Top Stories

Silver Creek Receives Funding for Mixed-Use Redevelopment of 8850 Sunset Boulevard in West Hollywood

by Jeff Shaw August 3, 2022

WEST HOLLYWOOD, CALIF. — Silver Creek Development has received funding for the redevelopment of 8850 Sunset Boulevard, which is located on the Sunset Strip in West Hollywood. Cottonwood Group provided a $62 million loan for the project. Currently a retail strip center and home to the legendary Viper Room music venue, the property is going through re-entitlement and will be transformed into a mixed-use project. Plans call for a redesigned music venue and recording studio, multiple eateries, retail spaces, a five-star hotel, 26 condominiums and eight income-restricted housing units. Completion is slated for 2023. Residents will have access to an outdoor fitness center, rooftop pool and below-ground parking. The hotel’s rooftop will feature a restaurant and bar with panoramic views from downtown Los Angeles to the Pacific Ocean. Architectural firm Arquitectonica designed the project, which is being built to meet or exceed LEED standards. Silver Creek is a Los Angeles-based real estate developer that focuses on revitalizing underused sites. The firm has developed more than 10 million square feet of mixed-use projects globally. The financing deal was executed as part of Cottonwood’s strategic platform with BCEG International Investment. Headquartered in Los Angeles, Cottonwood is a private real estate investment firm …

August 3, 2022

Development Life Sciences Massachusetts Northeast Top Stories

Newmark Arranges $514M Construction Loan for BioMed Realty’s Life Sciences Tower in Somerville, Massachusetts

by John Nelson August 2, 2022

SOMERVILLE, MASS. — Newmark has arranged $514 million in construction financing for Phase I of Assembly Innovation Park, a life sciences tower spanning 485,000 square feet in the Boston suburb of Somerville. BioMed Realty, a San Diego-based subsidiary of Blackstone that focuses on life sciences real estate, is developing the 12-story tower and accompanying parking garage. The tower will be situated at the intersection of Middlesex Avenue and Foley Street, with visibility along I-93. According to the property website, Phase I of Assembly Innovation Park will feature an even split between office and laboratory space. Future phases of the three-building campus will include a cafe, conference center and a food hall. David Douvadjian Sr., Timothy O’Donnell, Brian Butler, David Douvadjian Jr. and Conor Reenstierna of Newmark’s Boston office arranged the financing on behalf of BioMed Realty. The direct lender was not disclosed. Harrison Zucco of Cushman & Wakefield provided supporting financial analysis for the deal. Phase I of Assembly Innovation Park will incorporate tech-enabled sustainable features, including a high-performance curtain wall, high-efficiency chilled water and exhaust air systems and a rooftop photovoltaic array. BioMed Realty is aiming to achieve LEED Gold and WELL certifications at the property. The San Diego-based …

August 2, 2022

Development Life Sciences Loans Massachusetts Northeast Top Stories

JLL Arranges $585M Construction Loan for Allston LabWorks Project in Boston

by Taylor Williams August 1, 2022

BOSTON — JLL has arranged a $585 million construction loan for Allston LabWorks, a 580,905-square-foot life sciences, retail and multifamily project in the Allston neighborhood of Boston. The borrower and developer is a joint venture between Boston-based King Street Properties, Brookfield and Mugar Enterprises. Allston LabWorks will feature 534,000 square feet of lab space, 20,000 square feet of retail space and 35 multifamily units, about 25 percent of which will be reserved as affordable housing. The development will also house a 5,000-square-foot outdoor event area and a 668-space parking garage. The site, which spans 4.3 acres at 305 Western Ave., is situated adjacent to Harvard University’s 350-acre Allston campus, which is home to the newly opened John A. Paulson School of Engineering & Applied Sciences. The area is also near the campuses of Boston University and Boston College, with multiple MBTA Green Line stops nearby. Greg LaBine and Amy Lousararian of JLL arranged the four-year, floating-rate loan through an undisclosed institutional debt fund. Construction of the project is underway, but a timeline for completion was not disclosed. “The fact that we were able to move quickly on this loan in today’s market conditions speaks to the level of interest and …

August 1, 2022

Acquisitions Data Centers Development Industrial Midwest North Dakota Top Stories

