Top Stories

Greystone to Develop Four Affordable Housing Properties in South Carolina

by Jeff Shaw February 24, 2023

GREENVILLE, SPARTANBURG AND COLUMBIA, S.C. — Greystone Affordable Development is serving as development manager four affordable housing properties totaling 855 units in South Carolina. The three properties include: The Park at Sondrio in Greenville, which comprises 271 one- and two-bedroom units. Greystone acquired the property for $38.1 million. The Park at Vietti in Spartanburg, which comprises 204 units. Greystone acquired the property for $26.9 million. According to Apartments.com, the property was originally built in 1986, and offers one- and two-bedroom floor plans. Windsor Shores in Columbia, comprising 176 units, which Greystone acquired for $22.4 million. The Ivy in Greenville, comprising 212 units, was acquired for $30.5 million. For the fourth transaction, Greystone’s Adam Lipkin originated a financing solution through GHI. Greystone Affordable Development will serve as the developer on this renovation project at that property as well. Two nonprofit entities recently acquired the portfolio — Greenville Housing Fund acquired The Ivy and Opportunity South Carolina acquired the other three. The acquisition price was $118 million. Greystone Housing Impact Investors LP (GHI) provided financing for the acquisition and rehabilitation development transactions. Cushman & Wakefield, with which Greystone has a strategic joint venture, provided multifamily investment sales advisement on the transactions. The teams …

February 24, 2023

Affordable Housing Development Michigan Midwest Mixed-Use Multifamily Office Retail Top Stories

Bedrock Plans 1.5 MSF Cadillac Square Mixed-Use Development in Downtown Detroit

by Jeff Shaw February 23, 2023

DETROIT — Locally based real estate firm Bedrock has unveiled plans for Development at Cadillac Square, a 1.5 million-square-foot mixed-use campus in downtown Detroit. The site is located near Ford Field, home of the NFL’s Detroit Lions, as well as Campus Martius Park and Cadillac Square. The development will feature residential, retail, office and entertainment space, as well as parking. Bedrock is owned by billionaire and Rocket Cos. founder Dan Gilbert, who with his companies has invested $5.6 billion in the purchase and rehabilitation of buildings in downtown Detroit, according to Forbes. Gilbert himself boasts a net worth of $18 billion and owns Rocket Mortgage Fieldhouse — home of the NBA’s Cleveland Cavaliers (also owned by Gilbert) — in Cleveland, Ohio, where his real estate arm is planning the Cuyahoga Riverfront, another in the trend of developing mixed-use projects around sports stadiums. Upon completion, the Development at Cadillac Square property will include 230,000 square feet of residential space, comprised of 250 to 280 units. The project is subject to an Affordable Housing Agreement with the City of Detroit. Retail space will total 90,000 square feet in the form of a market hall, grocery store, restaurants and other shops. Plans for …

February 23, 2023

Acquisitions Connecticut Industrial New York Northeast Pennsylvania Top Stories

Centerbridge Partners, GIC Real Estate Agree to Acquire INDUS Realty Trust for $868M

by Kristin Harlow February 22, 2023

NEW YORK CITY — Affiliates of Centerbridge Partners LP and GIC Real Estate Inc. have entered into an agreement to acquire INDUS Realty Trust Inc. (Nasdaq: INDT) in an all-cash transaction valued at approximately $868 million. Participating members of INDUS’ board of directors have unanimously approved the deal. Under the terms of the merger agreement, INDUS stockholders will receive $67 per share in cash. That figure represents a premium of 17 percent to the company’s closing stock price on Nov. 25, the date of Centerbridge’s initial public announcement that it intended to issue a takeover offer with GIC to acquire INDUS. “The transaction delivers immediate and significant value to our stockholders, and we believe it validates the quality of the platform and portfolio we have built over INDUS’ long history,” says Michael Gamzon, president and CEO of INDUS. INDUS, a New York City-based industrial REIT, owns 42 buildings totaling roughly 6.1 million square feet in Connecticut, Pennsylvania, North Carolina, South Carolina and Florida. The deal is expected to close this summer and is subject to customary closing conditions. Upon completion of the transaction, INDUS’ common stock will no longer be listed on Nasdaq and INDUS will become a privately held …

