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CBS to Sell Television City Campus in Los Angeles to Hackman Capital for $750M

by John Nelson December 11, 2018

LOS ANGELES — CBS Corp. (NYSE: CBS) has signed a definitive agreement for the sale of its landmark CBS Television City property and sound stage operation in Los Angeles. Hackman Capital Partners, a Los Angeles-based real estate developer, is purchasing the 25-acre campus from the mass media company for $750 million. As part of the agreement, Hackman Capital will have the rights to use the Television City trademark in connection with its operations on the property. CBS programs including “The Late Late Show With James Corden,” “The Price is Right” and “The Young and The Restless” will continue to be produced on the Television City campus for at least the next five years. CBS will also retain office space for CBS Studios International’s U.S. headquarters and other company departments currently housed on the site. The transaction is expected to close in early 2019. The Los Angeles Times reported that CBS has been considering selling its studio complex since 2017 to capture increased value for developers looking to build in the Fairfax area. The campus features surface parking that Hackman Capital could redevelop, according to the newspaper. Joseph Ianniello, president and acting CEO of CBS Corp. says the company will use …

December 11, 2018

Acquisitions Massachusetts Northeast Office Top Stories

Joint Venture Acquires 1.2 MSF Boston Office Property for $845M

by Taylor Williams December 10, 2018

BOSTON — A joint venture between Allianz Real Estate, Beacon Capital Partners and the Massachusetts Pension Reserves Investment Management (PRIM) Board has acquired 53 State Street, a 1.2 million-square-foot office property in Boston’s Financial District. The sales price was $845 million. The Class A property, known locally as Exchange Place, comprises the historic Boston Stock Exchange building that was completed in 1891 and a 40-story office tower that was built in 1985. The building also features ground-floor retail space. The seller of 53 State Street, which was 93 percent leased at the time of sale, was not disclosed. The property features a seven-story, glass-enclosed atrium and an outdoor arcade with seating areas along Congress Street. Amenities include a rooftop deck, fitness center and conferencing facilities. “Allianz recognizes this acquisition is a unique opportunity to expand into Boston and to continue to diversify our investors’ portfolio,” says Christoph Donner, CEO of Allianz Real Estate. “Our real estate portfolio includes some of the top office buildings in the U.S., and this investment is consistent with our overall strategy to generate strong returns from Class A properties,” adds Michael Trotsky, executive director and chief investment officer of Mass PRIM. Allianz Real Estate is …

December 10, 2018

Indiana Loans Midwest Multifamily

Greystone Provides $32M HUD Loan for Refinancing of Multifamily Property in Plainfield, Indiana

by Kristin Harlow December 5, 2018

PLAINFIELD, IND. — Greystone has provided a $32 million HUD-insured loan for the refinancing of Central Park Metropolis, a 304-unit multifamily property in Plainfield. Built in 2006, the property features a mix of one-, two- and three-bedroom units. Amenities include a pool, fitness center, business center, café and private movie screening room. Eric Rosenstock of Greystone originated the 35-year loan on behalf of the borrower, Becovic Management Group. The nonrecourse loan features a fixed rate and qualifies for HUD’s green mortgage insurance premium rate reduction program.

December 5, 2018

Development Illinois Midwest Office Top Stories

Hines to Develop 57-Story Office Tower in Chicago for Salesforce’s Regional Headquarters

by Taylor Williams December 3, 2018

CHICAGO — A partnership led by national development firm Hines has released plans for Salesforce Tower Chicago, a 57-story office tower that will serve as the new regional headquarters for Salesforce (NYSE: CRM). The San Francisco-based software firm is expected to bring 1,000 jobs to Chicago in connection with the project. Salesforce Tower Chicago will be located in the city’s River North area at the site formerly known as Wolf Point South, which houses several other office skyscrapers. Designed by Pelli Clarke Pelli, the project is slated for completion by 2023. Salesforce, one of the nation’s fastest-growing software companies that employs more than 32,000 people, will occupy about 500,000 square feet at the property, according to The Chicago Tribune. Salesforce opened in Chicago in 2012 and currently employs about 1,400 people in the Windy City. The total price of the project was not disclosed, but the newspaper also reported that Salesforce could receive as much as $41.5 million in tax credits if the company meets certain job creation and capital investment criteria. “Chicago is the Midwest’s largest city with a global and economic force that attracts a wealth of talent and international business,” said Tyler Prince, executive vice president at Salesforce. “We …

