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AcquisitionsMultifamilySoutheastTop Stories

RREAF Holdings, DLP Capital, 3650 REIT Acquire 10-Property Multifamily Portfolio for $500M

by Jeff Shaw

DALLAS — RREAF Holdings, DLP Capital and 3650 REIT have partnered to acquire a portfolio of 10 multifamily properties across the Southeast for $500 million. This is the partnership’s third portfolio acquisition this year. The seller was not disclosed. The communities were built between 1998 and 2012 and total approximately 2,750 units, with a 93 percent collective occupancy. The properties include Glen at Polo Park in Bentonville, Ark.; River Pointe in Maumelle, Ark.; Echo Ridge and Pheasant Run in Indianapolis; Traditions at Westmoore in Oklahoma City; 5iftyOne at Tradan Heights in Stillwater, Okla.; Waterford Place in Greenville, N.C.; Reserve at Long Point in Hattiesburg, Miss.; Village Mill Creek in Statesboro, Ga.; and Broad River Trace in Columbia, S.C. The buyers plan to implement renovations to all units. New upgrades to property amenities will include electric automobile charging stations, dog parks, pickleball courts and business centers. Pools, tennis courts, outdoor kitchens, entertainment areas, clubhouses and lighting will also be updated. The portfolio acquisition will introduce capital into workforce rental units in the region. According to the National Multifamily Housing Council, 4.3 million more apartments are needed by 2035 to meet the demands for rental housing. “The affordable housing crisis pervades every state …

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Helios_Connectivity
DevelopmentHealthcareHospitalityMixed-UseNevadaOfficeRetailTop StoriesWestern

Pacific Group Breaks Ground on 135-Acre Helios Medical Campus in North Las Vegas

by Katie Sloan

NORTH LAS VEGAS, NEV. — Pacific Group has broken ground on Helios, a 135-acre medical campus located in North Las Vegas. Construction costs for the project are set to total between $4.5 billion and $5 billion.  At full buildout, the project is set to include a 1.1 million-square-foot inpatient hospital offering 600 beds, which will be built in three phases costing $1.2 billion; 1.3 million square feet of medical office and medical technology space; 250,000 square feet of retail with an emphasis on health and wellness; 900,000 square feet of research-and-development space with incubator spaces; 290 hotel rooms across two buildings; and seven restaurants, four of which will be full-service. The hospital portion of the development will offer an emergency department, surgical services and critical care. Additional outpatient offerings will include occupational therapy; behavioral and mental health therapy; educational facilities; testing labs; a sports rehabilitation center; skin care treatment; speech therapy; trauma therapy; radiology; imaging; urology; gastrointestinal care; pre- and post-natal care; and dental services.  The research and development portion of Helios will focus on healthcare, aerospace technologies and sustainability. Local food and beverage offerings, athletic facilities, a grocery store, financial institutions, daycare centers and shops will occupy the retail segment …

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DevelopmentIllinoisMidwestMultifamilyTop Stories

Habitat, Diversified Break Ground on 33-Story Cassidy on Canal Apartment Tower in Chicago

by Kristin Harlow

CHICAGO — The Habitat Co. and joint venture partner Diversified Real Estate Capital LLC have broken ground on Cassidy on Canal, a 33-story luxury apartment tower in Chicago’s Fulton River District. Designed by Solomon Cordwell Buenz, the 375-foot glass tower will feature 343 units. The project site at 350 N. Canal St. was formerly home to the Cassidy Tire building. The developers plan to integrate some of the property’s original bricks into the new development. “To honor the location’s rich history, it was important to us to bring this neighborhood a new development that stands out through its forward-looking design and modern conveniences, yet also pays homage to the site’s legacy by keeping the Cassidy family name,” says Matt Fiascone, president of Habitat. Cassidy on Canal will feature a variety of studio, one- and two-bedroom floor plans along with 1,313 square feet of ground-floor retail space and parking for 123 cars. The property’s fifth floor will feature amenities such as a fitness center, game room, coworking center, spa, pool, grilling areas and dining areas. First move-ins are scheduled for spring 2024. McHugh Construction is the general contractor. Development costs were not disclosed. Cassidy on Canal is one of several major …

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AcquisitionsArizonaMultifamilySouth CarolinaSoutheastStudent HousingTexasTop StoriesWestern

