Top Stories

Joint Venture Explores Mixed-Use Redevelopment Options for 10-Acre The Galleria at White Plains

by Jeff Shaw November 4, 2022

WHITE PLAINS, N.Y. — Pacific Retail Capital Partners (PRCP) and Aareal Bank have formed a new joint venture with SL Green Realty Corp. and the Cappelli Organization to consider redevelopment options for The Galleria at White Plains, a 10-acre indoor shopping mall in the New York City suburb of White Plains. The envisioned renovations to The Galleria are part of a larger renaissance for the area. The mall is part of a qualified Opportunity Zone, meaning that new investments in the area may be eligible for preferential tax treatment under certain conditions. Built in 1980 by Canadian developer Cadillac Fairview, the mall currently rises four stories and features approximately 865,000 square feet of retail space. The property, including its parking garages, spans two blocks adjacent to the White Plains train station, providing easy access to New York City. The Galleria is located at the intersection of Main Street and Dr. Martin Luther King Boulevard, and sits in proximity to multiple high-rise residential towers and office buildings, as well as Pace University’s Westchester campus and the White Plains City and Westchester County courthouses. According to the Galleria’s website, the mall currently includes retailers such as Forever 21, American Eagle and H&M, …

November 4, 2022

Development Industrial New York Northeast Top Stories

Edwards Vacuum to Build $319M Manufacturing Facility in Western New York

by John Nelson November 3, 2022

ALABAMA, N.Y. — Edwards Vacuum, a British-based manufacturer of vacuum and abatement equipment and part of the Atlas Copco Group, plans to develop a new $319 million manufacturing facility in Western New York. The 240,000-square-foot project will be situated within Western New York Science & Technology Advanced Manufacturing Park (STAMP), a 1,250-acre industrial park located in the Genesee County town of Alabama. The facility will house manufacturing, storage and administration for the production of dry pump equipment for the U.S. semiconductor industry. Edwards Vacuum will create 600 jobs for the larger Buffalo-Rochester Tech Corridor. The announcement builds on Micron’s recent $100 billion investment in Central New York, as well as the as New York’s recently signed Green CHIPS legislation and the federal CHIPS and Science Act, to make New York a central figure in the global semiconductor industry. “We are now seeing energy flow into Upstate’s manufacturing sector like never before, and this investment will further cement that the future of microchips will be built with American made products, crafted by New York workers,” says Senate Majority Leader Charles Schumer. As part of the agreement with Edwards Vacuum, New York’s chief economic development agency, Empire State Development, has offered up …

November 3, 2022

Acquisitions Multifamily Northeast Pennsylvania Top Stories

Post Brothers Sells 1,015-Unit Presidential City Apartment Community in Philadelphia for $357M

by Kristin Harlow November 2, 2022

PHILADELPHIA — Post Brothers has sold Presidential City, a 1,015-unit luxury apartment community in Philadelphia. KKR and Mack Real Estate Group (MREG) purchased the high-rise property for approximately $357 million. The deal represents the most expensive apartment property sale in the city’s history, according to The Wall Street Journal. Presidential City was originally built in 1950. Post Brothers acquired the asset in 2012 and extensively renovated it to Class A standards. The property comprises four apartment buildings as well as the 41,000-square-foot Sora Pool Club and Spa amenity center and an office building. The residential units consist of studio to three-bedroom floor plans up to 2,920 square feet. Mack Property Management LP, a wholly owned subsidiary of MREG, will handle property operations. Mark Thomson, Carl Fiebig, Fran Coyne, Jose Cruz and Tyler Margraf of JLL represented the seller in the transaction. Although details on the office building were not disclosed, the brokerage referred to it as “well leased.” “Post Brothers continues to be at the forefront of game-changing multi-housing projects in Philadelphia with notable projects, including Piazza Alta in Northern Liberties and their project at Broad and Washington, where they will be delivering a combined 2,500 units,” notes Coyne. New …

November 2, 2022

Affordable Housing Development Loans Mixed-Use Multifamily New York Northeast Retail Top Stories

