Top Stories

Wegmans to Open 87,500 SF Grocery Store in Manhattan’s East Village Neighborhood

by Katie Sloan July 31, 2023

NEW YORK CITY — Wegmans Food Market has announced plans to open an 87,500-square-foot store at 770 Broadway in Manhattan’s East Village neighborhood. The market, dubbed Wegmans Astor Place, will be located at the base of an office building that Vornado Realty Trust owns. Meta, formerly known as Facebook, occupies the office portion of the property. The store, which is set to open on Oct. 18, will offer made-to-order and packaged foods; ready-to-eat and ready-to-heat options, including a selection of entrees and sides for individuals and families; and a ‘restaurant foods’ section with fresh sushi, salads, sandwiches, soups, pizza and wings. The location will also include an onsite dining room with sushi and oyster bars, which are set to open in early 2024. This store will be Wegman’s second in New York City, following the opening of Wegmans Brooklyn in 2019. “We know our customers can’t wait to come see what we have in store and our employees have been training, in some cases, for over a year to get ready for this day,” says Matt Dailor, the new store’s manager. “Wegmans is a celebration of food and people, and we can’t wait to open the doors on October 18 …

July 31, 2023

Development District of Columbia Office Southeast Top Stories

Arctaris Impact Investors Opens $152M Northeast Heights Opportunity Zone Office Project in Washington, D.C.

by Jeff Shaw July 28, 2023

WASHINGTON, D.C. — Arctaris Impact Investors LLC has completed Phase I of Northeast Heights, a six-story, 281,000-square-foot office building in Ward 7 of Washington, D.C. The office building is located in a Qualified Opportunity Zone, which is an economically distressed area where new investments may be eligible for preferential tax treatment. The office building is the first phase of a three-phase, $600 million effort to revitalize Ward 7, according to Arctaris’ website. Future phases of Northeast Heights are expected to include a grocery store redevelopment, approximately 1,300 residential units and community spaces. According to Arctaris, the project was catalyzed by D.C. Mayor Muriel Bowser’s mandate for city agencies to use the leasing power of the D.C. government to encourage economic development in historically underserved communities. Northeast Heights was pre-leased to the city’s Department of General Services and will serve as the new headquarters for the agency, which employs approximately 700 people. The Department of General Services was the first city agency to sign a contract for office space east of the Anacostia River under this initiative. “Arctaris is proud to be part of the coalition led by Mayor Bowser, combining forces with like-minded, community-oriented investors to help bring new vitality …

July 28, 2023

Acquisitions Hospitality Midwest Minnesota Mixed-Use Office Top Stories

CBRE Arranges $225M Sale of Office Portion of RBC Gateway Tower in Minneapolis

by Katie Sloan July 27, 2023

MINNEAPOLIS — CBRE has arranged the $225 million sale of the office component of RBC Gateway Tower, a newly constructed mixed-use development located at 250 Nicollet Mall in Minneapolis. The portion acquired by San Francisco-based Spear Street Capital includes 525,000 square feet of office space, a ground-floor office lobby and 296 below-grade parking spaces. Ryan Watts, Tom Holtz, Brandon McMenomy, Steven Ward, Greg Greene and Harrison Wagenseil of CBRE represented the seller, United Properties, in the transaction. The office portion of the property was 99 percent leased at the time of sale to six tenants including RBC Capital Markets, United Properties and Pohlad Cos. The 1.2 million-square-foot tower also includes the 222-room Four Seasons Hotel Minneapolis — Minnesota’s first five-star hotel, according to CBRE — and 34 luxury Four Seasons Private Residences on the uppermost floors. Three restaurants are also on-site, including a full-service restaurant and bar, Mara, and Socca Café. “RBC Gateway Tower is a crown jewel in the Gateway District, with unmatched location and amenities,” says Watts of CBRE. “Premier properties like this offer exceptional workspaces that cater to the needs of modern employees, making them highly desirable as companies adapt to new workplace trends.” Minneapolis-based United Properties …

