’s Mountain West region. “Park Algodon serves as a catalyst to attract new …

November 3, 2023

Acquisitions Company News Data Centers New York Northeast Top Stories

Brookfield Agrees to Purchase Cyxtera’s Assets for $775M, Including Seven US Data Centers

by John Nelson November 2, 2023

NEW YORK CITY AND MIAMI — Brookfield Infrastructure Partners LP (NYSE: BIP) and its institutional partners have entered into an asset purchase agreement (APA) with Miami-based data center owner-operator Cyxtera. Brookfield will acquire “substantially all” of Cyxtera’s assets for $775 million. As part of the agreement, the New York City-based investment firm will purchase the real estate supporting seven Cyxtera data centers in the United States. The locations of the affected properties were not disclosed. According to the company’s website, Cyxtera operates facilities in Albuquerque, Atlanta, Boston, Chicago, Columbus, Dallas/Fort Worth, Denver, Los Angeles, Minneapolis, New York/New Jersey, Northern Virginia, Phoenix, Seattle, Silicon Valley, Tampa and Canada. Brookfield will purchase the real estate that supports the data centers from several landlords, including Digital Realty Trust Inc. (NYSE: DLR) and Digital Core REIT. The court-supervised process stems from Cyxtera’s Chapter 11 bankruptcy proceedings. The company cited financial challenges and lack of funding when it filed for bankruptcy this past summer, about two years after it went public. Cyxtera’s stock price peaked at $14.60 per share in May 2022 before dipping below $1.80 by December 2022. “We are pleased to reach this agreement with Brookfield, which represents a favorable path forward for our …

November 2, 2023

Acquisitions Mixed-Use Texas Top Stories

Newmark Brokers Sale of 2.2 MSF CityLine Mixed-Use Development in Metro Dallas

by Kristin Harlow November 1, 2023

RICHARDSON, TEXAS — Newmark has brokered the sale of CityLine, a 2.2 million-square-foot mixed-use development in Richardson, a northern suburb of Dallas. The price was undisclosed. The property consists of four State Farm Insurance-occupied office buildings, including 120,000 square feet of retail space, and an attached 42,000-square-foot medical office building. Mirae Asset Global Investments was the seller. The buyer was a firm created by former Phoenix Suns owner Robert Sarver, according to The Dallas Morning News. The office buildings, constructed in 2016, are the focal point of a master-planned, 186-acre development located at the connection of two major DART Rail lines. There are also eight luxury apartment complexes, 30 restaurants and bars, a 148-room Aloft hotel and 21 acres of green space and walking trails, none of which were included in the sale. Dallas-Fort Worth office-using employment continues to remain near historical highs, according to Newmark. As of the end of August 2023, the metroplex reported 1.28 million office workers, an increase of 67.6 percent compared with 2010 and an increase of 21.5 percent compared with 2019. “CityLine is a dynamic development, well situated to reap long-term appreciation as the metroplex continues to grow north,” says Chris Murphy, a vice …

November 1, 2023

Acquisitions California Company News Net Lease Retail Texas Top Stories Western

Realty Income Corp. to Acquire Spirit Realty Capital in $9.3B REIT Merger

by Katie Sloan October 31, 2023

SAN DIEGO AND DALLAS — Realty Income Corp. (NYSE: O) and Spirit Realty Capital Inc. (NYSE: SRC) have entered into an all-stock merger agreement valued at $9.3 billion. The combined company, which will operate under the Realty Income banner, is expected to become the fourth largest REIT on the S&P 500 index with a total enterprise value of $63 billion. Both companies primarily invest in freestanding, net-leased commercial properties. Realty Income boasts a portfolio of 13,100 properties located across the U.S. and Europe, and Spirit Realty owns a portfolio of 2,064 properties across 49 states. Primary tenants across the combined company’s portfolio include Life Time Fitness, BJ’s Wholesale Club, At Home, Dave & Buster’s, Dollar Tree, The Home Depot, Treasury Wine Estates, Sainsbury’s, 7-Eleven, Lowe’s and Chipotle Mexican Grill. Under terms of the agreement, each share of Spirit Realty Capital will be converted into 0.762 of a share of newly issued Realty Income stock. At closing, this will result in Realty Income and Spirit owning 87 percent and 13 percent of the combined company, respectively. No external capital is currently being used for the transaction. Realty Income and Spirit cite the potential for higher earnings, a more competitive cost of …

October 31, 2023

Colorado Company News Healthcare Midwest Top Stories Western Wisconsin

Healthpeak Properties, Physicians Realty Trust Agree to $21B Merger

by Taylor Williams October 30, 2023

DENVER AND MILWAUKEE — Two healthcare REITs, Denver-based Healthpeak Properties (NYSE: PEAK) and Milwaukee-based Physicians Realty Trust (NYSE: DOC), have agreed to enter into an all-stock merger agreement that is valued at roughly $21 billion. Under the terms of the agreement, each share of Physicians Realty Trust common stock will be converted into 0.674 of a share of newly issued Healthpeak common stock. The combined entity will feature a portfolio of roughly 52 million square feet of healthcare assets. On a pro-forma basis, Healthpeak and Physicians Realty Trust shareholders will own approximately 77 percent and 23 percent of the combined company, respectively. The deal is expected to close during the first half of next year. Of the combined 52 million square feet, about 40 million would consist of outpatient healthcare facilities in major gateway markets like Nashville, Atlanta, Dallas, Houston, Phoenix and Denver. Healthpeak CEO Scott Brinker will lead the newly formed company in conjunction with a board of directors comprised of eight existing Healthpeak directors and five existing Physicians Realty Trust directors, including current CEO John Thomas. In detailing the reasons behind the merger, executives from both companies noted that Healthpeak Properties and Physicians Realty Trust have overlapping footprints in …

October 30, 2023

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