Top Stories

RH Opens 151-Acre Showroom and Dining Destination in Indianapolis

by John Nelson November 21, 2023

INDIANAPOLIS — RH (NYSE: RH), a home furnishings retailer formerly operating as Restoration Hardware, has opened RH Indianapolis, The Gallery at DeHaan Estate. Located at 4501 N. Michigan Road, the 151-acre property houses a 60-room, Palladian-style villa that RH has repurposed as a unique showroom and dining destination. RH Indianapolis carries home furnishing collections from the company’s Interiors, Contemporaries, Modern and Outdoor catalogues. The estate’s east and west wings include showrooms from the various RH collections, including bedroom suites on the upper level. The RH Interior Design Studio occupies the east wing’s former billiards room. Clients are able to receive professional design services via the interior design studio space, which features a private presentation room and libraries that carry RH’s various textile, furniture and lighting finishes. RH has advanced into the food-and-beverage industry in recent years, and RH Indianapolis is the latest showcase with The Dining Room restaurant and the Wine Bar and Terrace experiences. The two dining venues open onto the estate’s 35-acre private lake. The Dining Room occupies the villa’s former ballroom space, and the Wine Bar operates from the mansion’s west wing. The Terrace experience is located off the main house and includes RH Outdoor lounge spaces. …

November 21, 2023

Acquisitions Arizona Multifamily Top Stories Western

MG Properties Acquires NOVO Broadway Apartments in Tempe, Arizona for $100.2M

by Taylor Williams November 20, 2023

TEMPE, ARIZ. — San Diego-based investment firm MG Properties has acquired NOVO Broadway Apartments, a newly built apartment community in the eastern Phoenix suburb of Tempe, for $100.2 million. The seller, Evergreen Devco Inc., originally developed and delivered the property as Parc Broadway in 2022. According to Apartments.com, the property totals 324 units and features studio, one-, two- and three-bedroom units that range in size from 632 to 1,262 square feet. Residents enjoy proximity to a number of employment centers that are anchored by large technology, manufacturing and healthcare companies. Communal amenities include a pool, fitness center, outdoor grilling and dining stations, resident lounge with a TV and coffee bar, dog park and a coworking lounge. Unit amenities include stainless steel appliances, wood-style flooring, individual washers and dryers, and private balconies/patios. “NOVO Broadway Apartments is a high-quality community that is well-positioned to benefit from regional employment growth, making it an ideal fit for our long-term investment strategy,” says Jeff Gleiberman, president of MG Properties. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Milliichap, represented Evergreen Devco in the sale. Brian Eisendrath and Cameron Chalfant, also with IPA, originated an undisclosed amount of Freddie …

November 20, 2023

Affordable Housing Civic Development Hawaii Mixed-Use Multifamily Top Stories Western

EAH Housing Plans $193M Kahului Civic Center Mixed-Use Complex in Hawaii

by Jeff Shaw November 17, 2023

KAHULUI, HAWAII — The Hawaii Housing Finance and Development Corp. (HHFDC) has selected EAH Housing to develop the Kahului Civic Center Mixed-Use Complex in Kahului, on the island of Maui. The property will include a transit hub, civic center and 303 units of affordable housing. The Kahului Civic Center Mixed-Use Complex will be constructed in phases as part of a public-private partnership. EAH Housing will coordinate the development of the civic center with the State of Hawaii Department of Accounting and General Services, the transit hub with the County of Maui and the affordable housing with HHFDC. Development costs are estimated at $193 million for both phases of the project. Financing sources include 4 percent Low Income Housing Tax credits (LIHTC); Hula Mae Multi-Family Tax Exempt Bonds; State of Hawaii Rental Housing Revolving Funds (RHRF); and Dwelling Unit Revolving Funds (DURF). According to EAH Housing, the project is designed to address a critical need for affordable housing on Maui. The National Low Income Housing Coalition reports that nearly one-quarter of rental households in Hawaii report incomes at or below the national poverty guidelines. The state faces a deficit of more than 27,000 affordable housing units. “As we continually work to …

