Search results for

"stock"

Centerbridge Partners, GIC Real Estate Agree to Acquire INDUS Realty Trust for $868M

by Kristin Harlow February 22, 2023

NEW YORK CITY — Affiliates of Centerbridge Partners LP and GIC Real Estate Inc. have entered into an agreement to acquire INDUS Realty Trust Inc. (Nasdaq: INDT) in an all-cash transaction valued at approximately $868 million. Participating members of INDUS’ board of directors have unanimously approved the deal. Under the terms of the merger agreement, INDUS stockholders will receive $67 per share in cash. That figure represents a premium of 17 percent to the company’s closing stock price on Nov. 25, the date of Centerbridge’s initial public announcement that it intended to issue a takeover offer with GIC to acquire INDUS. “The transaction delivers immediate and significant value to our stockholders, and we believe it validates the quality of the platform and portfolio we have built over INDUS’ long history,” says Michael Gamzon, president and CEO of INDUS. INDUS, a New York City-based industrial REIT, owns 42 buildings totaling roughly 6.1 million square feet in Connecticut, Pennsylvania, North Carolina, South Carolina and Florida. The deal is expected to close this summer and is subject to customary closing conditions. Upon completion of the transaction, INDUS’ common stock will no longer be listed on Nasdaq and INDUS will become a privately held …

February 22, 2023

Acquisitions Company News Life Sciences New Jersey Northeast Top Stories

Joint Venture Acquires 2 MSF Merck Life Sciences Campus in New Jersey

by Jeff Shaw February 17, 2023

KENILWORTH, N.J. — Biopharmaceutical giant Merck (NYSE: MRK) has agreed to sell its 108-acre office and research campus in Kenilworth to a joint venture between private investment firms Onyx Equities and Machine Investment Group. The price was not disclosed. The life sciences campus, formerly Merck’s headquarters, features 1.4 million square feet of laboratory space, 500,000 square feet of Class A office space, 30 acres of developable land, a 25-megawatt cogeneration plant, three cafeterias, a fitness center, auditoriums, conference centers, outdoor amenity areas and more than 3,200 surface and structured parking spaces. The property sits off Garden State Parkway and is located near to Route 78, the Route 22 retail corridor, the New Jersey Turnpike, Newark Liberty International Airport and the Port Newark Elizabeth Marine Terminal. Kenilworth is located just across the Arthur Kill waterway that separates New Jersey from Staten Island. The buyers plan to market and lease out the site’s laboratories and support facilities to biotechnology, pharmaceutical, and technology companies. Merck will vacate the property in phases over the next several years while expansion progresses on the firm’s new headquarters in nearby Rahway. “New Jersey receives two forms of good news today as one of the pillars of our business community …

February 17, 2023

Market Reports Multifamily Nevada Western Western Market Reports

Las Vegas’ Underlying Multifamily Fundamentals Remain Strong Despite Moderating Growth

by Jeff Shaw February 15, 2023

By Jared Glover, Director of Investment Sales, Berkadia The Las Vegas multifamily market started to feel the effects of higher interest rates alongside persistent inflation as the third quarter ended. Thankfully, properties still experienced trade-outs and overall in-place rent growth, though year-over-year growth began to moderate, coming in near 8 percent. Loss to lease capture remains, although at a slower pace than prior quarters, with average market rent at $1,515. The third quarter also saw a 3 percent decrease in occupancy, setting at 93.6 percent, after experiencing record occupancy throughout 2021. On the transaction front, we have seen a dramatic shift in cap rates. This is a direct result of the Fed’s tightening. Within a six-month span, cap rates widened upwards of 150 basis points — from low to mid-3s to 5 and trending up, depending on product type. The homogenous nature of national cap rates in 2021, with most markets trading in the 3.5 range, seems to have shifted back to historical norms as the primary/coastal markets once again demanded a premium versus secondary or tertiary markes. Both Monterra and the Boulevard traded north of a 5 cap on in-place numbers, speaking to these latest cap rate trends. Just four months ago, a …

