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Affordable HousingDevelopmentFloridaMultifamilySoutheastTop Stories

Related Urban Breaks Ground on $190M Mixed-Income Residential Project in Miami

by John Nelson

MIAMI — Related Urban Development Group has broken ground on Gallery at West Brickell, a $190 million mixed-income tower in Miami. The site for the 29-story residential property is located at 201 SW 10th St. in the city’s Brickell district. Once complete, the property will offer 465 mixed-income units, ranging from studios to three-bedroom apartments. Related Urban, the affordable housing arm of Miami-based development giant Related Group, expects to begin preleasing units in late 2025. The developer is building the community in a public-private partnership with Miami-Dade County and Miami-Dade County Public Schools. As part of the partnership, Related Urban executed a 75-year ground lease and will pay rent to the county as a percentage of the property’s cash flow. According to the developer, the property represents the largest single-phase, public-private partnership project in Miami-Dade County. “Through this groundbreaking, we are paving the way for hundreds of local families to find accessibly priced homes in a Class A development located within a block of mass transit that they can all be proud of,” says Albert Milo, president of Related Urban. “Miami-Dade County is committed to ensuring local families, teachers and other members of the workforce can live in the urban …

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One-Westfield
Affordable HousingDevelopmentMixed-UseMultifamilyNew JerseyNortheastOfficeRetailSeniors HousingTop Stories

HBC, Streetworks Unveil Plans for 731,000 SF Mixed-Use Redevelopment Project in Westfield, New Jersey 

by Katie Sloan

WESTFIELD, N.J. — A partnership between Hudson Bay Co. (HBC) and StreetWorks Development, the company’s property development division, has unveiled plans for a mixed-use redevelopment project in Westfield, roughly 22 miles west of New York City.  The developer plans to convert a 731,000-square-foot building previously occupied by a Lord & Taylor department store, as well as several town-owned parcels, into One Westfield Place, a transit-served development with an array of uses and pedestrian features. Preliminary plans call for 310,000 square feet of office space across two buildings; 27,000 square feet of retail and restaurant space throughout the development; 154 age-restricted apartments and townhomes; 69 market-rate apartments; an unspecified amount of affordable housing in accordance with local and state requirements; and two parking garages that can accommodate over 450 cars. The development team also plans to revitalize the downtown area with pocket parks, event spaces, water features and a mobility hub connecting the two sides of the train station that offers storage, bike stations and ride sharing areas. The joint venture will collaborate with Dan Biederman — president of Biederman Redevelopment Ventures, which runs the programs in New York City’s Bryant Park — to develop a plan to strategically program events and …

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DevelopmentMassachusettsMixed-UseNortheastTop Stories

Construction Begins on 51-Story Redevelopment of Boston’s South Station Transit Hub

by Kristin Harlow

BOSTON — Work has started on the expansion and improvement of the Governor Michael S. Dukakis Transportation Center at South Station in Boston. Designed by Pelli Clarke & Partners, the capstone of the project will be a 1 million-square-foot building that will rise 51 stories and offer a mix of office and multifamily uses. Construction is being privately funded. Currently, the South Station train station and bus terminal are two separate buildings, making connections between them difficult and inconvenient, according to Hines, which is leading the development. The project will allow for convenient transfers between all modes of transit, with direct connections between the rail and bus terminals. The new outdoor concourse area will increase in size by 67 percent for an improved experience for passengers and people passing through the station. The new bus terminal will increase capacity by more than 50 percent. Along with creating a new public space at the train station concourse, the project will also improve the streetscape along Atlantic Avenue with new sidewalks, granite curbs, streetlights, greenery and street furniture. “This transportation center will embody what we want people to feel about our city when they first set foot here and what the ethos …

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AcquisitionsHospitalityTop Stories

