Top Stories

JLL Provides $262M Agency Refinancing of Southeastern Multifamily Portfolio

by Taylor Williams August 15, 2022

TAMPA, FLA. — JLL has provided $262 million in Freddie Mac loans for the refinancing of a portfolio of six Southeastern multifamily properties totaling 1,494 units. Tampa-based Carter Multifamily owns the properties, which are located in Maryland, Virginia and Alabama. The portfolio comprises all garden-style assets, including: the 326-unit Park at Kingsview Village in Germantown, Md. the 240-unit Stonecreek Club in Germantown, Md. the 336-unit Hunt Club in Gaithersburg, Md. the 220-unit Springwoods at Lake Ridge in Woodbridge, Va. the 180-unit Windsor Park in Woodbridge, Va. the 192-unit Oaks of St. Clair in Moody, Ala. Melissa Marcolini Quinn and Lee Weaver of JLL originated the debt through Freddie Mac. Each of the loans was features a seven-year term and a floating interest rate. JLL, which will service the loans, also secured $40 million in new equity as part of the larger recapitalization of the portfolio. The equity partner was not disclosed. “Despite turbulent debt markets, we were able to facilitate a refinance of the portfolio with favorable senior financing from Freddie Mac, which was attracted to the deal due to the portfolio’s contribution to its mission and the borrower’s strong track record,” says Quinn. — Taylor Williams

August 15, 2022

Acquisitions Colorado Development Life Sciences Top Stories Western

Breakthrough Properties Plans 164,000 SF Life Sciences Redevelopment Campus in Boulder, Colorado

by John Nelson August 12, 2022

BOULDER, COLO. — Breakthrough Properties, a developer of life sciences real estate backed by a joint venture of Tishman Speyer and Bellco Capital, has acquired a 9.3-acre, four-building campus in Boulder. The company plans to transform the campus into a 164,000-square-foot office, lab and flex development named Boulder 38 by Breakthrough. Located at the intersection of 38th Street and Arapahoe Avenue, the campus is one mile from Jennie Smith Caruthers Biotechnology Building, a 400,000-square-foot research and technology facility at the University of Colorado Boulder. Research conducted at the university and the surrounding ecosystem has established Boulder as a regional bioscience hub. According to CBRE market report data, the Boulder life sciences market has maintained approximately 1 million square feet of active life science requirements over the past 18 months. “Boulder has succeeded in cultivating a unique ecosystem propelled by leading research and academic institutions, creative residents and premier outdoor recreational amenities,” says Paul DeMartini, senior managing director of Tishman Speyer. “We are excited by this opportunity to create a world-class research campus that will serve as a magnet for life sciences innovation and talent.” The acquisition and redevelopment of Boulder 38 is being capitalized by the Breakthrough Life Science Property …

August 12, 2022

Office Southeast Top Stories Virginia

Turnbridge Equities, Fundamental Advisors Sell Five-Property Office Portfolio in Northern Virginia for $220M

by Katie Sloan August 11, 2022

NEW YORK CITY — A joint venture between two New York City-based investors, Turnbridge Equities and Fundamental Advisors LP, has sold its five-building Northern Virginia Cybersecurity and Defense Infrastructure office portfolio for $220 million. The buyer was undisclosed. The joint venture began assembling the 860,000-square-foot portfolio in 2018 with the goal of mitigating rollover risk related to single-tenant occupancy by creating a multi-tenant portfolio with staggered lease terms. The properties were 96 percent occupied at the time of sale by tenants that include Lockheed Martin Corp., General Dynamics Corp., Boeing and Northrop Grumman Corp. The portfolio includes a 205,074-square-foot property at 460 Herndon Parkway in Herndon; a 84,652-square-foot property at 14700 Lee Road in Chantilly; a 112,623-square-foot building at 21700 Atlantic Blvd. in Sterling; a 184,414-square-foot property at 12450 Fair Lakes Circle in Fairfax; and a 273,713-square-foot complex located at 10302 and 10304 Eaton Place in Fairfax. Eric Berkman, Shaun Weinberg and Kevin Sidney of Cushman & Wakefield represented the seller in the transaction. “Cybersecurity is among the fastest growing areas of government contracting, and the portfolio was assembled to take advantage of these trends with a strong roster of leading tenants that are immune to work-from-home trends …

