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CVS Pharmacy to Build $110M Distribution Facility in Kansas City

by John Nelson December 15, 2016

KANSAS CITY, MO. — CVS Pharmacy, the retail division of Woonsocket, R.I.-based CVS Health (NYSE: CVS), plans to build a 762,000-square-foot distribution center within Skyport Industrial Park in Kansas City. Development costs are estimated at $110 million. The 71-acre facility will be situated at 108th Street and North Congress near Kansas City International Airport and I-29. CVS Pharmacy expects to break ground on the project in January and begin operations in 2018. The new distribution center will support the service and fulfillment needs of more than 370 CVS Pharmacy stores throughout the Midwest. The new distribution center is expected to create more than 360 new jobs, as well as up to 100 additional jobs that will be outsourced to local businesses. The Kansas City Area Development Council (KCADC) worked closely with CVS Pharmacy in bringing the new distribution center to the Kansas City region. Other key members responsible for attracting CVS Pharmacy include the State of Missouri, The Missouri Partnership, Economic Development Corp. of Kansas City, Platte County Economic Development Council, Cushman & Wakefield, NorthPoint Development, KCP&L, Port KC, Metropolitan Community College, Focus Workforces, IMKO Workforce Solutions, QPS Employment Group, Full Employment Council, Missouri Division of Workforce Development, UPS, Scarbrough …

December 15, 2016

Office Washington Western

Gemini Rosemont Purchases One Twelfth @ Twelfth Office Building in Bellevue

by Nellie Day December 14, 2016

BELLEVUE, WASH. — Gemini Rosemont has purchased One Twelfth @ Twelfth, a three-building office campus in Bellevue, for an undisclosed sum. The Class A campus is located at 1120 112th Ave. N.E. The property contains a total of 480,389 square feet. It is fully leased. Gemini Rosemont purchased the office campus in partnership with Gemini Investments, an investment company listed on the Hong Kong Stock Exchange. Jason Flynn, Kayln McClure and Reid Rader of Eastdil Secured executed the transaction.

December 14, 2016

California Office Top Stories Western

Hudson Pacific Acquires Leasehold Interest in Five-Property Office Campus in Silicon Valley for $150M

by Katie Sloan December 13, 2016

PALO ALTO, CALIF. — Hudson Pacific Properties Inc. (NYSE: HPP) has acquired the leasehold interest in Page Mill Hill, a five-building office campus totaling 182,676 square feet in Stanford Research Park in Palo Alto, for $150 million. HPP acquired the leasehold interest from a joint venture owned by Lionstone Investments and CalSTRS. The campus is currently fully occupied by legal and accounting firms including Gibson, Dunn & Crutcher; Frank, Rimerman + Co.; Manatt, Phelps & Phillips; and Perkins Coie. Stanford Research Park is affiliated with Stanford University, and was founded in partnership with the city of Palo Alto in 1951. The 160-building park focuses on innovation, housing predominantly startups and research and development companies. Office tenants include Google, Tesla, Ford, Skype, Nest, Hewlett-Packard, Toyota Research Institute and Lockheed Martin. Hudson Pacific is the largest office landlord in the park. The company owned the leasehold interest in six buildings totaling more than 1 million square feet prior to the recent acquisition of Page Mill Hill. Hudson Pacific also claims to be the largest institutional leasehold owner of office space in Silicon Valley, with 22 assets totaling over 7 million square feet. Among its properties in the region are Palo Alto Square; Foothill …

December 13, 2016

Georgia Office Southeast

Preferred Apartment Communities Agrees to Purchase Trophy Office Building in Atlanta

by John Nelson December 12, 2016

ATLANTA — Preferred Apartment Communities Inc. has agreed to purchase Three Ravinia, an 813,748-square-foot trophy office building located at 3 Ravinia Drive in Atlanta’s Central Perimeter office submarket. Built in 1991 by Hines, the 31-story office building was 98 percent leased at the time of sale to tenants such as InterContinental Hotels Group (IHG) and State Farm, with an average remaining lease term of approximately 10 years. Last summer IHG renewed its lease to keep its corporate headquarters at Three Ravinia. PAC’s operating partnership, Preferred Apartment Communities Operating Partnership LP, committed to acquire Three Ravinia pursuant to a signed agreement of purchase and sale with the current owner, SPUS6 Three Ravinia LP. The sales price was undisclosed, but the property traded for $145 million in 2013, according to media reports. PAC plans to fund the transaction using a combination of cash on hand, borrowings from its senior secured credit facility with KeyBank NA, proceeds from stock issuances and proceeds from selling other assets. PAC also applied for a non-recourse loan with John Hancock for 55 percent of the purchase price.

December 12, 2016

Industrial Kansas Midwest

Block & Co. Negotiates 20,970 SF Lease for Baseball, Softball Training Academy in Lenexa, Kansas

by Kristin Harlow December 9, 2016

LENEXA, KAN. — Block & Co. Inc. has negotiated the lease of a 20,970-square-foot industrial building in Lenexa in the Kansas City metro area for D-BAT Baseball & Softball Training Academy. D-BAT Kansas City signed a 10-year lease for the space at 16150 W. 110th Street. There are over 40 D-BAT locations nationwide. In addition to private baseball and softball lessons, the company offers pitching machines, a fully stocked pro shop, camps and clinics. D-BAT Kansas City, which opens later this month, is owned and operated by former professional baseball player Curt Lowry. Max DiCarlo and David M. Block of Block & Co. represented D-BAT Kansas City LLC in the transaction.

