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AcquisitionsDevelopmentHospitalitySoutheastTennesseeTop Stories

Propst, Chartwell Complete 234-Room Conrad Nashville Hotel, Sell to Northwood Investors

by John Nelson

NASHVILLE, TENN. — Propst Development and Chartwell Hospitality have completed construction of the Conrad Nashville, Hilton International’s first luxury hotel in the city. Located at 1620 West End Ave. in the Midtown neighborhood, the 234-room property is slated to open to the public at the end of June. In addition to completing the hotel, the co-developers sold the asset to Northwood Investors, a Denver-based private equity investor with $8 billion in assets under management. The price was not disclosed. The Conrad Nashville features more than 11,000 square feet of meeting space, an outdoor terrace pool on the third floor, the Blue Aster restaurant and Thistle and Rye whiskey bar. Other amenities include a fitness center, business center, pet-friendly rooms, a concierge and complimentary Wi-Fi. According to the property website, prices for a suite with one king bed range from $285 per night during the week to $529 on the weekends. Prices for a suite with two queen beds range from $285 during the week to $636 on the weekends. The Conrad Nashville will employ more than 200 people once it’s fully operational, according to Bill Propst, chairman of Propst Development’s parent company, Propst Cos. The hotel anchors the $540 million …

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DevelopmentMixed-UseNew JerseyNortheastTop Stories

Kushner Breaks Ground on 2 MSF One Journal Square Mixed-Use Project in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — New York City-based developer Kushner has broken ground on One Journal Square, a 2 million-square-foot mixed-use project in Jersey City. The site is adjacent to Journal Square PATH Station, and the neighborhood name stems from the area’s history as a media and publishing hub. The centerpiece of the development will be two 64-story towers that will house a combined 1,723 apartments, 45,000 square feet of indoor and outdoor amenity space and a 40,000 square feet of ground-floor retail space that is fully preleased to an undisclosed tenant. One Journal Square will also include a new public plaza at its base facing John F. Kennedy Boulevard that will feature green space and seating areas for residents and visitors. Woods Bagot is the project architect, and AJD Construction is the general contractor. Phase I will center on the construction of 900 residential units and is expected to take approximately three years. Full completion of the project is scheduled for 2026. One Journal Square will feature an array of amenities that promote health and wellness. These will include an indoor and outdoor pool; fitness center with a yoga studio, sauna and spa; full-size basketball court; squash court; and a …

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DevelopmentIndustrialSoutheastTop StoriesVirginia

LEGO Group Plans $1B Toy Factory in Metro Richmond, Its First in the U.S.

by Jeff Shaw

CHESTERFIELD, VA. — Danish toymaker LEGO Group has released plans for a 1.7 million-square-foot factory in Chesterfield, a southern suburb of Richmond. Over the course of 10 years, LEGO estimates it will invest $1 billion in the project and generate 1,760 jobs. Located on 340 acres, the project also includes a solar park that will produce 100 percent of the factory’s energy needs. Construction is scheduled to begin this fall, with full production beginning in 2025. The property will be LEGO’s seventh factory worldwide, its second in North America and its first in the United States. LEGO factories in Europe and China are also being expanded, and in December 2021, the privately held toymaker announced plans to build a factory in Vietnam to support further growth in Asia. The industrial expansion is part of the company’s goal to shorten supply chains and reduce its carbon footprint. The project is also designed to meet LEED Gold standards. “More and more families are falling in love with LEGO building, and we are looking forward to making LEGO bricks in the United States, one of our largest markets,” says Niels Christiansen, CEO of LEGO Group. “The location in Virginia allows us to build …

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Inland-Portfolio
AcquisitionsCaliforniaGeorgiaIllinoisMarylandMichiganMidwestMinnesotaNortheastPennsylvaniaRetailSoutheastTexasTop StoriesWestern

