Top Stories

Texas Woman’s University to Break Ground on $107M Health Sciences Center in Denton, Texas

by Jeff Shaw August 31, 2023

DENTON, TEXAS — Texas Woman’s University (TWU) will break ground on a $107 million health sciences center in Denton on Friday, Sept. 15. The 136,000-square-foot facility will serve students in the allied healthcare fields such as nursing, physical therapy and occupational therapy. TWU states the goal of the center is to graduate 30 percent more nursing and healthcare professionals, with a special emphasis on preparing students to serve in rural settings. The new health sciences center will be constructed on seven acres adjacent to Parliament Village, a TWU residential complex housing 872 students. Plans for the facility include laboratory space, classrooms, collaborative workspaces, outdoor clinic sites and a teaching kitchen, as well as community healthcare clinics and training areas for students. Alongside the groundbreaking, TWU will launch the public phase of the $125 million Dream Big Campaign. This is TWU’S first comprehensive fundraising campaign. The Dream Big Campaign is intended to commemorate university’s 125th anniversary in 2026. TWU is a public university that was established in 1901. The university’s main campus is in Denton, with additional health science centers in Dallas and Houston. While TWU admitted its first male students in 1972 and has been fully co-educational since 1992, the school is …

August 31, 2023

Acquisitions Colorado Hospitality Northeast Pennsylvania Top Stories Western

KSL Capital Partners Agrees to Acquire Hersha Hospitality Trust for $1.4B

by Kristin Harlow August 30, 2023

DENVER AND PHILADELPHIA — Hersha Hospitality Trust (NYSE: HT) and KSL Capital Partners LLC have entered a definitive merger agreement under which affiliates of KSL will acquire all the outstanding common shares of Hersha for $10 per share in an all-cash transaction valued at approximately $1.4 billion. Philadelphia-based Hersha is a self-advised real estate investment trust in the hospitality sector, owning and operating luxury and lifestyle hotels in coastal gateway and resort markets. The company’s 25 hotels total 3,811 rooms and are located in New York, Washington, D.C., Boston, Philadelphia, South Florida and California. KSL is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. In addition to its Denver headquarters, the firm also maintains offices in New York City, Stamford, Conn., and London. The purchase price represents a premium of approximately 60 percent over Hersha’s closing share price on Friday, Aug. 25, the last full trading day prior to the announcement. Upon completion, Hersha will no longer be publicly traded. “Hersha and its team have built an impressive, curated portfolio of experiential luxury and lifestyle hotels and resorts in strategic markets,” says Marty Newburger, partner at …

August 30, 2023

Development Florida Mixed-Use Southeast Top Stories

Inter Miami FC Begins Construction on 131-Acre Entertainment District, New Stadium

by Taylor Williams August 29, 2023

MIAMI — Inter Miami FC has begun construction on Miami Freedom Park, the Major League Soccer (MLS) club’s new 131-acre entertainment district, the centerpiece of which will be a 25,000-seat stadium. The project is a redevelopment of the former site of the Melreese Country Club in the city’s Grapeland Heights neighborhood. In addition to the stadium, Miami Freedom Park will feature a 58-acre public park that will have soccer and youth athletic fields for the community, as well as office, hospitality, retail and restaurant uses. Leasing campaigns for the retail and restaurant components are already underway, as are efforts to cultivate corporate partnerships. Crews are now performing preliminary earthwork and sitework that will overlap with the start of vertical construction. A formal groundbreaking ceremony will take place later this year, and the development is slated for a 2025 completion. Redevelopment plans were previously approved by voters and the City of Miami Commission. A major impetus behind the development has been the club’s signing of international superstar Lionel Messi. The Miami Herald reports that the club intends for Messi, who previously signed a 2.5-year, $150 million deal that includes a future ownership stake in the team after he retires, to play at …

August 29, 2023

Acquisitions Company News Net Lease New York Northeast Retail Top Stories

Retail REIT Merger: Kimco Realty to Acquire RPT Realty for $2B in All-Stock Transaction

