Top Stories

ZOM Living Sells Hazel SouthPark Apartments in Charlotte for $130.8M

by John Nelson May 27, 2022

CHARLOTTE, N.C. — ZOM Living has sold Hazel SouthPark, a 203-unit mid-rise apartment community in Charlotte that the firm delivered last year. The property includes 14,000 square feet of retail space that was fully leased at the time of sale. An undisclosed buyer purchased the asset for $130.8 million, establishing a new record high price per unit for a multifamily community in North Carolina when adjusting for the value of the retail space. Eastdil Secured represented ZOM Living in the transaction. “This is a significant sale that reflects the level of design and construction quality of our newest development, the desirability of the SouthPark neighborhood and the strength of Charlotte’s multifamily market,” says Greg West, CEO of ZOM Living. “Since we delivered this property in 2021, we have seen tremendous leasing activity and achieved premium rents within a few months of its opening. The sale of this asset is in line with our plan to continue to invest in developing future multifamily properties in the Charlotte market and beyond,” adds West. Hazel SouthPark is situated within Charlotte’s SouthPark neighborhood, an office submarket about six miles south of the city’s central business district that is anchored by Simon’s SouthPark Mall, which …

May 27, 2022

Company News Midwest Retail Top Stories Wisconsin

Kohl’s Bets on Brick-and-Mortar with Plans to Open 100 Smaller-Format Stores, Revitalize Existing Locations

by Katie Sloan May 26, 2022

MENOMONEE FALLS, WIS. — Kohl’s (NYSE: KSS) has announced plans to increase its investment in brick-and-mortar with the addition of 100 new, smaller-format locations over the next four years in previously untapped markets. This expansion follows the pilot of 20 stores featuring the company’s smaller-format design, which averages around 35,000 square feet versus the traditional 80,000-square-foot iteration. In June, the Menomonee Falls-based company will be opening a smaller-format shop in Bonney Lake, Wash., and in the fall, stores are set to open in San Angelo, Texas; Morgantown, W.Va.; Tacoma, Wash.; and Lenox, Mass. Alongside the addition of these new locations, Kohl’s will be modernizing its existing 1,165-store portfolio by transforming the flow of its interiors to include dedicated discovery zones with products from diverse- and female-owned companies. The company will also be expanding its partnership with beauty retailer Sephora through the addition of 850 of its Sephora at Kohl’s shop-in-shops by 2023. Sephora at Kohl’s shops, which typically occupy 2,500 square feet toward the front of the store, offer an expanded collection of the San Francisco-based retailer’s make-up, skin- and hair-care, and fragrance offerings. Kohl’s has also announced plans to roll-out omnichannel initiatives over the next year, including the ability …

May 26, 2022

Development Massachusetts Mixed-Use Northeast Top Stories

Partnership Breaks Ground on 16.2 MSF Mixed-Use Redevelopment of Suffolk Downs Racetrack Near Boston

by Kristin Harlow May 25, 2022

REVERE, MASS. — The HYM Investment Group, Cathexis and National Real Estate Advisors have broken ground on the redevelopment of the former racetrack site at Suffolk Downs in Revere, about five miles north of Boston. The project will ultimately span 16.2 million square feet of development, including 10,000 apartments and condominiums; 5.2 million square feet of life sciences and office space; 450,000 square feet of retail and civic space; and 40 acres of parks and open space. The Suffolk Downs thoroughbred racetrack opened in 1935 and was shuttered in 2019. HYM purchased the property in 2017. The 161-acre redevelopment project will connect Revere to the East Boston neighborhood. The groundbreaking marks the official launch of a joint venture partnership between HYM and National on the initial residential components of the redevelopment project. According to a news release, National’s equity participation will enable the delivery of nearly 4 million square feet of residential development (or 4,200 units) to be built at Suffolk Downs over the next eight years. The Boston Globe reports that National committed $775 million in equity financing. The first phase of construction includes a life sciences and biomanufacturing facility as well as a residential building. Named 100 Salt …

May 25, 2022

Acquisitions Affordable Housing Mixed-Use Multifamily New York Northeast Top Stories

