Top Stories

CVS Agrees to Acquire Oak Street Health in $10.6B Deal

by Kristin Harlow February 8, 2023

WOONSOCKET, R.I., AND CHICAGO — CVS Health (NYSE: CVS) has agreed to acquire Oak Street Health (NYSE: OSH) in an all-cash transaction at $39 per share, representing a total purchase price of roughly $10.6 billion. The price represents a premium of approximately 11.9 percent over Oak Street’s opening price per share this morning. Chicago-based Oak Street Health is a network of primary care centers for adults on Medicare. The company employs approximately 600 primary care providers and maintains 169 medical centers across 21 states. By 2026, Oak Street Health plans to grow to more than 300 centers. Oak Street Health’s technology solution, Canopy, is fully integrated with its operations and utilized when determining the appropriate type and level of care for each patient. That care will be enhanced by CVS Health’s community, home and digital offerings, according to the companies. Bringing CVS Health and Oak Street Health together can significantly benefit patients’ long-term health by reducing care costs and improving outcomes, particularly for those in underserved communities, according to a news release. Oak Street Health centers are located where healthcare services are needed most; more than 50 percent of Oak Street Health’s patients have a housing, food or isolation risk …

February 8, 2023

Development Life Sciences Texas Top Stories

NexPoint Plans 200-Acre TxS District Life Sciences Project in Plano, Texas

by Jeff Shaw February 7, 2023

PLANO, TEXAS — NexPoint, a Dallas-based alternative investment firm, has announced plans for TxS District, a 200-acre life sciences development in Plano. The project, named to signify ‘Technology x Science,’ centers on a 91-acre main campus, which previously served as headquarters for Electronic Data Systems. The district would incorporate 109 additional acres in the Legacy neighborhood. In total, the project would create over 4 million square feet of lab, office and production space across four phases of construction. NexPoint purchased the main campus in 2018 and has been acquiring the additional acreage since that time. Phases I and II of the project propose to transform two existing buildings on the main campus into 970,000 square feet of lab and office space and 120,000 square feet of amenity space. Initial site improvement plans also include a public park, amphitheater and connectivity to the nearby Legacy retail development. The developer plans to break ground on Phase I before the end of the year. NexPoint has proposed that the project be achieved through a public-private partnership. The firm is working with the City of Plano on development plans and the project’s impact on the surrounding area. “Not only would this project be a …

February 7, 2023

Acquisitions Florida Hospitality Southeast Top Stories

JLL Arranges $835M Sale of Diplomat Beach Resort in Hollywood, Florida

by Taylor Williams February 6, 2023

HOLLYWOOD, FLA. — JLL has arranged the sale of Diplomat Beach Resort, a 1,000-room hotel located in the South Florida community of Hollywood. Brookfield Asset Management (NYSE: BAM) sold the beachfront property for $835 million, according to The Wall Street Journal. Diplomat Beach Resort is a twin-spired, 33-story hotel that sits on a 10-acre site. The property houses 200,000 square feet of meeting and event space, a 14,000-square-foot spa, eight restaurants and bars and multiple pools and cascading waterfalls. Guests also have access to kayak, paddleboard and jet ski rental services. The buyer, a joint venture between Credit Suisse Asset Management and Honolulu-based Trinity Fund Advisors, has entered into an agreement with Hilton Hotels & Resorts to operate the hotel under the chain’s Curio Collection by Hilton family of brands. According to the brokerage team, the deal marks the third-largest single-asset hotel sale in U.S. history by price. Diplomat Beach Resort underwent a $90 million capital improvement program in 2018. The Journal reports that the new ownership plans to make additional renovations and improvements to enhance the guest experience. Jeffrey Davis, Gregory Rumpel, Kevin Davis and Gilda Perez-Alvarado of JLL brokered the deal on behalf of the seller. The team …