Cushman & Wakefield Arranges $142.9M in Construction Financing for Mixed-Use Project in Brooklyn

by Jeff Shaw November 1, 2022

NEW YORK CITY — Cushman & Wakefield has arranged $142.9 million in construction financing for 120 Fifth Avenue, a mixed-use development in the Park Slope neighborhood of Brooklyn. The borrowers, Senlac Ridge Partners and The William Macklowe Company, are redeveloping the two-acre site, currently a one-story vacant grocery store and its parking lot, into a 212,000-square-foot mixed-income housing property and retail plaza. The project will comprise two buildings featuring 180 residential units, 25 percent of which will be affordable. The development will also offer 67,000 square feet of retail space and a 225-space underground parking garage. Lidl Supermarket and CVS Pharmacy recently signed long-term leases for approximately 35,000 square feet of the retail space with the developer. An expected date for project completion was not disclosed. The property is located four blocks from Flatbush Avenue and Barclays Center, the home of the NBA’s Brooklyn Nets, and is within walking distance to the 2, 3, 4, 5, B, D, N, Q and R trains. Cushman & Wakefield’s Equity, Debt & Structured Finance team of Gideon Gil and Lauren Kaufman represented the borrowers in the transaction. Macklowe and Senlac Ridge acquired the development site, the former home to Key Foods, in 2020. …

November 1, 2022

Teravalis-Community-Entrance--Conceptual-Rendering-Courtesy-of-The-Howard-Hughes-ID-eb679e3cf8b4

Arizona Development Mixed-Use Top Stories Western

Howard Hughes Breaks Ground on 37,000-Acre Teravalis Mixed-Use Project in Phoenix

by Taylor Williams October 31, 2022

PHOENIX — Dallas-based developer Howard Hughes Corp. (NYSE: HHC) has broken ground on Teravalis, a 37,000-acre master-planned community that will be located in the West Valley area of Phoenix. Preliminary plans for the development call for 100,000 single-family homes and 55 million square feet of commercial space. Previously known as Douglas Ranch, the project marks the largest master-planned community in the state, according to the development team. Teravalis — the name of which means “land of the valley” — will be developed with an emphasis on public space and the natural environment. Ecological sustainability will also be a focal point of the construction process. “Teravalis is an eco-friendly, sustainable community that sets the bar high for other cities to model,” says Eric Orsborn, mayor of Buckeye, a city located roughly 35 miles west of Phoenix. Arizona Gov. Doug Ducey also credits the development with “answering the call” of increased housing demand. “Since 2015, Arizona has welcomed over 584,000 new residents, and we don’t expect that momentum to stop anytime soon,” says Ducey. “This increases the demand for housing opportunities, and Howard Hughes is providing quality housing options for current and future Arizonans.” The development team also notes that the location …

October 31, 2022

Acquisitions Georgia Multifamily Southeast Top Stories

JLL Brokers $258M Sale of Two Abberly-Branded Apartment Communities in Decatur, Georgia

by Jeff Shaw October 28, 2022

DECATUR, GA. — JLL Capital Markets has brokered the $258 million sale of two five-story, wrap-style apartment communities located in the northeast Atlanta suburb of Decatur. Development and management company HHHunt acquired Abberly Skye for $163 million and Abberly Onyx for $95 million. Northwood Ravin was the seller for both transactions. The two communities are located on the same block around a newly built shopping center anchored by a Sprouts Farmers Market and across the street from a recently renovated shopping center anchored by a Walmart Supercenter. Both properties are approximately seven miles from Midtown Atlanta. Abberly Skye was developed in 2020. The community offers 450 studio, one-, two- and three-bedroom units. Individual units include walk-in showers, glass-front kitchen cabinets, quartz countertops in kitchens and bathrooms, stainless steel appliances and balconies with walk-up patio options. Community amenities at Abberly Skye include a golf simulator, swimming pool, sauna, business center, podcasting room, fitness areas, TV lounge and gaming courtyard. Abberly Onyx was developed in 2017 and comprises 250 units. The building offers studio, one-, two- and three-bedroom floor plans, as well as community amenities such as a rooftop swimming pool, sauna, climbing gym, two-story outdoor lounge, indoor and outdoor game areas, …

October 28, 2022

Acquisitions Industrial Self-Storage Top Stories

Flatirons Asset Management Acquires 33-Property Self-Storage Portfolio Spanning 1.3 MSF

by Katie Sloan October 27, 2022

DENVER — Flatirons Asset Management, a Denver-based investment firm, has acquired a 33-property self-storage portfolio from Red Dot Storage for an undisclosed price. The portfolio spans 1.3 million square feet and includes 9,125 units. The properties are located in Alabama, Iowa, Illinois, Indiana, Missouri, Mississippi, Tennessee and Wisconsin, and were 90 percent occupied as of Aug. 31. Red Dot Storage will continue to operate the portfolio following the acquisition. The Louisville, Colorado-based company operates more than 190 locations across 19 states. “Self-storage has shown itself to be a resilient asset class with attractive fundamentals and, given the recent disruption caused by the global pandemic, even more people are turning to self-storage,” says Scott Smith, president and CEO of Flatirons. Self-storage has been making headlines this fall, with large transactions including the acquisition of Storage Express by Extra Space Storage Inc. in September for $590 million. During this week alone, a number of self-storage properties and portfolios have traded hands, including a 768-unit portfolio in San Antonio; two properties in Tulsa, Okla. offering 950 units; and a 24,480-square-foot facility in Kenosha, Wis. Flatirons Asset Management is a private investment firm that specializes in sponsoring tax-advantaged real estate offerings, including Delaware statutory …

