Top Stories

CLEMSON, S.C. — Core Spaces and Tom Winkopp Development have formed a joint venture to develop Clemson Student Village at The Pier, a 4,000-bed student housing community located on a 140-acre plot near Clemson University. The project is an extension of The Pier, a project that has already added 1,400 beds to Clemson’s student housing supply. Amenities at the new project include athletic and fitness facilities, pools, outdoor grills, student clubhouses, beachfront access to Lake Hartwell and waterfront trails. Once fully constructed, the site will feature “a new downtown locale that is walkable, charming and accessible to all students and the local community,” according to the developers. “This project is among the most ambitious in our history,” says Daniel Goldberg, president of Core Spaces. “Clemson, South Carolina has experienced significant population growth due to its high quality of living, affordability, picturesque downtown and favorable year-round climate, as well as Clemson University’s strong enrollment rates.” In addition to the more traditional student housing beds, the development will feature clusters of single-family homes for rent as the builders seek to create student neighborhoods within the project. Each of these will feature nine bedrooms. The student village is one piece of a larger …

FacebookTwitterLinkedinEmail

CHICAGO — Logistics Property Co. has unveiled plans to develop 1237 West Division, an industrial project on the west side of Chicago that will span 600,000 square feet of logistics space across two floors. The city’s first multi-story warehouse will also offer both rooftop parking and an adjacent five-story parking garage. Logistics Property recently closed on the 11.5-acre land sale in Chicago’s Goose Island neighborhood and received approval from the Chicago City Council for the project. Situated adjacent to the four-way interchange at Division Street and Elston Avenue, 1237 West Division is located 3.5 miles from the Chicago Loop and 15 miles from Chicago O’Hare International Airport. The JLL team of Michael Conway, Leslie Lanne, Dan McGillicuddy and Gavin Stainthorpe will lease and market the property. “1237 West Division provides flexibility for companies that must get closer to their customers,” says Lanne, who leads JLL’s urban infill group. “It gives them access to modern distribution space, which urban core markets are severely lacking.” The first level of 1237 West Division will feature 36-foot clear heights, 28 dock doors and two drive-in doors. The second floor, which will be accessible by separate two-way, double-wide ramps, will feature 33-foot clear heights, 28 …

FacebookTwitterLinkedinEmail

SAN DIEGO — Trammell Crow Co. (TCC), in partnership with CBRE Investment Management on behalf of a separate account client, has unveiled plans to build Vista Sorrento Labs, a 116,000-square-foot speculative life sciences development in the Sorrento Mesa submarket of San Diego. The purpose-built life sciences building marks the first ground-up life sciences project in San Diego for both firms. The partnership plans to begin demolition of an existing building on the site and break ground on the new facility in the fourth quarter of this year. Completion is slated for early 2024. The four-story building will feature floor plates spanning 32,000 square feet. The project will feature Class A lab, clean room and office space as well as onsite chemical storage. Ware Malcomb designed the building, which will include amenities such as electric vehicle charging stations, locker rooms, indoor and outdoor conference rooms, bike storage, surface and structured parking, a fitness center and lounge. “This fall’s scheduled groundbreaking will mark the first of multiple planned ground-up life sciences developments in Sorrento Mesa, which will add approximately 700,000 square feet of much-needed life sciences space to the submarket,” says Chris Tipre of TCC Newport Beach. “Vista Sorrento Labs is located …

FacebookTwitterLinkedinEmail
Hudson-Hotel

NEW YORK CITY — Parkview Financial has provided $207 million in financing for the acquisition and redevelopment of the former Hudson Hotel in Manhattan’s Clinton neighborhood.  Located at 353-366 West 58th St., the 24-story hotel was most recently operated by Cain International until shuttering in 2020 under strain from the COVID-19 pandemic. The undisclosed borrower plans to convert the 385,124-square-foot property into a 438-unit residential tower.  Units will feature eight-foot to 10-foot ceilings, hardwood floors, stainless steel appliances, quartz countertops and washers and dryers. The building will also offer 30,000 square feet of retail and 25,000 square feet of office space.  The new ownership plans to market the units at a 20 percent discount to rates seen at other properties in the surrounding area in hopes of attracting young professionals, students and small families to the property, according to Paul Rahimian, CEO and founder of Parkview. The redevelopment is scheduled for completion in early 2023.  The building was originally constructed in 1929 to act as the American Women’s Association clubhouse and residence for young women before being converted into the Henry Hudson Hotel in 1941. The property is located one block west of Columbus Circle near Billionaires’ Row.  Parkview Financial provided the financing in conjunction with Montgomery Street Partners. …

FacebookTwitterLinkedinEmail
The-Ritz-Carlton-Bacara-Santa-Barbara

NEW YORK CITY AND CHICAGO — Private real estate funds managed by Brookfield Asset Management (NYSE: BAM) have agreed to acquire Chicago-based hospitality REIT Watermark Lodging Trust for $3.8 billion. Watermark’s portfolio was constructed over the past decade and currently consists of 25 luxury hotels and resorts totaling 8,100 rooms across 14 states. The properties are primarily located in Sun Belt markets. Under the terms of the deal, Brookfield will acquire all outstanding shares of Watermark’s common stock for approximately $6.73 per share. The purchase price represents a premium of more than 7.5 percent from the most recently published net asset values per share as of Dec. 31, 2021. The deal is expected to close in the fourth quarter. “Hotels and resorts of this scale and quality are difficult to replicate,” says Lowell Baron, managing partner and chief investment officer in Brookfield’s real estate group. “This portfolio is well positioned given its concentration in the Sun Belt, as well as in coastal destinations and gateway cities with high barriers to entry.” Morgan Stanley & Co. LLC is serving as exclusive financial advisor to Watermark. Hodges Ward Elliott is providing estate advisory services to Watermark, and Clifford Chance US LLP and …