Bitzero to Redevelop Cold War-Era Missile Defense Site in North Dakota into Secure Data Center for $500M

by Jeff Shaw July 29, 2022

NEKOMA, N.D. — Bitzero Blockchain Inc. has agreed to acquire the Stanley R. Mickelsen Safeguard Complex (SRMSC) in Nekoma, a tiny city of fewer than 50 residents approximately 130 miles south of Winnipeg, Canada. The Cavalier County Job Development Authority (CCJDA) is selling the property to Bitzero, which plans to redevelop the asset into a highly secure data center. The project costs, including the acquisition, are estimated at $500 million. Commonly referred to as “The Pyramid,” the SRMSC is a Cold War-era military installation which was built in 1970 to protect the nearby Grand Forks Air Force Base from potential attack from Soviet missiles. The Pyramid became operational in 1975, featured two different kinds of radar systems and data processing equipment, and controlled 30 anti-ballistic missiles that could be launched in case of attack. The main building features three-foot-thick concrete walls. The missile site was abandoned after just eight months in operation, when Congress voted to deactivate it. The missiles and equipment were removed, but the concrete structures remain on the landscape. The CCJDA has owned the site’s tactical area since 2017, but voted unanimously to accept Bitzero’s bid proposal after a presentation from CEO Akbar Shamji. Bitzero’s bid proposal for the site included a …

July 29, 2022

Acquisitions Illinois Midwest Office Top Stories

Google to Acquire James R. Thompson Center in Chicago’s Central Loop Following Renovation

by Katie Sloan July 28, 2022

CHICAGO — Google has announced plans to acquire the James R. Thompson Center, an iconic office building located at 100 W. Randolph St. in Chicago’s Central Loop, following renovations. The 1.2 million-square-foot property occupies a full city block. Google plans to begin moving into the building in 2026. The 17-story Thompson Center is the only building in the city of Chicago where six L Train lines converge, connecting to Chicago’s South, West and North sides — a key point of attraction for Google, which is seeking to create an office environment that suits the future needs of its growing workforce that features a hybrid of in-office and from-home employees. In December of last year, the State of Illinois agreed to sell the Thompson Center to JRTC Holdings, a group led by developer Michael Reschke of Prime Group, for $70 million in an upfront cash transaction. Under terms of the deal, the state initially agreed to buy back a third of the property following renovations for $148 million. Illinois Governor J.B. Pritzker announced a new agreement for the building yesterday morning, in which JRTC will acquire the Thompson Center for $105 million with $30 million paid upfront in cash. As part of …

July 28, 2022

Acquisitions Multifamily New York Northeast Top Stories

Harbor Group, Azure Purchase Avalon Green Apartments in New York’s Westchester County for $306M

by Kristin Harlow July 27, 2022

ELMSFORD, N.Y. — Affiliates of Harbor Group International (HGI) and Azure Partners have purchased Avalon Green in Elmsford, a city in Westchester County, for $306 million. The garden-style apartment community features 617 units. The seller was AvalonBay Communities Inc. Built in three phases in 1995, 2012 and 2016, Avalon Green includes a mix of townhomes, apartments and stacked flats. Residents have access to a clubhouse, resident lounge, two saltwater pools and detached garages. The buyers plan to implement a $9.2 million capital improvement program to refresh amenities and common areas and upgrade select units. The property offers access to I-287 and is five miles from the Metro-North train station, which provides direct service to Manhattan and Stamford, Conn. Additionally, Westchester County is home to corporate campuses of IBM, PepsiCo, Mastercard, Morgan Stanley and Regeneron. “Avalon Green is an attractive fit for HGI’s multifamily portfolio given its strategic location between several employment centers and transportation options along with the significant value-add potential of the community,” says Richard Litton, president of HGI. “We see long-term demand fundamentals for the Westchester area as renters seek housing in suburban markets.” Jose Cruz, Steve Simonelli, Michael Oliver, Andrew Scandalios, Marion Jones and Josh Stein of …

July 27, 2022

Development Mixed-Use Office Texas Top Stories

Crow Holdings Plans 235,000 SF Mass Timber Office Building to Anchor Mixed-Use Development in Frisco, Texas

by John Nelson July 26, 2022

FRISCO, TEXAS — Crow Holdings Development (CHD), a Dallas-based real estate development firm and subsidiary of Crow Holdings, has released plans for The Offices at Southstone Yards, a mass timber office building in Frisco. The 235,000-square-foot property will anchor Southstone Yards, a 45-acre mixed-use development that will feature over 1 million square feet of office space at full buildout. In addition to offices, Southstone Yards will feature shops, restaurants, hotels, nine acres of green space, and more than 1,000 apartments and townhomes, including a five-story, 355-unit property that North Carolina-based LMC is developing. The Dallas Morning News reports that the mixed-use development is valued at $850 million. The seven-story office building represents the first mass timber office building in North Texas, according to CHD. Compared to common building materials like steel and concrete, developers are utilizing mass timber construction because they find it’s more sustainable, provides greater design flexibility, results in a lighter environmental footprint, offers higher thermal insulation and creates a warmer aesthetic. The Dallas Business Journal reports that The Offices at Southstone Yards will be among the largest mass timber office buildings in the United States at completion. The property will feature raised floors, which provides flexibility for …

