Top Stories

Mirae Asset Global Purchases Academy Sports Headquarters Campus in Metro Houston for $190M

by John Nelson April 21, 2022

KATY, TEXAS — Mirae Asset Global Investments, a global investment firm based in Seoul, South Korea, has purchased the headquarters campus of sporting goods retail giant Academy Sports + Outdoors (Nasdaq: ASO) in the west Houston suburb of Katy. Phoenix-based Tratt Properties sold the 1.5 million-square-foot campus, which is triple-net leased to Academy Sports on a long-term lease, for $190 million. The 93-acre campus includes a little over 1.2 million square feet of warehouse space, 250,000 square feet of flexible office space and mezzanine space totaling approximately 800,000 square feet. Located at 1800 N. Mason Road, the site has immediate access to Interstate 10 and Texas Highway 99, which circles Houston. “From a logistics perspective, this property is exceptionally well-located, with access to highways in all directions,” says Ken Hedrick, executive managing director of Newmark. “The scarcity and increasing value of land in the west Houston area further enhance the property’s value.” Hedrick, along with Newmark colleagues Jerry Hopkins, Andrew Ragsdale, Alex Foshay and Kristian Nielsen, represented Tratt Properties in the sale. Dustin Stolly, Jordan Roeschlaub and Nick Scribani, also with Newmark, arranged acquisition financing on behalf of Mirae Asset Global. Tratt Properties is an active logistics real estate investor …

April 21, 2022

Development Office Texas Top Stories

Lincoln Property Co., Phoenix Property Co. Partner with DivcoWest to Build 48-Story Office Tower in Austin

by Kristin Harlow April 20, 2022

AUSTIN, TEXAS — Lincoln Property Co. (LPC) and co-developer Phoenix Property Co. (PPC) have partnered with DivcoWest to develop The Republic, a 48-story office tower in downtown Austin. The developers say they have secured the building’s first major tenant, enabling construction to move forward. The developers expect to break ground on the project in the second quarter of this year. Located at 401 W. 4th St. and spanning 833,000 square feet, The Republic will overlook Lady Bird Lake and offer a direct connection to Republic Square Park. The office tower will feature a green public plaza at its main entrance that will act as an extension of the park. A 19th-floor amenity level will boast more than 50,000 square feet of indoor-outdoor space, including conference rooms, a fitness center, clubroom and a 25,000-square-foot outdoor terrace covered by canopies. In addition to the 20,000-square-foot public plaza, the ground floor will feature restaurant and retail space. Floor plates will average 29,000 square feet, and each floor will feature a private terrace. The building design by Duda Paine Architects emphasizes both outdoor space and health and wellness. Features include touchless access technology and enhanced air-filtration systems. The developers are pursuing WELLv2 Core certification, …

April 20, 2022

Acquisitions Company News New York Northeast Student Housing Texas Top Stories

Blackstone Agrees to Acquire Student Housing Giant American Campus Communities for $12.8B

by Katie Sloan April 19, 2022

NEW YORK CITY AND AUSTIN, TEXAS — Blackstone Inc. (NYSE: BX) has agreed to acquire American Campus Communities (NYSE: ACC) in a deal valued at $12.8 billion, including the assumption of debt. ACC is the largest publicly traded owner, manager and developer of student housing in the United States. Blackstone plans to take the company private through Blackstone Real Estate Income Trust Inc. and Blackstone Property Partners, which unlike its traditional private-equity funds can hold properties as long-term investments, according to media sources. This move comes as the price of public equity has been more expensive than private institutional capital over the past few years, according to Bill Bayless, co-founder and CEO of ACC, in a letter to employees. During that time, many of the private players in the sector were able to acquire and develop more aggressively than the cost of public equities permitted. The purchase price represents a premium of 22 percent against ACC’s 90-day, volume-weighted average share price as of April 18, and a 30 percent premium over the company’s closing stock price on Feb. 16, the day prior to ACC disclosing an indication of willingness from Blackstone to acquire the Austin-based firm. This transaction marks Blackstone’s largest investment …