JLL Brokers $278M Sale of Eight-Property Grocery-Anchored Retail Portfolio

by Katie Sloan

OAK BROOK, ILL. — JLL’s Capital Markets group has arranged the $278 million sale of an eight-property, grocery-anchored retail portfolio. The buyer was Inland Real Estate Income Trust Inc. The properties were 88.5 percent leased at the time of sale to tenants including Ralphs, Target, Whole Foods Market, Giant, Trader Joe’s, Sprouts Farmers Market, Nordstrom Rack, Starbucks Coffee, Rite Aid and Sierra Trading Post. The properties span 687,000 square feet and include:  Olde Ivy Village, located outside of Atlanta at 4330 East-West Connector in Smyrna, Ga.; Denton Village, located at 4930 Teasley Lane in the Dallas suburb of Denton, Texas; Northpark Square Village, located at 27706-27776 McBean Parkway in the metro Los Angeles community of Valencia, Calif.; Northville Park Place, located at 18771-39869 Traditions Drive in Northville, Mich., outside of Detroit; City Place, located eight miles east of Saint Paul at 205 Radio Drive in Woodbury, Minn.; Rusty Leaf Plaza, located at 2512-2560 E. Chapman Ave. in Orange, Calif.; Lower Makefield Shopping Center, located at 700 Stony Hill Road in Yardley, Pa., outside Philadelphia; and New Town Village, located at 9700 Groffs Mill Drive in the metro Washington, D.C., community of Owings Mills, Md. Bill Moylan, Chris Angelone, Barry Brown, …

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DevelopmentFloridaLoansMixed-UseSoutheastTop Stories

JDS Development Group Receives Construction Financing for 64-Story Southside Park Mixed-Use Tower in Miami

by Kristin Harlow

MIAMI — JDS Development Group has received $86 million in acquisition and construction financing for 1 Southside Park, a 64-story mixed-use project in Miami’s Brickell neighborhood. Plans call for 1,175 apartment units, 190,000 square feet of office space, a 200-room hotel, 10,000 square feet of retail space and 1,400 parking spaces. The development will include the country’s first Treehouse Hotel, along with multiple food and beverage outlets and public spaces. As part of the Brickell Rapid Transit Zone, the project will enhance access to public transportation, provide direct connection to The Underline and reinvigorate Southside Park, according to JDS. The Underline is a 10-mile linear park, urban trail and public destination being built on land below Miami’s Metrorail that is opening in phases through 2025. Southside Park’s proposed design enhancements include an enclosed dog run, seating areas, water features, opportunities for public art, playgrounds, a new basketball court and space for active programming such as movie nights and community sports events. A Walker & Dunlop team led by Aaron Appel, Keith Kurland, Jonathan Schwartz and Adam Schwartz arranged the financing through Maxim Capital Group. An existing land acquisition loan was replaced with a bridge construction loan at a lower interest …

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IllinoisLeasing ActivityMidwestRetailTop Stories

Fashion Retailer Aritzia to Open Flagship Store on Magnificent Mile in Downtown Chicago

by John Nelson

CHICAGO — Aritzia (TSX: ATZ), a women’s fashion boutique retailer based in Vancouver, plans to open a flagship store on Chicago’s Magnificent Mile, bucking a trend of retailers leaving the famous stretch of North Michigan Avenue. The Magnificent Mile spans 13 city blocks in downtown Chicago and houses 460 stores, 275 restaurants and 60 hotels. The retailer, which sells apparel under brands such as Wilfred, Babaton and TNA, will occupy a 46,000-square-foot space at 555 N. Michigan Ave. in 2023. The location formerly housed Gap’s three-story flagship store before the retailer closed in early 2021. The new Aritzia store is the largest retail lease deal on Magnificent Mile in nearly a decade and the first flagship agreement since 2019, according to CBRE. Luke Molloy, Danny Jacobson, Steve Ansani and Cliff Vann of CBRE represented the landlord, Ireland-based ECA Capital Ltd., in the transaction. “Coming out of the pandemic, this is an important deal for the Mag Mile, and Chicago in general,” says Molloy. “Aritzia is one of the most sought-after brands in the world and [it] believes in the future of North Michigan Avenue. What [it has] planned for its new flagship is incredible, and we expect this to be …

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AcquisitionsCaliforniaCompany NewsIndianaIndustrialMidwestTop StoriesWestern

Prologis Agrees to Acquire Duke Realty in $26B All-Stock Transaction

by Taylor Williams

SAN FRANCISCO AND INDIANAPOLIS — San Francisco-based industrial giant Prologis Inc. (NYSE: PLD) has agreed to acquire Indianapolis-based Duke Realty (NYSE: DRE) for $26 billion in an all-stock transaction, including debt. The mega-merger of these two REITs is scheduled to close in the fourth quarter. The board of directors for each company has already unanimously approved the transaction. In May, Prologis offered to acquire Duke in an all-cash transaction for $61.68 per share, a proposal that would have generated a price tag of $23.7 billion. The offer, which was tendered on May 10, represented a 29 percent premium over Duke’s closing stock price on the previous day. However, Duke rejected the offer. The transaction includes Prologis’ assumption of Duke Realty’s existing debt. Duke’s shareholders will receive a premium of 47.5 percent over the current value of each share of common stock they own. Prologis plans to hold 94 percent of the acquired assets. Prologis expects to achieve $310 million to $370 million in reduced general and administrative costs and consolidated corporate leverage as a result of the acquisition. In addition, Prologis said it was drawn to Duke’s presence with high-performing industrial facilities in key markets, including Southern California, New Jersey, …