August 11, 2022

California Development Retail Top Stories Western

Lewis Retail Centers to Build 169,590 SF Town Center at The Preserve in Chino, California

by Kristin Harlow August 10, 2022

CHINO, CALIF. — Lewis Retail Centers has unveiled plans to build Town Center at The Preserve in Chino, a city in Southern California. The retail and office development, which will span 169,590 square feet, is slated to open in summer 2023. Town Center at The Preserve will be situated within a master-planned community named The Preserve at Chino and adjacent to multifamily units. The pedestrian-friendly development will feature Main Street-oriented retail space, as well as open spaces for gatherings and events. The office space will be positioned on the second level, above the street-level retail space. KTGY is the project architect. Stater Bros., a privately held supermarket chain based in San Bernardino, Calif., will serve as the grocery anchor tenant. The store will span 46,109 square feet and will feature full-service meat, seafood, deli and bakery departments. The store marks the third location for Stater Bros. in Chino. Additionally, Kenwood’s Kitchen and Tap, a family-owned and operated restaurant and bar serving American comfort food, will open at Town Center at The Preserve in fall 2023. The restaurant marks the second location for Kenwood’s. Other food-and-beverage tenants committed to the development include 7 Miles Tea Lab and Chipotle Mexican Grill. Ken …

August 10, 2022

Acquisitions Illinois Industrial Midwest Top Stories Wisconsin

EQT Exeter Purchases 3.8 MSF Industrial Portfolio in Wisconsin, Illinois

by John Nelson August 9, 2022

PLEASANT PRAIRIE, WIS. AND NORTH CHICAGO, ILL. — EQT Exeter, a global industrial and residential investment firm, has purchased an eight-property industrial portfolio in Wisconsin and Illinois totaling 3.8 million square feet. CenterPoint Properties, a warehouse and distribution center investor and developer based in Oak Brook, Ill., and an unnamed investment partner sold the portfolio to EQT Exeter. John Huguenard and Kurt Sarbaugh of JLL represented CenterPoint in the transaction. The sales price was not disclosed, but the Milwaukee Business Journal reports the assets traded for $290 million. The properties include seven facilities within the master-planned LakeView Corporate Park in Pleasant Prairie, which is situated near I-94 and provides users with connectivity to population centers in Milwaukee 40 miles north and Chicago 60 miles to the south. The lone Illinois asset was a facility located at 3200 Skokie Highway in North Chicago. The eight properties were fully leased at the time of sale to nine tenants. The facilities feature clear heights averaging 32 feet, ample loading options and fully circulating truck courts. “In these times of economic uncertainty, we are even more focused on selectively buying high-quality and well-located real estate like LakeView to serve our global tenant relationships,” says …

August 9, 2022

Development Midwest Mixed-Use Ohio Top Stories

Trinitas Ventures, Crawford Hoying Begin $250M Phase II of Mixed-Use Project in Cincinnati

by Taylor Williams August 8, 2022

CINCINNATI — A partnership between two regional developers, Indiana-based Trinitas Ventures and Ohio-based Crawford Hoying, has started construction of the $250 million second phase of The District at Clifton Heights, a mixed-use project in Cincinnati. The District at Clifton Heights is located across the street from the University of Cincinnati at the site of the former Deaconess Hospital. The first phase of the project centered on construction of The Deacon, an eight-story, 351-bed student housing building that opened in August 2019. Development costs for all phases of the project are estimated at $640 million. The largest piece of the second phase also revolves around student housing. Chicago-based Core Spaces is leading the development of a 14-story tower that will feature 1,112 beds across 380 units. Branded Hub Cincinnati, the project is scheduled for completion in advance of the fall 2024 semester. The other major component of the second phase involves the development of Hotel Celare, a $65 million project. The hotel will rise seven stories, house 171 rooms and 18,000 square feet of meeting space and feature a rooftop bar overlooking the campus entrance. Crawford Hoying is leading the development of the hotel, which is slated for a summer 2024 …

August 8, 2022

Development Loans Mixed-Use Multifamily New York Northeast Retail Top Stories

Walker & Dunlop Arranges $388.4M Financing for The Brook Mixed-Use Project in Brooklyn

by Jeff Shaw August 5, 2022

NEW YORK CITY — Walker & Dunlop Inc.’s New York capital markets team has arranged $388.4 million in construction financing for The Brook, a mixed-use development in downtown Brooklyn consisting of 448,000 rentable square feet of multifamily and retail space. Bank of America provided the funds. Apollo Commercial Real Estate Finance Inc., which is managed by an affiliate of Apollo Global Management, and Witkoff are developing the property at the cross-section of Fulton Street, Flatbush Avenue Extension, and DeKalb Avenue, next to Brooklyn landmarks such as the Fulton Mall and the Barclays Center. The mixed-use property will be split between two development sites, with the eastern site located at 565 Fulton St. and the western site at 547-557 Fulton St. The eastern site will consist of a 51-story mixed-used tower that will feature 561 studio, one- and two-bedroom apartment units utilizing the Affordable New York and Inclusionary Housing programs, as well as approximately 30,000 square feet of common space. Amenities will include a pool with cabanas, dog park, fitness center, half basketball court and multiple resident lounges. The base of the building will feature 17,200 square feet of ground-level retail space. The western site will consist of approximately 14,000 square feet of retail space next to Albee Square and is poised to attract retail brands and wholesalers looking to establish or strengthen their foothold in Brooklyn. …