October 27, 2022

Development Georgia Industrial Southeast Top Stories

NewCold Plans $333M Cold Storage Distribution Facility in Metro Atlanta

by John Nelson October 26, 2022

MCDONOUGH, GA. — Global cold storage developer and owner NewCold has released plans for a $333 million facility in McDonough, a southern Atlanta suburb in Henry County. The developer says the project will create 170 new jobs upon completion. No construction timeline was disclosed. NewCold’s automated storage and distribution facility will be situated within Midland Industrial Park, which sits about one mile from the I-75 and Ga. Highway 155 interchange. Project manager Cameron Barnhill represented the Georgia Department of Economic Development’s Global Commerce team on the NewCold project in partnership with the Henry County Development Authority, the Georgia Department of Transportation, Georgia Quick Start, Norfolk Southern and Georgia Power. NewCold’s investment represents the largest single investment in the history of Henry County, according to Carlotta Harrell, chair of the Henry County Board of Commissioners. “This highly automated facility will bring additional high-skilled jobs while also increasing Henry County’s already strong portfolio of foreign direct investment,” says Irv Culpepper, chairman of the Henry County Development Authority. Georgia is a prominent hub for food logistics companies. The state currently has more than 189 million cubic square feet of cold storage space, according to the governor’s office. Founded in the Netherlands and with …

October 26, 2022

Development Illinois Midwest Mixed-Use Multifamily Restaurant Retail Seniors Housing Top Stories

Centennial Expands Redevelopment Plans for Hawthorn Mall in Vernon Hills, Illinois

by Jeff Shaw October 25, 2022

VERNON HILLS, ILL. – Dallas-based real estate firm Centennial has revealed plans to expand on its Hawthorn 2.0 redevelopment of Hawthorn Mall, a super-regional shopping center in Vernon Hills, a northern suburb of Chicago. Built in 1973, the mall currently houses over 120 retailers. Centennial first announced the redevelopment of Hawthorn Mall in 2019, which included new retail and dining options, luxury multifamily housing and indoor/outdoor gathering spaces. The expanded plans nearly triple the new development at the property and include 162 units of seniors housing, a 25,000-square-foot grocery store and 109,000 square feet of open-air retail. The center started its redevelopment with the 2020 unveiling of Center Park, a 15,190 square-foot outdoor space in the mall’s former Center Court. Center Park features both lawn games and soft furnishings. The expanded plan calls for the relocation of 250 apartments to create a larger outdoor public plaza to increase pedestrian access to the mall and a new main entrance for the shopping center. Hawthorn 2.0 will also create more retail, restaurant and entertainment space surrounding the exterior of the Hawthorn Row integrated streetscape. “The expansion of our Hawthorn 2.0 plans enhances the original vision we had for the center as a …

October 25, 2022

Development Mixed-Use Texas Top Stories

Midway Unveils Plans for 70-Acre Watermark Mixed-Use Development in Houston

by Taylor Williams October 24, 2022

HOUSTON — Locally based investment and development firm Midway has unveiled plans for Watermark District at Woodcreek, a 70-acre mixed-use development that will be located at the site of the former ConocoPhillips headquarters campus in West Houston. Once completed, Watermark will house 650,000 square feet of Class A office space, with a focus on natural light and flexible floor plans. The development will also include retail and restaurant space and boutique hotels. Midway also plans to modernize the existing 100,000-square-foot wellness and fitness facility. Construction is scheduled to begin in the first half of 2023. Midway also intends to repurpose a portion of the site’s existing infrastructure, which includes 16 three-story office pavilions connected by bridges over ponds and grassy areas. Repurposing existing buildings contributes to Midway’s intention toward environmental sustainability in the project. To that end, the firm has partnered with 374Water to introduce an integrated wastewater management system to the development. Wastewater, along with food wastes, will be processed and recovered as clean water, energy and minerals. Plans for infrastructural upgrades also include a new urban grid system. Architect Kevin Roche designed the property in 1978 for Conoco with an aesthetic emulating that of a Japanese fishing village. …

October 24, 2022

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