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AcquisitionsCaliforniaOfficeTop StoriesWestern

Tishman Speyer Sells 719,037 SF Silicon Valley Office Complex Leased to Meta

by Jeff Shaw

SUNNYVALE, CALIF. — Tishman Speyer has sold a 719,037-square-foot office campus in the Moffett Park submarket of Sunnyvale, just west of San Jose, to CommonWealth Partners. While the price was not disclosed, Tishman Speyer acquired the asset in April 2021 for $356 million, and soon leased the entire campus to Meta, the parent company of social media networks Facebook and Instagram. Google occupies a multi-building campus immediately adjacent to the site. The property features four modern office buildings, two parking structures and outdoor recreational space. Campus amenities include a gym with a basketball court, lockers and showers; outdoor volleyball court; executive briefing center; full-service cafeteria; multiple kitchens; break centers; phone rooms; and other common areas. This acquisition more than doubles CommonWealth Partners’ holdings in the Moffett Park submarket to over 1.2 million square feet of LEED Gold- or Platinum-certified trophy office space. “The sale and the lease demonstrate that Silicon Valley remains a global center of innovation,” says Rob Speyer, CEO of Tishman Speyer. “Moreover, this deal demonstrates that the market for highly collaborative, well-designed office space with accessible green space and top-level amenities is still strong.” Kevin Shannon, Steven Golubchik, Phil Mahoney, Jonathan Schaefler and Darren Hollak of Newmark …

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AcquisitionsLife SciencesMassachusettsNortheastOfficeTop Stories

GI Partners Acquires 479,000 SF Life Sciences Property in Boston’s Seaport District

by Katie Sloan

BOSTON — GI Partners has acquired 451 D Street, a state-of-the-art life sciences, data center and creative office building in Boston’s Seaport District. The price was not disclosed, but the seller, Related Fund Management, bought the asset for $276 million in 2018, according to reports by the Boston Business Journal. The nine-story, 479,000-square-foot building recently underwent two phases of lab conversion that total over half of the building’s rentable area. The property offers 536 parking spaces; a conference center; amenity center with a lounge, kitchen and games; an onsite cafe; bicycle storage; and a 3,000-square-foot fitness center.  Current tenants include AT&T, J.P.Morgan, Silicon Therapeutics, Elektrofi, BT, Inozyme Pharma, Cellink, Stevanato Group Pharmaceutical Systems, Joyn Bio, Sensei Biotherapeutics, DermBoint and Dewpoint Therapeutics.  Related will maintain a minority interest in the property and Related Beal will continue to serve as property manager. Eastdil Secured represented the seller in the transaction and placed debt financing for the new ownership group. “The Seaport has become a bona fide life sciences innovation hub and 451 D exemplifies our focus on serving the needs of small and medium-sized lab tenants through Class A reusable buildouts,” says John Sheputis, managing director at GI Partners and head of acquisitions for …

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DevelopmentIllinoisMidwestMixed-UseTop Stories

CRG, Shapack Partners to Redevelop Former Bridgford Food Plant in Chicago into 750,000 SF Mixed-Use Project

by Kristin Harlow

CHICAGO — A joint venture between CRG and Shapack Partners has acquired the former Bridgford Foods Corp. food processing facility in Chicago’s Fulton Market district with plans to redevelop the site into a 750,000-square-foot mixed-use project. The development is slated to feature 250 apartment units, 350,000 square feet of Class A office space, 150 boutique hotel rooms and 40,000 square feet of retail space. Located at 170 N. Green St., the project site spans nearly an entire city block near the Chicago Transit Authority Pink Line and Green Line station at Lake and Morgan streets. CRG’s parent company, Clayco, will serve as general contractor and its subsidiary, Lamar Johnson Collaborative, is the architect. Paige O’Neil and Annie Kwasigroch of Shapack will oversee lease-up of the office and retail space. CRG anticipates that construction could begin as early as this fall. A timeline for completion was not provided. “This location is a tailor-made opportunity to meet the overwhelming trend of flight to quality we are seeing in the city,” says CBRE’s Keely Polczynski, who represented Bridgford in the sale. “Employers are investing in upgraded spaces to boost employee engagement as well as attract and retain talent.” According to CBRE, 60 office …

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