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AcquisitionsCaliforniaRetailWestern

Meridian Sells Newly Built Dialysis Clinic in California for $7.5M

by Amy Works

STOCKTON, CALIF. — Meridian, a full-service real estate developer and owner of medical real estate, has completed the sale of an outpatient dialysis clinic in Stockton. A Northern California-based private investor acquired the asset for $7.5 million. The 13,600-square-foot property is located at 7500 West Lane. In 2018, Meridian originally acquired a 7,500-square-foot building situated on 2.06 acres to develop the Stockton dialysis clinic. The development team included Walnut Creek, Calif.-based Harriman Kinyon Architects; Livermore, Calif.-based Kier and Wright; and Napa, Calif.-based H2 Builders. Paul Beckwith of Cushman & Wakefield’s Oakland, Calif., office represented the buyer, while Chris Sheldon of Cushman & Wakefield’s San Francisco office represented the seller in the transaction.

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AcquisitionsNew YorkNortheastRetailTop Stories

LVMH Agrees to Acquire Tiffany & Co. for $16.2B

by Taylor Williams

NEW YORK CITY — LVMH Moët Hennessy Louis Vuitton SE (LVMH), a French conglomerate and supplier of luxury goods, has agreed to acquire luxury jewelry retailer Tiffany & Co. (NYSE: TIF) for approximately $16.2 billion. The sales price equates to $135 per share, to be paid in cash. The deal is expected to close in the second or third quarter of 2020. LVMH, based in Paris, owns more than 70 luxury brands in the clothing, cosmetics, jewelry and spirits industries, including Dom Pérignon champagne, Givenchy clothing and perfume and Christian Dior fashion and perfume. New York City-based Tiffany & Co., which was founded in 1837, currently operates about 300 stores worldwide and employs some 14,000 people. LVMH executives cited the opportunity to grow its watches and jewelry division in American markets as a key driver behind the acquisition. Those items account for just 9 percent of the company’s revenue stream, according to an analysis published by Deloitte earlier this year. In addition, The Wall Street Journal reports that Tiffany has seen its sales slump over the last several years and that the 182-year-old company is focusing more on China, the leading consumer of luxury products. The acquisition by LVMH should help Tiffany …

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DevelopmentOfficeTexasTop Stories

Apple Breaks Ground on $1B Campus in Austin

by Kristin Harlow

AUSTIN, TEXAS — Apple (NASDAQ: AAPL) has broken ground on its new $1 billion, 3 million-square-foot office campus in Austin. The 133-acre property will initially house 5,000 employees, with the capacity to grow to 15,000. It is expected to open in 2022. Cupertino, Calif.-based Apple is steadily growing in Austin with approximately 7,000 employees in the city — more than a 50 percent increase in the past five years alone. Plans for the campus were first announced in December 2018. “With the construction of our new campus in Austin now underway, Apple is deepening our close bond with the city and the talented and diverse workforce that calls it home,” says CEO Tim Cook. The company has partnered with Austin-based Bartlett Tree Experts to preserve and increase the diversity of native trees on the new campus. Additionally, the site is designed to maximize green space, with landscaping covering more than 60 percent of the project, including a 50-acre nature and wildlife preserve that will be open to the public. Like all Apple facilities, the Austin campus will run on 100 percent renewable energy, including solar power generated on site. The groundbreaking coincides with the company’s announcement that it is preparing …

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DevelopmentIndustrialMississippiSoutheastTop Stories

Hillwood to Develop 1 MSF Amazon Fulfillment Center in North Mississippi

by John Nelson

OLIVE BRANCH, MISS. — Hillwood Investment Properties plans to build a 1 million-square-foot fulfillment center in Olive Branch, approximately 25 miles from Memphis, for e-commerce giant Amazon (NASDAQ: AMZN). The facility will house picking, packing and shipping operations for larger customer orders and create 500 new full-time jobs. According to The Clarion-Ledger, the new facility will be located within Hillwood’s Legacy Park, a 266-acre business park in DeSoto County. The Class A industrial campus has proximity to U.S. Highway 78 and Tennessee Highway 385; the BNSF and Norfolk Southern intermodal terminals; Memphis International Airport; FedEx Air and Ground hubs; and a UPS sort hub. In 2018, Amazon unveiled plans for another fulfillment center in nearby Marshall County, leasing 554,000 square feet within Panattoni Development’s Gateway Global Logistics Center. “Mississippi has proven itself to be a great place for Amazon to do business and gives us the opportunity to better serve our customers in the region,” says Alicia Boler Davis, Amazon’s vice president of global customer fulfillment. “We are excited about our growth and remain committed to creating a positive economic impact in the region with job opportunities that have great pay and benefits.” No timeline for construction was disclosed. Hillwood …

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DevelopmentIndustrialNevadaWestern

Plumbing Manufacturer Opens 148,000 SF Distribution Center in North Las Vegas

by Amy Works

NORTH LAS VEGAS — Oatey Co., a plumbing manufacturer since 1916, has opened a new distribution center in North Las Vegas. The 148,000-square-foot facility features high efficiency LED lighting and HVLS fans, and meets LEED Silver requirements. The distribution center will stock thousands of residential and commercial plumbing products across the company’s 23 categories and sold under the Oatey family of brands. The new facility will further enhance Oatey’s ability to service its customers in the West.