April 19, 2022

Acquisitions Development Life Sciences Top Stories Washington Western

BioMed Realty Acquires Life Sciences Development Site in Seattle for $127M

by Taylor Williams April 18, 2022

SEATTLE — BioMed Realty, a San Diego-based owner-operator of healthcare real estate and a Blackstone portfolio company, has acquired a life sciences development site in Seattle. The sales price was $127 million, according to The Puget Sound Business Journal. BioMed plans to develop 616,000 square feet of life sciences space at the site, which is known as Denny Park South and comprises two adjacent parcels totaling 1.6 acres in South Lake Union/Denny Triangle neighborhood. The location is also near a variety of healthcare facilities and research institutions, notes Jon Bergschneider, president of West Coast markets at BioMed Realty. “The South Lake Union/Denny Triangle cluster is flush with renowned research institutes like the University of Washington School of Medicine, Gates Foundation, Fred Hutchinson Cancer Research Center and the Allen Institute, as well as large tech users such as Amazon, Meta and Apple,” he says. Following this development, BioMed’s life sciences portfolio in Seattle, which includes the recently completed flagship Dexter Yard project in South Lake Union, will total approximately 1.8 million square feet. A tentative construction timeline for the Denny Park South project was not disclosed. The acquisition of Denny Park South follows BioMed’s purchase of T6 Innovation Center, located at …

April 18, 2022

Development New York Office Top Stories

JPMorgan Plans 60-Story Global Headquarters in Midtown Manhattan

by Julia Sanders April 15, 2022

NEW YORK CITY — JPMorgan has unveiled plans to build 270 Park Avenue, a 60-story skyscraper rising 1,388 feet in Midtown Manhattan, for the financial firm’s new global headquarters. Construction is scheduled for completion by the end of 2025. 270 Park Avenue replaces a previous building, which was designed in the late 1950s for about 3,500 employees. The new project will feature 2.5 million square feet of flexible and collaborative space. The asset will offer 2.5 times more outdoor space on the ground level of Park and Madison avenues, with wider sidewalks and a large public plaza. The office tower will also include a food hall, health and wellness center, communal spaces, HVAC filtration systems and a conference center. The property will be fully powered by renewable energy sourced from a New York State hydroelectric plant and will operate on net zero carbon emissions. The asset will include technology to help it run efficiently, including intelligent building systems that use sensors, AI and machine learning systems to adapt to energy needs; advanced water storage and reuse systems to reduce water usage by more than 40 percent; and automatic solar shades connected to HVAC systems for greater energy efficiency. JPMorgan is …

April 15, 2022

Mixed-Use Multifamily Office Retail Texas Top Stories

AMLI Residential, Stream Realty Plan $472M Transit-Oriented Development in Addison, Texas

by Katie Sloan April 14, 2022

ADDISON, TEXAS — AMLI Residential and Stream Realty Partners have been named master developers for a $472 million, 18-acre, mixed-use development in Addison, roughly 15 miles north of Dallas. The Town of Addison has been acquiring land for the project since the inception of the DART Light Rail system in 1983 with plans for a transit-oriented development. The project is centered on a DART Silver Line station currently under construction near Addison Circle Park, a 10-acre, master-planned public park. DART has partnered with the Town of Addison through a ground-lease structure that allows for the inclusion of both the train and bus stations in the development. Phase I of the project is set to include: A six-story, Class A office building with 150,000 square feet of leasable space and 9,000 square feet of ground-floor retail; a 13-story luxury multifamily community with 9,000 square feet of ground-floor retail space; a seven-story luxury multifamily building with 5,000 square feet of ground-floor retail space; a 650-stall parking structure with ground-floor retail; and a 45,000-square-foot entertainment complex operated by The HUB, a Texas-based creator of entertainment and restaurant venues with an emphasis on daily events and festivals. Cushman & Wakefield has represented the Town …

April 14, 2022

Acquisitions Midwest Minnesota Multifamily Top Stories

CBRE Investment Management Acquires The Berkman Luxury Apartment Complex in Rochester, Minnesota for $187.6M

by Kristin Harlow April 13, 2022

ROCHESTER, MINN. — CBRE Investment Management has acquired The Berkman, a 350-unit luxury apartment complex in Rochester, a city in Southeast Minnesota. The purchase price was $187.6 million, according to local media reports. The sellers were Kayne Anderson Real Estate and Alatus LLC. Located at 217 14th Ave. SW, The Berkman sits across the street from the Mayo Clinic’s Saint Marys Campus, which is the nation’s largest intensive care unit. The property is also less than one mile from the Mayo Clinic’s downtown campus. The community opened in 2020. The Berkman features several environmentally friendly components, including low-flow plumbing fixtures, efficient electric heat pumping technology and sustainable building materials. David Selznick, chief investment officer with Kayne Anderson, says the objective of the development was to provide an environmental, social and governance (ESG)-oriented community to support the Mayo Clinic’s staff, patients and overall Rochester resident base. “We believe that this asset’s proximity to the area’s elite base of education, research and world-renowned medical institutions, combined with strong demographic fundamentals, will position this property as a quality asset that will capitalize on durable demand from ‘eds and meds,’” says Benjamin Green, managing director of residential transactions at CBRE Investment Management. Community amenities …