February 22, 2023

Acquisitions Midwest Mixed-Use Multifamily Ohio Restaurant Retail Top Stories

Nicol Investment Sells The Banks Mixed-Use Project in Downtown Cincinnati for $177M

by Jeff Shaw February 21, 2023

CINCINNATI — Nicol Investment Co. has sold the Riverfront Portfolio at The Banks, a mixed-use development in downtown Cincinnati, to Crawford Hoying. The sales price was not disclosed, but the Cincinnati Business Courier reports the assets traded for approximately $177 million. The project consists of two multifamily properties totaling 592 units, Current at the Banks and Radius at the Banks, in addition to approximately 100,000 square feet of ground-floor retail space. The properties are located in the city’s Central Business District, nestled between Great American Ballpark (home of the MLB’s Cincinnati Reds), Paycor Stadium (home of the NFL’s Cincinnati Bengals) and the Ohio River, which separates Ohio from Kentucky. The 300-unit Current at the Banks includes more than 77,000 square feet of ground-floor retail space leased to The Holy Grail, Jefferson Social, Fishbowl and Ruth’s Chris. Radius at the Banks features 292 units as well as 19,000 square feet of ground-floor retail, which includes E+O Kitchen and Taste of Belgium. “Crawford Hoying brings tremendous value to the high-profile project as a manager and operator of various commercial real estate projects throughout Ohio,” says Ron Johnson, chief financial officer at Nicol. “We’d like to thank the CBRE Riverfront Team, led by …

February 21, 2023

Development Indiana Midwest Mixed-Use Top Stories

Keystone Group, Indy Eleven to Break Ground on $1B Mixed-Use Project in Downtown Indianapolis

by John Nelson February 20, 2023

INDIANAPOLIS — Locally based developer Keystone Group and the Indy Eleven professional soccer club have announced plans to break ground this May on Eleven Park, a mixed-use development in Indianapolis. Anchored by a 20,000-seat multipurpose stadium that will host Indy Eleven’s home games, the project will transform the southwest quadrant of downtown Indianapolis. The Indianapolis Star reports the project has a price tag of $1 billion. In addition to the stadium, Eleven Park will feature 600 apartment units; 205,000 square feet of office space; nearly 200,000 square feet of shops and restaurants; a hotel; public plazas with green space housing a dog park, water features and kid’s play areas; and public parking garages. The co-developers also plan for the project to have an indoor, 4,000-seat music and entertainment venue, rooftop bars, walkways along the White River and direct access to The Cultural Trail, an urban trail spanning eight miles. “Eleven Park will not only change the skyline of Indianapolis, but will add over 1,000 jobs, have a huge economic impact, create quality-of-life benefits and attract talent and opportunities to our city and state,” says Ersal Ozdemir, chairman and founder of Keystone Group. Ozdemir also owns the Indy Eleven franchise. “Our …

February 20, 2023

Acquisitions Company News Life Sciences New Jersey Northeast Top Stories

Joint Venture Acquires 2 MSF Merck Life Sciences Campus in New Jersey

by Jeff Shaw February 17, 2023

KENILWORTH, N.J. — Biopharmaceutical giant Merck (NYSE: MRK) has agreed to sell its 108-acre office and research campus in Kenilworth to a joint venture between private investment firms Onyx Equities and Machine Investment Group. The price was not disclosed. The life sciences campus, formerly Merck’s headquarters, features 1.4 million square feet of laboratory space, 500,000 square feet of Class A office space, 30 acres of developable land, a 25-megawatt cogeneration plant, three cafeterias, a fitness center, auditoriums, conference centers, outdoor amenity areas and more than 3,200 surface and structured parking spaces. The property sits off Garden State Parkway and is located near to Route 78, the Route 22 retail corridor, the New Jersey Turnpike, Newark Liberty International Airport and the Port Newark Elizabeth Marine Terminal. Kenilworth is located just across the Arthur Kill waterway that separates New Jersey from Staten Island. The buyers plan to market and lease out the site’s laboratories and support facilities to biotechnology, pharmaceutical, and technology companies. Merck will vacate the property in phases over the next several years while expansion progresses on the firm’s new headquarters in nearby Rahway. “New Jersey receives two forms of good news today as one of the pillars of our business community …

February 17, 2023

Acquisitions Life Sciences Massachusetts Northeast Top Stories

Oxford Properties Group Acquires Biomanufacturing Facility in Metro Boston for $125M

by Jeff Shaw February 16, 2023

MARLBOROUGH, MASS. — Oxford Properties Group has acquired 92 Crowley Drive, a 120,000-square-foot biomanufacturing facility in Marlborough, approximately 20 miles west of Boston. The property is currently under construction. Resilience, a life sciences company that develops and produces medicine, sold the asset for $125 million. As part of the transaction, Oxford will lease 92 Crowley Drive back to Resilience for up to 30 years. PGIM provided $58 million in fixed-rate acquisition financing for the deal. Upon final completion in late 2023, 92 Crowley will be Resilience’s flagship facility in the U.S., featuring state-of-the-art analytical and manufacturing technology. The facility is designed with multi-modality manufacturing capabilities, dedicated manufacturing suites and complementary office and warehouse space. Resilience has become a leading biomanufacturing company with manufacturing facilities across North America. The transaction at 92 Crowley represents the third sale-leaseback between Oxford and Resilience in a growing strategic partnership. Following the acquisition, Oxford’s biomanufacturing portfolio totals 1.4 million square feet of completed buildings, with a development pipeline of an additional 1 million square feet. While the portfolio is spread across six markets, the largest concentration — 775,000 square feet — is in metro Boston. “We continue to develop a robust expertise on the real …