July 27, 2023

Development Loans New York Northeast Top Stories

Canyon Partners, J.P. Morgan Provide $193M Construction Loan for Sunnyside Campus Production Studio in Queens

by Kristin Harlow July 26, 2023

NEW YORK CITY — Canyon Partners Real Estate LLC and J.P. Morgan have provided a $193 million senior construction loan to East End Studios for the ground-up development of Sunnyside Campus, a media and content production studio in Queens. Construction is underway, and completion is slated for the first quarter of 2025. Sunnyside Campus will total 275,000 square feet and feature three full-service, ground-floor sound stages spanning 75,000 square feet. The stages will feature clear heights of 37 feet and may be subdivided. Plans additionally call for a 15,000-square-foot rooftop flex stage with views of the Queens, Brooklyn and Manhattan skylines along with ample outdoor gathering space. The stages will be supported by 125,000 square feet of production, office and mill spaces, 225 below-grade parking spaces, and eight enclosed loading bays for full-size trucks. Mill space can be utilized for set construction, welding, props, special effects and more. Like all East End Studios projects, the Sunnyside facility will be fully integrated with extended reality and virtual reality infrastructure. Positioned on a full city block between Queens Boulevard and the Long Island Expressway, the Sunnyside campus offers cast and crew members convenient public transportation options. The New York City Industrial Development …

July 26, 2023

Development Southeast Student Housing Top Stories Virginia

Balfour Beatty Plans $240M Student Housing Project at William & Mary in Williamsburg, Virginia

by John Nelson July 25, 2023

WILLIAMSBURG, VA. — Balfour Beatty Campus Solutions, a developer and operator of college and university real estate and infrastructure projects, has released plans for on-campus student housing options at William & Mary, a public research university in Williamsburg. The developer formed a public-private partnership with the school to bring the $240 million project to fruition. The new student housing accommodations will exceed 1,200 new beds. The general contractors, which includes Balfour Beatty’s buildings division and Richmond-based Kjellstrom+Lee, plan to break ground this month and open for student occupation in 2025. The first phase will deliver 935 beds at West Woods on the west side of William & Mary that will feature modern living units and community spaces, as well as a 50,000-square-foot dining hall. The second phase will feature 269 beds in a new facility adjacent to the school’s Lemon and Hardy Halls along Jamestown Road. The residence halls will be heated using geothermal heating and air conditioning in support of the school’s Climate Action Roadmap, which aims for a carbon-neutral campus by 2030. Lemon and Hardy Halls will also be transitioned to geothermal heating and cooling as part of the project. The design-build team includes VDMO Architects and CMTA. …

July 25, 2023

California Company News Industrial New York Northeast Self-Storage Top Stories Western

Public Storage Agrees to Acquire Simply Self Storage from Blackstone for $2.2B

by Taylor Williams July 24, 2023

GLENDALE, CALIF. AND NEW YORK CITY — Self-storage REIT Public Storage (NYSE: PSA) has agreed to acquire Simply Self Storage from New York City-based Blackstone Real Estate Income Trust Inc. (BREIT) for $2.2 billion. The deal is scheduled to close during the third quarter. Simply Self Storage is an owner-operator that was founded in Orlando in 2003. The company owns 127 facilities and operates 25 more on a third-party basis for a total of more than 11 million net rentable square feet across 18 states. Roughly 65 percent of Simply Self Storage’s portfolio, which has a collective occupancy rate of 91 percent, is concentrated in Sun Belt markets. “This acquisition reflects the continued execution of our multi-factor external growth platform, which includes acquisitions, development, redevelopment, expansion and third-party management,” says Joe Russell, CEO of Public Storage. “We are pleased to complete this transaction with Blackstone, which has done a tremendous job of growing and improving the quality and operations of the Simply portfolio over the past few years.” “Where you invest matters, and this transaction demonstrates the strong investor demand for the high-quality assets and platforms we have assembled within BREIT,” adds Nadeem Meghji, head of Blackstone Real Estate Americas. …

July 24, 2023

Acquisitions California Retail Top Stories Western

Unibail-Rodamco-Westfield Sells 1.1 MSF Westfield Mission Valley Shopping Center in San Diego for $290M

by Jeff Shaw July 21, 2023

SAN DIEGO — French investor Unibail-Rodamco-Westfield (URW) has sold Westfield Mission Valley, a 1.1-million-square-foot retail center in San Diego, for $290 million. Spread across two separate parcels, URW sold the eastern portion to Lowe and Real Capital Solutions, while Sunbelt Investment Holdings Inc. bought the smaller western portion. The Westfield Mission Valley shopping mall, the eastern part of the property, was originally built in 1960 on a 41-acre site. The center currently offers 73 shops, including Target, Nordstrom Rack, Macy’s Home, Michael’s, Bloomingdale’s Outlet and a 24-Hour Fitness, as well as restaurants such as Yard House, Outback and Buffalo Wild Wings. The center also includes the AMC Mission Valley 20 movie theater. The western portion of the asset features a Trader Joe’s, Marshalls and variety of smaller restaurants and retailers. The property is located opposite the San Diego Trolley’s Mission Valley Center Station. The mall is also accessible to thoroughfares such as I-8, I-805 and Highway 163. Lowe and Real Capital Solutions plan to redevelop their portion of the property into a walkable, transit-oriented, mixed-use village. Lowe will lead the redevelopment project. The team plans to refresh the existing retail and add complementary uses such as multifamily residential to the …

