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Harrison Street, Brandywine Sell 850-Bed Student Housing Property in Philadelphia for $197M

by Taylor Williams January 29, 2018

PHILADELPHIA — A joint venture between Chicago-based investment firm Harrison Street Real Estate Capital LLC and Pennsylvania-based REIT Brandywine Realty Trust (NYSE: BDN) has sold Evo at Cira Centre South, an 850-bed student housing property in Philadelphia. The sales price was roughly $197 million, according to The Philadelphia Inquirer. The buyer was not disclosed. Built in 2014 and located in the University City area, the 33-story Evo at Cira Centre South is the tallest purpose-built student housing tower in the country. It provides residences for students attending both the University of Pennsylvania and Drexel University. The property offers a mix of one-, two-, three- and four-bedroom units. Communal amenities include a two-story fitness center, two-story study lounges, a business and print center, as well as a rooftop pool and lounge. Following this transaction, Harrison Street’s student housing portfolio totals more than 73,000 beds across the U.S. and Europe. The stock price of Brandywine, which owned a 50 percent interest in the asset, closed at $17.88 per share on Friday, Jan. 26, up from $16.22 per share a year ago. — Taylor Williams

January 29, 2018

Retail Texas Top Stories

7-Eleven Acquires 1,030 Sunoco Stores Across 17 States for $3.3B

by Kristin Harlow January 26, 2018

IRVING, TEXAS — 7-Eleven Inc. has closed on the acquisition of approximately 1,030 Sunoco (NYSE: SUN) convenience stores across 17 states. The sales price was $3.3 billion, according to local media reports. The acquisition brings 7-Eleven’s portfolio to approximately 9,700 convenience store locations in the United States and Canada. Japan-based Seven & i Holdings Co. Ltd., the parent company of Irving-based 7‑Eleven, operates more than 65,000 stores in 18 countries across the globe. Sunoco’s sub-brands — APlus, Laredo Taco, Ladson Grill and Stripes — will see no immediate changes during the ownership transition. Despite overall uncertainty on the performance of retail properties today, there seems to be a strong case for the success of single-tenant assets occupied by convenience stores. In a convenience store report issued by Quantum Real Estate Advisors Inc. at the close of 2017, the top 10 convenience stores accounted for nearly 64.3 percent of the top 100 ranked stores in the country. 7-Eleven and Alimentation Couche-Tard, the parent company of Circle-K and Kangaroo Express, dominated the rankings in the top two spots. Sunoco’s stock price closed at $31.97 per share on Thursday, Jan. 25, up from $28.37 per share one year ago. — Kristin Hiller

January 26, 2018

Illinois Midwest Office Top Stories

Equity Commonwealth to Sell 2.4 MSF Office Portfolio in Chicago, Philadelphia for $670M

by Nellie Day January 24, 2018

CHICAGO and PHILADELPHIA — Equity Commonwealth (NYSE: EQC) has agreed to sell a two-property office portfolio for $670 million. The properties feature a total of 2.4 million square feet and are located in Chicago and Philadelphia. One of the properties included in the transaction is a 1.5 million-square-foot office building located at 600 W. Chicago Ave. in Chicago. Sterling Bay acquired the property for $510 million. The space serves as the headquarters for Groupon. It formerly served as a Montgomery Ward catalog warehouse. The sale marks a full departure from the Chicago office market for Sam Zell, chairman of Equity Commonwealth. Equity Commonwealth also sold an 826,000-square-foot property at 1600 Market St. in Philadelphia for $160 million. The 40-story building was built in 1983 just a block away from City Hall. The asset is 84 percent leased. The buyer was not disclosed. Equity Commonwealth sold off a bundle of assets in the last quarter of 2017. This included a two-property, 15-building office portfolio in Moon Township and Pittsburgh, Pa., for $71 million; a 131,000-square-foot office building at 789 E. Eisenhower Parkway in Ann Arbor, Mich., for $24.9 million; a 175,000-square-foot industrial property in North Haven, Conn., for $10.5 million; and a …