February 16, 2023

Loans Multifamily Texas Top Stories

Dwight Capital Provides $155M Refinancing for Dallas-Area Multifamily Portfolio

by Taylor Williams February 15, 2023

IRVING AND GRAPEVINE, TEXAS — New York City-based Dwight Capital has provided three loans totaling $155 million for the refinancing of a portfolio of three multifamily properties totaling 1,081 units in the Dallas-Fort Worth (DFW) metroplex. The borrower was Texas-based Paramount Investment Corp. Resort at 925 Main totals 251 units and is located in Grapevine, which is situated on the periphery of Dallas-Fort Worth International Airport. The property comprises two three-story buildings and one four-story building on a five-acre site. Units come in one- and two-bedroom floor plans, and amenities include a pool, business center, clubhouse, fitness center, dog park and outdoor grilling and dining areas. The other two properties — Jefferson Ridge and Resort at Jefferson Park — total 830 units and are located in the central metroplex city of Irving. The sites of these communities, which are situated along either side of Thomas Jefferson Park, span a combined 34 acres. Both properties offer one- and two-bedroom units, as well as pools, clubhouses and fitness centers. Specific terms of the loans, which were originated through HUD’s 223(f) program, were not disclosed. Each of the properties is in the process of achieving National Green Building Standard (NGBS) certification status, which …

February 15, 2023

Development Industrial Michigan Midwest Top Stories

Ford to Break Ground on $3.5B Electric Vehicle Battery Plant in Marshall, Michigan

by Katie Sloan February 14, 2023

MARSHALL, MICH. — Ford Motor Co. (NYSE: F) has unveiled plans for BlueOval Battery Park Michigan, a $3.5 billion lithium iron phosphate (LFP) electric vehicle battery plant in Marshall, a small city of about 7,000 residents located approximately 100 miles west of Detroit. The development will be the first automaker-backed LFP battery plant in the U.S., according to Ford, and will initially employ 2,500 workers upon completion in 2026. The site offers opportunity for further development, despite the fact that 245 acres of land along the Kalamazoo River will be placed into a conservation easement and protected against future industrial development. The plant will operate as a wholly owned subsidiary of Ford in partnership with global battery manufacturer Contemporary Amperex Technology Co. Limited (CATL). Under terms of the arrangement, Ford will manufacture its LFP battery cells utilizing services and knowledge from CATL. The company’s current roster of electric vehicles run on nickel cobalt manganese (NCM) batteries. By offering a second, lower-cost battery chemistry, the company will be able to expand its offering of electric vehicles with a variety of affordable new models. “Ford’s electric vehicle (EV) lineup has generated huge demand,” says Jim Farley, the company’s president and CEO. “To …

February 14, 2023

Acquisitions California Retail Top Stories Western

Bridge Group Investments, Steerpoint Capital Acquire 1.3 MSF North County Mall in Escondido, California

by Kristin Harlow February 13, 2023

ESCONDIDO, CALIF. — Bridge Group Investments and Steerpoint Capital have acquired North County Mall in Escondido, about 30 miles north of San Diego. Unibail-Rodamco-Westfield (URW) was the seller, according to the Escondido Times-Advocate. The sales price was undisclosed. Situated on almost 83 acres, North County Mall totals nearly 1.3 million square feet. Tenants include Target, Macy’s, JC Penney, 24 Hour Fitness, Forever 21, H&M, Apple, Cheesecake Factory, BJ’s Restaurant and Brewhouse, Black Angus Steakhouse, On the Border and more. The mall opened in 1986. Although no plans were released for changes under the new ownership, a press release from the City of Escondido — which owns most of the land on which the mall rests — said the buyers “are eager to bring new investment and retail opportunities to the mall and are committed to working with and supporting the local community.” The property is the fourth mall that Bridge Group Investments and affiliates have acquired in California over the past six months with support from Steerpoint Capital. Previous acquisitions include The Shops at Montebello in Montebello, Antelope Valley Mall in Palmdale and Northridge Mall in Salinas. Bridge Group Investments is the family office for the Mersho family, led by …

February 13, 2023

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