Top Stories

EQT Exeter Sells 328-Property, 70.5 MSF Industrial Portfolio for $6.8B

by Katie Sloan November 4, 2021

CONSHOHOCKEN, PA. — EQT Exeter has sold a portfolio of 328 industrial properties for $6.8 billion on behalf of its private real estate funds, EQT Exeter Industrial Value Fund IV and related investment vehicles. The properties span 70.5 million square feet across the state of New York; Dallas; Atlanta; Chicago; Los Angeles; Memphis, Tenn.; Indianapolis; Columbus, Ohio; and Louisville, Ky. The portfolio consists primarily of logistics properties serving major corporations, including facilities for big box regional distribution, e-commerce fulfillment and last-mile distribution. EQT Exeter — which was formed earlier this year when Swedish private equity firm EQT AB acquired Exeter Property Group for $1.9 billion — assembled the portfolio through a mix of development and acquisitions. The company developed 15 million square feet of the portfolio, with 7 million square feet still under construction, and acquired the balance through 100 transactions over the course of the past three years. The portfolio was 95 percent occupied at the time of sale. The buyer — an undisclosed group led by an Asian sovereign-wealth fund, according to reports by The Wall Street Journal — was procured by Eastdil Secured. EQT Exeter will continue to operate and manage the properties as part of the transaction. …

November 4, 2021

Development Loans Maryland Multifamily Southeast Student Housing Texas Top Stories

Greystar Closes $600M in Financing for Three Student Housing Projects in Texas, Maryland

by Kristin Harlow November 3, 2021

AUSTIN, TEXAS AND COLLEGE PARK, MD. — Greystar has closed on $600 million in financing for the development of three student housing projects located in Texas and Maryland. Construction on all developments began in October with completion scheduled for fall 2024. The projects include Union on San Antonio, a $171 million, 991-bed high-rise being built through a public-private partnership with the St. Austin Catholic Parish. The project is located one block from the University of Texas at Austin campus and will include a new Catholic parish, rectory and K-8 school for $32 million. Page designed the student housing tower, which will feature shared amenities including a swimming pool, rooftop deck and fitness center. Greystar’s Austin team will oversee the construction of the project with Hensel Phelps as general contractor. The second development serving students attending the University of Texas is Union on 24th, a $262 million, 1,448-bed high-rise community in Austin’s West Campus neighborhood. Greystar will lead the development and self-perform construction. The final project is Knox Road, a $140 million community near the University of Maryland in College Park. The project is being developed through a public-private partnership with Terrapin Development Co., an entity comprised of the University of Maryland …

November 3, 2021

Acquisitions Affordable Housing California Development Life Sciences Mixed-Use Multifamily Office Top Stories Western

IQHQ Buys Site in Bay Area to Develop New Elco Yards Life Sciences Campus

by John Nelson November 2, 2021

REDWOOD CITY, CALIF. — IQHQ, a private life sciences developer and owner with offices in San Diego and Boston, has purchased a “shovel-ready” development site in the Bay Area town of Redwood City that is fully entitled for mixed-use. The firm plans to develop Elco Yards, a project that will feature four life sciences buildings and two residential communities, as well as green space open to the public. The four office buildings will span 600,000 square feet and include laboratory, meeting and research and development space. The buildings are designed to meet LEED Gold standards. “Elco Yards represents an iconic project in a thriving life sciences market with a proven track record of attracting top companies and diverse talent,” says Steve Rosetta, CEO of IQHQ. “We are excited to advance this project, which is fully entitled and well-positioned to address the unmet demand for premier lab space in the Bay Area.” The multifamily portion will include two communities totaling 540 units. IQHQ is partnering with Charleston, S.C.-based Greystar for the residential component, which will feature 147 income-restricted units, according to Redwood City Mayor Diane Howard. “We look forward to Greystar’s continuing involvement and the creation of much-needed housing in Redwood …

