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Saint Louis University Taps Cullinan Properties to Develop 14-Acre Site

by Kristin Harlow March 14, 2019

ST. LOUIS — Saint Louis University (SLU) has selected Cullinan Properties to develop a 14-acre site at the corner of Grand Boulevard and Chouteau Avenue in midtown St. Louis. The site will house an 850,000-square-foot mixed-use development adjacent to SSM Health Saint Louis University Hospital, which is under construction and slated for completion in spring 2020. The mixed-use development will connect SLU’s north and south campuses and will include retail, entertainment, restaurant, office and hotel space. Cullinan Properties is partnering with BatesForum and Clayco for design-build services. Stock & Associates Consulting Engineers Inc. will handle civil engineering services. Jim Loft, Carrie Hermann and Justin Moses of Colliers International have been selected to lead the office leasing while Patty Kueneke and Kathleen Cullinan Brill of Cullinan Properties will handle all other leasing inquiries. A timeline for construction was not disclosed.

March 14, 2019

Market Reports Massachusetts Mixed-Use Multifamily Northeast Northeast Market Reports Office

Greater Boston Commercial Market Remains Robust

by David Cohen March 13, 2019

While other U.S. cities have demonstrated volatile economic markets, Boston has sustained a strong, healthy economy for more than 40 years. This economic health coupled with the city’s diversity of industries has had a lasting, positive impact and increased demand for commercial space in the greater Boston market. The snapshot of the Class A and B, lab and office market is strong but shows some signs of regression. Today, overall vacancy for lab and office including sublet space is 12.8 percent, according to research from Colliers International. When you break down the numbers by region, the current downtown Boston office market has 71 million square feet, with a 9.2 percent vacancy rate. Cambridge has 23.6 million square feet of space and 3.8 percent vacancy and the suburbs total 123.5 million square feet with 16.6 percent vacancy. The entire Boston area absorption for lab and office space is 5.2 million square feet. While those stats are favorable compared to the last two years, (2017 with 1.8 million square feet and 2016 with 1 million square feet), they are dwarfed by 2015 which had absorption of 5.8 million square feet. It is also the first time that Class B rents have topped …

March 13, 2019

Acquisitions Northeast Office Top Stories

Mack-Cali Agrees to Sell Office/Flex Portfolio for $487.5M as Part of Company Transformation

by Alex Tostado March 12, 2019

JERSEY CITY, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has entered into two agreements to sell its 56-building office/flex portfolio to RMC Acquisition Entity LLC, an affiliate of the Robert Martin Company LLC, for $487.5 million. The properties are situated in Elmsford, Hawthorne, Yonkers and Tarrytown, N.Y.; and Stamford, Conn. The sale of the portfolio is expected to close early in the second quarter of this year. Mack-Cali has been gradually selling off pieces of its flex/warehouse business. In 2015, the Jersey City-based company announced plans to sell up to $800 million worth of real estate it owns to become an owner, manager and developer of office and multifamily properties in select waterfront and transit-oriented markets throughout the Northeast. Proceeds from the latest sale will go toward paying down debt from Mack-Cali’s $263.5 million purchase of Soho Lofts, a 377-unit apartment community in Jersey City, situated about one mile from the Hudson River. “The sale of our office/flex portfolio substantially completes our strategic repositioning,” says Michael DeMarco, CEO of Mack-Cali. “Mack Cali’s evolution to a waterfront-centric office and residential landlord is complete.” As part of its disposition strategy, the company in January sold Elmsford Distribution Center, a six-building, 386,000-square-foot industrial park in …

March 12, 2019

Industrial Market Reports Texas Texas Market Reports

Quality of Labor, Land Availability Buoy Fort Worth Industrial Market

by Taylor Williams March 8, 2019

The DFW industrial market has enjoyed unprecedented growth over this seven-year development cycle. The market has added approximately 118 million square feet of industrial inventory over that period and absorbed 143 million square feet. Population growth in the Dallas-Fort Worth (DFW) metroplex, the state of Texas and the south-central U.S. region, as well as growth in e-commerce, are the primary tailwinds propelling this extraordinary growth. Ever since Hillwood broke ground on AllianceTexas in the late 1980s, putting north Fort Worth on the radar of industrial users, the expansion in the Fort Worth industrial market has been an ever-increasing part of the overall DFW industrial market’s growth. However, the Fort Worth industrial market’s growth is really accelerating now based on the lack of available developable industrial sites in Dallas and the Mid-Cities. Further, when users and developers compare Fort Worth and southeast Dallas, the two areas with available industrial spaces and developable industrial land, Fort Worth’s advantages with regard to infrastructure, amenities, and most importantly, labor, stand out. As the area reaches peak employment, and with labor cost being the highest percentage of a user’s overall operational cost, the workforce factor has become the most important site selection criterion for users …

March 8, 2019

Features Multifamily Student Housing

Joe Stepchuk’s GSE Background Helps Greystone Boost Student Housing Lending Volume

by Kristin Harlow March 7, 2019

The student housing sector continues to benefit from strong investor and consumer demand. Total annual deliveries nationally have averaged approximately 47,000 beds this cycle, according to data research firm RealPage. Proximity to campus is a major differentiator in student housing, as properties closer to campus historically have greater pre-leasing velocity and higher rents. Industry experts say that despite the current wave of construction, most college students live in dormitories or in rental housing near campus that weren’t designed to house students. That means the sector still has room to grow. During the recent MBA 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo in San Diego, REBusinessOnline sat down with Joe Stepchuk, managing director of student housing lending for New York City-based Greystone, to gain his insight on the state of the market. Stepchuk joined Greystone in 2016 from Fannie Mae, where he served as director for 10 years and oversaw $3 billion in annual multifamily loan production. As a father of five children, including twins, Stepchuk is also a consumer of student housing. One of his children attends the University of Florida in Gainesville, another is at Xavier University in Cincinnati. REBusinessOnline: How did 2018 play out for Greystone …

