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Lotte Chemical, Westlake Chemical Open $3.1B Plant in Lake Charles, Louisiana

by Jeff Shaw May 17, 2019

LAKE CHARLES, LA. — A joint venture between Lotte Chemical USA (KRX: KRW) and Westlake Chemical Corp. (NYSE: WLK) has opened a new chemical plant in Lake Charles, located in the southwest corner of Louisiana near the Texas border. Development costs for the 250-acre campus were estimated at $3.1 billion. The chemical plant produces monoethylene glycol — commonly called MEG — an important ingredient in the making of paper, textile fibers, latex paints, asphalt, resins, antifreeze, coolants and adhesives. With an annual capacity of 700,000 metric tons, the new facility is now the largest MEG plant in the world. South Korea-based Lotte and Houston-Based Westlake expect the plant to generate 250 permanent jobs. According to the Louisiana Economic Development office, approximately 2,000 “indirect jobs” have also been created as a result of this project. “Among Korean petrochemical companies, Lotte Chemical is the first to locate a project in the United States. As such, this project represents a significant investment by Lotte Chemical,” says Jinkoo Hwang, president and CEO of Lotte Chemical USA. “Today also marks the opening of our new corporate headquarters in Lake Charles, and we are very excited to be part of the industrial growth in the region.” …

May 17, 2019

Acquisitions Georgia Office Southeast Top Stories

Piedmont Acquires Galleria 100 Office Building in Atlanta for $95.1M

by Taylor Williams May 13, 2019

ATLANTA — Piedmont Office Realty Trust Inc. (NYSE: PDM) has acquired Galleria 100, an 18-story office building located in Atlanta, for $95.1 million. The sale includes a 1.5-acre parcel for future development. Galleria 100, which spans approximately 414,000 square feet, was 91 percent leased at the time of sale. The property is located within The Galleria mixed-use development on the city’s northwest side. The property is connected via footbridge to the Atlanta Braves’ SunTrust Park and the surrounding entertainment destination known as The Battery. Piedmont already owns two office buildings that are adjacent to the acquired property within The Galleria, an 86-acre development with office and retail uses, as well as a hotel and convention center. Tenants at Galleria 100 include insurance giant Aflac, law firm Freeman Mathis & Gary and private dining venue The Georgian Club. With this acquisition, Piedmont, which is based in the northern Atlanta suburb of Johns Creek, now owns roughly 1.3 million square feet of office product within this submarket. The company’s total portfolio consists of nearly 17 million square feet of office space across eight major markets, holdings that are valued at roughly $5 billion. “This transaction underscores our overall strategy of acquiring and …

May 13, 2019

Hilton-Hawaiian-Village-Waikiki-Beach-Resort

Acquisitions Hospitality Southeast Top Stories Virginia

Park Hotels & Resorts to Acquire Chesapeake Lodging Trust in $2.7B Hospitality REIT Merger

by Taylor Williams May 6, 2019

ARLINGTON, VA. — Park Hotels & Resorts Inc. (NYSE: PK) has entered into an agreement to acquire Chesapeake Lodging Trust (NYSE: CHSP) in a stock-and-cash transaction valued at approximately $2.7 billion. Both companies are Virginia-based hotel REITs, with Park headquartered in Tysons and Chesapeake headquartered in Arlington, just seven miles apart in the suburbs of Washington, D.C. The deal, which is expected to close during the late third or early fourth quarter of this year, would create a company with an estimated enterprise value of $12 billion. Upon closing, Park stockholders will own roughly 84 percent of the new company, and Chesapeake shareholders will own roughly 16 percent. Park’s current portfolio includes 52 hospitality properties totaling more than 30,000 rooms, mostly located in the U.S. with a handful in South America and the U.K. The company, which spun off from Hilton in 2017, focuses on high-end hotels. Chesapeake’s current portfolio includes 20 properties totaling 6,288 rooms in eight states and Washington, D.C. The company also focuses on “upper-upscale” hotels. Park has secured $1.1 billion in financing from Bank of America Merrill Lynch. Proceeds will be used to fund the cash component of the deal, as well as to cover some …