February 15, 2023

Acquisitions Colorado Hospitality Western

Silverwest Hotels Sells 113-Key Westin Extended-Stay Hotel in Basalt, Colorado

by Amy Works February 14, 2023

BASALT, COLO. — Silverwest Hotels and its partners have completed the disposition of Element Basalt – Aspen by Westin, an extended-stay hotel at 499 Market St. in Basalt, approximately 20 miles northwest of Aspen. Terms of the transaction were not released. The four-story Element Basalt Aspen features 113 guest rooms, an outdoor event lawn, 625 square feet of indoor meeting space, a fitness center, an indoor pool, outdoor hot tub, bike rentals, onsite laundry and complimentary breakfast. Silverwest developed the hotel, which opened in 2015. John Strauss, James Stockdale, Jason Schmidt and James Bermingham of JLL Hotels & Hospitality represented the seller and procured the buyer in the deal. Jim Curtin, Leon McBroom, Mike Huth and Shalin Patel of JLL Debt Advisory secured acquisition financing for the buyer.

February 14, 2023

Development Industrial Michigan Midwest Top Stories

Ford to Break Ground on $3.5B Electric Vehicle Battery Plant in Marshall, Michigan

by Katie Sloan February 14, 2023

MARSHALL, MICH. — Ford Motor Co. (NYSE: F) has unveiled plans for BlueOval Battery Park Michigan, a $3.5 billion lithium iron phosphate (LFP) electric vehicle battery plant in Marshall, a small city of about 7,000 residents located approximately 100 miles west of Detroit. The development will be the first automaker-backed LFP battery plant in the U.S., according to Ford, and will initially employ 2,500 workers upon completion in 2026. The site offers opportunity for further development, despite the fact that 245 acres of land along the Kalamazoo River will be placed into a conservation easement and protected against future industrial development. The plant will operate as a wholly owned subsidiary of Ford in partnership with global battery manufacturer Contemporary Amperex Technology Co. Limited (CATL). Under terms of the arrangement, Ford will manufacture its LFP battery cells utilizing services and knowledge from CATL. The company’s current roster of electric vehicles run on nickel cobalt manganese (NCM) batteries. By offering a second, lower-cost battery chemistry, the company will be able to expand its offering of electric vehicles with a variety of affordable new models. “Ford’s electric vehicle (EV) lineup has generated huge demand,” says Jim Farley, the company’s president and CEO. “To …

February 14, 2023

Acquisitions Healthcare Illinois Midwest Northeast Rhode Island Top Stories

CVS Agrees to Acquire Oak Street Health in $10.6B Deal

by Kristin Harlow February 8, 2023

WOONSOCKET, R.I., AND CHICAGO — CVS Health (NYSE: CVS) has agreed to acquire Oak Street Health (NYSE: OSH) in an all-cash transaction at $39 per share, representing a total purchase price of roughly $10.6 billion. The price represents a premium of approximately 11.9 percent over Oak Street’s opening price per share this morning. Chicago-based Oak Street Health is a network of primary care centers for adults on Medicare. The company employs approximately 600 primary care providers and maintains 169 medical centers across 21 states. By 2026, Oak Street Health plans to grow to more than 300 centers. Oak Street Health’s technology solution, Canopy, is fully integrated with its operations and utilized when determining the appropriate type and level of care for each patient. That care will be enhanced by CVS Health’s community, home and digital offerings, according to the companies. Bringing CVS Health and Oak Street Health together can significantly benefit patients’ long-term health by reducing care costs and improving outcomes, particularly for those in underserved communities, according to a news release. Oak Street Health centers are located where healthcare services are needed most; more than 50 percent of Oak Street Health’s patients have a housing, food or isolation risk …