December 3, 2018

Conference Coverage Features Georgia Southeast

From Confident Buyers to Tech Solutions, Six Trends Emerge from InterFace Multifamily Southeast

by John Nelson November 29, 2018

The runway is still long for multifamily real estate in the current cycle as investors and developers continue to pour money into the space. The apartment industry took center stage during the ninth-annual InterFace Multifamily Southeast conference on Tuesday, Nov. 27. Produced by InterFace Conference Group, the full-day event drew more than 400 multifamily real estate professionals from around the Southeast. The conference, held at The Whitley hotel in Atlanta’s Buckhead district, featured panel discussions on a variety of topics, including finance, investment sales, new development and operations, and highlighted the region’s most active markets. While attendees were able to glean numerous takeaways from the event’s more than 50 speakers, the following are six key trends that apartment professionals are monitoring heading into the new year. 1.) Investment to remain robust in 2019 During the conference’s state of the market panel, Josh Champion of Carroll Organization and Jim Street of PGIM Real Estate said that their firms were net buyers in 2018 and plan to be net buyers again next year. Coincidentally, within an hour after the panel concluded their companies announced a $600 million joint venture acquisition of three multifamily portfolios. “Real estate is still a favored asset class, …

November 29, 2018

Market Reports Multifamily Nevada Western Western Market Reports

Record Occupancy, Job Growth Bolster Reno Multifamily Market

by Taylor Williams November 27, 2018

It’s starting to feel like the 1970s all over again in Reno’s multifamily market. This is particularly true in terms of occupancy. A recent report from RealPage noted the current market’s eye-popping 97.3 percent multifamily occupancy level. This figure was only eclipsed once, nearly four decades ago, at a double eye-popping 97.9 percent when the region experienced a spike in new jobs. Reno’s total job count continues to grow at a record pace, fueling a nearly full apartment market. But, of course, the housing and job markets in Reno are both much larger than they were in the ‘70s, though there are similarities. In fact, current market conditions bring to mind the ages-old adage, “Those who fail to heed the lessons of the past are condemned to repeat them.” Developers cannot build multifamily units fast enough to sate demand. New residents arriving for new jobs cannot easily find an apartment, and those who do may have to pay a higher-than-expected rental rate. Consider this from the U.S. Bureau of Labor Statistics: Reno’s economy expanded during the four years ending in May 2018 (the latest statistics available from the Bureau) by a steady 4.2 percent. This was an enviable gain for …

November 27, 2018

Civic Development Midwest Minnesota Top Stories

Tutor Perini, C.S. McCrossan Awarded $799.5M Light Rail Project in Minneapolis

by Taylor Williams November 19, 2018

MINNEAPOLIS — A joint venture between a subsidiary of Los Angeles-based Tutor Perini Corp. (NYSE: TPC) and Minnesota-based C.S. McCrossan has been awarded a $799.5 million construction contract from the Metropolitan Council for the Southwest Light Rail Transit project in Minneapolis. According to local media sources, the project carries a total price tag of about $2 billion, about half of which stems from federal funding. In addition, the project could create as many as 7,500 construction jobs. As the largest public infrastructure deal in Minnesota’s history, the regional project will deliver a 14.5-mile extension of the METRO Green Line. In addition to new light rail infrastructure, the project will deliver 44 bridges, two cut-and-cover tunnels and 16 new light rail stations. The new line will connect the southwestern suburb of Eden Prairie to downtown Minneapolis. New rail stations will also service the suburbs of Edina, Hopkins and Minnetonka. “This news is long-awaited and hard-earned,” Minnesota Gov. Mark Dayton said last week. “The Southwest Light Rail Transit project is a critical economic development project. When complete, it will improve many thousands of lives from Eden Prairie to North Minneapolis. It will create new jobs, reduce highway congestion, and better connect Minnesotans to one …