FacebookTwitterLinkedinEmail

CHICAGO — Chicago Mayor Lori Lightfoot has selected Bally’s Corp. as the preferred company to redevelop a former Chicago Tribune printing plant into a gaming and entertainment destination.  The 30-acre site is located at the intersection of Chicago Avenue and Halstead Street along the Chicago River in the city’s River West neighborhood. The $1.7 billion proposal calls for the city’s first casino featuring 3,400 slots; 170 table games; 10 food and beverage venues; a 500-room hotel tower with rooftop bar; 3,000-seat, 65,000-square-foot theater; 20,000 square foot exhibition hall; outdoor music venue; and outdoor green space including an expansive public riverwalk with a water taxi stop. Mayor Lightfoot announced Thursday that Bally’s had won the project over competing bids from Hard Rock International and Rush Street Gaming. State regulators and the Chicago City Council will need to approve the plan before work can begin. The city’s evaluation report said the Bally’s proposal provides the most economic value to taxpayers, including an upfront payment of $40 million and annual payments to the city totaling $4 million. The project is expected to generate more than $800 million in gaming revenue on an annual basis, a substantial portion of which will support the city’s …

FacebookTwitterLinkedinEmail
Legacy-Hills-Celina-Texas

CELINA, TEXAS — Centurion American Development Group has broken ground on Legacy Hills, a mixed-use, master-planned development that will span approximately 3,200 acres in the North Texas city of Celina. The site is located at the corner of Legacy Drive and Celina Parkway, about 40 miles north of downtown Dallas. Legacy Hills will feature more than 10,000 residential units, with current plans calling for about 7,000 single-family homes and 4,100 multifamily units. The commercial component will encompass 100 acres and will include retail, restaurant and entertainment space, though other uses within that portion of the project have not yet been announced. In addition, Centurion American has earmarked two 12-acre parcels as future sites of schools within the Celina Independent School District, as well as two seven-acre tracts that will house fire and police stations. A network of hiking and biking trails will link various pieces of the development, and Centurion has allocated 27 acres for the City of Celina to develop into a sports park. Lastly, a championship golf course, complete with a driving range, putting green and clubhouse, will run through the center of the site. The single-family homes will be spread across seven subdivisions, each of which will …

FacebookTwitterLinkedinEmail

FORT MYERS, FLA. — Butters Group and BentallGreenOak have partnered to develop Gulf Landing Logistics Center, a 2.2 million-square-foot speculative industrial park in Fort Myers. The project will be situated on 284 acres. The partnership anticipates developing the Class A property in several phases, with the first phase consisting of seven buildings totaling 740,000 square feet. Construction is scheduled to begin this fall, with completion of the first buildings slated for the third quarter of 2023. “With the tremendous growth in Southwest Florida, we recognized an opportunity to produce a first-class logistics facility with the flexibility to meet the needs of many different types of users,” says Kyle Jones, director of investments at Butters. The current plan for Gulf Landing Logistics Center includes 14 buildings of various sizes and configurations. A portion of the site plan offers flex space for light industrial and office users, while the remainder of the site is geared toward bulk distribution, e-commerce and other light industrial users. Build-to-suit opportunities are available. Florida-based Butters, a vertically integrated real estate company engaged in construction, development, leasing and property management, has developed more than 22 million square feet totaling over $2 billion. BentallGreenOak is a global real estate …

FacebookTwitterLinkedinEmail

BROOMFIELD, COLO. — Lincoln Property Co. (LPC) and FCP, both privately held real estate investment companies, have unveiled plans for the Colorado Research Exchange (CoRE), a 450,000-square-foot life sciences campus in Broomfield. Construction is scheduled to begin this fall for completion in early 2024. Located approximately midway between Denver and Boulder, CoRE will comprise four buildings, three of which will be four- to five-story tenant buildings ranging from approximately 110,000 to nearly 200,000 square feet. The fourth property, a shared amenity center for all tenants, will total 15,960 square feet and feature a fitness center, locker rooms, bike storage, tenant lounge with fireplace, outdoor terrace, conference/training facility and a food market. Each tenant building boasts views of the Front Range section of the Rocky Mountains, while green space connects each of the properties. Development cost estimates were not disclosed. The developers selected Broomfield due to its highly educated workforce and close proximity to two major metro areas. Current demand for life sciences space in this area has reached over 1.4 million square feet and continues to grow as companies focus on the market for its access to talent, capital and business-friendly environment, according to the developers. The partnership expects CoRE …

FacebookTwitterLinkedinEmail
Bainbridge-Industrial

PORT DEPOSIT, MD. — A joint venture between MRP Industrial and Hillwood Development Co. has announced plans for Bainbridge Logistics Center, a 3.7 million-square-foot industrial development in the town of Port Deposit, located in Maryland’s Eastern Shore region.  Bainbridge Naval Training Center formerly occupied the 440-acre site, which is located three miles from Interstate 95, approximately 42 miles from Baltimore and 40 miles from Wilmington, Delaware. The project’s first phase of development will include two single-story, speculative, Class A warehouse and logistics buildings totaling 1 million square feet and 605,280 square feet, respectively.  The developers are seeking LEED certification for both buildings, which will include LED lighting and white reflective roofs, among other energy-saving design features. Both assets will offer deep truck courts to support the movement of large tractor trailers; parking fields for both employees and visitors; and large floor plates to accommodate a range of uses, including light manufacturing, warehouse, logistics and last-mile operations.  The development will also feature $30 million worth of infrastructure improvements, including expansion of both water and sanitary services to support the logistics center and the surrounding community; the construction of three miles of public roads to connect the park to three highways; and …

FacebookTwitterLinkedinEmail