November 2, 2021

Acquisitions Georgia Multifamily Southeast Top Stories

FCP Acquires Six Multifamily Properties in Metro Atlanta for $287M

by Taylor Williams November 1, 2021

CHEVY CHASE, MD. — Maryland-based investment firm FCP has acquired six multifamily properties totaling 1,975 units in the metro Atlanta area. The private investor purchased the assets across three separate transactions for a combined total of $287 million. The sellers in each of the transactions were not disclosed. In the first deal, FCP acquired ReNew Parc Shores, a 520-unit community in the northeastern suburb of Duluth, for $94.7 million. The company partnered with local operator Zevulon Capital on the purchase. The new ownership plans to implement a value-add program and rebrand the property as Summit Station at Duluth. In the second transaction, FCP bought a portfolio of three communities that are located south of Atlanta and total 1,075 units for $107.3 million. The portfolio consists of Laurel Point, a 593-unit complex in Morrow; Bradford Ridge, a 262-unit community in Forest Park; and Ashwood Ridge, a 220-unit community in Jonesboro. In the final deal, the company purchased a two-property portfolio totaling 380 units in Peachtree City, also located on the southern outskirts of the state capital. ReNew Peachtree City and ReNew Braelinn total 198 and 182 units and will be rebranded as The Greens at Peachtree City and The Greens at …

November 1, 2021

Development Hospitality Mixed-Use Office Restaurant Texas Top Stories

HALL Group Unveils Plans for $7B Mixed-Use Expansion at HALL Park Office Complex in Frisco, Texas

by Katie Sloan October 29, 2021

FRISCO, TEXAS — Dallas-based developer HALL Group has unveiled plans for the $7 billion mixed-use expansion of HALL Park, an existing 2.2 million-square-foot, 15-building office park located in Frisco. The full master plan will bring the development to 9.5 million square feet with a mix of office, hospitality, residential and retail uses. The $500 million first phase of development includes a Class A office tower, 154-key boutique hotel, 19-story luxury residential tower, a collection of 60 executive suites and a 10,000-square-foot food hall surrounding a community park. HKS Architects designed the 16-story office building, which will span 410,000 square feet. Amenities include 10,000 square feet of ground-level retail and restaurant space, a corporate lounge, fitness center, meeting space to accommodate upwards of 230 people, a seven-level parking garage and rooftop decks. Merriman Anderson Architects designed the 110,000-square-foot, full-service hotel component of the project, which will offer 13,000 square feet of indoor and outdoor event space, including a 3,000-square-foot ballroom; an outdoor swimming pool; gardens; a state-of-the-art fitness center; chef-driven restaurant and bar; and an expansive patio overlooking the community park. WDG Architecture designed the 331,529-square-foot residential tower with interiors by Dallas-based Waldrop + Nichols Studio. The community will offer one- …

October 29, 2021

Acquisitions California Life Sciences Office Top Stories

Longfellow Buys Nine Office Assets in San Diego for $315.4M, Plans Conversion to Life Sciences Campus

by Julia Sanders October 28, 2021

SAN DIEGO, CALIF. — Longfellow Real Estate Partners has acquired Luskin Business Park, a nine-property office portfolio totaling 371,281 square feet in San Diego. The sales price was $315.4 million. Longfellow plans to convert the assets into a massive life sciences campus. The properties are located at 6150, 6160, 6370, 6440, 6450, 6540, 6640 and 6650 Lusk Blvd. and 10225 Barnes Canyon Road in the Sorrento Mesa submarket, a part of San Diego that is home to major corporations and has a high demand from life sciences tenants. All of the properties are two-story buildings that are zoned for office, light industrial and other commercial uses, including life sciences. Situated on a total of 20.6 acres, the portfolio has access to top San Diego research institutions, including Scripps Research, UC San Diego, the Salk Institute and Sanford Burnham Prebys Medical Discovery Institute. San Diego remains one of the top markets for life sciences demand, according to CBRE’s U.S. Life Sciences Midyear 2021 report. Lynn LaChapelle, Bob Prendergast, Sach Kirpalani and Michael Leggett of JLL represented the seller, PS Business Parks, in the transaction. “This was a rare opportunity to acquire a life sciences redevelopment opportunity of scale in one of …

October 28, 2021

Development Multifamily Texas Top Stories

Lincoln Ventures to Develop 49-Story Apartment Tower in Austin’s Rainey Street District

by Kristin Harlow October 27, 2021

AUSTIN, TEXAS — Austin-based developer Lincoln Ventures has unveiled plans to build a 49-story apartment tower in the heart of Austin’s Rainey Street District. Located at 80 Rainey St., the project will include 644 units as well as retail space. Lincoln Ventures expects to break ground on the tower next summer with completion slated for summer 2025. The site includes two bungalows that will be preserved as part of the project. “The old bungalows, locally run bars and pedestrian-friendly streets are what make Rainey Street a special and desirable destination, so it’s our intent to maintain the vibrancy and unique character of this area and build upon it,” says David Kanne, CEO of Lincoln Ventures. “We will also maintain the character of Rainey Street by bringing in local Austin artists to design public art pieces and will place new, oversized trees along the public parkway section along the entire façade of the building.” The tower’s ground and second floors will include several food and beverage concepts, including a dedicated 2,200-square-foot space that will serve coffee during the day and cocktails at night. A special elevator lobby will offer public access to the 11th-floor pool deck and bar, the first of …

