Top Stories

Taconic Capital Advisors, Eastern Real Estate Acquire 617,000 SF University Mall in Vermont

by Kristin Harlow March 23, 2022

SOUTH BURLINGTON, VT. — A partnership between Taconic Capital Advisors and Eastern Real Estate has acquired University Mall in South Burlington, a city in northwest Vermont. The 617,000-square-foot property is the largest mall in the state. A CMBS trust sold the asset for $60 million. The new owners say they are exploring a range of plans to reenergize the shopping center, which is located less than one mile from the University of Vermont, The University of Vermont Medical Center and Burlington International Airport. With more than 50 local and national shops and restaurants, the mall is 95 percent occupied and draws an estimated 3.9 million annual visitors, according to the buyers. University Mall is home to an 85,500-square-foot JC Penney, an 86,000-square-foot Kohl’s, a 48,000-square-foot Hannaford Brothers and a 60,000-square-foot Target, which is the only Target store in Vermont. “The property has been a gathering place for decades, and our commitment is to build on its success as a vital retail and economic asset for Vermont,” says Alex Fleming, director with Taconic. Andrew Hayes, director with Eastern, will oversee the planning, leasing strategy and overall repositioning of the mall. Local firm KeyPoint Partners, led by Heather Tremblay, will maintain its …

March 23, 2022

Acquisitions Florida Mixed-Use Multifamily Office Retail Southeast Top Stories

CIM Group Sells Strata Wynwood Mixed-Use Development in Miami

by John Nelson March 22, 2022

MIAMI — CIM Group, a commercial real estate developer, owner and lender based in Los Angeles, has sold Strata Wynwood, a mixed-use development in Miami’s Wynwood district. The buyer and sales price were not disclosed. The recently completed development spans a full city block and comprises two 12-story towers totaling 257 apartments, 27,040 square feet of retail space and an onsite parking garage with 474 spaces. CIM Group and co-developer One Real Estate Investment, a privately owned real estate investor and developer based in Miami, opened the property in October. Situated along North Miami Avenue and bounded by 22nd and 23rd streets, Strata Wynwood’s two towers feature retail space on the ground levels, three floors of offices and eight floors of apartments. “We were able to seamlessly blend these elements into an exceptionally functional and architecturally appealing property that enhances the dynamic Wynwood District,” says Shaul Kuba, co-founder and principal of CIM Group. Strata Wynwood’s apartments range from studios to three-bedroom units. Residential amenities include a 24-hour fitness center, swimming pool with cabanas, lounge areas, grilling stations, open-air theater, music room and coworking spaces. The apartments, offices and retail space feature floor-to-ceiling windows that maximize natural light. Additionally, locally based …

March 22, 2022

Acquisitions New Jersey Northeast Office Top Stories

Vision Properties, Hana Alternative Asset Management Acquire 70 Hudson Street Office Building in Jersey City for $300M

by Jeff Shaw March 21, 2022

JERSEY CITY, N.J. — Vision Properties and Hana Alternative Asset Management have acquired 70 Hudson Street, a 431,281-square-foot office building located on the Hudson River in Jersey City. A joint venture between Danish institutional investor PFA Pension and Spear Street Capital sold the 12-story asset for $300 million. Built in 2000 and recently renovated with a new lobby and elevators, the asset is less than a block away from both the Paulus Hook river taxi station offering passage to several locations in Manhattan and the PATH light rail stations offering transit to Manhattan and New Jersey. It is only 1.5 miles from the Holland Tunnel as well. There is a Citibike bicycle rental station onsite and its waterfront location grants panoramic views of Lower Manhattan as well. Ground-floor retail tenants include CVS/pharmacy, bakery and restaurant Maman and a gym. Three floors of parking above the lobby and retail areas provide 226 parking spaces. According to the property website, only one 26,650-square-foot suite is currently available to rent, while the rest of the building is fully leased. Cushman & Wakefield’s David Bernhaut, Adam Spies, Kevin Donner, Marcella Fasulo, Andrew Merin, Gary Gabriel, Frank DiTommaso and Ryan Larkin, along with local leasing …