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LoansMultifamilyNew JerseyNortheastTop Stories

Roseland Residential Receives $300M Construction Loan for 57-Story Apartment Building in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — Roseland Residential Trust, a subsidiary of locally based REIT Mack-Cali Realty Corp. (NYSE: CLI), has received a $300 million loan for the construction of The Charlotte, a 57-story apartment tower on the fringe of New York City. The Charlotte will be located at 25 Christopher Columbus Drive in Jersey City and feature 750 Class A apartments, 37 of which will be earmarked for affordable housing. In addition, Roseland Residential will construct a 36,000-square-foot elementary school on the site that will be deeded over to Jersey City upon completion. The Charlotte will also feature approximately 16,500 square feet of retail space and a public plaza. Michael Sherman and Irene Lu of CBRE’s Midtown Manhattan office arranged the financing through an undisclosed lender on behalf of Roseland Residential Trust. The nonrecourse loan was structured with a five-year term and a one-year extension option. “The trophy quality of the asset, strength of sponsorship and prime location led to a highly competitive bid process for this loan at very attractive pricing,” says Sherman. “The project is a testament to the continuing growth of Jersey City, as evidenced by the strong partnership between the developer and the municipality.” Construction of the …

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IndustrialMarket ReportsNevadaWesternWestern Market Reports

Tenants, Developers Remain Bullish on Northern Nevada Industrial Market

by Taylor Williams

Northern Nevada’s industrial market remains strong with more than 3.2 million square feet of new speculative space under construction and slated for delivery in 2020. These new projects will push the market well above the 90-million-square-footmark. The vacancy rate is a low 5.56 percent and continues to trend slightly upward. There have been some significant lease transactions in the market. Prologis is building a 598,901-square-foot facility for Makita Tools; Scannell just finished a 200,200-square-foot built-to-suit facility for OnTrac; and 1A Auto recently leased 149,196 square feet at 9175 Moya Blvd. All of these transactions occurred in the North Valleys submarket. The new 270,975-square-foot Longley Commerce Center by Panattoni leased up a majority of its space in the third quarter. This project is a mix of flex and bulk spaces, and is the last viable industrial development in the South Meadows submarket. Polaris completed its 514,555-square-foot BTS in Fernley in the second quarter, while a confidential user just leased 266,000 square feet in the I-80 East submarket. There have also been some significant portfolio sales to institutional buyers. The 1.4-million-square-foot Lear Industrial Center is slated to trade hands in the fourth quarter. Northwestern Mutual sold its 1,776,805-square-foot portfolio to Link Industrial …

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Leasing ActivityMichiganMidwestRetail

Galactic Toys & Collectibles Opens Second Location in Michigan

by Kristin Harlow

GRAND RAPIDS, MICH. — Galactic Toys & Collectibles has opened its second location at 4174 Alpine Ave. NW in the Comstock Park area of Grand Rapids. The store spans 3,862 square feet. The Grand Rapids-based retailer’s first location is on 28th Street near Woodland Mall. Galactic sells toys, board games, action figures and other collectibles. Jon Greenen of Colliers International handled leasing on behalf of Galactic.

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DevelopmentGeorgiaRetailSoutheastTop Stories

Jodeco 158 to Develop $400M Mixed-Use Project Near Atlanta

by Taylor Williams

STOCKBRIDGE, GA. — Jodeco 158 LLC, a newly formed firm headed by local developers Jeff Grant and David Hughes, will develop Bridges at Jodeco, a $400 million mixed-use project near Interstate 75 in Stockbridge, a southeastern suburb of Atlanta. According to the development team, Bridges at Jodeco will be built on the largest remaining tract of undeveloped land adjacent to I-75 in Henry County. The development will also offer convenient access to the Atlanta Motor Speedway and Hartsfield-Jackson Atlanta International Airport. The residential component of the 158-acre project currently calls for 300 high-end apartments, 90 single-family attached townhomes and 176 detached single-family homes that may be used for senior living. More than 65 acres have been zoned for retail, dining and entertainment uses. In addition, the development team is seeking to include hotel, fitness and theater users, as well as other service providers for the retail component. About 20 acres of green space will be reserved for walking paths and trails and pocket parks. “Our intention is to create an amenity-rich, live-work-shop-dine-play destination where people can engage and relax in a comforting, family-centered setting,” says Grant, who serves as principal of Jodeco 158. “We believe Bridges at Jodeco will offer …

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AcquisitionsHealthcareMidwestOhioTop Stories

Welltower Expands Medical Office Holdings Through Five Transactions Totaling $1.7B, Including Hammes Acquisition

by John Nelson

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL), a Toledo-based seniors housing and healthcare REIT, is continuing to expand its medical office holdings. The company announced five transactions totaling approximately $1.7 billion, including a $787 million portfolio acquisition of 29 Class A medical office buildings from Hammes Partners, a medical office investment firm based in Milwaukee. The 1.5 million-square-foot portfolio is concentrated in the New York City and Boston suburbs and includes properties in California, Texas and Maryland. The portfolio was 97 percent occupied at the time of sale and is affiliated with Baylor Scott & White, Providence St. Joseph, Trinity Health, Medstar and other not-for-profit health systems and multi-specialty physician groups. The portfolio has an average age of 10 years, a weighted average lease term of 12 years and 2.2 percent average annual rent increases. The Hammes transaction is scheduled to close in the fourth quarter of 2019. Separately, Welltower announced four separate outpatient medical transactions that are currently under contract for approximately $885 million. Details on these four deals were not disclosed. “These transactions establish Welltower as the largest commercial owner of medical office real estate in the country, with a platform approaching 30 million square feet,” says Thomas …

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