by John Nelson August 28, 2023

JERICHO AND NEW YORK CITY, N.Y. — Kimco Realty (NYSE: KIM) has entered into a definitive merger agreement with RPT Realty (NYSE: RPT) under which Kimco will acquire RPT Realty in an all-stock transaction. Both REITs are based in New York — Kimco in Jericho and RPT in Manhattan — and own and operate open-air and grocery-anchored shopping centers, as well as mixed-use assets. Kimco valued the transaction at approximately $2 billion, including the assumption of debt and preferred stock. The merger will add 56 open-air shopping centers, including 43 wholly owned and 13 joint venture assets, to Kimco’s existing portfolio of 528 properties. The affected portfolio spans 13.3 million square feet of gross leasable area. GIC, a sovereign wealth fund based in Singapore, is RPT Realty’s largest joint venture partner and plans to continue its dual ownership with the combined company post-merger. Conor Flynn, CEO of Kimco, says that roughly 70 percent of RPT Realty’s portfolio aligns with Kimco’s strategic markets. This includes Mary Brickell Village, a mixed-use development in Miami that RPT Realty purchased last year for $216 million. Kimco plans to remerchandise and redevelop portions of the center, as well as add it to the company’s Signature Series …

August 28, 2023

Acquisitions Hospitality Nevada Top Stories Western

Realty Income Acquires 21.9 Percent Stake in Bellagio Las Vegas from Blackstone for $950M

by Jeff Shaw August 25, 2023

LAS VEGAS — Realty Income Corp. has signed a definitive agreement to acquire common and preferred equity interests from Blackstone Real Estate Income Trust Inc. (BREIT) for $950 million. The transaction forms a new joint venture that owns a 95 percent interest in the real estate assets of The Bellagio Las Vegas, a luxury hotel and casino on the Las Vegas Strip. Upon closing, Realty Income will invest approximately $300 million of common equity in the joint venture to acquire a 21.9 percent indirect interest in the property. BREIT will retain a 73.1 indirect interest. The operator of the property, MGM Resorts International (MGM), will retain a 5 percent indirect interest. Realty Income will also acquire a yield-bearing preferred equity interest in the joint venture for $650 million. The transaction is expected to close in the fourth quarter of 2023. The Bellagio features approximately 4,000 guest rooms and suites across two towers, as well as 157,000 square feet of gaming space and 200,000 square feet of meeting and event facilities. The 77-acre campus also includes the Fountains of Bellagio and multiple Michelin Star restaurants. MGM operates The Bellagio on a triple-net lease with approximately 26 years of remaining term. The existing lease …

August 25, 2023

Acquisitions Company News Restaurant Retail Top Stories

Roark Capital Agrees to Acquire Subway Restaurant Chain

by Hayden Spiess August 24, 2023

MILFORD, CONN. — Private equity firm Roark Capital has entered into a definitive agreement with Subway to acquire the Milford-based restaurant chain. The price was not disclosed, but according to CNBC, Subway previously sought $10 billion, and The Wall Street Journal reported on Monday that Roark offered $9.6 billion. According to CNBC, other bidders reportedly included TDR Capital and Sycamore Partners. Founded more than 50 years ago by Peter Buck and Fred DeLuca, Subway boasts 36,592 restaurants globally, according to the company website. Market-research firm Technomic has reported that the chain garnered $9.8 billion in domestic sales across 20,810 stores last year. The DeLuca and Buck families have continued to own the company, with this acquisition marking the first departure from family ownership. Atlanta-based Roark currently has $37 billion in assets under management, with a focus on consumer and business service companies and a specialization in franchise and multi-location businesses in the retail and restaurant sectors. The firm backs Focus Brands Group, which owns Auntie Anne’s, Carvel, Cinnabon, Jamba, McAlister’s Deli, Moe’s Southwest Grill and Schlotzsky’s. “This transaction reflects Subway’s long-term growth potential, and the substantial value of our brand and our franchisees around the world,” says John Chidsey, who has served as chief executive officer …

August 24, 2023

Development Leasing Activity Massachusetts Northeast Office Top Stories

LEGO Group’s Americas Division to Relocate to 100,000 SF Office in Boston’s Back Bay

by Kristin Harlow August 23, 2023

BOSTON — The LEGO Group has chosen 1001 Boylston St. in Boston’s Back Bay neighborhood as the location of its new Americas head office when the company relocates in 2026. LEGO first announced in January that it would be relocating from its current base in Enfield, Conn. Samuels & Associates is the developer of 1001 Boylston St., which will feature 450,000 square feet of office and life sciences space, 35,000 square feet of shops and restaurants, new public plazas and a CitizenM hotel over the Massachusetts Turnpike. The project is slated to open in 2024. Amenities at the property will include a fitness center, wellbeing room, parent room and onsite parking and bike storage. The building was designed to achieve multiple sustainability certifications: LEED Gold, WELL Gold and WELL Core Gold v2. Elkus Manfredi served as the project architect. Spread over five floors and more than 100,000 square feet, LEGO’s new office will feature areas for collaboration as well as “concentrative work zones.” The site is accessible for employees walking and cycling to work, and is situated near Green Line and Orange Line public transit stops. LEGO says the location was strategically chosen to draw upon the region’s diverse talent …