May 6, 2019

Acquisitions California Office Top Stories Western

TA Realty Buys 340,000 SF Office Tower in Metro Los Angeles for $138.5M

by Amy Works May 2, 2019

EL SEGUNDO, CALIF. — TA Realty has acquired 101 Continental, a soon-to-be-vacant office tower in El Segundo, for $138.5 million or $400 per-square-foot. VEREIT Inc. (NYSE: VER) sold the property. Developed by Continental Airlines in 1972, the 340,000-square-foot property was upgraded in 2008. The building is fully leased to Northrop Grumman and features floor-to-ceiling glass on every floor and unobstructed ocean views. TA Realty plans to begin a comprehensive building renovation at the end of May when Northrop Grumman’s lease expires. A timeline for the completion of the renovation was not disclosed. The property is located at 101 Continental Blvd., 18 miles southwest of downtown Los Angles and two miles south of Los Angeles International Airport. Selling 101 Continental decreases VEREIT’s office exposure and strengthens its overall portfolio, according to Thomas Roberts, chief investment officer of the company. As of Dec. 31, 2018, VEREIT managed and owned a 4,000-property, 95 million-square-foot portfolio that spanned across retail, office, restaurant and industrial space in 49 states. When Phoenix-based VEREIT purchased the property in 2014 for $98 million, it was fully leased to Northrop Grumman. VEREIT engaged Newmark Knight Frank (NKF) to market the property as a redevelopment opportunity. “The opportunity to acquire …

May 2, 2019

Acquisitions Multifamily Southeast Top Stories Virginia

WashREIT Acquires 1,685-Unit Multifamily Portfolio in Northern Virginia for $379.1M

by Kristin Harlow May 1, 2019

ALEXANDRIA, HERNDON, MANASSAS AND LEESBURG, VA. — WashREIT (NYSE: WRE) has acquired a five-property, 1,685-unit multifamily portfolio in Northern Virginia for $379.1 million. The properties include: 205 Century Place in Alexandria; 13690 Legacy Circle and 2511 Farmcrest Drive in Herndon; 10519 Lariat Lane in Manassas; and 86 Heritage Way NE in Leesburg. Sellers were not disclosed. “We are pleased to be growing our Northern Virginia multifamily portfolio by 53 percent at a time when that region is poised to deliver strong economic growth fueled by a thriving technology sector,” says Paul McDermott, president and CEO of WashREIT. “We look forward to capitalizing on northern Virginia’s robust job growth prospects and its continued demand for quality, value-oriented rental housing on an even larger scale.” Although details on the properties were not disclosed, the buyer refers to the portfolio as being value-add, suggesting property improvements are on the horizon for the portfolio. WashREIT now owns a total of 4,861 multifamily units in Northern Virginia. The company expects to close on a second acquisition totaling 428 units across two apartment communities in Maryland’s Montgomery County during the second quarter of this year for $81.9 million. The company plans to pay for its expansion …

May 1, 2019

Conference Coverage Features Multifamily Student Housing Texas

Low Interest Rates, Favorable Demographics Set Real Estate Industry Up to Win, Says Nadji

by John Nelson April 30, 2019

What is the economic outlook for the year, and what does that mean for the student housing industry? Hessam Nadji, president and CEO of Marcus & Millichap/Institutional Property Advisors, answered just that in the keynote speech that kicked off the 2019 InterFace Student Housing Conference, which was held in Austin earlier this month and drew approximately 1,400 attendees. Nadji began by laying out the basics on where the industry is today economically in comparison to before and during The Great Recession. “We’ve added 21 million jobs since the bottom of The Great Recession, and that has caused a 120 basis point reduction in the unemployment rate at a time when inflation is 200 basis points below where we were in 2007,” he says. “That is the crux of why everything in our industry as a whole — commercial real estate, and student housing in particular — has done so well. The combination of really good growth with very little inflation, and therefore low interest rates. “We have 7.6 million job openings today,” continues Nadji. “That is a record number of employers looking for qualified employees and about one-third of those employers are having a hard time finding qualified workers. That …

