Top Stories

UC Berkeley, SKS Partners Unveil Plans for $2B Innovation Hub at NASA Research Park in California

by Katie Sloan October 17, 2023

MOUNTAIN VIEW, CALIF. — A joint venture between SKS Partners and the University of California, Berkeley has unveiled plans for a $2 billion innovation hub at NASA’s Ames Research Center in the Silicon Valley city of Mountain View. Plans for the 36-acre development, dubbed Berkeley Space Center, currently include 1.4 million square feet of Class A office and research and development space; wet and dry labs; conference space; academic facilities; retail space; and 18 acres of open green space, including outdoor working yards and a central green for community gatherings, activations and exhibitions. The focus for the development is to provide research space for companies interested in collaborating with the university and NASA scientists to create future innovations in aviation and space exploration. Later phases of the project are set to include short-term stay facilities and student and faculty housing. While the development has not yet received municipal approval, the environmental entitlement process has commenced and is expected to last approximately two years. Construction is tentatively scheduled to begin in 2026. The development team for Berkeley Space Center includes design, architecture and engineering firm HOK and urban design and landscape architecture firm Field Operations. The joint venture has also tapped …

October 17, 2023

Company News Northeast Pennsylvania Retail Top Stories

Rite Aid Files for Chapter 11 Bankruptcy, Receives $3.4B for Debt Restructuring

by Taylor Williams October 16, 2023

PHILADELPHIA — Rite Aid Corp. (NYSE: RAD) has filed for Chapter 11 bankruptcy protection and has received financial commitments totaling roughly $3.4 billion from lenders to support business operations as the company works to restructure its debt. The Philadelphia-based pharmacy and convenience store chain did not say whether it would immediately close any stores as a direct result of this filing, just that it would continue “assessing its footprint and closing underperforming stores.” However, in September, The Wall Street Journal reported that Rite Aid had proposed to its creditors a restructuring and rightsizing plan that would involve closing 400 to 500 of its 2,100 or so stores nationwide. The bankruptcy filing has long been expected within the industry, as Rite Aid’s position has grown more precarious in the wake of numerous lawsuits alleging the pharmacy’s role in supplying opioid drugs that contributed to overdose deaths. That legal activity reached its crescendo earlier this year when the U.S. Justice Department formally lodged a complaint against Rite Aid. According to CNN, the government alleged at that time that Rite Aid had “knowingly filled unlawful prescriptions for controlled substances.” According to CNBC, Rite Aid ended its most recent fiscal quarter on June 3 …

October 16, 2023

Development Multifamily Texas Top Stories

Howard Hughes Holdings to Add Ritz-Carlton Residences to 28,500-Acre Master-Planned Community Near Houston

by Jeff Shaw October 13, 2023

THE WOODLANDS, TEXAS — Howard Hughes Holdings Inc. (NYSE: HHH) has partnered with The Ritz-Carlton Hotel Co. LLC to develop The Ritz-Carlton Residences, The Woodlands, a high-rise condominium building on Lake Woodlands, 27 miles north of downtown Houston. The project will include a collection of residences for sale, as well as an onsite restaurant and amenities. The Ritz-Carlton Residences will be located within The Woodlands, a master-planned community. Howard Hughes developed the community through its HHCares program, which supports philanthropic efforts within the company’s Texas properties. The Woodlands was built in 1974, according to the property website. The community comprises 28,500 acres, including nine residential villages, 151 parks, 220 miles of hiking and bike trails, 2,460 businesses and nearly 8,000 acres of green space. The Woodlands is currently home to 120,000 people, and nearly 67,000 people work in the community. The Ritz-Carlton Residences, The Woodlands will be the first Ritz-Carlton standalone residences in Texas. The Woodlands Land Development Co., a subsidiary of Howard Hughes, will develop the project. Robert A.M. Stern Architects will handle design. According to Howard Hughes, The Ritz-Carlton Residences brand was chosen for its loyal following in the worlds of hospitality and branded private residences. — Channing …