Global Student Accommodation Completes Acquisition of 1,600-Bed Student Housing Portfolio

by Jeff Shaw

AUSTIN, TEXAS; FLAGSTAFF, ARIZ.; AND CHARLESTON, S.C. — Global Student Accommodation (GSA) has completed the acquisition of a five-property student housing portfolio totaling over 1,600 beds. The seller was Harrison Street, an investment management firm headquartered in Chicago. The portfolio includes three assets in Austin, one in Flagstaff and one in Charleston. The price and names of the specific properties were not disclosed. Student housing provider Yugo will take on the management of all five assets immediately, with the aim of enhancing students’ overall experience throughout and beyond university and college life. The transaction gives GSA access to the new market of Charleston, which is rapidly becoming a tech hub and has seen its labor pool grow three times faster than the U.S. average since 2010. This growth is also reflected in student applications to the College of Charleston, which have increased 29.1 percent over that same time period. “These latest additions to our portfolio build on the momentum that we have had since entering the U.S. market at the start of 2021, where demand for student housing remains robust,” says Robin Moorcroft, transaction director of GSA. — Kari Lloyd

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CaliforniaDevelopmentRetailTop StoriesWestern

BARDAS, Bain Capital Plan $600M Redevelopment of Hollywood TV Studio

by Taylor Williams

LOS ANGELES — A joint venture between two developers, locally based firm BARDAS Investment Group and Boston-based Bain Capital Real Estate, has unveiled plans for the $600 million redevelopment of a former TV studio at 6311 Romaine St. in the Hollywood neighborhood of Los Angeles. The facility, which currently spans 6.4 acres and two full city blocks, was originally constructed in phases between 1930 and 1966. Over the years, the site, which currently features 183,000 square feet of creative office and studio space, has housed the headquarters operations of Technicolor and Metro Pictures Corp. The redevelopment would convert the facility into an urban studio campus totaling 620,000 square feet. As part of the redevelopment, the joint venture plans to preserve several of the facility’s buildings that were originally constructed at the height of Technicolor’s success. New production facilities will be meshed with reimagined office space, and the facility will be rebranded as Echelon Television Center. More specifically, the original art deco facade on the northern block will enclose a studio lot. This space will be bookended by a new mid-rise creative office building with private outdoor terraces framing views of the Hollywood Hills. The new construction will also replace a …

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CaliforniaDevelopmentMixed-UseTop StoriesWestern

Anaheim City Council Approves $4B ocV!BE Mixed-Use Entertainment District Surrounding Honda Center

by Jeff Shaw

ANAHEIM, CALIF. — The Anaheim City Council has approved plans for the $4 billion ocV!BE mixed-use entertainment district to surround the Honda Center, home of the NHL’s Anaheim Ducks. With this approval, construction of the project is scheduled to begin before the end of the year. Plans for the 95-acre development call for a 5,700-seat concert hall, 50,000-square-foot market hall, 20 acres of public space, two hotels totaling 650 rooms, approximately 1.1 million square feet of office space and 1,500 apartments with a 15 percent affordable housing component. The site is already home to the Anaheim Regional Transportation Intermodal Center (ARTIC), offering rail, bus, taxi and other transportation services to surrounding areas. The development will also include several sustainability features such as rooftop solar panels on all the parking garages and a central utility plant which will provide energy efficiency throughout the campus, providing a 25 percent savings in power usage. As a result, ocV!BE will seek LEED certification for all office, hotel and concert hall buildings. It will also seek WELL Building Standard certification for all commercial and residential buildings. The Samueli Family, which currently owns the Anaheim Ducks and manages the Honda Center, is leading the development team. …

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DevelopmentNew YorkNortheastRestaurantRetailTop Stories

Howard Hughes Opens 53,000 SF Tin Building Food Hall in Former Fish Market in Lower Manhattan

by John Nelson

NEW YORK CITY — The Howard Hughes Corp. (NYSE: HHC) and chef Jean-Georges Vongerichten have opened the Tin Building by Jean-Georges, a 53,000-square-foot food hall at Pier 17 at the Seaport in Lower Manhattan. The new culinary destination is an adaptive reuse of the Tin Building, a historic waterfront property that once served as the site of the Fulton Fish Market. The new food hall features six new full-service restaurant concepts and six fast-casual counters, as well as three specialty retailers and bars serving wine, craft cocktails and craft beers. The eateries and shops surround a central marketplace that sells locally sourced seafood, meat, cheese and produce. “It has been a great privilege to have this opportunity to bring back the Tin Building and reinvent such an iconic New York staple in a new and authentic way — honoring and inspired by the Seaport’s rich history and continuing the legacy of providing a one-of-a-kind experience that pays tribute to the global influences found in New York City,” says Vongerichten. The eateries include a French brasserie, seafood restaurant (Fulton Fish Co.), Asian speakeasy, breakfast counter, several vegetarian options, a bakery and a coffee shop. Vongerichten curated all 20 installments at the …