February 6, 2023

Development Midwest Office Top Stories Wisconsin

Northwestern Mutual Plans $500M Renovation of Downtown Milwaukee Headquarters Campus

by John Nelson February 3, 2023

MILWAUKEE — Northwestern Mutual, an American financial services and insurance organization, has announced plans to invest $500 million to improve its downtown Milwaukee headquarters. The principal part of the investment will go to the overhaul of its North Office Building, a 540,000-square-foot building located at 818 E. Mason St. overlooking Milwaukee Bay. As part of the company’s plans, employees will be relocated from Northwestern Mutual’s suburban campus in nearby Franklin over the next three to five years. Nearly 2,000 employees will transition to the reimagined downtown campus, which is designed to accommodate planned company growth. “We are doubling down on our Milwaukee campus by investing in the future of the workplace for Northwestern Mutual and a thriving downtown community,” says John Schlifske, chairman, president and CEO of Northwestern Mutual. “Our strategic investment will further our goal of creating an unparalleled campus experience, fostering connection and collaboration across employees, financial representatives and the community while attracting and retaining the next generation of talent right here in southeast Wisconsin.” Northwestern Mutual’s improvements include full interior and exterior renovations to mirror the company’s adjacent Tower and Commons building. The North Office Building was delivered in 1990 whereas Tower and Commons debuted in 2017. …

February 3, 2023

California Development Hospitality Mixed-Use Restaurant Retail Top Stories Western

LRE & Cos., American Hospitality Services Unveil Plans for 11-Acre Mixed-Use Development in Roseville, California

by Jeff Shaw February 2, 2023

ROSEVILLE, CALIF. — LRE & Cos. and American Hospitality Services have unveiled full plans for Roseville Junction, a new mixed-use development in Roseville. The property will feature two hotels, three restaurants, an entertainment and sports complex and an outdoor gathering space. Roseville Junction will be built on an 11-acre site that is 20 miles northeast of Sacramento. The site is adjacent to Highway 65 near Interstate 80, and is located nearby many of the area’s vineyards and wineries, as well as new retail and shopping amenities such as the Roseville Galleria. A timeline for completion was not disclosed. The family- and pet-friendly outdoor gathering space will be called Social Connection and will offer guests a variety of food and beverage options, including craft brewery Fieldwork Brewing Co. The restaurants leases are currently under negotiation. The project’s entertainment and sports complex, The Electric Pickle, will include a bocce ball court and 10 pickleball courts. The Electric Pickle will also offer food options such as wood-fired pizzas, tacos, burgers and more. Guests will be able to place food and beverage orders through an app and have their food delivered by “food ambassadors” moving throughout the property. The two five-story, select-service hotels will be …

February 2, 2023

Development Life Sciences Northeast Pennsylvania Top Stories

SkyREM to Redevelop Philadelphia’s Historic Quartermaster Site into $250M Life Sciences Project

by Kristin Harlow February 1, 2023

PHILADELPHIA — SkyREM has unveiled plans to redevelop Philadelphia’s historic Quartermaster site into the Quartermaster Science + Technology Park, a $250 million life sciences project. The development will include wet and dry lab space for both life sciences startups and established companies to conduct full-scale research and development, and bio-manufacturing. Plans also call for retail and restaurant space, a hotel and other amenities. Named the Schuylkill Arsenal when it was first built in 1800, the Quartermaster site provided the U.S. military with supplies and outfitted the Lewis and Clark expedition. Around the time of World War I, the facility was expanded to meet demand for uniforms and gear and was renamed Philadelphia Quartermaster Depot. The campus was again expanded during World War II. The clothing factory at the Quartermaster site officially closed in 1994 after operations were transferred to Northeast Philadelphia. The demolition of five original World War I warehouses took place in 1999. SkyREM purchased the campus in 2001 and it was listed on the National Register of Historic Places in 2010. Currently, the property serves as the headquarters for Indego bicycle transit and is home to other tenants in the healthcare and security sectors. The Quartermaster Science + …

February 1, 2023

Development Mixed-Use Multifamily Office Restaurant Retail South Carolina Southeast Top Stories

Jamestown Breaks Ground on 79-Acre Navy Yard Redevelopment Project in North Charleston

by Jeff Shaw January 31, 2023

NORTH CHARLESTON, S.C. — Jamestown, along with local real estate developers Weaver Capital Partners and WECCO Development, has broken ground on the first buildings at Navy Yard Charleston, the 79-acre mixed-use redevelopment of a former naval base in North Charleston. This first phase of the redevelopment involves converting two historic storehouses — Storehouse 8 and Storehouse 9 — on the project site into a total of 107,000 square feet of mixed-use space for restaurants, retail, office space and apartments. The buildings are scheduled to open in 2024. The 40,000-square-foot, two-story building known as Storehouse 8 will be restored and repurposed as a restaurant, event space and offices. To preserve the history and character of the building, which was constructed in 1906 as naval administrative offices, the renovation will salvage architectural details such as the original hallways, trim, railings, flooring, slate roof and copper soffits. The adjacent Storehouse 9, a 67,000-square-foot, four-story building constructed in 1918 as naval administration offices and storage facility, will be converted into restaurant and retail space on the ground floor, a rooftop bar and restaurant with views of the Cooper River and 86 multifamily units offering flexible live/work layouts. In addition to the redevelopment of Storehouses …

