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RLJ Lodging Sells 383-Room Hotel in Boston for $170M

by Taylor Williams December 18, 2017

BOSTON — RLJ Lodging Trust (NYSE: RLJ) has sold Fairmont Copley Plaza, a 383-room hotel located in the Back Bay area of Boston, for $170 million, or approximately $444,000 per room. Maryland-based RLJ, which merged with Texas-based FelCor Lodging Trust Inc. in September, intends to use the proceeds from the sale to cover general corporate expenses, with an emphasis on paying down debt. The sales price represents a capitalization rate of roughly 4.6 percent on the hotel’s projected net operating income (NOI) for 2017. The buyer of Fairmont Copley Plaza was not disclosed. The hotel, which is situated within walking distance of Boston Common as well as a variety of shopping and dining destinations on nearby Newbury Street, opened in 1912. Amenities for guests include laundry services, safety deposit boxes, a 3,000-square-foot rooftop health club and on-site restaurant OAK Long Bar + Kitchen. The property also features 23,000 square feet of meeting and conference space. “The disposition of this asset is consistent with our objectives of selling non-core assets and unlocking shareholder value,” says Ross Bierkan, president and CEO of RLJ. Following the sale of Fairmont Copley Plaza, RLJ’s hospitality portfolio consists of 157 hotels totaling 30,800 rooms across 26 states …

December 18, 2017

Midwest Ohio Retail Top Stories

DDR to Spin Off 50 Assets With Gross Book Value of $3B into Separate REIT

by Kristin Harlow December 15, 2017

BEACHWOOD, OHIO — As part of what DDR Corp. (NYSE: DDR) calls a “strategic transformation,” the shopping center REIT has approved a plan to spin off a portfolio of 50 assets — including 38 continental U.S. assets and all 12 of its properties in Puerto Rico — into a separate publicly traded REIT to be named Retail Value Trust (RVT). The gross book value of the assets in the RVT portfolio is approximately $3 billion. “We believe that these two distinct companies with two distinct business plans will appeal to a much broader pool of investors than the combined DDR today,” said David Lukes, president and CEO of Beachwood-based DDR, during an investor conference call late Thursday afternoon. “This strategy adds value for all of our stakeholders and maximizes both our growth and optionality well into the future.” Specifically, the RVT portfolio consists of 38 high-quality, lower-growth assets in the continental U.S. and all 12 assets in the Puerto Rico portfolio. The properties within the RVT portfolio in the continental U.S. are mostly located in suburbs outside metro areas. Common tenants include Bed Bath & Beyond, Michaels, Kohl’s and T.J. Maxx. The remaining company, known as the “New DDR,” will …

December 15, 2017

Data Centers Industrial Top Stories

Iron Mountain to Buy IO Data Centers’ U.S. Operations for $1.3B

by Nellie Day December 13, 2017

RESTON, V.A. — Iron Mountain Inc. (NYSE: IRM) has agreed to acquire the U.S. operations of IO Data Centers LLC for $1.3 billion. The agreement includes up to an additional $60 million based on future performance. Iron Mountain will acquire the land and buildings associated with the four state-of-the-art data centers, which total 728,000 square feet. They are situated in Edison, N.J.; Columbus, Ohio; Phoenix; and Scottsdale, Ariz. The centers provide 62 megawatts (MW) of capacity with expansion potential of an additional 77 MW in Arizona and New Jersey. The portfolio has an average weighted lease term of 3.3 years. The transaction is anticipated to close in January 2018, subject to customary closing conditions. “The addition of IO’s data centers enhances our geographic diversification and provides market-leading exposure to Phoenix, the fourth fastest market for absorption in the U.S. in 2017, and the 12th largest data center market globally,” says Mark Kidd, senior vice president and general manager of Iron Mountain Data Centers. “This transaction also enhances our ability to support the needs of the largest cloud providers through new development with expansion capacity in Phoenix as well as New Jersey, another attractive market due to its proximity to the …

