Friday, November 14, 2025
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AcquisitionsIndustrialRetailTop Stories

Realty Income Agrees to Acquire 185-Property Retail Portfolio from CIM for $894M

by Jeff Shaw

SAN DIEGO — Realty Income Corp. (NYSE: O), a publicly traded REIT, has agreed to acquire up to 185 single-tenant retail and industrial properties from subsidiaries of CIM Real Estate Finance Trust Inc. for approximately $894 million. The exact composition of the portfolio depends on completion of due diligence and the potential exercise of rights of first refusal related to certain properties. If the entire 185 properties are included, the transaction will represent a 7.1 percent capitalization rate. “We believe the deployment of net sales proceeds will continue to advance our program to generate sustainable and increasing dividends for our shareholders through earnings growth,” says Richard Ressler, president, CEO and chairman of CIM Real Estate Finance Trust. “Additionally, this transaction increases our flexibility as we seek to capitalize on investment opportunities resulting from the current market environment.” The properties feature a weighted average remaining lease term of approximately 9.2 years with approximately 48 percent of the portfolio’s annualized contractual rent derived from investment-grade rated clients. The properties total 4.6 million square feet, with 55 retail clients representing 95 percent of the total portfolio rent. The remaining 5 percent comes from four industrial clients. The top two renters in the portfolio …

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AcquisitionsDevelopmentMultifamilyNew YorkNortheastOfficeTop Stories

Newmark Arranges $535.8M Financing for Office-to-Residential Conversion Project in Lower Manhattan

by John Nelson

NEW YORK CITY — Newmark has arranged a $535.8 million loan for the acquisition and redevelopment of 25 Water Street, a 1.1 million-square-foot office building in Lower Manhattan, New York City’s historic Financial District. Dustin Stolly, Jordan Roeschlaub and Chris Kramer of Newmark arranged the loan through MSD and Apollo. The seller was not disclosed, but multiple media outlets have reported that Edge Funds sold the asset. The borrowers, GFP Real Estate, Metro Loft Management and Rockwood Capital, will use the funds to convert the 22-story office building into a residential tower housing 1,300 apartments ranging in size from studios to four-bedroom units. The project represents the largest ever office-to-residential conversion in U.S. history, according to Newmark. The office building, formerly known as 4 New York Plaza, was once anchored by JPMorgan Chase & Co. The financial giant recently unveiled plans for its newly revamped headquarters at 270 Park Ave. in Manhattan. Built in 1969, 25 Water Street features 12-foot, 4-inch slab-to-slab ceiling heights and 40,330-square-foot floor plates, which will give future residents direct views of the Lower Manhattan skyline and the New York Harbor from all floors. The property is situated on a double-wide street corridor with the widest …

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AcquisitionsMultifamilyNew YorkNortheastTop Stories

Empire State Realty Trust Acquires Multifamily Community in Lower Manhattan for $115M

by Katie Sloan

NEW YORK CITY — Empire State Realty Trust (NYSE: ESRT) has acquired 298 Mulberry Street, a 96-unit multifamily community located in Manhattan’s NoHo neighborhood, for $115 million.  Located at the corner of East Houston and Mulberry streets, the community features ground-floor retail space occupied by CVS/pharmacy. Shared amenities include a 24-hour doorman, fitness center, rooftop terrace and laundry room. All of the building’s units are market-rate rentals and feature walk-in closets and stainless steel kitchen appliances. The seller was a joint venture between Broad Street Development and an affiliate of Crow Holdings Capital. Andrew Scandalios, Rob Hinckley, Jeffrey Julien, Steven Rutman and Jonathan Faxon of JLL represented the seller in the all-cash, 1031 exchange transaction.  Empire State Realty is a self-managed REIT that operates a portfolio of office, retail and multifamily properties within Manhattan and the greater New York City area. The company’s stock price closed at $6.90 per share on Wednesday, Dec. 21, down slightly from $8.65 one year ago.  New York City-based Broad Street Development is a privately held real estate developer, investor and operator with a focus on office and residential properties. Dallas-based Crow Holdings is a privately owned real estate investment and development firm with $30 billion …

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ArizonaDevelopmentMultifamilyTop StoriesWestern

