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Simon Breaks Ground on $300M Phipps Plaza Redevelopment in Atlanta’s Buckhead District

by Taylor Williams October 19, 2018

ATLANTA — Simon Property Group (NYSE: SPG), the owner and developer best known for Class A malls, has broken ground on the $300 redevelopment of Phipps Plaza, an upscale shopping mall located in Atlanta’s Buckhead district. The project is a redevelopment of the former Belk department store and surface parking space at the 821,000-square-foot, three-story mall. It includes a new, 150-room hotel by Nobu Hotels, a luxury line co-founded by Robert De Niro. The hotel will offer a rooftop pool, spa and a corporate conference center, as well as a Nobu Atlanta Restaurant, a Japanese eatery that will occupy 10,000 square feet. The redevelopment will also deliver One Phipps Plaza, a 13-story, 350,000-square-foot office building that features a three-story parking garage. Other components of the project include a 90,000-square-foot Life Time Athletic Center with a rooftop pool, beach club and bistro. The redevelopment will also create an outdoor event venue and communal green space. “Phipps Plaza has long been a luxury icon in the Southeast and this expansion will further elevate its exceptional position by creating a reimagined destination to live, work, shop, and dine, unlike any other in the region,” said David Simon, chairman and CEO of Simon. According to …

October 19, 2018

Georgia Leasing Activity Office Southeast Top Stories

Salesforce to Expand Regional Headquarters in Atlanta, Adding 600 New Jobs

by Jeff Shaw October 16, 2018

ATLANTA — Salesforce (NYSE: CRM), a customer relationship software and services provider, is set to expand its regional headquarters in Atlanta. The company will grow its current footprint in The Atlanta Plaza, located in the city’s Buckhead district, which will now be known as Salesforce Tower Atlanta. The lobby, and each new floor set for occupancy by the company, will be renovated as part of the expansion. Salesforce currently occupies four floors of The Atlanta Plaza totaling 85,722 square feet. Following the expansion, the company will occupy seven floors and 158,163 square feet. The top floor of the building will also be transformed into an, “Ohana Floor,” which will offer an open hospitality space for Salesforce employees, customers and partners. The space will also be available for use by nonprofits and local education groups on weeknights and weekends at no cost. The expansion will allow the company to nearly double its Atlanta-based workforce of approximately 600 employees. Employees will begin moving into the newly renovated floors in 2019. “Atlanta is a fantastic market for world-class talent and we’re thrilled to grow our presence in the region,” says Warren Wick, executive vice president of commercial sales at Salesforce. “Many of our top customers call …

October 16, 2018

Illinois Midwest Retail Top Stories

Sears Files for Chapter 11 Bankruptcy, Plans 142 More Store Closures

by Kristin Harlow October 15, 2018

HOFFMAN ESTATES, ILL. — Sears Holdings Corp. (NASDAQ: SHLD) has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. A $134 million debt payment was due today. Eddie Lampert will step down as Sears chief executive, but will remain the company’s chairman. The Hoffman Estates-based company oversees both Sears and Kmart-branded department stores. The company has negotiated $300 million in senior financing from its lenders and is also in the process of negotiating a $300 million loan with ESL Investments Inc., which is Lampert’s hedge fund. “While we have made progress, the plan has yet to deliver the results we have desired, and addressing the company’s immediate liquidity needs has impacted our efforts to become a profitable and more competitive retailer,” says Lampert. “The Chapter 11 process will give [Sears] the flexibility to strengthen its balance sheet, enabling the company to accelerate its strategic transformation, continue right-sizing its operating model and return to profitability.” Sears and Kmart stores will remain open for business, but the company plans to close 142 unprofitable stores by the end of the year. Liquidation sales at these stores are expected to begin shortly. This is in addition …

October 15, 2018

Georgia Leasing Activity Restaurant Retail Southeast

Atlanta’s Shopping Centers Reflect Changing Consumer Preferences

by John Nelson October 12, 2018

Atlanta is recognizing that the nature of retail has changed. Shopping centers and mixed-use projects in Atlanta emphasize restaurants, fitness, entertainment and service retail. The changes in the market are happening quickly and consumers want the urban environment where everything they need is at their fingertips. Destination Retail The BeltLine is providing an unmatched opportunity for this business model. The Eastside trail proves that Atlanta has welcomed this type of retail. New developments without a true parking option or main street access have started to capture the population who use the BeltLine on a daily or weekly basis. Ponce City Market encapsulates experiential retail, taking an existing warehouse structure and transforming it into a food hall, rooftop entertainment and a place to work, congregate or live your daily life. It’s not a shopping center — it’s a destination. The modern shopping center isn’t about being a shopping center, it’s about providing all you need at once. Restaurants, Food Halls The restaurant business is always evolving, and the variety in Atlanta is unparalleled. Yet, while there are an abundance of restaurant openings, there are still several that will need to reinvent themselves to stay relevant. The biggest buzz has been food …

October 12, 2018

Acquisitions California Office Retail Top Stories Western

Hudson Pacific, Allianz to Acquire Historic Ferry Building in Downtown San Francisco for $291M

by John Nelson October 9, 2018

SAN FRANCISCO — Hudson Pacific Properties Inc. (NYSE: HPP) and Allianz Real Estate have formed a joint venture to acquire the Ferry Building in downtown San Francisco. Located at the foot of Market Street along the San Francisco Bay waterfront, the landmark features 192,532 square feet of office space and 75,486 square feet of retail space. Equity Office, an affiliate of the Blackstone Group, sold the leasehold interest in the land and improvements to the Ferry Building to the joint venture for $291 million. The remaining term on the ground lease, which is owned by the Port of San Francisco, is 49 years. The Ferry Building is fully leased to companies including SS&C Technologies Inc., Meltwater Inc., Meritage Group LP and Niantic Inc., as well as restaurants and retail tenants such as The Slanted Door and Blue Bottle Coffee. The Ferry Building also plays host to the Ferry Building Marketplace, a public food market that is organized along an indoor street known as the Nave. The food market attracts more than 8.8 million annual visitors. Hudson Pacific owns a 55 percent interest in the joint venture and will serve as the managing member and day-to-day operator of the property, while …

