Top Stories

Landmark Properties to Develop Three New Student Housing Projects in Pennsylvania, Indiana, South Carolina

by Kristin Harlow July 14, 2021

PHILADELPHIA; BLOOMINGTON, IND.; AND COLUMBIA, S.C. — Landmark Properties has unveiled plans to develop three new student housing projects totaling 2,544 beds across three states. The developments include The Standard at Philadelphia adjacent to the University of Pennsylvania and Drexel University; The Standard at Bloomington near Indiana University; and The Standard at Columbia near the University of South Carolina. All of the properties are slated to open in fall 2023. With these project starts, Landmark will have more than $3.5 billion in properties under construction. The Standard at Philadelphia will feature 280 units with 802 beds. Floor plans will range from studios to six bedrooms. Amenities will include a fitness center, pool, hot tub, sauna, study lounge, clubhouse, gaming lounge, grill station and computer labs. The complex will also feature more than 3,000 square feet of retail space on the ground floor. The Standard at Bloomington will include 1,064 beds across 439 units. Amenities will include a pool, spa, exterior jumbotron, fitness center, sports simulator, indoor basketball court, pickleball court, gaming lounge and grilling stations. The Standard at Columbia will consist of 678 beds across 247 units. Floor plans will range from studios to five bedrooms. Amenities will include a …

July 14, 2021

California Development Hospitality Mixed-Use Top Stories Western

Alagem Capital, Cain International Unveil Plans for $2B One Beverly Hills Project

by John Nelson July 13, 2021

BEVERLY HILLS, CALIF. — Alagem Capital Group and Cain International have unveiled plans for One Beverly Hills, a 17.5-acre “urban resort” that the developers estimate will value $2 billion upon completion. The project will include two new condominium towers, an eight-acre botanical garden and a new 10-story tower comprising 42 luxury hotel rooms, 37 shared-ownership condominiums and a fine dining restaurant. One Beverly Hills also includes the revitalization of the adjacent Beverly Hilton and Waldorf Astoria Beverly Hills, two luxury hotels that Alagem Capital and Cain purchased in 2018. In June, the Beverly Hills City Council approved the project by a vote of 4 to 1. The historic development agreement between the developers and the City of Beverly Hills guarantees a $100 million public benefit fee, which Alagem Capital and Cain will pay over the course of eight years, according to the Beverly Hills Courier. None of the condominiums will be reserved for affordable housing, according to local and national media outlets. One Beverly Hills’ hotel-condo tower will include a private members club open to residents and a select number of non-residents. Members will have access to 130,000 square feet of amenities space over three levels that will be divided …

July 13, 2021

Acquisitions Northeast Pennsylvania Retail Top Stories

JLL Negotiates $114.2M Sale of Grocery-Anchored Retail Portfolio in Metro Philadelphia

by Taylor Williams July 12, 2021

PHILADELPHIA — JLL has negotiated the $114.2 million sale of a portfolio of five grocery-anchored retail centers in the Philadelphia area. The properties include Lionville Shopping Center in Lionville, located west of the city; Marketplace at Westtown in West Chester, another western suburb; Spring Towne Center in Sinking Spring on Philadelphia’s northwestern outskirts; Dreshertown Plaza in Dresher, located just inside the northern ring of Interstate 276; and Limerick Crossing in Limerick, another northwestern suburb. The grocery anchor for Lionville Shopping Center, Marketplace at Westtown and Spring Towne Center is Giant Food Stores, while Lowe’s Home Improvement is a second anchor at Spring Towne Center. George’s Marketplace is the anchor grocer at Dreshertown Plaza, and German discount grocer Aldi anchors Limerick Crossing. Chris Munley, Jim Galbally, Colin Behr and James Graf of JLL marketed the portfolio for sale on behalf of the seller, locally based development and investment firm Brandolini Cos. Jon Mikula, Jim Cadranell, Michael Pagniucci and Carlos Silva of JLL arranged five fixed-rate acquisition loans totaling $80.5 million on behalf of the buyer, a partnership between New Jersey-based Paramount Realty Services and international investment firm Medipower Group. A trio of undisclosed banks provided the financing. “We continue to see …