January 24, 2018

Retail Top Stories Washington Western

Amazon Opens Prototype 1,800 SF Checkout-Free Grocery Store in Seattle

by Taylor Williams January 22, 2018

SEATTLE — Amazon.com Inc. (NASDAQ: AMZN) has opened the first location of Amazon Go, an 1,800-square-foot mini grocery store in Seattle that allows customers to shop without waiting in checkout lines. The store was open exclusively to Amazon employees for the past year. The store is located at 2131 7th Ave. near the corner of Blanchard Street, less than a mile from Pike Place Market and the e-commerce giant’s headquarters. It offers ready-to-eat meals and snacks prepared by Amazon chefs, as well as grocery staples and artisanal baked goods. The offerings also include chef-designed meal kits. Shoppers must have an Amazon account and the Amazon Go app, the latter of which enables entry into the store. Once inside, customers shop as they normally would and then simply leave. While there are no cashiers, there are employees working in the store who prepare food and check IDs on purchases of alcoholic beverages. The store employs inventory-tracking technologies featuring cameras and motion sensors that automatically detect items being removed or returned to shelves. Shortly after shoppers depart, they receive a digital receipt and charges to their Amazon account. “Amazon has generally been regarded as a threat to conventional retail,” says Kenneth Katz, …

January 22, 2018

Office Top Stories Washington Western

Amazon Narrows Down List of Candidates for $5B HQ2 to 20 Metros

by John Nelson January 18, 2018

SEATTLE — Amazon.com Inc. (NASDAQ: AMZN) has chosen the following 20 metropolitan areas (in alphabetical order) as potential locations for HQ2, the company’s planned $5 billion second headquarters in North America: – Atlanta – Austin, Texas – Boston – Chicago – Columbus, Ohio – Dallas – Denver – Indianapolis – Los Angeles – Miami – Montgomery County, Md. – Nashville, Tenn. – Newark, N.J. – New York City – Northern Virginia – Philadelphia – Pittsburgh – Raleigh, N.C. – Toronto – Washington, D.C. “Thank you to all 238 communities that submitted proposals. Getting from 238 to 20 was very tough — all the proposals showed tremendous enthusiasm and creativity,” says Amazon spokesperson Holly Sullivan. “Through this process we learned about many new communities across North America that we will consider as locations for future infrastructure investment and job creation.” In the coming months, Amazon will work with each of the candidate locations to dive deeper into their proposals, request additional information and evaluate the feasibility of a future partnership that can accommodate the company’s hiring plans, as well as benefit its employees and the local community. Amazon expects to make a decision this year. Amazon has emphasized that HQ2 will …

January 18, 2018

Hospitality Texas

Arch-Con Breaks Ground on 170-Room SpringHill Suites Hotel in Fort Worth

by Taylor Williams January 16, 2018

FORT WORTH, TEXAS — General contractor Arch-Con Construction, in collaboration with developer Oldham Goodwin Group LLC, has broken ground on a 170-room SpringHill Suites hotel in Fort Worth. The hotel will be located at the site of the recently demolished Wells Fargo Building near Fort Worth’s historic Stockyards area. Designed by Atlanta-based architecture firm Niles Bolton Associates and Dallas-based interior design firm Studio 11 Design, the property will total 133,000 square feet and feature a rooftop restaurant, first-floor wine bar, pool and three ballrooms. Completion is slated for early 2019.

January 16, 2018

Georgia Retail Southeast

Two Fitness Tenants to Join Mixed-Use Project North of Atlanta

by Camren Skelton January 16, 2018

SANDY SPRINGS, GA. — TURN Indoor Cycling + Strength and SculptHouse have unveiled plans to join City Springs, a 14-acre mixed-use development under construction in Sandy Springs, roughly 15 miles north of downtown Atlanta. The project is a public-private partnership between the City of Sandy Springs, Carter and Selig Enterprises. TURN, a boutique cycling and fitness studio, will open a 3,200-square-foot location at the development. SculptHouse will also open a 3,200-square-foot studio, marking the fitness boutique’s second metro Atlanta location. In addition to group fitness classes, SculptHouse will feature a private studio for one-on-one training, keyless lockers, fully stocked bathrooms, a private shower, blow dry bar and a retail boutique. The fitness retailers are the first tenant announcements for City Springs. The residential portion of the project, Aston City Springs, will include 294 units and 29,0000 square feet of ground-floor retail space. At full build-out, City Springs will feature a performing arts center, conference center, four-acre green space, retail and city offices. The project is slated for completion this summer.