NewcrestImage, Hospitality Capital Partners Acquire 16-Property Hotel Portfolio

by Jeff Shaw

GRAPEVINE, TEXAS — A joint venture between NewcrestImage and Hospitality Capital Partners (HCP) has agreed to acquire 16 Marriott-branded hotels totaling 2,155 rooms across nine states. The portfolio includes 13 Courtyard and three Residence Inn properties located in Georgia, Massachusetts, North Carolina, New York, Oklahoma, Pennsylvania, South Carolina, Texas and Virginia. The transaction is expected to close in the fourth quarter. The seller and price were not disclosed. “This acquisition affirms our high expectations and high confidence in hotel investments, both near term and long term,” says Mehul Patel, managing partner and CEO of Grapevine-based NewcrestImage. Over the company’s history, HCP and its principals have owned almost 50 hotels in the western United States, notably The Saguaro Scottsdale, located in that city’s historic Old Town area. Other projects include 25 golf courses through its associated company, Parks Legacy Project. After selling 27 hotels in January to Summit Hotel Properties for $822 million, NewcrestImage has been in active acquisition mode. The company has added 76 hotels totaling approximately 7,600 rooms since March, including this latest transaction. Earlier this month, NewcrestImage agreed to purchase 45 hotels with a total of approximately 3,300 rooms from a private investment firm. The portfolio includes 35 …

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One-Lincoln-Boston
LoansMassachusettsNortheastOfficeTop Stories

Fortis Property Group Receives $1B Refinancing for One Lincoln Office Tower in Boston

by Taylor Williams

BOSTON — New York City-based investment and management firm Fortis Property Group has received a $1 billion loan for the refinancing of One Lincoln, a 1.1 million-square-foot office tower in Boston’s Financial District. Proceeds will be used to repay existing debt and provide more than $200 million in capital upgrades geared toward wellness and lifestyle amenities, as well as to fund future leasing costs. In addition, Fortis will renovate the common areas and reconfigure the floor plates to support a wider range of indoor and outdoor amenities. Concurrent with the financing, Fortis also signed HarbourVest Partners to a 250,000-square-foot lease. The company plans to occupy 11 floors of the building as the new anchor tenant. The Boston-based private equity firm will replace fellow financial services firm State Street Corp. in this role, becoming the building’s namesake tenant in the process. HarbourVest plans to take occupancy in 2025. “We are reimagining the post-COVID office environment, and One Lincoln signifies the beginning of a new era for workplaces in Boston,” says Jonathan Landau, CEO of Fortis Property Group. “The Fortis and HarbourVest teams both recognized the tremendous demand for luxury office space that is amenitized with unparalleled wellness and lifestyle-driven experiences in …

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AcquisitionsCompany NewsTop Stories

GIC, Oak Street Agree to Acquire STORE Capital in $14B Transaction

by Jeff Shaw

SCOTTSDALE, ARIZ. — GIC, a global institutional investor based out of Singapore, and Oak Street, a Chicago-based division of global alternative asset manager Blue Owl Capital, have agreed to acquire STORE Capital Corp. (NYSE: STOR) in an all-cash transaction valued at approximately $14 billion. STORE is a Scottsdale-based net-lease real estate investment trust that invests in single-tenant operational real estate. As of June 30, the company’s portfolio consisted of investments in 3,012 property locations, including restaurants, early childhood education, metal fabrication, automotive repair and maintenance facilities and health clubs. Under the terms of the definitive merger agreement, STORE Capital stockholders will receive $32.25 per share in cash, a premium of 17.8 percent to the 90-day volume weighted average stock price through that date and 20.4 percent to its closing price on Wednesday, the day before the announcement. STORE will become private following the transaction. The transaction was unanimously approved by STORE Capital’s board of directors and is expected to close in the first quarter of 2023. The closing of the transaction is not subject to any financing conditions. “This opportunity is an endorsement, by two leading real estate investors with significant access to capital, of the strength of our platform, …

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Company NewsDevelopmentRetailTop StoriesWashingtonWestern

Starbucks Plans to Open 2,000 New Stores by 2025, Invest $450M in Existing US Locations

by Katie Sloan

SEATTLE — Starbucks Coffee (NASDAQ: SBUX) has announced plans to open 2,000 stores by 2025 and invest $450 million in its North American real estate, which will include the modernization of existing locations across the United States.  The announcement took place during the company’s 2022 Investor Day conference in Starbucks’ hometown of Seattle. The company’s reinvention plan includes the implementation of a store design that streamlines work behind the counter, enabling better connection with the customer. Starbucks also plans to reorganize its real estate portfolio to include a greater number of pick-up stores and drive-thru-only and delivery-only locations. “When we think about our existing store portfolio and our investments, they must deliver in a few critical areas,” said John Culver, group president for North America and chief operating officer. “Reducing the level of complexity and making work easier for our partners; enabling stronger engagement and connection between our partners and the customers they serve; and delivering experiential convenience.” Starbucks also plans to expand its mobile order offerings via the company’s app, allowing customers to know when their order is ready and making the process of mobile ordering easier and more efficient during peak hours. Mobile ordering will also be extended to the …