October 27, 2021

Development Healthcare Leasing Activity New York Northeast Office Top Stories

Extell Development to Build 30-Story Medical Office Tower in Manhattan

by John Nelson October 26, 2021

NEW YORK CITY — Extell Development Co. has unveiled plans to develop a 30-story medical office tower on Manhattan’s Upper East Side. The 400,000-square-foot, Class A property will be located at 403 E. 79th St. The site is near several of New York City’s top hospitals and medical research centers, including NewYork-Presbyterian and the main campus of Hospital for Special Surgery (HSS), an academic medical center focused on musculoskeletal health with locations throughout the tri-state area. HSS has signed a long-term lease for approximately 200,000 square feet spread across the first eight floors at the new tower. Mitti Liebersohn and Arthur Mirante of Avison Young represented HSS in the lease negotiations in collaboration with the HSS in-house team of Michael Calabrese, Stephen Bell and Stacey Malakoff. Vincent Carrega represented Extell Development. HSS will house orthopedic and rheumatology physician offices within its office space, as well as ancillary services for treatment of musculoskeletal conditions. The space will complement the expansion of HSS’ main campus, which will house the newly announced Lauder Family Spine Center that is set to open in 2024 at the HSS Kellen Tower. “We are pleased to partner with HSS, the foremost hospital for orthopedics and rheumatology, to …

October 26, 2021

Hawaii Hospitality Loans Top Stories Western

JLL Arranges $450M Refinancing for Hyatt Regency Resort in Honolulu

by Taylor Williams October 25, 2021

HONOLULU — JLL has arranged a $450 million loan to refinance debt on the Hyatt Regency Waikiki Beach Resort & Spa in Honolulu. Situated on a three-acre site, the hotel totals 1,230 rooms across two 40-story buildings with views of Waikiki Beach and downtown Honolulu. The resort features three dining venues, a spa, outdoor pool, 24-hour fitness center and 20,510 square feet of meeting space. The property also houses the Pualeilani Atrium Shops to offer guests an onsite shopping experience. Hotel guests can also access weekly cultural activities such as lei making, ukulele and hula lessons and a day camp for children. Guestrooms are furnished with flatscreen TVs, work areas and private balconies with mountain or beach views. Suites with separate living areas and wet bars are also available. The property offers proximity to a number of key transit hubs and tourist destinations on the island. These include Daniel K. Inouye International Airport, the Honolulu Harbor cruise terminal, Kapiolani Park, the Royal Hawaiian Center and Waikiki Beach Walk Entertainment Center. Kevin Davis and Mike Huth of JLL arranged the five-year, floating-rate loan on behalf of the borrower, South Korea-based Mirae Asset Global Investments. A consortium of lenders that included Deutsche …

October 25, 2021

Development Mixed-Use Texas Top Stories

Merit Commercial Real Estate Breaks Ground on $500M Alsatian Oaks Master-Planned Community Near San Antonio

by Kristin Harlow October 22, 2021

CASTROVILLE, TEXAS — Merit Commercial Real Estate has broken ground on Alsatian Oaks, a 435-acre, master-planned community in Castroville, a town adjacent to San Antonio. The project represents an investment of more than $500 million. When complete, Alsatian Oaks will include 950 single-family homes, an amenity center, parks, bike trails and more than 400,000 square feet of restaurants, retail and medical office space. The first phase of development will consist of 233 homes as well as utility systems and a parkway connecting to Highway 90. A construction timeline was not provided. Founded in 1844 by farmers from Alsace, a French region that borders Germany, Castroville maintains a uniquely European agricultural style. Merit brought in agricultural talent from across the state to ensure that the new development honored the city’s heritage and paid tribute to its unique architecture. The population within a 10-mile radius of Castroville has increased 11.4 percent over the past five years, according to Merit. It is projected to increase another 18.2 percent over the next five years. Additionally, Castroville lies within the highest growth submarket for the San Antonio area, with more than 5,321 new home starts in the past year. There are multiple projects to increase …

October 22, 2021

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