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AcquisitionsCaliforniaIndustrialTop StoriesWestern

TA Realty Purchases Two Inland Empire Warehouses for $133.5M

by Kristin Harlow

CITY OF INDUSTRY AND CORONA, CALIF. — TA Realty has purchased two industrial buildings in City of Industry and Corona for $133.5 million. JCS Properties sold the assets, which are both located in the Inland Empire region of Southern California. According to Stream Realty Partners, which brokered the deal, the West Inland Empire industrial market comprises more than 334 million rentable square feet of industrial space. The market experienced 6 million rentable square feet of positive gross absorption in the second quarter of 2022. Vacancy remains at an all-time low of 0.38 percent. The City of Industry property, located at 120 Puente Ave., spans 253,670 square feet. The fully leased building features refrigeration rooms and a third-story office space with a training room, full kitchen and bar area for both clients and employees. The Corona property, located at 451 Cota St., totals 140,276 square feet. The facility features 11 dock doors, three drive-in bays and 160 parking spaces. The two-tenant building was 43 percent occupied at the time of escrow. Stefan Pastor and Brad Yates of Stream Realty Partners represented TA Realty in the transaction. Real estate investment firm TA Realty has acquired, invested in or managed more than $36 …

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AcquisitionsLife SciencesNorth CarolinaSoutheastTop Stories

CBRE Acquires Park Point Life Sciences Campus in Durham, North Carolina for $288M

by Jeff Shaw

DURHAM, N.C. – CBRE Investment Management, on behalf of a separate account client, has acquired Park Point, a 662,607-square-foot life sciences campus located within Research Triangle Park in Durham. Although the seller and price were not disclosed, Triangle Business Journal reports that Starwood Capital sold the asset for $288 million. Starwood, along with Trinity Capital and Vanderbilt, acquired Park Point in 2019 as a vacant, single-tenant industrial building, implementing a $190 million adaptive reuse project at the 95-acre site. The property now offers flexible space solutions for office, life sciences and manufacturing tenants. Located at 4001 NC Highway 54, campus amenities include a fitness center, cafe, indoor/outdoor common areas, athletic fields, walking trails, 2,546 parking spaces and a conference and training center. Park Point also has new, efficient systems that reduce energy and water consumption and enhance indoor air quality. Electric vehicle charging stations are slated to be installed at the property. “Today’s life sciences end-users have very specific and sophisticated needs for lab and research spaces,” said Sondra Wenger, head of Americas commercial operator division for CBRE Investment Management. “We believe that Park Point meets those needs and fits well with our investment strategy. This uniquely amenitized asset benefits …

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DevelopmentFloridaMultifamilySoutheastTop Stories

MG Developer, Baron Property Receive $148M Construction Loan for South Florida Multifamily Project

by Taylor Williams

HIALEAH, FLA. — A partnership led by locally based firm MG Developer and New York City-based Baron Property Group has received a $148 million construction loan for Metro Parc, a 559-unit multifamily project in the city of Hialeah, located within Miami-Dade County. Metro Parc will be situated on a 2.5-acre site and will consist of two buildings rising 10 stories, making it the tallest residential development in Hialeah, according to the development team. Units will come in two-bedroom formats that will range in size from 500 to 800 square feet. Communal amenities will include a pool, fitness center and outdoor kitchen. In addition, Metro Parc will house ground-floor retail space that is preleased to a Latin-inspired food marketplace, as well as onsite parking. Metro Parc will also offer proximity to a Metrorail transit station, the Hialeah Arts District and Amelia Earhart Park. The project team includes investment firms Township Capital as an equity partners. Construction is set to begin in December and to wrap up in the second quarter of 2024. Dmitry Levkov and Jeffrey Donelly of Colliers arranged the 30-month loan on behalf of the development team. Post Road Group provided the financing. The project will be the first …

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