November 19, 2018

Acquisitions Hospitality Michigan Midwest Retail Top Stories

VICI Properties, Penn National Buy Downtown Detroit Casino for $1B

by Alex Tostado November 15, 2018

DETROIT — VICI Properties Inc. (NYSE: VICI) and Penn National Gaming Inc. (NASDAQ: Penn) have purchased the Greektown Casino-Hotel in downtown Detroit for $1 billion in an all-cash deal. VICI Properties will be the majority owner, contributing approximately $700 million for the land and real estate assets. Penn National will supply the remaining $300 million for the operating assets. VICI Properties, a New York-based REIT, simultaneously entered into a triple-net lease agreement with Penn National. The lease will have an initial rent of $55.6 million annually for 15 years with four five-year renewal options. Greektown opened in 2000 and features over 10,000 square feet of casino space, about 2,700 gaming machines, three restaurants and a 400-room hotel. Greektown employs about 1,800 people. “We are proud to expand our partnership with Penn National and add Greektown to our growing portfolio of market-leading gaming, hospitality and entertainment destinations,” says John Payne, president and chief operating officer of VICI Properties. “As the only casino located in Detroit’s historic Central Business District, Greektown, and its 30-story hotel tower, are ideally situated.” The Detroit Free Press reports Dan Gilbert, founder of Quicken Loans and owner of the Cleveland Cavaliers, is the seller. Gilbert is expected …

November 15, 2018

Company News Development New York Northeast Office Southeast Top Stories Virginia Washington Western

Amazon Selects New York City, Northern Virginia for $5B Second Headquarters, Nashville for Operations Hub

by John Nelson November 13, 2018

SEATTLE — Amazon (NASDAQ: AMZN) has officially selected New York City and Arlington, Va., as the homes for its second headquarters, confirming reports last week of the e-commerce giant’s decision to split HQ2. Amazon will invest $5 billion and create more than 50,000 jobs across the two new headquarters locations, with more than 25,000 employees in each new headquarters. Both campuses will feature 4 million square feet of new office space, which is expandable up to 8 million square feet at each location. New York City and Arlington will join Seattle as the company’s three headquarters in North America. “These two locations will allow us to attract world-class talent that will help us to continue inventing for customers for years to come,” says Jeff Bezos, founder and CEO of Amazon. “The team did a great job selecting these sites, and we look forward to becoming an even bigger part of these communities.” The New York location will be in Queens’ Long Island City neighborhood. The Arlington office will be in River Landing, a newly branded neighborhood encompassing parts of Pentagon City and Crystal City in Arlington and Potomac Yard in nearby Alexandria. Amazon estimates the incremental tax revenue to exceed $10 billion for the New York location …

November 13, 2018

Company News North Carolina Retail Southeast Top Stories

Private Equity JV Agrees to Acquire Fast-Food Chain Bojangles’ for $593.7M

by David Cohen November 7, 2018

CHARLOTTE, N.C. — A joint venture between private equity firms Durational Capital Management LP and The Jordan Company LP has agreed to acquire chicken-and-biscuits chain Bojangles’ Inc. for $593.7 million in an all-cash transaction. Bojangles’ (NASDAQ: BOJA) stockholders will receive $16.10 in cash for each share held, representing a 15 percent premium to the closing share price of Sept. 27, a day prior to a published report by Reuters that the company was exploring alternatives including a sale. The deal is expected to close in the first quarter of 2019 and is subject to shareholder approval. Once the transaction closes, Bojangles’ will operate as an independent, privately held company based in Charlotte. “For the Bojangles’ family of employees, franchisees, and our customers, today’s announcement represents an exciting next phase for this great brand,” says Randy Kibler, Bojangles’ interim president and CEO. “The new ownership group is committed to maintaining the qualities of this brand that have sustained it for over four decades.” Jack Fulk and Richard Thomas founded Bojangles’ in Charlotte in 1977. As of July 1, 2018, the company had 766 locations, of which 325 were company operated and 441 were franchised. The locations are primarily located in the Southeastern United States. “Bojangles’ is …

November 7, 2018

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