August 23, 2023

Development Loans Multifamily New Jersey Northeast Top Stories

JLL Arranges $193M in Construction Financing for Pathside Apartment Tower in Jersey City, New Jersey

by John Nelson August 22, 2023

JERSEY CITY, N.J. — JLL has arranged a $193 million construction loan for Pathside, a 605-unit luxury apartment tower in Jersey City, a suburb of New York City. Located at 499-507 Summit Ave. in the city’s Journal Square neighborhood, the high-rise will be situated within an opportunity zone and adjacent to the PATH subway station. Thomas Didio, Thomas Didio Jr., Gerard Quinn and Salvatore Buzzerio of the debt advisory team at JLL Capital Markets arranged the five-year, floating-rate, nonrecourse loan through Pacific Life. The borrower, locally based Panepinto Properties Inc., plans to deliver Pathside in the second quarter of 2026. Joseph Panepinto Jr., global president of Panepinto Properties, led the financing negotiations on behalf of the developer. “We are excited to announce the vertical capitalization of Pathside, the newest luxury delivery in Panepinto’s Gold Coast pipeline,” says Thomas Didio Jr. “Pacific Life provided the borrower team with an accretive single-source solution in a very challenging market for large construction loans.” Upon completion, Pathside will feature studio, one-, two- and three-bedroom apartments averaging 710 square feet in size. The property will also feature 3,200 square feet of commercial space on the ground level. The general contractor on the project is AJD Construction, …

August 22, 2023

Acquisitions Build-to-Rent Development Single-Family Rental Southeast Top Stories Virginia

AREP, GreenBarn Acquire Build-to-Rent Development Site in Ashburn, Virginia, for $120M

by Taylor Williams August 21, 2023

ASHBURN, VA. — A partnership between American Real Estate Partners (AREP) and GreenBarn Investment Group has acquired a development site in Ashburn, located in Northern Virginia’s Loudoun County approximately 30 miles west of Washington, D.C. The site is fully approved for the construction of 200 build-to-rent homes. The price was $120 million. National homebuilder Dream Finders Homes originally acquired and entitled the site before selling it to the partnership. Genesis Capital, a subsidiary of New York City-based REIT Rithm Capital Corp., provided an $86.4 million loan to the partnership to fund both acquisition and construction costs. Rithm Capital is also an equity partner on the project. According to the property website, CityHouse Ashburn Station will consist entirely of three-bedroom units with an average size of 2,000 square feet. Preleasing for Phase I of the project is currently underway, and the development team expects to fully complete the community within the next 15 months. Residences will offer attached private garages, large island kitchens, full-size washers and dryers and various pieces of smart home technology. Residents will also have access to sports courts, communal green spaces, pet-friendly facilities and indoor/outdoor entertainment areas. Rents start at around $4,000 per month. “With this acquisition, …

August 21, 2023

Acquisitions Multifamily Top Stories Washington Western

JLL Brokers $125M Sale of 360-Unit Radiate Apartments in Redmond, Washington

by Jeff Shaw August 18, 2023

REDMOND, WASH. — JLL Capital Markets has arranged the sale of Radiate Apartments, a 360-unit luxury community in Redmond, an eastern suburb of Seattle. Jackson Square Properties acquired the asset from Fairfield Residential for $125 million. Radiate Apartments was built in 2021. The community offers 360 apartments in studio, one- and two-bedroom floor plans. Units feature full-size washers and dryers, stainless steel appliances, quartz countertops and wood-style plank flooring. Amenities include an outdoor terrace, barbecue area, complimentary coffee bar, resident social lounge, game room, demonstration kitchen, fitness center and co-working lounge. According to Apartments.com, the complex rises six stories and is served by an elevator. Located at 15808 Bear Creek Pkwy. in Redmond’s downtown area, Radiate Apartments is less than half a mile from Redmond Town Center, an outdoor shopping center with more than 120 retail stores, 20 restaurants, three hotels and entertainment venue space. According to JLL, there is approximately 1.9 million square feet of retail, restaurant and entertainment space within a half-mile radius of the community. Additionally, Radiate Apartments is about 15 miles from downtown Seattle and eight miles from downtown Bellevue. The property offers access to the Redmond Central Connector trail, which will connect to the upcoming Downton …

August 18, 2023

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