October 13, 2023

Acquisitions Arizona Industrial Top Stories Western

Prologis Acquires Airpark Logistics Center in Suburban Phoenix for $184M

by Kristin Harlow October 12, 2023

GOODYEAR, ARIZ. — Prologis Inc. (NYSE: PLD) has acquired Airpark Logistics Center in Goodyear, a western suburb of Phoenix, for $184 million. Creation and CrossHarbor Capital Partners were the sellers. The transaction marks the largest multi-building industrial business park acquisition in Arizona history, according to Creation. Located directly adjacent to Phoenix Goodyear Airport, the campus spans 170 acres. The first phase, comprising three buildings with 1.4 million square feet of leasable space, was completed last month. LGE Design Build served as the architect and general contractor. The second phase of the project includes 84 acres of undeveloped land for build-to-suit industrial projects. At full build-out, the development will span more than 2.7 million square feet. “The recognition of Airpark Logistics Center’s potential by a logistics real estate leader like Prologis is a testament to the quality of the asset,” says Grant Kingdon, principal of Creation’s Mountain region. “The center’s strategic location, innovative design and growth potential align perfectly with our vision for delivering sustainable developments that meet the needs of modern logistics tenants. This sale is especially significant today given the current market dynamics, where deals of this scale are rare.” Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt …

October 12, 2023

Connecticut Loans Multifamily Northeast Top Stories

Cushman & Wakefield Arranges $223.9M Refinancing for Multifamily Portfolio in Stamford, Connecticut

by Jeff Shaw October 11, 2023

STAMFORD, CONN. — Cushman & Wakefield has arranged four loans totaling $223.9 million to refinance four Harbor Point-branded apartment communities. Greystone provided the Freddie Mac mortgages. The portfolio comprises 989 apartment units in Stamford, roughly 40 miles northeast of New York City and 40 miles southwest of New Haven. Units range from 544 to 1,429 square feet in a mix of studio, one-, two- and three-bedroom layouts. Located at 301 Commons Park South, 111 Towne St., 110 Towne St. and 120 Towne St., the communities —Postmark Apartments, Harbor Point, The Key at Yale & Towne and Vault Apartments — feature amenities including tenant parking, swimming pools, clubrooms with kitchens and multiple lounges, fitness centers, resident concierges, gaming tables and controlled building access. The properties offer proximity to downtown Stamford, Interstate 95 and the Stamford Transportation Center, which grants direct train access to the Bronx and Manhattan. Monthly rental rates at Vault Apartments and Harbor Point begin at $2,411 and $2,408, respectively, according to the property websites. Rental rates at the two other communities are not disclosed. John Alascio, Alex Hernandez, Alex Lapidus and Chris Meloni of Cushman & Wakefield’s Equity, Debt & Structured Finance team represented the undisclosed borrower in the …

October 11, 2023

Development Industrial North Carolina Southeast Top Stories

Summit Real Estate Group Breaks Ground on $164M Industrial Park in Youngsville, North Carolina

by John Nelson October 10, 2023

YOUNGSVILLE, N.C. — Summit Real Estate Group has broken ground on US-1 North Commerce Center, a $164 million industrial park underway in Youngsville, about 25 miles north of Raleigh. The St. Louis-based developer is planning to build the nearly 1.4 million-square-foot campus in three phases. Situated off U.S. Highway 1 along Long Mill Road, US-1 North Commerce Center will span five multi-tenant warehouse buildings upon full build-out. Phase I, which will comprise two facilities, is expected to be delivered in first-quarter 2024. Summit Real Estate Group purchased the 106-acre site in fourth-quarter 2022 on behalf of its Arrowrock US Industrial Fund IV. Matthew Lederman, managing director of capital and investor relations at Summit, says that the project has had strong civic support since its inception. “Franklin County government has been a strong supporter of the project since the beginning,” says Lederman. Foundry Commercial is marketing US-1 North Commerce Center for lease. — John Nelson

October 10, 2023

Acquisitions Florida Office Southeast Top Stories

Monarch Alternative Capital Buys 412,000 SF Office Building in Miami

by Taylor Williams October 9, 2023

MIAMI — Monarch Alternative Capital, an investment firm with offices in New York City, London and South Florida, has purchased 801 Brickell, a 412,000-square-foot office building in Miami. The 28-story high rise is located just a block from Biscayne Bay in downtown Miami’s Brickell neighborhood, two blocks from a Metromover station. Monarch Alternative Capital will operate the transit-served property in partnership with Tourmaline Capital Partners. The seller and sales price were not disclosed. Originally constructed in 1985 within the Brickell district just south of the downtown area, the 28-story building was more than 90 percent leased at the time of sale. Tenants include U.S. Securities and Exchange Commission, Mastercard and Royal Bank of Canada. The building also houses a ground-floor restaurant, as well as a fitness center, tenant lounge, conference facilities and unobstructed views of Biscayne Bay. The previous ownership completed a capital improvement program at the property in 2022. According to the Colliers leasing webpage, BOMA awarded 801 Brickell the prestigious Office Building of the Year (TOBY) Award for excellence in environmentally sound office building management. The building boasts energy consumption 38 percent below the national median for similar buildings. Monarch cited the tenant quality and overall office trends in …