Avanath Capital Acquires Two Multifamily Communities in Brooklyn for $315M

by John Nelson May 24, 2022

NEW YORK CITY — Avanath Capital Management, a private real estate investment management firm, has purchased two multifamily communities in Brooklyn. The Irvine, Calif.-based company purchased the two properties, which total 601 apartments and 42,643 square feet of ground-floor retail space, for $315 million. The properties also include 82,681 square feet of parking. The seller was not disclosed, but multiple outlets report the seller as Greenland USA, a residential and commercial real estate developer based in China. Located at 38 6th Ave. and 535 Carlton Ave., the two communities are situated adjacent to Barclays Center, the home arena of the Brooklyn Nets NBA franchise. A little over one-third of the units are reserved for residents with incomes between 40 percent and 100 percent of area median income (AMI). The buildings were constructed in 2017 as part of the ongoing Pacific Park New York Development initiative, which Avanath Capital says is Brooklyn’s largest development project to date. In addition to the two multifamily properties, at full completion the site will host eight acres of public open space, a new public middle school, 13 other residential buildings and more than 7.3 million square feet of residential, commercial and retail space. Amenities at …

May 24, 2022

Development Georgia Industrial Southeast Top Stories

Hyundai to Open $5.5B Electric Vehicle Manufacturing Plant Near Savannah, Create 8,100 Jobs

by Taylor Williams May 23, 2022

BRYAN COUNTY, GA. — Hyundai Motor Group will open a $5.5 billion manufacturing plant near the coastal Georgia city of Savannah that will be fully dedicated to production of electric vehicles, including batteries. Hyundai expects the facility to be operational within three years. In addition to Hyundai’s direct investment, various suppliers of the South Korean automaker will invest another $1 billion in the project. Between these initiatives, more than 8,000 new jobs are expected to be added to the local economy. Known as the Bryan County Megasite, the plant’s location spans nearly 3,000 acres. The site is adjacent to Interstate 16 and is proximate to both Interstate 95 and the Port of Savannah. The Port of Savannah is the fastest-growing container terminal in the country, according to the development team, and is served by two Class I railroads. A partnership between the Savannah Harbor-Interstate 16 Corridor Joint Development Authority (JDA) and the State of Georgia owns the Bryan County Megasite. The former entity comprises the development authorities of Bryan, Bulloch, Chatham and Effingham counties. The partnership has spent the last several years making infrastructural improvements to the site in order to improve speed-to-market functionalities for the end user. “From initial …

May 23, 2022

Acquisitions Multifamily Southeast Top Stories Virginia

Cortland Acquires Four Apartment Communities in Arlington, Virginia for $1B

by John Nelson May 20, 2022

ARLINGTON, VA. — Cortland, an Atlanta-based multifamily investment firm, has purchased four apartment communities in Arlington totaling more than 1,500 units. The $1 billion investment marks the firm’s re-entry into the Washington, D.C., metro area, and the firm says it plans to “double its investment in the area” in the near future. “Northern Virginia is a highly coveted location that is already seeing a rebound in growth as residents move back to the urban core,” says Mike Altman, chief investment officer at Cortland. “This is just the start of Cortland’s investment in the region.” The portfolio includes Aubrey, a 331-unit apartment community that will be rebranded as Cortland Rosslyn, and Aura Pentagon City, a 534-unit apartment community to be renamed Cortland Pentagon City. The other two Arlington communities are undisclosed as those sales have yet to close, though the firm says they will be announced soon. “The combination of these investments allows us to gain a strong foothold in the region at a strategic time based on our proprietary analysis of market trends,” says Altman. Cortland Rosslyn is a LEED Gold-certified community that was developed in 2021 by Penzance. The 23-story community offers studios to three-bedroom homes, as well as …

May 20, 2022

Development Florida Multifamily Southeast Top Stories

MG Developer, Baron Property Group to Build $204M Luxury Multifamily Project in Coral Gables, Florida

by Katie Sloan May 19, 2022

CORAL GABLES, FLA. — A partnership between MG Developer and Baron Property Group has announced plans for Merrick Parc, a $204 million, two-tower luxury multifamily project located at 3191 SW 39 Ave. in Coral Gables. Designed by Behar & Font, the 43,785-square-foot community will offer 450 rental units in one- and two-bedroom configurations alongside ground-floor retail space. The development site is located four miles from Miami International Airport and five miles away from downtown Miami’s Brickell neighborhood. The developers partnered with Colliers to finance an initial $24 million tranche with an additional $13 million in equity financing for the project, a timeline for which was not announced. The initial land acquisition was funded by S3 Capital and closed in late April. Demand is high for luxury rental units in the Miami and Coral Gables areas, according to Alirio Torrealba, CEO and founder of MG Developer. The company is currently developing a 10-story multifamily project in Hialeah, roughly 11 miles outside Miami, and is preparing to break ground on another 48-unit community in Coral Gables named Gables Village. A number of additional multifamily projects have been recently announced in the Miami area, including a $220 million mixed-use project by Shoma Group; …