March 7, 2019

Acquisitions California Retail Western

CalBay Development Acquires Burger King Drive-Thru in California for $1.9M

by Amy Works March 7, 2019

ARCADIA, CALIF. — CalBay Development has purchased a drive-thru restaurant redevelopment site in Arcadia. An undisclosed seller sold the asset for $1.9 million. Totaling 30,000 square feet of land, the property features a 3,000-square-foot building with an expiring lease. The current tenant is Burger King. Rory Holdstock of Pinnacle Estate Properties brokered the transaction.

March 7, 2019

Company News Property Type Retail Southeast Top Stories Virginia

Family Dollar to Potentially Close Nearly 400 Stores

by David Cohen March 6, 2019

CHESAPEAKE, VA.— Variety store chain Family Dollar could close up to 390 stores in fiscal 2019 unless it obtains material rent concessions from landlords on underperforming stores. As part of its turnaround efforts, the retailer will also make changes at the stores it is keeping open. Dollar Tree Inc. (NASDAQ: DLTR), which purchased Family Dollar in 2015 for nearly $9 billion in cash and stock, plans to revitalize the brand with store closures and a rebranding of some locations to Dollar Tree. In addition, some locations will be renovated to include $1 Dollar Tree merchandise sections. The retailer also plans to offer adult beverages in approximately 1,000 Family Dollar stores and expand freezers and coolers in approximately 400 stores. Family Dollar sells a variety of items for under $10 at rural and urban locations. Dollar Tree sells all items in its stores for $1 in mostly suburban locations. At the close of the fourth quarter of 2018, the company operated 8,200 Family Dollar stores and 7,000 Dollar Tree stores. “We are confident we are taking the appropriate steps to reposition our Family Dollar brand,” said Dollar Tree CEO Gary Philbin in a news release Wednesday. On March 6, Dollar Tree …

March 6, 2019

Acquisitions District of Columbia Office Southeast Top Stories

Saban Real Estate Buys D.C. Office Building from Piedmont for $170M

by John Nelson March 5, 2019

WASHINGTON, D.C. — Los Angeles-based Saban Real Estate has purchased One Independence Square, a 334,000-square-foot office building located at 250 E. St. in Washington, D.C.’s Southwest submarket. Piedmont Office Realty Trust (NYSE: PDM) sold the nine-story office asset to Saban for approximately $170 million. Built in 1991 near the National Mall and the Smithsonian, One Independence was 94 percent leased at the time of sale to multiple government tenants. The property’s average weighted lease term is 10 years, according to Brent Smith, president and chief investment officer of Piedmont. “The sale of One Independence reduces Piedmont’s exposure to the Southwest D.C. submarket and disposes of a fully stabilized asset,” explains Smith. “The net sales proceeds will be used in the short-term to pay down our line of credit as we evaluate our pipeline of acquisition candidates.” After undergoing a major renovation in 2013, One Independence now features a rooftop terrace, modern fitness center, café and an updated lobby. Saban Real Estate and its affiliates own real estate assets in three sectors: student housing, government office and self-storage. The company owns a portfolio of 30 student housing properties containing 20,000 beds, seven office buildings spanning 1.4 million square feet and 34 …

March 5, 2019

Acquisitions California Office Western

Joint Venture Purchases 111,268 SF Mesa View Plaza in San Diego for $39.1M

by Amy Works March 1, 2019

SAN DIEGO — A joint venture between San Diego-based Coast Income Properties and Washington Capital Management has purchased Mesa View Plaza, a mid-rise office building located at 9350 Waxie Way in San Diego’s Kearny Mesa neighborhood. Stockbridge sold the property for $39.1 million. Situated on 9.8 acres, the five-story, multi-tenant building features 111,268 square feet of Class A office space. At the time of sale, the property was 100 percent leased to a mix of professional services and tech companies. Brian Paul & Associates designed the building, which was completed in 2003. Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets group in San Diego represented the seller in the transaction.

March 1, 2019

California Retail Top Stories Western

Gap Inc. to Close 230 Stores, Spin Off Old Navy

by Taylor Williams March 1, 2019

SAN FRANCISCO — Gap Inc. (NYSE: GPS) will close approximately 230 Gap specialty stores within the next two years, the San Francisco-based apparel chain announced in its fourth-quarter and 2018 fiscal year reports, released Thursday. Gap Inc. also revealed plans to spin off Old Navy, a brand it established in 1994, into a separate publicly traded entity, as well as to rebrand itself under a yet-to-be-determined name. In explaining their reasoning behind the split, company leaders cited a growing divergence between the customer bases, operating strategies and value-creation mechanisms of Gap and Old Navy, with the latter outperforming the former. According to The Wall Street Journal, Old Navy accounted for nearly half of Gap Inc.’s total 2018 sales of $16.6 billion. The new company will carry Gap-brand apparel in addition to clothing lines from sister brands like Athleta and Banana Republic. The two companies will trade under different ticker symbols and have separate management and leadership structures, as well as distinct financial profiles, company executives said. The company estimates that the closures of the 230 stores — roughly 20 percent of its total global store count— will result in approximately $625 million in annualized sales losses. Additionally, the company estimates …

March 1, 2019

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