April 30, 2019

Acquisitions California Industrial Western

Innovative Industrial Properties Buys Southern California Industrial Portfolio for $27.1M

by Amy Works April 22, 2019

SAN DIEGO — Innovative Industrial Properties (IIP) has acquired a five-property industrial portfolio in Southern California for $27.1 million. The assets total 102,000 square feet of industrial space. This acquisition marks IIP’s second investment in California, following the company’s acquisition in Sacramento earlier this year. The company claims to be the only real estate company on the New York Stock Exchange focused on the regulated U.S. cannabis industry. Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease at each property with a licensed cannabis operator. The tenant intends to operate the properties as licensed cannabis cultivation, manufacturing, processing and distribution facilities in accordance with California regulations.

April 22, 2019

California Development Loans Mixed-Use Multifamily Retail Western

HFF Arranges Joint Venture Equity for $320M Residential Development in San Francisco

by Amy Works April 19, 2019

SAN FRANCISCO — HFF has secured joint venture equity for the development of 1629 Market Street, a fully entitled multifamily project in San Francisco. Working on behalf of the developer, Strada Investment Group, HFF arranged a joint venture equity partnership with an affiliate of Stockbridge Capital Group for the $320 million project. 1629 Market Street will feature 420 apartments, averaging 732 square feet, and nearly 9,000 square feet of retail space situated within three mid-rise buildings that will share a sub-grade parking garage. Situated on 1.7 acres at the intersection of Van Ness Avenue and Market Street in San Francisco’s Mid-Market technology hub, the project is slated for completion in mid-2021. Scott Bales, Charles Halladay, Jordan Angel, Peter Yorck, Eric Bet and Nolan Moore of HFF represented the developer in the equity placement transaction.

April 19, 2019

Development Industrial Texas Top Stories

Texas Instruments to Open $3.1B Manufacturing Facility in Metro Dallas, Create 500 Jobs

by Taylor Williams April 19, 2019

RICHARDSON, TEXAS — Dallas-based Texas Instruments (NASDAQ: TXN) will open a $3.1 billion manufacturing facility in Richardson, a northeastern suburb of Dallas, in a move that is expected to create approximately 500 new jobs. Texas Gov. Greg Abbott made the announcement on Thursday, April 18. The facility, which local news sources report will span approximately 870,000 square feet, will be dedicated to the manufacturing of semiconductors and chips used in a variety of devices, including smartphones and other industrial machinery. A timeline for construction was not released. Texas Instruments (TI) had been engaged in site selection for a new plant for several months and even considered locations outside Texas, according to The Dallas Morning News. The paper reports that TI owns the land on which the new factory will be built, and that the Plano Independent School District, which serves the area in which the new plant will be located, has agreed to reduce TI’s property taxes for 10 years, which will save the company approximately $100 million. Company officials also cited Richardson’s strong workforce and proximity to key pieces of infrastructure as reasons to expand in the area. “We’ve selected Richardson because of its access to talent, an existing …

April 19, 2019

Development Illinois Industrial Midwest

Meridian Breaks Ground on 673,920 SF Speculative Industrial Building Near St. Louis

by Kristin Harlow April 17, 2019

EDWARDSVILLE, ILL. — Meridian Design Build has broken ground on a 673,920-square-foot speculative industrial building on behalf of developer Exeter Property Group in Edwardsville near St. Louis. The new facility is located on a 135-acre parcel within Gateway Commerce Center. The property will feature a clear height of 36 feet, 132 loading docks, four drive-in doors, 398 car parking stalls and 171 exterior trailer stalls. JRA Architecture and Stock & Associates Consulting Engineers make up the project team. A timeline for completion was not disclosed.

April 17, 2019

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