December 9, 2016

North Carolina Retail Southeast Virginia

Armada Hoffler Acquires Two Retail Properties in Metro Charlotte, Virginia Beach

by John Nelson December 8, 2016

DAVIDSON, N.C. AND VIRGINIA BEACH, VA. — Armada Hoffler Properties Inc., a publicly traded REIT based in Virginia Beach, has closed on the acquisitions of Renaissance Square, a grocery-anchored retail center located in the greater Charlotte area, and Columbus Village II, a retail and entertainment center adjacent to the Town Center of Virginia Beach. Armada Hoffler acquired Renaissance Square for approximately $17.1 million in cash and Columbus Village II for 2 million shares of common stock. The 80,000-square-foot Renaissance Square is currently 92 percent leased and anchored by a 50,000-square-foot Harris Teeter store with over 11 years remaining on its lease term. Columbus Village II comprises over 92,000 square feet and is 100 percent leased to Bed Bath & Beyond, Regal Cinemas and Schlotzsky’s Deli. Gerald Divaris of Divaris Real Estate Inc. represented both Armada Hoffler and the seller, Capitol Industries, in the Columbus Village II transaction. Armada Hoffler has retained Divaris Real Estate and Divaris Property Management to manage and lease the property. Armada Hoffler acquired Columbus Village I, a 65,000-square-foot retail center, in 2015.

December 8, 2016

California Office Top Stories Western

Equinix to Acquire Portfolio of 24 Data Center Sites from Verizon for $3.6B

by Katie Sloan December 6, 2016

REDWOOD CITY, CALIF. — Equinix Inc. (NASDAQ: EQIX) has agreed to acquire a portfolio of 24 data center sites and their operations from Verizon Communications Inc. (NYSE, NASDAQ: VZ) for $3.6 billion. The portfolio consists of 29 buildings across 24 sites in North and South America, including Atlanta and Norcross, Ga.; Bogotá, Columbia; Boston; Chicago; Culpeper, Va.; Dallas, Houston and Richardson, Texas; Denver; Los Angeles, Santa Clara and San Jose, Calif.; Miami and Doral, Fla.; New York City; São Paulo, Brazil; Seattle; and Washington, D.C. The NAP of the Americas facility in Miami was formerly a flagship facility for Verizon, and will become a strategic hub and gateway for Equinix customer deployments servicing Latin America. Approximately 250 Verizon employees, primarily in the operations functions of the acquired data centers, will become Equinix employees. The all-cash transaction is expected to close by mid-2017. Evercore, J.P. Morgan Securities LLC and Davis Polk & Wardwell LLP advised Equinix in the acquisition. At the close of the transaction, Redwood City, Calif.-based Equinix’s total global footprint will be 175 data centers in 43 markets with approximately 17 million gross square feet across the Americas, Europe and Asia. Equinix’s stock price closed at $332.08 per share …

December 6, 2016

Colorado Office Top Stories Western

Franklin Street Properties Buys Dominion Towers in Downtown Denver for $154M

by Jeff Shaw December 5, 2016

DENVER — Franklin Street Properties Corp. (NYSE: FSP), a Massachusetts-based REIT, has acquired the Dominion Towers office property in downtown Denver for $154 million. The property includes a 19-story tower and a 28-story tower that are connected. The Class A buildings total 613,527 rentable square feet, resulting in a purchase price of $251 per rentable square foot. Dominion Towers is situated in the center of downtown Denver, within one block of light rail access and adjacent to the 16th Street Mall. The towers are 89 percent leased, and EOG Resources Inc., an oil and gas company, is the largest renter, taking up 29 percent of the property through December 2026. FSP funded the acquisition of Dominion Towers with cash on hand and the proceeds of a $150 million unsecured, two-year bridge loan with JPMorgan Chase Bank NA as administrative agent. FSP plans to implement $3 million in capital improvements to the property. “We believe that the acquisition of Dominion Towers will provide additional opportunities for value creation by growing our presence in downtown Denver to almost 2 million rentable square feet,” says Jeffrey Carter, president and chief investment officer of FSP. FSP’s stock price closed at $12.25 per share on …

December 5, 2016

Retail Texas

Cordillera Ranch Development Starts Construction of Outfitter Center in Boerne, Texas

by Amy Works December 2, 2016

BOERNE, TEXAS — Cordillera Ranch Development Corp. has started the construction of an Outfitter Center at Cordillera Ranch, an 8,700-acre master-planned community in Boerne. Slated for completion in early 2017, the facility will house the River Club and its river and fishing equipment and provide a retail shop fully stocked with fishing, kayaking and outdoor equipment. The River Club is one of the seven resort-style clubs at Cordillera Ranch. Cordillera Ranch Development Corp. is a subsidiary of Texas-based DH Investment Co.

December 2, 2016

Features Industrial Top Stories

Self Storage: The Strong, Stable REIT Investment

by Jeff Shaw November 29, 2016

The self storage REIT industry is sizzling hot. Last year, when stocks were flat and REITs generated a mere 2.8 percent return on average, self storage REITs returned a whopping 40 percent, far surpassing all other REIT sectors. Occupancy rates at the 51,000 self storage facilities in the United States have grown by 11 percent from the first quarter of 2012 to the first quarter of 2016. The need for storage facilities continues to increase as Baby Boomers retire and downsize, while millennials flock to rental apartments without garages and basements. In fact, the growth in the inventory of self storage facilities mirrors recent increases in apartment occupancy. Although net absorption of apartments is slowing, self storage REITs remain a solid investment. That’s because the existing inventory of storage facilities is relatively low due to a slowdown of construction during the recession. This lack of sufficient supply prompted Integra Realty Resources to predict record-level prices and continued demand for this strong investment type into 2017. One of the advantages of self storage is that it involves so little capital outlay when compared to other kinds of commercial real estate, such as malls, offices or apartments. Indeed, it requires less capital …

November 29, 2016

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