October 9, 2023

Acquisitions Massachusetts Multifamily Northeast Top Stories

CBRE Arranges $182 Million Sale of Multifamily Complex in Cambridge, Massachusetts

by Jeff Shaw October 6, 2023

CAMBRIDGE, MASS. — CBRE has negotiated the sale of Hanover North Cambridge, an apartment community in North Cambridge. A fund advised by Goldman Sachs Asset Management purchased the asset from The Hanover Co. and its institutional partner for $182 million. Completed in 2022, Hanover North Cambridge offers 294 units, as well as more than 26,000 square feet of amenity space. The property is also home to a 7,067-square-foot, Caribbean-inspired restaurant, and is built over a podium that offers two levels of covered parking. Community amenities include a lobby with a reception area; clubroom with a projector screen and shuffleboard court; co-working lounge; private meeting spaces; and fitness center. According to the property website, Hanover North Cambridge offers studio, one-, two- and three-bedroom floor plans. Rental rates range from $2,976 per month for a studio to $6,284 per month for a three-bedroom apartment. The property is LEED Gold-certified. The community is located adjacent to the MBTA Alewife Station, giving residents train access to the greater Cambridge and Boston areas. Cambridge is home to more than 32 million square feet of office space, as well as Harvard University and the Massachusetts Institute of Technology (MIT). A CBRE Capital Markets team consisting of Simon …

October 6, 2023

Development Florida Southeast Top Stories

TMRW Sports Group Tees Up 250,000 SF Virtual Team Golf Arena in Palm Beach, Florida

by Katie Sloan October 5, 2023

PALM BEACH GARDENS, FLA. — TMRW Sports Group has announced plans for a 250,000-square-foot arena development in Palm Beach Gardens. The project, dubbed SoFi Center, will be the home base for TGL, a new virtual team golf league led by a partnership between golfers Tiger Woods and Rory Mcllroy and sports executive Mike McCarley. The 1,500-seat complex will occupy 11 acres on the Palm Beach Gardens campus of Palm Beach State College. The arena will include a 75-foot high air-supported dome; a football-field sized playing surface with three sand bunkers; a 46-foot by 64-foot simulator screen; a short-game complex; and two plazas outside the venue for hosting pre-match activities. The TGL season, which commercial partner SoFi Technologies will present, is set to begin with a series of matches on primetime television in January 2024. To date, 12 PGA players have committed to playing in the TGL: Tiger Woods, Rory McIlroy, Jon Rahm, Collin Morikawa, Justin Thomas, Matt Fitzpatrick, Justin Rose, Adam Scott, Xander Schauffele, Max Homa, Rickie Fowler and Billy Horschel. Six teams of three players will compete in 15 head-to-head matches, followed by semifinals and finals matches. Team names, brands, front office staff and assigned players will be unveiled …

October 5, 2023

Development Mixed-Use Texas Top Stories

Triten Real Estate Partners Completes Assembly Park Mall Redevelopment in Plano, Texas

by Kristin Harlow October 4, 2023

PLANO, TEXAS — Triten Real Estate Partners has completed the office and retail portions of Assembly Park, the redevelopment of Market Square Mall in Plano. Located along Central Expressway and Spring Creek Parkway, the project features 180,000 square feet of creative office space, 17,000 square feet of walkable retail and dining space, a park and hiking and biking trails. Additionally, Triten is set to complete The Annabel, Assembly Park’s multifamily development, in December. The Class A apartment community features one, two- and three-bedroom units with rentable garages and storage units. Amenities include a fitness center, dog grooming room, dog park, outdoor gaming areas, coworking spaces and secure bike storage. Triten purchased the 300,000-square-foot mall in 2021 with the goal of transforming the underutilized center into a mixed-use development. The mall was built in 1983 and originally named the Outlet Mall of Americas. “Assembly Park is a true work, live, play destination, positioned to appeal to a diverse range of community members,” says Scott Arnoldy, founder of Triten. Triten enlisted Michael Hsu Office of Architecture to design the office and retail portions of Assembly Park. The interior design of the creative office space pays homage to the existing structure’s history by …

October 4, 2023

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