March 21, 2022

Acquisitions Development Mixed-Use South Carolina Southeast Top Stories

13th Floor Investments Acquires 168 Acres in Greenville, Plans for Mixed-Use Development

by Julia Sanders March 18, 2022

GREENVILLE, S.C. — Miami-based 13th Floor Investments has acquired 168 acres in Greenville with plans to build the first phase of On The Trail, a mixed-use project. The sales price for the land was not disclosed. In partnership with Miami-based developers Dean Warhaft and Warren Zinn, the team plans to redevelop the abandoned 250 acres surrounding Greenville’s historic Union Bleachery mill, which fronts the Swamp Rabbit Trail, a 22-mile, multi-use recreational greenway. Originally built in the 1990s, The Union Bleachery mill formerly was used as a commerce center but has sat vacant since a fire shut down its operations in 2003. 13th Floor Investments, which now owns a majority ownership stake in the development project, will take over the management, construction and implementation of Warhaft and Zinn’s strategic vision for the site. Warhaft is a licensed professional land surveyor with experience as a real estate development lawyer and manager of all aspects of construction projects. Zinn is an attorney with experience acquiring, developing and managing commercial properties. On The Trail will be built in multiple phases, featuring a variety of residential, commercial, office, retail and hospitality uses. Construction of the project’s first phase is slated to begin later this year …

March 18, 2022

Acquisitions Florida Office Southeast Top Stories

CP Group, Related Fund Acquire Las Olas Square Office, Retail Complex in Fort Lauderdale for $144.5M

by Taylor Williams March 17, 2022

FORT LAUDERDALE, FLA. — A partnership between locally based office owner-operator CP Group and New York City-based investment manager Related Fund Management has acquired Las Olas Square, an office and retail complex in Fort Lauderdale. The sales price was $144.5 million, according to The South Florida Business Journal. The local news outlet also reports that the seller was a partnership between Steelbridge Capital, Square2 Capital and Apollo Global Management. Las Olas Square consists of a 17-story office building and a three-story office and retail building. Combined, the two buildings total 267,000 square feet. The larger office building features structured parking, meeting and conference facilities, and newly created outdoor amenity spaces. The previous owner recently completed a multimillion-dollar renovation of the lobby, common areas and restrooms. Suites are equipped with motion-activated lighting systems and floor-to-ceiling windows. Retail tenants at Las Olas Square include restaurant Del Frisco’s Grille, Truist Bank and Spaces, a coworking concept. Part of the appeal of Las Olas Square is the strong pipeline of multifamily developments that are underway in the area, as well as the location at a “main and main” intersection within the city’s urban core, according to Brett Reese, senior vice president at CP Group. …

March 17, 2022

Acquisitions Florida Multifamily Southeast Top Stories

Harbor Group International Acquires 816-Unit ParkLine Miami Luxury Apartment Community

by Kristin Harlow March 16, 2022

MIAMI — Affiliates of Harbor Group International (HGI) have acquired ParkLine Miami, an 816-unit luxury apartment community in downtown Miami. The purchase price was not disclosed, but news outlets reported last fall that the asking price was $500 million. The seller, Florida East Coast Industries (FECI), completed construction of the property in 2020. The development is perched directly above MiamiCentral, a transportation hub spanning six city blocks that connects to four major transit lines. “The ParkLine Miami investment represents a unique opportunity to acquire a world-class asset in a desirable, high-growth location with accessibility to major employment drivers and direct elevator access to all major regional and local transportation modes,” says Richard Litton, president of HGI. ParkLine Miami consists of two apartment towers rising 44 and 47 stories. Connecting the two towers is a two-acre amenity deck set 150 feet above street level. Offerings include pools, outdoor and indoor fitness centers, pet parks, a quarter-mile running track and a business center with coworking spaces. HGI, a privately owned international real estate investment and management firm based in Norfolk, Va., now owns 1,105 units across five properties in Miami-Dade County. Cammeby’s International Group partnered with HGI on the transaction. Cammeby’s, which …

March 16, 2022

Acquisitions Mixed-Use New York Northeast Office Top Stories

Blackstone Acquires Minority Stake in One Manhattan West Office Tower in New York for $1.4B

by John Nelson March 15, 2022

NEW YORK CITY — Blackstone (NYSE: BX) has purchased a 49 percent stake in One Manhattan West, a 67-story office tower in Manhattan totaling 2.1 million square feet. Brookfield (NYSE: BAM) and Qatar Investment Authority sold the minority interest to Blackstone and will retain a 51 percent ownership stake in the skyscraper. The purchase price wasn’t disclosed, but Brookfield says that the deal “values the office building at $2.85 billion,” which translates to Blackstone’s stake totaling just below $1.4 billion. Ben Brown, managing partner of Brookfield, says the competition for the acquisition was intense despite the uneven recovery of New York City’s office market due to COVID-19. “The partial sale of One Manhattan West and the interest we received as soon as we put it on the market are clear validations that the highest quality office properties are seeing enormous demand coming out of the pandemic,” says Brown. “One Manhattan West is home to some of the world’s leading companies, and their continued desire to work from and grow in the building is a promising sign for Manhattan West and prime, well-located office assets broadly.” Located on the corner of Ninth Avenue and 33rd Street, One Manhattan West is leased …