January 16, 2018

Florida Multifamily Southeast Top Stories

Camden Property Trust Acquires 358-Unit Apartment Community Near Tampa for $127M

by Taylor Williams January 15, 2018

ST. PETERSBURG, FLA. — Camden Property Trust (NYSE: CPT), a Houston-based multifamily REIT, has acquired Camden Pier District, a 358-unit apartment community in the Tampa suburb of St. Petersburg, for $127 million. The community is located at 330 3rd St., less than a mile from the waterfront and within close proximity to Tropicana Field and the University of South Florida St. Petersburg. Patrick Dufour and Richard Donnellan of ARA Newmark arranged the transaction on behalf of the sellers, Miami-based American Land Ventures LLC and global equity partner Barings Real Estate — part of Barings LLC — on behalf of an institutional investor. American Land Ventures developed the property — originally known as AER Luxury Apartments — in 2016. “AER was an especially important assignment for us as we represented the land owner in the sale of the site to the developer, sourced the equity for the development of the project, monitored the asset closely through lease up and ultimately secured an institutional buyer in the sale of the asset.” says Dufour. The sales price, which equates to about $354,745 per unit, makes this transaction the largest apartment deal in the history of the Tampa Bay area on a per-unit basis, according …

January 15, 2018

Market Reports Retail Southeast Southeast Market Reports Virginia

National Retail Trends of Grocery Expansion, Backfilling Vacant Stores Evident in Hampton Roads

by John Nelson January 15, 2018

December of this year will mark the 30th anniversary of the movie “Wall Street” and the introduction of the antihero, Gordon Gekko. In that movie, Gordon delivers the iconic “Greed is Good” speech to the shareholders of a besieged paper company. While things in the end did not turn out well for Gekko due in large part to his greed, the undertones of that speech are uncontentious: Performance and adaptation will come about when there are strong incentives to evolve. The evolutionary spirit of retail real estate is taking shape here in Hampton Roads and great things are happening. Grocers Take Battle Positions The Hampton Roads grocery industry has evolved over the years in large part due to fierce competition from Aldi and Lidl. These two German-based competitors will collectively bring over 20 new locations to the region, and bring with them a new no-frills experience with staple grocery items at a lower price point. Additional grocer announcements in the market include the first Wegmans that committed to a site near Town Center of Virginia Beach, Kroger’s four new developments throughout the region (although a recent freeze in capital projects have stalled those) and Walmart’s recently opened store in Virginia …

January 15, 2018

Arkansas Retail Southeast Top Stories

Sam’s Club to Shutter 63 Stores, Convert 12 to E-Commerce Facilities

by Kristin Harlow January 12, 2018

BENTONVILLE, ARK. — Sam’s Club, a division of Wal-Mart Stores Inc. (NYSE: WMT), has announced that it will close 63 club locations across the country. The company will convert up to 12 of the impacted clubs into e-commerce fulfillment centers in efforts to speed delivery of online orders. In addition, the company’s legal name will become Walmart Inc. effective Feb. 1 to reflect its growing status as an omnichannel retailer. Sam’s Club is a retailer that offers wholesale sizes and prices to individual buyers who purchase a membership to the store. “Transforming our business means managing our real estate portfolio, and Walmart needs a strong fleet of Sam’s Clubs that are fit for the future,” says John Furner, president and CEO of Sam’s Club. After the closures are completed over the next few weeks, Sam’s Club will operate a total of 597 locations nationwide. A list of affected stores was not disclosed. A facility in Memphis, Tenn. will be the first club to be converted into an e-commerce center. In addition to focusing on its e-commerce business, Sam’s Club is expected to improve its grocery selection and private-label offerings, according to national media reports. Competition from Costco and BJ’s Wholesale …

January 12, 2018

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