August 5, 2022

Affordable Housing Development Loans Mixed-Use Multifamily New York Northeast Retail Top Stories

Apollo Global Management Receives $388.4M Financing for The Brook Mixed-Use Project in Brooklyn

by Jeff Shaw August 5, 2022

NEW YORK CITY — Walker & Dunlop Inc.’s New York capital markets team has arranged $388.4 million in construction financing for the Brook, a mixed-use development in downtown Brooklyn consisting of 448,000 rentable square feet of multifamily and retail space. Bank of America provided the funds. Apollo Commercial Real Estate Finance Inc., which is managed by an affiliate of Apollo Global Management, and Witkoff are developing the property at the cross-section of Fulton Street, Flatbush Avenue Extension, and DeKalb Avenue, next to Brooklyn landmarks such as the Fulton Mall and the Barclays Center. The mixed-use property will be split between two development sites, with the eastern site located at 565 Fulton St. and the western site at 547-557 Fulton St. The eastern site will consist of a 51-story mixed-used tower that will feature 561 studio, one- and two-bedroom apartment units utilizing the Affordable New York and Inclusionary Housing programs, as well as approximately 30,000 square feet of common space. Amenities will include a pool with cabanas, dog park, fitness center, half basketball court and multiple resident lounges. The base of the building will feature 17,200 square feet of ground-level retail space. The western site will consist of approximately 14,000 square feet of retail space next to Albee Square and is poised to attract retail brands and wholesalers looking to establish or strengthen their foothold in Brooklyn. …

August 5, 2022

Development Life Sciences Massachusetts Northeast Top Stories

Breakthrough Properties Begins Construction of One Canal Life Sciences Property in Cambridge, Massachusetts

by Katie Sloan August 4, 2022

CAMBRIDGE, MASS. — Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, has started construction of One Canal by Breakthrough, a life sciences development in Cambridge, roughly two miles from downtown Boston. The property, situated along the city’s First Street corridor facing Canal Park and the Charles River in the East Cambridge neighborhood, is located adjacent to CambridgeSide — an enclosed regional mall that is being redeveloped to include 650,000 square feet of office, life sciences and residential space — and the 4.5 million-square-foot Cambridge Crossing innovation hub. Breakthrough acquired the four-story building last year, and is updating it to feature 105,000 square feet of high-quality research and development space. The property will feature a ground-floor lounge, private outdoor gathering spaces, concierge, fitness center, on-site retail and adjacent parking. A timeline for the redevelopment — which is targeting Fitwel, WELL and LEED Gold certifications — was not announced. A flurry of life sciences development is underway in the Boston metropolitan area. Recently announced projects include Phase I of Assembly Innovation Park, a life sciences tower spanning 485,000 square feet in the Boston suburb of Somerville; and Allston LabWorks, a 580,905-square-foot life sciences, retail and multifamily project in the Allston neighborhood of …

August 4, 2022

Development Life Sciences Massachusetts Northeast Top Stories

Breakthrough Properties Begins Construction of One Canal Life Sciences Property in East Cambridge, Massachusetts

by Jeff Shaw August 4, 2022

CAMBRIDGE, MASS. — Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, has begun construction of One Canal by Breakthrough, a life sciences development project in Cambridge, about two miles from downtown Boston. The property is located on the city’s First Street Corridor overlooking Canal Park and the Charles River in the East Cambridge neighborhood and is adjacent to CambridgeSide – a gated regional mall that is being redeveloped and includes 650,000 square feet of office, life sciences and residential space — and the 4.5-million-square-foot Cambridge Crossing innovation hub. Breakthrough acquired the four-story building last year and is modernizing it to provide 105,000 square feet of high-quality research and development space. The property will feature a ground floor lounge, private outdoor meeting spaces, concierge, fitness center, on-site shops and adjacent parking. A timeline for the redevelopment — which aims for Fitwel, WELL and LEED Gold certifications — has not been announced. A flurry of life sciences developments are underway in the Boston metro area. Recently announced projects include Phase I of Assembly Innovation Park, a 485,000-square-foot life sciences tower in the Boston suburb of Somerville; and Allston LabWorks, a 580,905-square-foot life sciences, retail, and multi-family development in Boston’s …

August 4, 2022

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