Optima Receives City Approval for $1B Apartment, Condominium Project in North Scottsdale

by Kristin Harlow

SCOTTSDALE, ARIZ. — Real estate development firm Optima has received city approval for Optima McDowell Mountain Village, a $1 billion apartment and condominium project in North Scottsdale. Plans call for six buildings comprising 1,330 luxury units as well as 36,000 square feet of commercial and retail space. Construction is scheduled to begin in spring or summer 2023. Each of the six buildings within the development will contain its own amenity offering, including a rooftop deck with Olympic-length pool, sauna, spa, running track, outdoor kitchen and lounge seating. Each rooftop will offer views of the McDowell Mountains. The ground floor of each building will be outfitted with a lobby, fitness center, yoga studio, steam room, game room, theater, indoor basketball and pickleball court, golf simulator, massage room, business center and dog park. The project will be the largest private rainwater harvesting site in the U.S., according to the developer. The residences are expected to use half as much water as the average Scottsdale multifamily residence and a quarter as much water as the average Scottsdale single-family home. Optima is also providing the city with 2,750 acre-feet of water that will be deposited into the Scottsdale water system. The community will also …

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DevelopmentLife SciencesLoansNortheastPennsylvaniaTop Stories

JLL Arranges $290M Construction Loan for Life Sciences Project in Philadelphia’s University City Neighborhood

by Jeff Shaw

PHILADELPHIA — JLL Capital Markets has arranged a $290 million construction loan for project partners Gattuso Development Partners and Vigilant Holdings of New York to build a new research facility and life sciences development in the heart of Philadelphia’s University City submarket. The development will be the largest life sciences research and lab facility in the city, according to JLL. Located at 3201 Cuthbert St., the 11-story development features 519,647 square feet of wet lab and dry space, 11,908 square feet of street-level retail space and 137 underground parking stalls. SmartLabs and Drexel University have preleased 45 percent of the lab space. This will be SmartLab’s first location in a market outside of San Francisco or Boston. Infrastructure will include lab-friendly column spacing, expanded floor-to-floor heights, an HVAC system designed specifically for lab research, best-practice chemical storage space and ph neutralization capability, and six enclosed loading docks. Robert A.M. Stern Architects designed the property to meet LEED Gold certification. University City spans 2.4 square miles and is home to one of the largest concentrations of health systems, teaching institutions, life sciences, biotech and pharmaceutical companies in the world. “We believe the project validates Philadelphia’s emergence as a global hub for …

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DevelopmentNortheastOfficePennsylvaniaTop Stories

Parkway Corp. Plans 438,000 SF Office Building in Downtown Philadelphia

by Taylor Williams

PHILADELPHIA — Parkway Corp. has announced plans for a 438,000-square-foot office building at 2000 Arch St. in Philadelphia’s Center City district. The locally based developer has also received a commitment from insurance giant Chubb to serve as the anchor tenant of the 18-story building. With an anchor tenant in place, construction is now scheduled to begin in the first quarter of 2023, with completion slated for the second quarter of 2026. Chubb expects to place approximately 3,000 employees at the new building within three to five years of opening, with about 1,200 of those positions representing newly created jobs. The new office will be the largest in the country for the New Jersey-based insurance giant, which currently employs about 2,000 people throughout Pennsylvania. In addition, Chubb insures approximately $500 billion in property in Pennsylvania, including $70 billion in Philadelphia, that large users in the healthcare, manufacturing, financial services and media industries occupy. Chubb also has historical ties to Philadelphia, having established its oldest subsidiary, The Insurance Co. of North America, at Independence Hall in 1792. Chubb’s current offices in Philadelphia are located at 436 and 510 Walnut St., just steps away from Independence Hall. “Our new building will have a …

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DevelopmentLoansMixed-UseMultifamilyNew YorkNortheastRetailTop Stories

Lendlease, Australian Pension Fund Receive $360M Construction Loan for Mixed-Use High-Rise in Brooklyn

by Jeff Shaw

NEW YORK CITY — A joint venture between global real estate and investment management group Lendlease and Australian pension fund Aware Super has secured a $360 million construction loan for the development of 1 Java Street, a 36-story mixed-use development adjacent to the East River in the Greenpoint neighborhood of Brooklyn. Plans call for 834 apartments, 13,000 square feet of retail space and an 18,000-square-foot public waterfront park connecting the property to the India Street Pier, which offers service for the East River Ferry. Thirty percent of apartments at 1 Java Street will be affordable units under the Affordable New York 421(A) Program and Voluntary Inclusionary Housing. Lendlease’s investment management, development and construction business units will serve in 1 Java Street’s development. The property is slated for completion in 2026. Christopher Peck, Alex Staikos, Phil Cadorette and Joy Dracos led a JLL Capital Markets team that represented the joint venture to secure the floating-rate construction loan through a Bank of America-led syndicate. New York City architecture firm Marvel will serve as interior designer for both market-rate and affordable units at 1 Java Street. INC Architecture & Design will design the public areas and Créme Architecture & Design will be the interior designer for …