July 26, 2022

California Development Mixed-Use Top Stories Western

Lendlease Breaks Ground on $1.1B Mixed-Use Tower in San Francisco

by Taylor Williams July 25, 2022

SAN FRANCISCO — Lendlease, a global investment firm headquartered in Australia, has broken ground on 30 Van Ness, a $1.1 billion mixed-use tower that will be located in between San Francisco’s Hayes Valley and Mid-Market districts. The price tag represents Lendlease’s largest investment to date in the Americas. Completion is slated for 2025. Designed by SCB Architects, the 540-foot-tall building will consist of 333 residential condominiums and 290,000 square feet of office and retail space. The property’s 38 stories of residential space will be constructed atop the nine-story podium that will house the office and retail components. Residences will come in studio, one-, two- and three-bedroom floor plans and have an average size in excess of 1,000 square feet. About 25 percent of the units will be reserved as affordable housing, specific income requirements for which were not disclosed. The 10th floor of the building will house residential amenities. Each level of office space will offer outdoor terraces and dynamic glass that lowers energy usage throughout the building. In addition, the site’s event and retail space will open into a public plaza at the northeast corner of Market and Van Ness streets. This space will be used to host both …

July 25, 2022

Civic Development Mixed-Use Northeast Pennsylvania Top Stories

Philadelphia 76ers Unveil Plans for $1.3B Stadium in Center City

by Jeff Shaw July 22, 2022

PHILADELPHIA — Josh Harris and David Blitzer, managing directors of the National Basketball Association’s Philadelphia 76ers, have formed a development corporation for construction of the team’s new arena, known as 76 Place, in Center City Philadelphia. Development costs are estimated at $1.3 billion, with plans to complete construction before the 2031-2032 NBA season. The property will be part of Fashion District Philadelphia, a 900,000-square-foot mall redevelopment that opened in September 2019. The team will partner closely with Macerich, which owns Fashion District, on the project. The transit-oriented site is located at Market Street and South 11th Street, adjacent to five SEPTA public transit lines and three blocks from city hall. The Fashion District project was once a highly regarded development with top-tier retailers, but struggled due to the COVID-19 pandemic closing the doors on many retailers just six months after opening. “The decision to repurpose part of Fashion District Philadelphia to include the new 76ers arena is a natural evolution of the site and a unique and once-in-a-lifetime opportunity for our company,” says Tom O’Hern, CEO of Macerich. Team owner Harris Blitzer Sports & Entertainment tapped local real estate magnate David Adelman, CEO of Campus Apartments, co-founder of FS Investments …

July 22, 2022

Build-to-Rent Development Single-Family Rental Texas Top Stories

Good + West Secures Joint Venture Partner for $400M Build-for-Rent Pipeline Located Across Texas

by Katie Sloan July 21, 2022

DALLAS AND AUSTIN, TEXAS — Good + West has partnered with a Dallas-based private equity fund for the development of four build-for-rent (BFR) projects in the state of Texas. Development costs are set to total $400 million. The communities will be built under the Austin, Texas-based development firm’s Perch banner over the course of the next four years. Heather McClure of Walker & Dunlop advised Good + West in identifying its joint venture partner for the projects. Perch communities offer a seres of single-family buildings with fenced-in yards and patios, alongside shared amenities including resort-style swimming pools, outdoor kitchens with gas grills, fire pits, game lawns, pet parks, fitness centers and landscaped courtyards. The company currently has $150 million worth of BFR development underway in the state of Texas, including the joint venture’s first project, Perch Denton. Located in the Dallas-Fort Worth suburb of Denton, the community is scheduled for delivery in 2023 and will offer 195 units. Additional Good + West BFR projects currently underway include Perch Chisolm Trail in Fort Worth and Perch Manor Downs, located outside Austin in Manor. Phase I of both projects are set for delivery in 2023 and 2024, respectively. The pace of development …

July 21, 2022

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