Top Stories

KDC Acquires Two Office Towers Totaling 1.6M SF in Metro Atlanta

by Jeff Shaw October 21, 2022

DUNWOODY, GA. — Dallas-based corporate development and investment firm KDC has acquired two office buildings totaling more than 1.6 million square feet in Park Center, a 17-acre master-planned, transit-oriented project in the northern Atlanta suburb of Dunwoody. Park Center Buildings 2 and 3 were acquired in a sale-leaseback deal with insurance giant State Farm, along with approximately 40,000 square feet of retail space, a parking structure with more than 4,000 parking spaces and a 2.6-acre parcel for future development. The price was not disclosed. Park Center Building 2 was completed in 2020 and comprises 621,000 square feet, including 39,000 square feet of retail space. Park Center Building 3 is a 440,000-square-foot office tower completed in 2021. KDC described the properties as “a state-of-the-arm, Class A office project.” KDC was the original developer of Park Center. The company purchased the property with its internal capitalization established with an investment by Cadillac Fairview in 2021, along with ongoing ownership and funding from KDC and Compatriot Capital. Northmarq’s Dallas debt and equity team, including Phillip Askew, Ronald Reese and Charlie Robinson, arranged financing for KDC’s acquisition through its life insurance company relationships. KDC has begun planning for future phases of Park Center. According …

October 21, 2022

Development Illinois Industrial Midwest Office Top Stories

Dermody Properties Completes Acquisition of Former Allstate Campus in Metro Chicago, Plans 3.2 MSF Industrial Campus

by Katie Sloan October 20, 2022

GLENVIEW, ILL. — Dermody Properties has completed its acquisition of the 232-acre former corporate office campus of Allstate Corp. located on Sanders Road in Glenview, roughly 22 miles northwest of downtown Chicago. While the acquisition price was not disclosed, REBusinessOnline reported last year that the transaction would be valued at $232 million. Dermody plans to redevelop the property into a 10-building logistics park. The redevelopment, named The Logistics Campus, will span 3.2 million square feet upon completion, with flexibility to accommodate additional build-to-suit development. Construction on Phase I of the project is scheduled to begin immediately and will include five buildings totaling 1.2 million square feet. The initial phase of development is slated for completion in 2023. “This redevelopment project stands at the intersection of two significant and durable trends — work from home and e-commerce,” says Douglas Kiersey Jr., president of Dermody Properties. “The conversion of the office campus — with buildings dating back to the 1960s and 1970s — into modern logistics buildings offers many benefits to the community.” The site is located adjacent to Interstate 294 and southwest of the Willow Road interchange, which will allow for efficient access to O’Hare International Airport. The project benefits from …

October 20, 2022

Arizona Colorado Development Hospitality Nevada Top Stories Utah Western

Partnership Plans 15 New Extended Stay America Premier Suites Hotels in Western Region

by Kristin Harlow October 19, 2022

CHARLOTTE, N.C. — Charlotte-based Extended Stay America has signed a development agreement with a partnership comprising Concord Hospitality and Whitman Peterson to build 15 new Extended Stay America Premier Suites hotels. The properties will be located in major markets throughout the West, including Denver, Phoenix, Las Vegas and Salt Lake City. Concord Hospitality is a hotel management and development company based in Raleigh, N.C., and will handle the development, branding and operations of the properties. Whitman Peterson is a private real estate equity company based in Westlake Village, Calif. The firm will provide equity, identify markets and assist with development. “Extended Stay America Premier Suites has a unique business model that will allow us to reach business and corporate extended-stay travelers looking for a higher level of amenities,” says Mark Laport, CEO and president of Concord. “This agreement is the first step in increasing our presence in the higher-end extended-stay segment.” The Extended Stay America Premier Suites brand comprises both new construction and renovated properties with upgraded amenities, including fully equipped kitchens, apartment-style layouts for working and dining, free in-room Wi-Fi, cable, onsite guest laundry, free breakfast and upgraded design elements such as larger TVs, increased storage space and a …