July 21, 2023

Development Mixed-Use Multifamily New York Northeast Office Top Stories

Dynamic Star to Break Ground on Phase I of Fordham Landing Mixed-Use Project in The Bronx

by Katie Sloan July 20, 2023

NEW YORK CITY — Dynamic Star has released details for One Fordham Landing, a 350,000-square-foot office building located in the University Heights neighborhood of The Bronx in New York City. The building will be the first of a larger mixed-use development, Fordham Landing, which is valued at $3.5 billion, according to Crain’s New York Business. Located on West Fordham Road along the Harlem River, Fordham Landing will be developed in phases beginning with the segment Fordham Landing South. Alongside the recently announced office building, this initial phase will include 505 units of affordable and market-rate housing. The multifamily and office portions of the project will share a 20,000-square-foot amenity space featuring community gardening areas, a pickleball court, lap pool, basketball court and fitness center. Plans for Phase I also include a landscaped public waterfront esplanade overlooking the Harlem River. One Fordham Landing, which is scheduled for completion in 2025, will target medical and educational tenants. The building’s base will feature 28,000-square-foot floor plates with 18-foot ceiling heights, and the upper floors of the project will feature 10,000-square-foot floor plates. The development is also set to include a new entrance and pedestrian bridge to the adjacent North University Heights Metro station. …

July 20, 2023

Development Florida Retail Southeast Top Stories

Jacksonville Jaguars Open $120M Practice Facility in Downtown Jacksonville, Plan for ‘Stadium of the Future’

by Kristin Harlow July 19, 2023

JACKSONVILLE, FLA. — The NFL’s Jacksonville Jaguars have opened the Miller Electric Center, a $120 million practice facility in downtown Jacksonville. The 125,000-square-foot facility comprises an indoor practice field, offices, locker rooms, a draft room, shaded viewing area, concessions, team retail store and medical facilities. The Miller Electric Center is a public-private partnership between the Jaguars and the City of Jacksonville. The city also owns TIAA Bank Field, the Jaguars’ home stadium that is in the planning stages for a roughly $1 billion overhaul. The city and Jaguars owner Shad Khan would share the expense if they can reach an agreement on the stadium and accompanying extension of the team’s lease, according to The Florida Times-Union. The Jaguars organization plans to begin its training camp at the new practice facility Wednesday, July 26. The team hosted a ribbon-cutting ceremony for Miller Electric Center yesterday that featured Khan, along with newly inaugurated Jacksonville Mayor Donna Deegan, Jaguars president Mark Lamping and Jaguars head coach Doug Pederson, among others. Stadium of the Future In June, the Jaguars unveiled conceptual designs for its “Stadium of the Future,” a design project nearly three years in the making intended to spark a transformation of the city’s …

July 19, 2023

Development Florida Loans Mixed-Use Multifamily Southeast Top Stories

PMG, Greybrook Receive $226M Construction Loan for High-Rise Apartment Development in Fort Lauderdale

by John Nelson July 18, 2023

FORT LAUDERDALE, FLA. — A partnership between PMG, a development and investment firm with offices in New York City and Miami, and Toronto-based private equity firm Greybrook has received a $226 million construction loan for a high-rise apartment tower in downtown Fort Lauderdale. Related Fund Management and Lubert-Adler provided the financing to the developers. Located at 140 S.W. 2nd St., the 42-story building represents Phase II of Society Las Olas, the first phase of which opened in May 2020 and sold in 2021. Phase I’s retail component, which spans 17,000 square feet, was sold separately to PMG and Greybrook in early 2022 for $17 million. Phase II of Society Las Olas will add 563 new luxury apartments to the local supply, as well as 1,652 square feet of ground-floor retail space. Units will comprise apartments with traditional rental arrangements as well as co-living/rent-by-bedroom options. Amenities will include a coworking lab with private meeting rooms, pool deck, yoga lawn and a modern fitness center. Residents will have access to a proprietary mobile app that will enable keyless entry and allow residents to manage guest lists, adjust smart thermostats, send notifications about packages, manage payments, request maintenance and register for community events. …

July 18, 2023

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