April 13, 2022

Acquisitions Office Southeast Tennessee Top Stories

KBS Acquires 29-Story Office Tower in Downtown Nashville for $175M

by Taylor Williams April 12, 2022

NASHVILLE — California-based investment and development firm KBS has acquired UBS Tower, a 29-story office tower in downtown Nashville. The sales price was approximately $175 million, according to The Nashville Business Journal. Located at 315 Deaderick St., the 605,000-square-foot UBS Tower is the second-tallest office building in the city and occupies a full city block. The property was originally constructed in 1972 and has been renovated several times over the ensuing decades. The namesake tenant and investment banking firm renewed its 138,000-square-foot lease in 2021 and will serve as the building’s anchor tenant until 2034. The most recent capital improvement program delivered new and revamped amenity spaces, including the lobby, tenant lounge, coffee bar, fitness center and conference facilities. This project also upgraded the building’s mechanical systems. “With a population quickly approaching 2 million, Nashville is a vital business, tourism and transportation center,” says Marc DeLuca, CEO and Eastern regional president at KBS. “Nashville boasts a thriving economy that is predicted to see a 3.9 percent growth in employment in 2022. This activity creates numerous office-using jobs and significantly increases the rental growth and demand in the market.” According to CoStar Group, Nashville has approximately 80 percent more office-using jobs …

April 12, 2022

Acquisitions Multifamily New York Northeast Top Stories

A&E Real Estate Acquires Apartment Tower in Manhattan from Equity Residential for $266M

by John Nelson April 11, 2022

NEW YORK CITY — A&E Real Estate, a private multifamily investment and management firm based in New York City, has purchased 140 Riverside Boulevard, a luxury 354-unit apartment tower on the Upper West Side of Manhattan. Equity Residential (NYSE: EQR), a multifamily REIT based in Chicago, sold the 28-story community for $266 million. Darcy Stacom and Ryan Silber of CBRE represented Equity Residential in the sale. Built in 2002, the apartment tower features controlled access, a doorman, fitness center, interior courtyard, multiple tenant lounges, onsite management, package services, storage space and concierge services. The property is situated opposite Riverside Park South, a New York City park that fronts the Hudson River. Additionally, the community includes commercial space currently leased to New York Cat Hospital, a veterinarian’s clinic, and Dwight School, a private school catering to pre-K and kindergarten students. “140 Riverside Boulevard is a stand-out in the New York market, situated both waterfront and park-front with direct access to the Hudson River Park system,” says Stacom. “The property has been meticulously maintained and is truly excellent real estate — as this transaction validates.” Founded in 2011, A&E Real Estate began with the acquisition of a 49-unit apartment community in Brooklyn. …

April 11, 2022

Development Georgia Top Stories

Kubota Opens 280-Acre Research, Development Center in Gainesville, Georgia

by Julia Sanders April 8, 2022

GAINESVILLE, GA. — Farming and construction machinery producer Kubota North America Corp. has opened a 280-acre research and development (R&D) center in Gainesville, approximately 50 miles northeast of Atlanta. The firm invested more than $85 million to build the new facility. The center houses engineering offices, workshops and testing labs. Outside of the facility, there are tracks for testing turf, utility vehicles, tractors and construction equipment. Kubota is opening the facility with 70 engineering and technical employees and plans to grow to nearly 200 employees over the next five years. According to Phil Sutton, vice president for Kubota Manufacturing of America, the firm already employs more than 3,000 team members in the state of Georgia across manufacturing, sales, distribution and engineering operations. The new R&D center is fully powered by renewable energy and built on the sustainable principles. The center is powered in part by solar panels and the parking lot features a solar-powered roof to support electric vehicle charging stations. Kubota North America Corp. is the parent company for Grapevine, Texas-based Kubota Tractor Corp. and Gainesville-based Kubota Manufacturing of America. “This new R&D center here in Georgia is going to allow us to continue to innovate products and solution …

April 8, 2022

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