July 12, 2021

Connecticut Development Life Sciences Loans Northeast Office Top Stories

CBRE Arranges $180M Construction Loan for Life Sciences Development in New Haven, Connecticut

by Julia Sanders July 9, 2021

NEW HAVEN, CONN. — CBRE has arranged a $180 million construction loan for the development of a life sciences facility at 101 College Street in New Haven. The project will total 525,000 square feet and include office and biomedical lab space. The property is already over 70 percent pre-leased to tenants including BioLabs and Arvinas, which will move its headquarters to the property. Yale University will serve as the anchor tenant, occupying 125,000 square feet of space in the building and three of its 10 floors, according to Yale News. The lobby and first floor will include a combination of event space and retail offerings. A commercial bank led the financing with participation from Webster Bank. Heather Brown, Robert Borden and Grace Keating of CBRE arranged the loan on behalf of the developers on the project, Harrison Street and Winstanley Enterprises. “Arvinas’ exciting pipeline of therapies targeting oncology and neurodegeneration represents the type of groundbreaking research being done in Connecticut and New Haven, and we look forward to supporting their continued growth,” says Carter Winstanley, a principal at Winstanley Enterprises. “We are also honored that Yale has made a significant commitment within the building to continue its cutting-edge discovery and …

July 9, 2021

Retail Southeast Top Stories Virginia

Bloomingdale’s Announces Smaller-Footprint Bloomie’s Store to Open in Metro Washington, D.C.

by Katie Sloan July 8, 2021

FAIRFAX, VA. — Bloomingdale’s has announced plans to open its first Bloomie’s store at the Mosaic District shopping center in Fairfax on August 26. Bloomingdale’s is the latest retailer to unveil an updated store concept designed to reflect the changing wants and needs of shoppers following the COVID-19 pandemic. The new, smaller-footprint concept will span 22,000 square feet and feature an evolving mix of merchandise from top brands alongside tech-enabled stylist services and a restaurant. A standard Bloomingdale’s location spans approximately 200,000 square feet. Fresh deliveries from a mix of designers already featured in Bloomingdale’s stores and emerging labels will come in multiple times per week. These goods will be displayed in rotating carts, allowing for new products to be seen by customers on each visit. Bloomie’s stores will offer men’s and women’s apparel; denim; activewear; intimates; shoes; handbags; beauty products; and accessories, including eyewear and fine jewelry. Brands set for inclusion at Bloomie’s include Rag & Bone, Stella McCartney, Jimmy Choo, Gucci, Dior, Prada, Marc Jacobs, See by Chloe, and more. The new concept will feature a returns dropbox; curbside pick-up; online shopping; and product customization, personalization and alteration services at a centralized front desk. Bloomie’s will also offer stylist services. …

July 8, 2021

Illinois Loans Midwest Office Top Stories

JLL Arranges $296M Refinancing for Trophy Office Tower in Chicago’s River North

by Kristin Harlow July 7, 2021

CHICAGO — JLL’s Capital Markets group has arranged a $296 million loan for the refinancing of 321 N. Clark, a 936,240-square-foot trophy office tower in Chicago’s River North submarket. The 35-story property was originally built in 1987 and underwent an $85 million renovation in 2019. The office tower offers a riverfront location and is served by a variety of public transportation options. Amenities include a fitness center, tenant lounge, conference center, parking garage and bike parking. Lettuce Entertain You operates a restaurant and event space at the property. Tenants include the American Bar Association and Foley & Lardner. “As today’s work environment continues to stress the importance of a healthy work-life balance, 321 N. Clark stands at the core of the city’s business and cultural districts, setting a standard for excellence to which all other office properties are compared,” says Keith Largay, senior managing director with JLL. Largay, along with Danny Kaufman and Michael Halbach of JLL, represented the borrower, a joint venture partnership between Hines, American Realty Advisors (ARA) and Diversified Real Estate Capital LLC. The team placed the five-year, floating-rate loan with Nuveen Real Estate. Dallas-based Hines is a privately owned global real estate investment firm that oversees …

July 7, 2021

Development Leasing Activity Midwest Mixed-Use Office Ohio Top Stories

Deloitte Signs Anchor Lease at Foundry Mixed-Use Project in Downtown Cincinnati

by John Nelson July 6, 2021

CINCINNATI — Deloitte, one of the Big Four global accounting firms, has signed a 30,000-square-foot anchor lease at Foundry, a mixed-use development underway in downtown Cincinnati. The developer and landlord is Cincinnati Center City Development Corp. (3CDC), a 501(c)(3) nonprofit developer that was created in 2003 by a City of Cincinnati task force. “We hope this is the first of many exciting announcements to come over the next few months, as we work to fill this essential building in our urban core with more world-class organizations like Deloitte,” says Katie Westbrook, development manager of 3CDC. Deloitte will occupy office space on the second floor of the $51 million project, which is a redevelopment of a former Macy’s-anchored building called Fountain Place. The building also housed Tiffany & Co., Palomino Restaurant and Booksellers on Fountain Square before they all closed their doors. Travis Likes and Scott Yards of CBRE represented 3CDC in the lease deal. Construction on Deloitte’s new space will begin immediately and is expected to be complete in late 2021 or early 2022. Foundry will ultimately feature 150,000 square feet of revitalized office space, 35,000 square feet of ground-level retail and restaurant space and 164 underground parking spaces that …