October 19, 2022

Civic Development Retail Southeast Tennessee Top Stories

Tennessee Titans, Local Government Agree to Terms for New $2.1B Enclosed Stadium in Nashville

by John Nelson October 18, 2022

NASHVILLE, TENN. — The NFL’s Tennessee Titans and the Metropolitan Government of Nashville and Davidson County (Metro) have agreed to terms to bring a new $2.1 billion football stadium to Nashville’s East Bank district. The enclosed stadium will span 1.7 million square feet and will be situated near the Cumberland River to the east of the Titans’ current arena, Nissan Stadium. The site for the new stadium currently comprises surface parking lots. Once complete, the project will represent the largest building project in the Metro’s history and will attract marquee events such as the Super Bowl and CMA Fest country music festival, according to ESPN. “When my father brought this team to Tennessee 25 years ago, I don’t think he could have imagined a better home for our organization,” says Titans controlling owner Amy Adams Strunk. “The way the people of Tennessee have embraced this team as their own is truly something special, and I am thrilled that with this new agreement, we will cement our future here in Nashville for another generation.” Funding for the new stadium comprises four categories, with football-related sources (i.e. the Titans, the National Football League and personal seat license sales) representing the largest source …

October 18, 2022

Acquisitions New York Northeast Office Top Stories

JLL Arranges $252M Sale of AIG Headquarters Building in Manhattan

by Jeff Shaw October 17, 2022

NEW YORK CITY — JLL has arranged the $252 million sale of the former AIG global headquarters to 99c LLC, a real estate firm specializing in adaptive reuse development in urban markets. The 31-story property is located at 175 Water St. in Lower Manhattan’s Seaport submarket and comprises 684,500 square feet of rentable space. Vanbarton Group was the seller. The purchase represents 99c’s entry into the New York market following a focus on London, where it acquired millions of square feet of commercial office space. The firm is currently one year into a four-year plan to do the same in New York. 175 Water St. features 12-foot ceilings, 24,000-square-foot floor plates, center-core configuration and an efficient design. The building’s flexibility also includes an unused ground floor, which is being primed for a reimagined lobby along with two usable rooftop terraces with amenities. The building is completely vacant, following AIG’s move to a new location in 2021. Andrew Scandalios, David Giancola, Vickram Jambu, Marion Jones, Steven Rutman and Alexander Riguardi led JLL’s capital markets investment sales advisory team representing the seller. “175 Water St. received a generous amount of investor interest given the nature of the building, which provided a blank canvas …

October 17, 2022

Acquisitions Company News Retail Top Stories

Kroger Agrees to Acquire Albertsons in $24.6B Merger of Grocery Giants

by Jeff Shaw October 14, 2022

CINCINNATI AND BOISE, IDAHO — Kroger Co. (NYSE: KR) and Albertsons Cos. Inc. (NYSE: ACI) have agreed to a merger under which Kroger will acquire all outstanding shares of Albertsons’ common and preferred stock for an estimated total consideration of $34.10 per share, or a total enterprise value of approximately $24.6 billion. The deal includes the assumption of $4.7 billion of Albertsons’ net debt. Both companies’ boards of directors unanimously approved the agreement. The purchase price represents an approximately 32.8 percent premium to the closing price of ACI stock on Oct. 12, and 29.7 percent to the 30-day volume-weighted average price. The exact motivation for the merger was not stated in the press release, but The Wall Street Journal notes that by combining, the companies would have greater leverage in negotiations with vendors and compete better with companies such as Walmart and Amazon. Together, Boise-based Albertsons and Cincinnati-based Kroger currently operate a total of 4,996 stores, 66 distribution centers, 52 manufacturing plants, 3,972 pharmacies and 2,015 fuel centers. The two companies employ a combined 710,000 associates. On a combined basis, the companies delivered approximately $210 billion in revenue and $3.3 billion in net earnings in the fiscal year 2021. The …

October 14, 2022

Arizona Development Industrial Mixed-Use Retail Top Stories Western

Thompson Thrift Breaks Ground on 1 MSF Elliot Tech Center Mixed-Use Campus in Mesa, Arizona

by Katie Sloan October 13, 2022

MESA, ARIZ. — Thompson Thrift has broken ground on Elliot Tech Center, a 1 million-square-foot industrial and retail campus located at the intersection of Elliot and Signal Butte roads within Mesa’s Elliot Road Technology Corridor. At full build-out, the project will span 75 acres and include eight industrial and retail buildings. The project is located northeast of Phoenix-Mesa Gateway Airport, north of Apple’s Global Command Center and east of Meta’s Mesa Data Center, which is currently under construction. Phase I of the development is scheduled for completion in fall 2023 and will include three industrial buildings ranging from 79,000 square feet to 89,000 square feet and five retail pads. The industrial buildings will feature secure truck courts, a variety of bay sizes and clear heights from 28 feet to 32 feet. Black Rock Coffee Bar and an unnamed convenience store are set to open within the retail portion of Phase I, and lease negotiations are currently underway for a 4,000-square-foot, full-service restaurant. Ken McQueen and Chris McClurg of Lee & Associates are handling leasing for the industrial portions of the development, and Phoenix Commercial Advisors is marketing the retail component. The design-build team for Phase I of the project includes Butler …