November 17, 2023

Development Illinois Midwest Office Top Stories

Fulton Street, SNK Capital Break Ground on 409,000 SF Office Development in Chicago’s Fulton Market

by Katie Sloan November 16, 2023

CHICAGO — A joint venture between Fulton Street Cos. and SNK Capital has broken ground on 919 W Fulton Street, a high-rise office development in Chicago’s Fulton Market neighborhood. The development, which will span 409,000 square feet at 919 W. Fulton St., is Chicago’s first major new office development to commence construction in over a year, according to the joint venture. The 11-story building will feature floor-to-ceiling windows; outdoor terraces on all sides; a rooftop lounge and bar; several co-working and conference spaces; and a fitness center. Chicago-based real estate investor Harrison Street Real Estate Capital has signed on to occupy 170,000 square feet at the property, which will also feature a ground-floor restaurant by the locally based Gibsons Restaurant Group. The development will also include a 65-stall parking deck on the building’s lower level, which will be connected to an existing lower-level parking structure at 210 N. Peoria St. The project is scheduled for completion in 2025 and will pursue WELL and LEED Silver certifications. Bank of the Ozarks and Manulife provided financial backing for the property. The development team includes JDL Development, Skender, FitzGerald Associates Architects, Morris Adjimi Architects, Thornton Tomasetti, Eriksson, Syska Hennessy Group and site design group …

November 16, 2023

Acquisitions Life Sciences Massachusetts Northeast Top Stories

Norges Bank Investment Management to Acquire Interest in Two Metro Boston Life Sciences Properties for $746.4M

by Kristin Harlow November 15, 2023

CAMBRIDGE, MASS. — Norges Bank Investment Management has signed an agreement to acquire a 45 percent interest in two life sciences properties in Cambridge’s Kendall Square neighborhood, just across the Charles River from Boston. BXP (NYSE: BXP) was the seller. The transaction includes 290 Binney Street, a 16-story, 570,000-square-foot property currently under construction. It is fully preleased to AstraZeneca, which expects to take occupancy in April 2026. The other property is 300 Binney Street, a six-story facility undergoing redevelopment. The Broad Institute has preleased the 240,000-square-foot building and plans to take occupancy in January 2025. Norges acquired the interest for an initial payment of $212.9 million and has committed to a total project cost of $746.4 million. Upon completion, the total value of the two buildings is projected to be $1.6 billion. The assets are unencumbered by debt, and no financing was involved in the transaction. BXP will retain the remaining 55 percent interest in the assets and will manage the properties on behalf of the partnership. Cambridge is among the largest hub of life sciences properties in the United States. The home of both Harvard University and Massachusetts Institute of Technology (MIT), the city hosts a slew of major …

November 15, 2023

California Development Hospitality Restaurant Retail Top Stories Western

Hard Rock, Steinhaur to Co-Develop 31-Story Hard Rock Hotel Long Beach in Southern California

by John Nelson November 14, 2023

LONG BEACH, CALIF. — Global hotelier Hard Rock International has partnered with development firm Steinhauer Properties to develop Hard Rock Hotel Long Beach, a 31-story hotel in downtown Long Beach. The hotel will be situated adjacent to the Long Beach Convention & Entertainment Center along East Ocean Boulevard. Hard Rock Hotel Long Beach will include approximately 427 rooms and suites, including a Rock Star Suite. The hotel will also feature the tallest open rooftop bar on the Southern California coast, as well as an outdoor swimming pool with an amenities deck. The co-developers plan to break ground on the hotel in summer 2024 with plans to open the property in spring 2027. The new development is expected to create approximately 3,100 construction jobs and approximately 500 permanent positions once operations begin in 2027. The hotel represents the first new full-service hotel to be built in Long Beach in 30 years and the first new Hard Rock hotel in Southern California in almost a decade, according to Hard Rock. Amenities will also include Body Rock Fitness Studio, two onsite restaurant options and a Rock Shop that will sell Hard Rock merchandise and other items. The new property will also feature a …

November 14, 2023

Acquisitions California Industrial Top Stories Western

Ocean West Acquires Five Industrial Properties in California’s Inland Empire for $100M

by Taylor Williams November 13, 2023

El SEGUNDO, CALIF. — Ocean West Capital Partners, an investment firm based in the Los Angeles suburb of El Segundo, has acquired five industrial properties totaling roughly 1.8 million square feet in California’s Inland Empire. The sellers were not disclosed. The sales price was approximately $100 million. The acquisition includes a portfolio of four industrial outdoor storage (IOS) sites that total 921,729 square feet across 21.2 acres in the Inland Empire’s San Bernardino and Fontana submarkets. The facilities were all delivered this year and feature concrete pavement, new fencing and lighting and a combined 604 total trailer stalls. All four of the properties recently received the necessary permits and approvals from the municipalities in which they are located to allow for outdoor storage uses, including trailer storage use. Each of the facilities is currently available for lease. The seller was not disclosed. Additionally, Ocean West acquired an advanced manufacturing facility totaling 908,000 square feet in Hanford. The facility, which was purchased off-market, houses the headquarters of luxury electric vehicle manufacturer Faraday Future, which recently upgraded the property and will continue to lease the space. “The Inland Empire is one of the most sought-after markets within the IOS sector given the …

November 13, 2023

Arizona Development Industrial Top Stories Western

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

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