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DevelopmentFloridaMixed-UseSoutheastTop Stories

Chetrit Group to Build 4 MSF Waterfront Development in Miami

by John Nelson

MIAMI — The Chetrit Group, a privately held New York City-based developer, plans to develop The River District, a 4 million-square-foot mixed-use destination in Miami. The project will span more than six acres along the Miami River waterfront. Total development costs will exceed $1 billion, according to Bloomberg. The Chetrit Group previously secured a $310 million loan from Madison Realty Group to fund the project’s first two phases of construction. Occupying the delta between I-95, Southwest Second Avenue and Jose Marti Park, The River District will feature four ground-up skyscrapers — a condominium tower, office tower and two high-rise apartment buildings — as well as a pair of two-story waterfront retail buildings, a marina and new streetscapes. Overall the project will comprise 1,600 residences, an undisclosed amount of Class A office space, 30,000 square feet of retail space, a boat marina that can accommodate 60-foot vessels, 2,000 covered parking spots and restaurants and nightlife venues. “The River District is going to create a riverwalk experience for the first time in the city, and we expect to completely transform how people in the area live, work and play,” says Michael Chetrit, principal of Chetrit Group. The first building to come to …

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DevelopmentHealthcareMichiganMidwestTop Stories

Trinity Health Michigan Unveils Plans for $238.2M Hospital in Metro Detroit

by Kristin Harlow

BRIGHTON, MICH. — Trinity Health Michigan has unveiled plans for a replacement hospital in metro Detroit’s Livingston County that will enhance patient access and create an integrated campus of medical and surgical care at its existing medical center in Brighton. The three-year project has a price tag of $238.2 million. The four-story, 174,000-square-foot hospital will consist of 56 acuity adaptable beds, 18 short-stay beds and eight licensed operating rooms. The existing medical center facility will also undergo renovations. Construction is scheduled to begin in early 2023. Acuity adaptable rooms enable patients to stay in one centralized room throughout their entire stay rather than being transferred to other units, while short-stay units are targeted for patients requiring brief hospitalization. The project represents a multi-year effort to relocate inpatient and outpatient services from the aging Trinity Health Livingston hospital in Howell to the campus of Trinity Health Medical Center-Brighton. When complete in 2025, the new hospital will bring together healthcare providers and services to offer a continuum of care in one location for Livingston County and surrounding communities. The new hospital will offer the following medical services: primary care, general medicine, gynecological surgery, urology, cardiology and intensive cardiac rehab, orthopedics, minimally invasive …

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CivicDevelopmentIndustrialLouisianaSoutheastTop Stories

Public-Private Partnership Plans New $1.8B Terminal at Port of New Orleans

by Jeff Shaw

VIOLET, LA. — Louisiana Gov. John Bel Edwards has announced a public-private partnership between the State of Louisiana, the Port of New Orleans (Port NOLA) and two global maritime industry leaders to build a $1.8 billion container facility on the Lower Mississippi River. The new Louisiana International Terminal (LIT) will be located in Violet, a tiny municipality of fewer than 6,000 residents approximately 10 miles downriver from New Orleans proper. The new facility will be able to serve vessels of all sizes, dramatically increasing Louisiana’s import and export capacity and stimulating the creation of more than 17,000 new jobs statewide by 2050, Port NOLA estimates. New Jersey-based Ports America, one of North America’s largest marine terminal operators, and Switzerland-based Mediterranean Shipping Co., through its terminal development and investment arm Terminal Investment Limited (TiL), have committed $800 million toward the project. In addition to the partners’ investment, the construction of the terminal will be supported by a substantial commitment from Port NOLA, as well as state and federal funding sources. The joint venture will operate the terminal once construction is complete. “This public-private partnership with the Port of New Orleans, TiL and Ports America has the potential to become one of …

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