February 8, 2023

Development Multifamily Student Housing Utah Western

Utah Tech University to Break Ground on 564-Bed Campus View Suites Residence Hall

by Amy Works February 1, 2023

ST. GEORGE, UTAH — Utah Tech University is set to break ground on the 564-bed third phase of its Campus View Suites residence hall project in St. George. Set to open in fall 2024, the final phase of the development will span 164,600 square feet. Shared amenities will include a fitness room; multipurpose room; laundry facilities, common kitchens and living rooms on each floor; indoor bike storage; game room; grocery store stocked with fresh fruit, vegetables and dairy; private and shared study rooms; and housing staff offices. The 352-bed first phase of development was delivered in fall 2016. The second phase of the project was completed in fall 2021 and offers 534 beds. The development team for Phase III includes DFCM, Layton Construction and Method Studio.

February 1, 2023

Leasing Activity New York Northeast Office

Novartis Signs 15,865 SF Office Lease at 452 Fifth Avenue in Midtown Manhattan

by Taylor Williams January 26, 2023

NEW YORK CITY — Novartis Inc. has signed a 15,865-square-foot office lease at 452 Fifth Avenue in Midtown Manhattan. The pharmaceutical corporation will occupy the entire 12th floor at the 30-story building. Paul Glickman, Ben Bass, Kristen Morgan and Kate Roush of JLL represented the landlord, Property & Building Corp. Ltd., in the lease negotiations. David Stockel and Christopher Menard of CBRE represented Novartis.

January 26, 2023

Development Industrial Nevada Top Stories Western

Tesla to Invest $3.6B for Electric Battery, Truck Factories at Gigafactory Nevada Campus

by John Nelson January 25, 2023

SPARKS, NEV. — Electric car manufacturing giant Tesla Inc. (NASDAQ: TSLA) plans to invest $3.6 billion to expand Gigafactory Nevada, an advanced manufacturing campus in the Reno suburb of Sparks that Tesla launched in 2014. The company’s investment will include two new factories — a battery manufacturing facility and a truck factory — that can support approximately 3,000 new team members. At the battery facility, Tesla plans to produce enough of its patented 4680 battery cells for 1.5 million light-duty vehicles annually. The facility will have the capacity for 100 Gigawatt hours (GWh) annually. The truck factory represents the first high-volume factory for Semi, Tesla’s fully electric combination truck that was announced in 2017. The company’s Semi trucks can travel up to 500 miles on a single charge and run on less than 2 kilowatt hours (kWh) per mile, which Tesla says gives companies using commercial transportation a sustainable freight option. The first Semi trucks were delivered in December 2022 to PepsiCo, according to CNBC. Gigafactory Nevada currently spans 5.4 million square feet and represents a $6.2 billion investment for Tesla to date. Annually Tesla produces 7.3 billion battery cells, 1.5 million battery packs, 3.6 million electric vehicles and 1 …

January 25, 2023

Development Industrial Michigan Midwest Ohio Top Stories

General Motors to Invest $918M Across Four U.S. Manufacturing Plants

by Taylor Williams January 23, 2023

DETROIT — General Motors Co. (NYSE: GM) has announced plans to invest $918 million in capital improvements at four of its U.S. manufacturing plants. The initiative is designed to elevate the company’s production capacity for full-size trucks and sport utility vehicles while also establishing facilities that support the growth of GM’s electric vehicle (EV) divisions. The Detroit-based automotive giant is committing a total of $795 million to two of its Michigan facilities that will support the production of small-block V-8 engines. The company is investing $579 million at its plant in Flint, and the remaining $216 million will be allocated to GM’s facility in Bay City, where parts such as camshafts and connecting rods that support these engines will be assembled. GM is also investing $55 million in its manufacturing operations in Defiance, Ohio. Of this sum, $47 million will be used to prepare the facility for the manufacture of block castings to support future V-8 engine programs. In addition, GM will construct an $8 million casting development cell for future EV initiatives. Lastly, the company has earmarked $68 million for upgrades to its manufacturing facility in Rochester, New York. At this location, GM plans to invest $12 million to …

January 23, 2023

Newer Posts

Older Posts