March 15, 2022

Development Industrial Texas Top Stories

Lovett Industrial, Clarion Partners Break Ground on 3.1 MSF Development in Metro Houston

by Jeff Shaw March 14, 2022

TOMBALL, TEXAS — A partnership between Houston-based developer Lovett Industrial and New York City-based investment manager Clarion Partners has broken ground on Interchange 249, a 3.1 million-square-foot development in the northern Houston suburb of Tomball. Interchange 249 will consist of 10 buildings on a 240-acre site at the intersection of State Highway 249 and Rocky Road that will be developed across three phases. Macy’s has already committed to leasing 48 percent of Phase I, which will consist of four buildings totaling 1.9 million square feet. These buildings will feature 32- to 40-foot clear heights and combined parking for 577 trailers. Completion of Phase I is slated for the first quarter of 2023. The development features approximately one mile of frontage along Grand Parkway. The site has direct access to both Grand Parkway and Highway 249, allowing for efficient regional and local distribution. Additional advantages include proximity to Houston’s labor force and a central location within an area that is experiencing unprecedented residential and commercial growth, according to the developers. Powers Brown Architecture is designing Interchange 249, and Kimley-Horn is the civil engineer. Harvey Builders is serving as the general contractor, and Cushman & Wakefield has been tapped as the leasing …

March 14, 2022

Alaska Development Multifamily Top Stories Western

The X Co. Completes 20-Story Multifamily High-Rise in Downtown Phoenix

by Taylor Williams March 11, 2022

PHOENIX — Chicago-based developer The X Co. has completed X Phoenix, a 20-story multifamily high-rise project located at 200 W. Monroe St. in the state capital’s downtown area. The 731,321-square-foot building houses 330 residential units and represents Phase I of a larger development. Phase II of X Phoenix will feature a 26-story multifamily tower that will be developed on an adjacent parcel. Construction of Phase II is scheduled to begin this spring. Phase I of X Phoenix included a parking garage with 612 stalls, plus an indoor mezzanine storage space with 159 bike parking spots and a wash station. The eighth floor of the building houses two pools with a poolside bar and restaurant that is scheduled to open in April. In addition, the ninth floor of the building features a 9,000-square-foot fitness center with locker rooms and a yoga studio. Lastly, the building contains 50,000 square feet of commercial space that will be built out to support restaurant and coworking uses. Chicago-based Fitzgerald & Associates designed X Phoenix, with Workshop/APD handling interior design. Clayco, a design-build firm with five offices across the county, provided construction management services. Kimley-Horn and Peterson Associates provided engineering services. The X Co. has built …

March 11, 2022

Acquisitions Office Texas Top Stories

Regent Properties Acquires 1.2 MSF Trammell Crow Center Skyscraper in Dallas for Over $600M

by Katie Sloan March 10, 2022

DALLAS — Regent Properties has acquired Trammell Crow Center, a 50-story, 1.2 million-square-foot office tower located at 2001 Ross Ave. in downtown Dallas. The property is among the tallest buildings in the city. Regent purchased the skyscraper from a group of institutional investors advised by J.P. Morgan Global Alternatives. While terms of the transaction were not released, The Dallas Morning News reports that the Class A tower, along with a retail building and parking garage across the street, sold for more than $600 million. The property recently underwent $180 million in renovations, which included the development of a 2,000-space parking garage, 10,000-square-foot athletic club, 10,000-square-foot conference center, tenant lounge, outdoor gathering areas and 32,000 square feet of retail space. The acquisition also includes the adjacent full city block situated at 2000 Ross Ave., which can accommodate a new residential or office tower. The site is also home to a JW Marriott slated to open in 2023, which was not included in the sale. “Last year we set an objective to invest more than $2 billion in high-quality office real estate across Texas and the Sun Belt regions,” says Eric Fleiss, CEO of Regent Properties. “The purchase of this iconic asset during a …

March 10, 2022

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