December 13, 2017

Retail Top Stories

Unibail-Rodamco to Acquire High-Profile Mall Owner Westfield Corp. for $15.7B

by Katie Sloan December 12, 2017

SYDNEY AND PARIS — Europe’s largest commercial property firm Unibail-Rodamco is set to acquire U.S. and U.K. mall owner Westfield Corp. (ASX: WFD) for $15.7 billion. Paris-based Unibail-Rodamco owns and operates a portfolio of 69 shopping centers across major European cities including Paris, Madrid, Stockholm, Amsterdam, Munich, Vienna, Warsaw and Prague. Sydney-based Westfield operates 35 malls in the U.S. and U.K., including Westfield World Trade Center, which opened to major success in New York City in August 2016; Century City, Westfield Fashion Square and San Francisco Centre in California; and Westfield London and Stratford City in the U.K. Following the transaction — expected to close in the first half of 2018 — Unibail-Rodamco will own and operate a portfolio of 104 commercial properties across 13 countries valued at about $72.2 billion. The company will be headquartered in Paris and the Netherlands, with regional headquarters in Los Angeles and London. Westfield has made a name for itself in the industry under billionaire chairman and co-founder Frank Lowy by transforming outdated malls into viable shopping centers for modern consumers. “The transaction announced today is the culmination of the strategic journey Westfield has been on since its 2014 restructure,” says Lowy. “We see this …

December 12, 2017

Illinois Industrial Midwest

Midwest Industrial Funds Sells 84,000 SF Industrial Building in Chicago

by Kristin Harlow December 8, 2017

CHICAGO — Midwest Industrial Funds has sold an 84,000-square-foot industrial building in Chicago for an undisclosed price. The food production building is located at 4300 S. Morgan St. within the Stockyards Business Park. The property features 17- to 28-foot ceilings, seven exterior docks, parking for 150 cars and freezer space on a nine-acre site. An affiliate of WP Carey, which had a long-term lease agreement in place with Griffith Foods at closing, purchased the property. Scott Duerkop, Jason Volpe and Sean Devaney of JLL represented the buyer and Griffith Foods in the transaction. Brian Vanosky, Tom Condon and Tim McCahill of Lee & Associates represented Midwest Industrial Funds.

December 8, 2017

Georgia Market Reports Multifamily Southeast Southeast Market Reports

Demand for Live-Work-Play Fueling Global Interest in Atlanta Multifamily Market

by John Nelson December 4, 2017

With Atlanta’s economy more robust than ever, demand for multifamily housing remains high, driving rent growth and investor interest throughout the market. Since the last cycle — when a reliance on construction hit hard — the city has transformed its economy by building up its IT, healthcare and automotive sectors, among others. The results of strong job growth and the diversification of employment are evident market-wide. In particular, Buckhead and Midtown have seen a substantial increase in multifamily supply over the last three to five years, as spillover activity in East Atlanta and West Midtown will continue. And the rise of two multibillion-dollar sports stadiums (Mercedes-Benz Stadium and SunTrust Park) in the same year — a first for the city — continues to draw national and international attention to intown and metro submarkets. Urban Goes Suburban A seemingly insatiable demand for urban live-work-play settings has inspired developers to replicate the highly-amenitized and high-rent success in the suburbs. Alpharetta’s Avalon was a game changer, spurring destinations in John’s Creek, Gwinnett County’s Peachtree Corners and the mixed-use boon around SunTrust Park in Cobb County. So far, development activity has been steady in the northern submarkets, with little activity on Atlanta’s south side. …

December 4, 2017

California Loans Mixed-Use Western

PCCP Provides $63.8M Loan for Mixed-Use Development in San Jose

by Nellie Day December 1, 2017

SAN JOSE, CALIF. — PCCP has provided a $63.8 million senior loan to Hudson Cos. for the development of Vespaio, a mixed-use project located at 138 Stockton Ave. in San Jose. The seven-story property will feature 162 residential units and 39,042 square feet of retail and commercial space. Slated for completion in 2019, the project will consist of three floors of commercial space fronting Stockton Avenue and two levels of structured parking. Amenities include a business center, fitness center, resident lounge, test kitchen, gaming area, pool, spa, outdoor cabanas, and rooftop deck with grills and a fire pit.