May 19, 2022

Acquisitions Office Top Stories Washington Western

Barings, Schnitzer West Sell Madison Centre Office Tower in Seattle for $730M

by Kristin Harlow May 18, 2022

SEATTLE — Barings and Schnitzer West LLC have sold Madison Centre, a 37-story office tower in downtown Seattle, for $730 million. The buyer was Boston Properties Inc. (NYSE: BXP). Completed in September 2017 and currently 93 percent leased, Madison Centre spans 760,971 rentable square feet and features 480 parking stalls. Amenities include a rooftop terrace, great room, conference center, boardroom, library and a fitness center operated by the Washington Athletic Club. Certified LEED Platinum, the building features HVAC purification systems and touchless entry. “The property is positioned to compete post-COVID with exactly what tenants are looking for and has performed extremely well throughout our hold period,” says Ben Green, managing director with Barings, which developed Madison Centre in partnership with Schnitzer West. Located at the intersection of Fifth Avenue and Madison Street, the office tower is located five blocks south of Seattle’s retail core, one block west of the Interstate 5 freeway and four blocks southeast of a Link light rail station. Kevin Shannon, Nick Kucha, Ken White and Mike Moll of Newmark brokered the sale. “This is the largest multi-tenant office sale in the nation year to date, and the asset garnered significant investor interest globally,” says Shannon, co-head, …

May 18, 2022

Acquisitions Development Life Sciences Northeast Pennsylvania Top Stories

Tishman Speyer, Bellco Capital to Develop 200,000 SF Life Sciences Campus in Philadelphia

by John Nelson May 17, 2022

PHILADELPHIA — A joint venture between Tishman Speyer and Bellco Capital has purchased a development site at the 2300 Market Street city block in Philadelphia’s Center City district. The joint venture, which goes by the name Breakthrough Properties, plans to redevelop the site into 200,000 square feet of life sciences space. The site is located adjacent to the University of Pennsylvania and Drexel University and within walking distance to several academic medical centers. The property will sit between the city’s Rittenhouse Square and University City neighborhoods, as well as near the 30th Street Transit Station that is serviced by SEPTA, Amtrak and trolley and commuter rail lines. The development team plans to deliver the laboratory and research and development spaces by 2024. Breakthrough has enlisted KieranTimberlake, a Philadelphia-based architectural firm, as the project architect and Cushman & Wakefield as the exclusive leasing agent. All Breakthrough properties are designed to achieve LEED Gold certification, according to the developer’s website. Philadelphia has emerged as one of the leading life sciences clusters in the country. Greater Philadelphia ranks No. 1 nationally for the National Institutes of Health (NIH) Grant Funding for cell and gene therapy and has attracted over $3.8 billion in venture …

May 17, 2022

Development Mixed-Use New York Northeast Top Stories

Public-Private Partnership to Develop $2.8B Mixed-Use Project on Long Island

by Taylor Williams May 16, 2022

ISLIP, N.Y. — A public-private partnership between The Town of Islip, Suffolk County and JLL has unveiled plans for Midway Crossing, a $2.8 billion mixed-use project that will be located on Long Island. The Long Island Regional Planning Council approved the project, which will be the largest commercial or residential development on Long Island in the last 50 years, on the evening of Thursday, May 12. Midway Crossing will span approximately 2.7 million square feet across 179 acres. Plans currently call for a variety of uses, including life sciences, healthcare and hospitality, as well as a convention center and traditional retail, restaurant and entertainment space. The development team expects these uses to collectively generate more than $4.5 billion in annual economic impact upon completion. The location is near Long Island MacArthur Airport, as well as the Ronkonkoma Station of the Long Island Rail Road (LIRR), establishing Midway Crossing as a multimodal transit hub. Under the current development plan, the airport and train station would be connected via an 1,800-foot corridor. The development team also plans to make various infrastructural improvements at the airport that could have as much as $1.9 billion in additional economic impact. Beyond the economic benefits, the …

May 16, 2022

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