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DevelopmentIndustrialSoutheastTop Stories

Capital Development Begins Construction of 5.4 MSF Central Port Logistics Center in Savannah, Georgia

by Taylor Williams

SAVANNAH, GA. — Atlanta-based Capital Development Partners has started construction of Central Port Logistics Center at Rockingham, a 5.4 million-square-foot speculative industrial development in the coastal Georgia city of Savannah. Central Port Logistics Center at Rockingham will consist of seven buildings, with Phase I of the project comprising a roughly 1.1 million-square-foot cross-dock warehouse. According to the development team, that building will be the largest warehouse ever constructed on a speculative basis in Savannah. Completion of Phase I is slated for 2023. Phase II of the project will feature a 982,000-square-foot, rail-served building, a construction timeline for which was not disclosed. Subsequent phases of the project will deliver both cross-dock and rear-load storage and distribution facilities. “Central Port Logistics Center at Rockingham is the last large-scale industrial infill site in Savannah with unmatched access to the port, excellent rail service and immediate connectivity to major highways,” says John Knox Porter Jr., CEO of Capital Development Partners. “These facilities will provide a significant location advantage for our customers.” Bill Sparks, executive vice president of CBRE’s Savannah office, which is marketing the development for lease, also said that the proximity and access to various pieces of major infrastructure would be a game-changer …

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AlabamaDevelopmentMixed-UseMultifamilyOfficeRetailSoutheastTop Stories

RCP Plans $110M Anthem House Mixed-Use Development in Huntsville, Alabama

by Jeff Shaw

HUNTSVILLE, ALA. — RCP Cos. has announced plans for Anthem House, a $110 million mixed-use development in Huntsville’s new MidCity district. The property will feature 330 apartment units, 35,000 square feet of creative office space and 32,000 square feet of street-level retail space. Named for MidCity’s music theme, Anthem House will offer a “residential-meets-hospitality housing solution” with furnished units, shorter lease contracts and hotel-like surroundings and amenities. Most of the major aerospace companies have a presence in Huntsville, which is home to regional employers including U.S. Army post Redstone Arsenal and Cummings Research Park. Additionally, the city offers twice the amount of government jobs per capita than any other city in the country. Huntsville’s workforce demographics feature many remote and contract workers who greatly prefer the multifamily-hospitality niche for their housing. “Currently, Huntsville has a housing deficit that is accentuated by the continued job growth in the market,” says RCP co-founder Max Grelier. “The shift in consumer preferences, particularly among millennials, is driving demand for more hospitality features within real estate projects, including more amenities, hosting events and activities which bring residents together.” U.S. News & World Report named Huntsville as the best place to live in the United States …

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AcquisitionsDelawareNew HampshireNew JerseyNortheastProperty TypeRetailTop Stories

Copper Property Trust Sells Seven East Coast JCPenney Stores for $65.2M

by John Nelson

JERSEY CITY, N.J. — Copper Property CTL Pass Through Trust has sold seven JCPenney retail locations on the East Coast in three transactions totaling $65.2 million. The assets include stores in Delaware, Maryland, New Hampshire and Virginia. The buyers were not disclosed. Copper Property is a New York common law trust that was established to acquire 160 retail properties and six warehouse distribution centers from department store chain JCPenney as part of the retailer’s Chapter 11 reorganization plan. The stores are located at the following malls and shopping centers: Christiana Mall in Newark, Del.; The Mall in Columbia in Columbia, Md.; Westfield Annapolis in Annapolis, Md.; Fair Oaks Mall in Fairfax, Va.; Springfield Town Center in Springfield, Va.; Pheasant Lane Mall in Nashua, N.H.; and Dulles Town Centre in Sterling, Va. The assets traded at a blended implied cap rate of 7.28 percent across three all-cash deals. Hilco JCP LLC, an affiliate of Hilco Real Estate LLC and manager of the trust, and an affiliate of Newmark represented the seller in these transactions. “We believe these sales reflect current market conditions and the market’s recognition of the solid performance of JCPenney post-reorganization,” says Neil Aaronson, principal executive officer of the …

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