December 1, 2017

Mixed-Use Nevada Retail Top Stories Western

VICI Properties to Buy Harrah’s Las Vegas Casino from Caesars in $1.14B Sale-Leaseback Deal

by John Nelson November 30, 2017

LAS VEGAS — An affiliate of Caesars Entertainment Corp. (NASDAQ: CZR) has agreed to sell the real estate assets of Harrah’s Las Vegas Hotel and Casino on the Las Vegas Strip for $1.14 billion. The buyer is VICI Properties Inc. (OTC: VICI), a Las Vegas-based REIT spun off last month from Caesars Entertainment Operating Co. Inc., a subsidiary of Caesars Entertainment. As part of the transaction, VICI will lease back the land and real estate to Caesars under a 15-year, triple-net lease agreement with four five-year renewal options. Harrah’s Las Vegas spans 4.1 million square feet and contains 90,600 square feet of casino space and 2,530 hotel rooms. The property features a Mardi Gras and carnival theme, with 16 restaurants and bars, retail shopping, spa services, a parking garage and 24,000 square feet of meeting space. VICI Properties also entered into a definitive agreement with Caesars to sell approximately 18.4 acres of undeveloped land located behind the LINQ Hotel & Casino and Harrah’s Las Vegas for $73.6 million. It is expected that Caesars will use the land with certain other parcels to construct a convention center adjacent to Harrah’s Las Vegas. “These transactions illustrate the growth potential provided by our …

November 30, 2017

Connecticut Hospitality Northeast Top Stories Western

Summit Hotel Properties Acquires Four-Hotel Portfolio for $164M

by Nellie Day November 29, 2017

AUSTIN, TEXAS — Summit Hotel Properties (NYSE: INN) has purchased a four-property hotel portfolio for $164 million. The portfolio contains a total of 652 guestrooms. The acquisition includes the 207-room Courtyard New Haven at Yale in New Haven, Conn.; the 148-room Hilton Garden Inn Boston/Waltham in Waltham, Mass.; the 175-room Residence Inn Cleveland Downtown in Cleveland; and the 122-room Homewood Suites by Hilton Tucson/St. Philip’s Plaza University in Tucson, Ariz. The Courtyard New Haven is situated adjacent to Yale University. It is the only Marriott-branded hotel within nearly 10 miles of downtown New Haven. The hotel underwent a renovation of all public spaces and guestrooms in 2016. The Hilton Garden Inn Boston/Waltham is centrally located along the Route 128/Interstate 95 corridor known as America’s Technology Highway. The hotel benefits from strong corporate demand with 16.4 million square feet of office space within three miles of the property and another 1 million square feet under construction. The recently renovated Residence Inn Cleveland Downtown is positioned within the Central Business District’s 9.5 million square feet of Class A office space, which includes the headquarters of Fortune 500 companies Sherwin-Williams, KeyCorp and Cliffs Natural Resources. The Homewood Suites by Hilton Tucson/St. Philip’s Plaza …

November 29, 2017

Georgia Industrial Southeast

Cushman & Wakefield Secures 505,000 SF Industrial Lease for Clothing Wholesaler South of Atlanta

by Camren Skelton November 28, 2017

MCDONOUGH, GA. — Cushman & Wakefield has secured a 505,000-square-foot lease for S&S Activewear at Midland Logistic Center in McDonough, roughly 30 miles south of Atlanta. The Illinois-based company is a national wholesaler of imprintable apparel and stocks more than 60 brands. Britt Casey of Cushman & Wakefield represented S&S Activewear in the lease negotiations, and Lisa Pittman, Ray Stache and James Philpott of Cushman & Wakefield represented the landlord, Scannell Properties. The new warehouse will serve as a regional distribution center for the apparel company and will create more than 300 jobs over the next four years. The facility is expected to be operational by the second quarter of 2018.

November 28, 2017

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