October 13, 2022

Illinois Midwest Retail Top Stories

Puttshack Raises $150M in Growth Capital, Unveils Expansion Plans

by Kristin Harlow October 12, 2022

CHICAGO — Chicago-based Puttshack, an indoor mini golf venue operator, has completed a growth capital round of $150 million from funds managed by BlackRock and continued support from Promethean Investments. The new funding will support Puttshack’s rapid growth strategy across the United States. New venues in Boston and Miami are scheduled to open this fall, followed by one in St. Louis this winter. Additional locations in Dallas, Denver, Houston, Nashville, Philadelphia, Pittsburgh and Scottsdale, plus a second location in Atlanta, are all slated to open in 2023. Additional U.S. locations will be announced soon, according to the company. Puttshack says the latest round of funding enables the team to continue securing unique and desirable real estate opportunities as it expands into more top markets. The company first introduced its tech-driven mini golf game in 2018 with the opening of the first location in London. Currently, Puttshack operates two locations in the United States and four in the United Kingdom. Puttshack’s patented Trackaball technology is integrated throughout the entire game, including automated scoring, bonus points opportunities and interactive games at each hole. Puttshack also offers a dining menu and drinks. “As the global leader in the emerging and growing market of …

October 12, 2022

Development Illinois Indiana Midwest Multifamily Student Housing Top Stories

Harrison Street, Trinitas to Develop Four Student Housing Projects Totaling $450M

by Taylor Williams October 11, 2022

CHICAGO AND LAFAYETTE, IND. — A joint venture between Chicago-based investment firm Harrison Street and Lafayette-based Trinitas has announced plans to develop four student housing projects in markets across the country that are aggregately valued at $450 million. The four projects will total 3,390 beds and will all be located within walking distance of campus for students at Indiana University, University of Central Florida, University of Wisconsin and University of Georgia. Construction timelines were not disclosed. Trinitas will assume property management responsibilities upon completion of each project. Current at Latimer Square will be a 906-bed, off-campus project in Bloomington, Indiana, that will serve students at Indiana University. The five-building development will feature units with bed-to-bath parity and a variety of floor plans, from studio to five-bedroom layouts. Amenities will include a pool, entertainment lounge, fire pits, tanning beds, green spaces, a fitness center and 442 parking spaces. Current Orlando, which will house students attending the University of Central Florida, will total 750 beds in studio, one-, two-, three- and four-bedroom units. Residences will be spread across three buildings, and the amenity package will comprise a pool, spa, basketball court, fitness center, study lounges and 690 parking spots. Atmosphere Madison will …

October 11, 2022

Acquisitions New Jersey Northeast Office Top Stories

Veris Residential Agrees to Sell Harborside Office Portfolio in Jersey City for $420M

by Jeff Shaw October 10, 2022

JERSEY CITY, N.J. — Veris Residential Inc. (NYSE: VRE), a publicly traded REIT with offices in New Jersey and Massachusetts, has agreed to sell Harborside 1, 2 and 3, a trio of adjacent office buildings in Jersey City. The unnamed buyer will purchase the properties for an aggregate price of $420 million, subject to closing adjustments. The three office buildings anchor Harborside, a 25-acre development that fronts the Hudson River and also houses five apartment communities, a Whole Foods Market, shops, eateries, the Harborside 5 and Harborside 6 office buildings, onsite daycare, urgent care and primary care medical space, and two parking garages. Veris recently signed Collectors Holdings, parent company of Professional Sports Authenticator, to a 130,000-square-foot lease at Harborside 3. Veris recently also closed on its $346 million sale of 101 Hudson Street, a 42-story office tower in Jersey City spanning nearly 1.3 million square feet of space. With sale of this and the Harborside portfolio, Veris is taking a big step toward the corporate goal of being a “pure-play multifamily REIT.” With these office sales and the stabilization of Haus25, a 750-unit apartment community underway in Jersey City, multifamily will represent 98 percent of Veris’ net operating income, …

October 10, 2022

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