October 9, 2018

Acquisitions Indiana Midwest Retail

Marcus & Millichap Brokers $12M Sale of Shopping Center in Evansville, Indiana

by Kristin Harlow October 5, 2018

EVANSVILLE, IND. — Marcus & Millichap has brokered the $12 million sale of Plaza East in Evansville in southwestern Indiana. The 192,377-square-foot shopping center is located at the intersection of Green River Road and Lloyd Expressway. At Home and Local Overstock Warehouse anchor the property. Other tenants include SkyZone, Tuesday Morning, CATO and Cici’s Pizza. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap marketed the property on behalf of the seller, a New York-based private investment fund. The team also procured the buyer, an out-of-state private investment group.

October 5, 2018

California Leasing Activity Office Top Stories Western

Feature Presentation: Netflix to Occupy 327,913 SF EPIC Office Building in Hollywood

by Kristin Harlow October 5, 2018

HOLLYWOOD, CALIF. — Internet entertainment service Netflix has signed a lease to fully occupy EPIC, a 327,913-square-foot office building currently under construction in Hollywood. Hudson Pacific Properties Inc. (NYSE: HPP) is developing the project. Netflix will occupy the 13-story building upon completion in January 2020. The lease ends in 2031. Netflix has also signed a coterminous lease extension for 325,757 square feet at ICON and 91,953 square feet at CUE, both of which are Hudson Pacific assets located on the Sunset Bronson Studios lot across the street from EPIC. “Netflix is part of an elite class of high-growth, high-innovation companies leading the revolution in content production and distribution that is reshaping the Los Angeles studio and office markets,” says Victor Coleman, chairman and CEO of Hudson Pacific. “With its growing presence at ICON, CUE and now EPIC, we have created a customized, state-of-the-art, creative urban campus that holistically supports Netflix’s unique culture and business needs.” Designed by Gensler, EPIC is a vertically stacked and terraced building. The development will have floor-to-ceiling windows and operable glass doors with direct access to exterior terraces, fire pits, collaboration areas and a rooftop deck with catering pantry. The property will offer more than 25,000 …

October 5, 2018

Acquisitions Georgia Retail Southeast

Halpern Enterprises Acquires 49,900 SF Shopping Center in Metro Atlanta

by Amy Works October 4, 2018

WOODSTOCK, GA. — Smyrna, Ga.-based Halpern Enterprises has purchased Shoppes at Trickum, a shopping center located at 12184 Highway 92 in Woodstock, for an undisclosed price. Developed in 2004, the 49,900-square-foot retail center is 94 percent leased to Dollar Tree, Sally Beauty, H&R Block, SportClips, GameStop and Cricket Wireless. The name of the seller and sales price were not released.

October 4, 2018

Development Hawaii Hospitality Top Stories Western

Hilton Grand Vacations to Develop 32-Story Resort in Honolulu’s Waikiki

by Kristin Harlow September 26, 2018

HONOLULU — Hilton Grand Vacations Inc. (NYSE: HGV) has purchased a one-acre site in Honolulu’s Waikiki neighborhood with plans to develop a 32-story timeshare resort. The site currently houses King’s Village shopping center, Hale Waikiki Hotel and Prince Edward Apartments. Construction is slated to begin in the second quarter of 2019, with project completion in the first quarter of 2022. The property will include 191 timeshare apartment units, comprised of studios, one-, two- and three-bedroom suites. Resort amenities will include a fitness center, pool, business center and owners’ lounge. The project will be HGV’s sixth resort on the island of Oahu, increasing the total count to 1,429 units. “Building on our local development history that started with the Lagoon Tower in 2000, our latest project in Waikiki will assure that HGV continues to offer lifetime vacation experiences to our next generation of owners,” says Mark Wang, president and CEO of HGV. Orlando-based HGV is a global timeshare company that develops, markets and operates vacation ownership resorts in select vacation destinations. The company’s stock price closed at $32.58 per share on Tuesday, Sept. 25, down from $38.57 per share one year ago. BSC KVSC LLC, a partnership that includes BlackSand Capital, …

September 26, 2018

Market Reports Midwest Midwest Market Reports Minnesota Multifamily

Influx of Supply Begins to Impact Minneapolis Multifamily Market

by Kristin Harlow September 20, 2018

Like several other markets across the country, the Twin Cities is experiencing the peak of the post-recession construction cycle. However, the traditionally tight multifamily market is in one of the best positions to absorb new units. In fact, Minneapolis-St. Paul has consistently reported one of the lowest vacancy rates in the nation due to a strong economic base and pent up demand for new units. Metro Minneapolis is the second-largest economic center in the Midwest and the local economy has grown at an average of 3 percent over the past five years, a healthy rate in the Midwest. The 18 Fortune 500 companies headquartered in the area are a significant driver of job growth and rental demand, along with the hundreds of support firms. As a result, the unemployment rate is below 3 percent and among the lowest in the nation. Despite a lack of available talent, employers managed to create 30,600 jobs in the year-long period ending in the second quarter. Overall, payrolls expanded by 1.5 percent during that time. Employment growth is encouraging development across several sectors in the market. In South Minneapolis, construction along the Blue Line is taking shape as $300 million in projects are coming …

September 20, 2018

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