July 6, 2021

Acquisitions Georgia Office Southeast Top Stories

CP Group Acquires 1.2 MSF CNN Center Office Building in Atlanta

by Julia Sanders July 2, 2021

ATLANTA — CP Group has acquired One CNN Center, a 1.2-million-square-foot office building in downtown Atlanta, for an undisclosed price. The acquisition was completed via a joint venture with funds managed by Miami-based Rialto Capital Management LLC. The transaction makes CP Group the second largest office owner in the state of Georgia, according to the company. The seller, WarnerMedia, will lease back the CNN Center for several years. WarnerMedia is the parent company of 24-hour news station CNN, which broadcasts from the building. Located at 190 Marietta St. NW, the CNN Center is located in the center of Atlanta’s central business district, near State Farm Arena, Mercedes-Benz Stadium, Centennial Olympic Park, Georgia World Congress Center, World of Coca-Cola, Georgia Aquarium, College Football Hall of Fame and the Center for Civil & Human Rights. “The CNN Center is one of Atlanta’s most iconic landmarks and we look forward to embracing the opportunity to strategically transform the asset and build off the city’s current momentum,” says Chris Eachus, partner at CP Group. The center is located adjacent to Centennial Yards, which is a $5 billion mixed-use project that will include multiple residential and office towers, restaurants and retail. “Many markets across the …

July 2, 2021

Acquisitions Florida Office Southeast Top Stories

CP Group Acquires One Biscayne Tower in Downtown Miami for $225M

by Jeff Shaw July 1, 2021

MIAMI — CP Group, formerly Crocker Partners, has acquired One Biscayne Tower, a 38-story office tower in downtown Miami, in a joint venture with funds managed by Rialto Capital Management and Sabal Capital Partners. Dow Chemical sold the asset for $225 million, according to the Daily Miami News. L&B Realty has managed One Biscayne Tower on behalf of Dow for the last 20 years. Located along the waterfront, the property overlooks Bayfront Park, Biscayne Bay, Miami Beach and the Atlantic Ocean. Trammell Crow Co. developed the property in 1973, with Gutierrez-Latimer and Praga Associates as designers, according to the Council on Tall Buildings and Urban Habitat. One Biscayne Tower features nine floors of parking below 24 floors of office space. Amenities include a newly renovated lobby, fitness center, Pilates studio, two banks, a deli and a variety of services such as a florist, car wash, hair salon, print shop and Amazon locker delivery. The acquisition brings CP Group’s total downtown Miami holdings to over 2 million square feet, including SunTrust International Center and Citigroup Center, formerly known as Miami Center. The company claims it is now the largest office landlord in downtown Miami, largest commercial landlord in Florida, third-largest landlord …

July 1, 2021

Affordable Housing Development Loans Multifamily New York Northeast Top Stories

Partnership Receives $223M in Construction Financing for Sendero Verde Affordable Housing Project in Harlem

by Taylor Williams June 30, 2021

NEW YORK CITY — A partnership between Jonathan Rose Cos., L+M Development Partners and Acacia Network has received $223 million in financing for the second and final phase of Sendero Verde, an affordable housing project in East Harlem that will add 347 units to the local supply. The development team topped off the 360 units that were part of Phase I of the project in November. Construction of Phase II is set to begin in the coming weeks and completion is slated for 2024. Units will serve renters at a variety of income levels, from formerly homeless to those who earn 90 percent of the area median income. The property offers residential amenities such as a community room, fitness center, computer lounge and package lockers. Once both phases are completed, Sendero Verde will feature a senior and youth community center, a school, art room, publicly accessible open space, community gardens and neighborhood retail. Financing for Phase II of Sendero Verde included construction loans from the New York City Housing Development Corp. and the New York City Department of Housing Preservation and Development. The project is also being funded through a letter of credit from Citibank and a syndication of federal …

June 30, 2021

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