January 31, 2023

Acquisitions Industrial Midwest Southeast Top Stories

Arch Street, Brennan Sell 2 MSF Industrial Portfolio

by Taylor Williams January 30, 2023

NEW YORK CITY AND CHICAGO — A partnership between New York City-based Arch Street Capital Advisors and Chicago-based Brennan Investment Group has sold a national portfolio of 11 industrial properties totaling approximately 2 million square feet. The sales price and buyer were not disclosed. The partnership acquired the portfolio in 2017 for $100 million and implemented a value-add program. The assets are primarily located throughout major markets in the Midwest and Southeast, including Chicago; Minneapolis; Jacksonville, Fla.; and Birmingham, Ala. Arch Street and Brennan launched their partnership in 2011. Since that time, the duo of investment firms has executed seven such ventures in which it acquires, operates and disposes of a portfolio of industrial assets. The partnership will continue to primarily target single-tenant, net-leased industrial assets and/or portfolios as the cornerstone of its investment strategy. “The success of this portfolio demonstrates the unique benefits of this strategy, which provides both residual upside and consistent yield,” says Christopher Collins, vice president of asset management at Arch Street. “We continue to remain bullish on warehouse, distribution and manufacturing assets in both the U.S. and Europe.” Arch Street is a full-service real estate investment and advisory firm that specializes in advising investors on …

January 30, 2023

Development Industrial Midwest Missouri Top Stories

Contegra Construction Completes 1 MSF Project Luna Distribution Center in Liberty, Missouri

by Jeff Shaw January 27, 2023

LIBERTY, MO. — Contegra Construction Co. has completed Project Luna, a 1 million-square-foot distribution facility at Liberty Commerce Center in Liberty, a northeast suburb of Kansas City. Located at 2361 S. Withers Road, Project Luna features a 40-foot clear height, 108 dock doors, two drive-in doors and 20,000 square feet of office space. The property is built with tilt-up concrete panels and is topped with thermoplastic polyolefin (TPO) roofing, a single-ply white membrane which reflects heat instead of absorbing it. The warehouse is also equipped with 56 rooftop HVAC units to maintain temperature control throughout the interior. In addition, Edwardsville, Illinois-based Contegra constructed four retaining walls around Project Luna, which are up to 40 feet tall. The company also managed the installation of water, storm water and electrical infrastructure in conjunction with the retaining wall construction, including two large underground detention systems. Project Luna is Liberty Commerce Center’s fifth and largest distribution center since the 337-acre industrial park’s launch by Kansas City real estate developer NorthPoint Development in 2021. Upon its completion, the Liberty Commerce Center will consist of 3.4 million square feet of space located near the Liberty city border with Claycomo, south of Liberty Parkway between Hughes and …

January 27, 2023

Development Midwest Nebraska Office Top Stories

Mutual of Omaha Breaks Ground on 44-Story Headquarters Building in Downtown Omaha

by Katie Sloan January 26, 2023

OMAHA, NEB. — Mutual of Omaha has broken ground on a 44-story office tower that will act as the company’s headquarters in downtown Omaha. At 677 feet, the building will rise 43 feet above the city’s current tallest building, First National Bank Tower. The 800,000-square-foot development will include a street-level lobby with conference space and an “experience center” spotlighting the company’s history, brand and impact on customers and the community; a sky lobby, welcoming associates from the planned 2,200-stall parking structure; food and wellness services, a fitness center and flexible meeting spaces on the 16th through 20th floors; and conference facilities with a two-story atrium on the 44th floor. Despite the skyscraper’s record-breaking height, the building will be less than half the square footage of the company’s current 1.7 million-square-foot headquarters in Omaha’s Midtown neighborhood. This shift in design is to support flexible work arrangements, including in-person, remote and hybrid models. “As a customer-focused company, we worked closely with our design team to create a headquarters that is appropriately sized, adaptable to ways of working that may emerge in the future and able to serve our policyholders in an effective and efficient manner,” says CEO James Blackledge. Mutual of Omaha’s …

January 26, 2023

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