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Missner Group, Realterm Complete Development of 130,354 SF Spec Industrial Building in Chicago

by Kristin Harlow September 7, 2023

CHICAGO — A joint venture between The Missner Group and Realterm has completed development of a 130,354-square-foot speculative industrial building in Chicago. The Class A facility is located at 1032 W. 43rd St. within the Chicago Stockyards. The Missner Group also served as general contractor for the project, which features a clear height of 32 feet, 26 exterior docks, two drive-in doors, a 276-space parking area and 20 dedicated trailer stalls. Atom Banana, a fruit wholesaler based in Illinois, leased 61,000 square feet of the building prior to completion. The Missner Group will complete the tenant build-out and intends to start construction in the fourth quarter. The project marks the final of three developments for Realterm and Missner’s joint venture. The project team included Cornerstone Architects and engineer Spaceco Inc. Larry Goldwasser, Colin Green and Michelle Maguire of CBRE served as the leasing agents.

September 7, 2023

Acquisitions Development Mixed-Use Office Texas Top Stories

Chevron Acquires 77 Acres in Metro Houston, Plans Include Potential Research-and-Development Campus

by John Nelson September 5, 2023

CYPRESS, TEXAS — Oil-and-gas giant Chevron Corp. (NYSE: CVX) has acquired 77 acres in the northwest Houston suburb of Cypress. The parcel is situated within Bridgeland Central, a multi-phase campus spanning 925 acres within the larger Bridgeland master-planned community. The land seller was The Howard Hughes Corp. (NYSE: HHH), the master developer of the 11,500-acre Bridgeland development. The sales price for the Chevron land deal was not disclosed. “Chevron’s acquisition marks a pivotal moment for Bridgeland as the community enters its next phase of development as a leading job center for the region,” says Jim Carman, president of the Houston region for Howard Hughes Corp. “One of the top-selling communities in the country, Bridgeland is poised to benefit from the influx of businesses and their employees seeking to live and work in a centralized location that offers commercial opportunities, as well as single-family and multifamily housing options to meet growing demand.” Daniel Abate, head of corporate real estate for Chevron, says the company could potentially establish a research-and-development campus on the newly acquired land. “Chevron is attracted to the opportunities Bridgeland has to offer and views this acquisition as a strong addition to our asset portfolio,” says Abate. Details about the …

September 5, 2023

Acquisitions Colorado Hospitality Northeast Pennsylvania Top Stories Western

KSL Capital Partners Agrees to Acquire Hersha Hospitality Trust for $1.4B

by Kristin Harlow August 30, 2023

DENVER AND PHILADELPHIA — Hersha Hospitality Trust (NYSE: HT) and KSL Capital Partners LLC have entered a definitive merger agreement under which affiliates of KSL will acquire all the outstanding common shares of Hersha for $10 per share in an all-cash transaction valued at approximately $1.4 billion. Philadelphia-based Hersha is a self-advised real estate investment trust in the hospitality sector, owning and operating luxury and lifestyle hotels in coastal gateway and resort markets. The company’s 25 hotels total 3,811 rooms and are located in New York, Washington, D.C., Boston, Philadelphia, South Florida and California. KSL is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. In addition to its Denver headquarters, the firm also maintains offices in New York City, Stamford, Conn., and London. The purchase price represents a premium of approximately 60 percent over Hersha’s closing share price on Friday, Aug. 25, the last full trading day prior to the announcement. Upon completion, Hersha will no longer be publicly traded. “Hersha and its team have built an impressive, curated portfolio of experiential luxury and lifestyle hotels and resorts in strategic markets,” says Marty Newburger, partner at …

August 30, 2023

Acquisitions Illinois Midwest Retail

JLL Arranges $13.1M Sale of Mariano’s-Occupied Property in Northfield, Illinois

by Kristin Harlow August 24, 2023

NORTHFIELD, ILL. — JLL Capital Markets has arranged the $13.1 million sale of a 47,732-square-foot retail property occupied by Mariano’s in Northfield, a northern suburb of Chicago. Alex Sharrin, Michael Nieder, Mohsin Mirza, Charles Shehan and Caity Tirakian of JLL represented the seller, Stockbridge, and the buyer, Swanson Development Group. Mariano’s has operated at the property at 1822 Willow Road since 2013 with a triple-net lease with multiple renewal options. Mariano’s is a regional supermarket chain with 44 locations throughout Illinois. In 2015, Kroger acquired the chain via Mariano’s parent company Roundy’s.

August 24, 2023

Development Industrial Midwest Missouri

McCarthy to Build $400M Battery Materials Manufacturing Plant for ICL in St. Louis

by Kristin Harlow August 18, 2023

ST. LOUIS — McCarthy Building Cos. will construct a $400 million lithium iron phosphate (LFP) battery materials manufacturing plant for ICL (NYSE: ICL) in St. Louis. The facility is expected to be the first commercial-scale LFP battery materials manufacturing plant in the U.S., according to McCarthy. The 140,000-square-foot plant is expected to produce 30,000 metric tons for use in batteries that can store energy needed to run electric vehicles, charging stations or on the electric grid. ICL’s investment in the plant was augmented by a $197 million grant from the U.S. Department of Energy. The new plant will be located on ICL’s existing Carondelet campus in St. Louis. In addition to creating 800 to 900 union construction jobs, the new facility is estimated to create 150 high-paying union and professional jobs for ICL. The plant is expected to be operational by 2025 and will help meet growing demand from the energy storage, electric vehicle and clean-energy industries for U.S.-produced-and-sourced essential battery materials. ICL is a global specialty minerals company, creating solutions for sustainability challenges in the food, agriculture and industrial markets. ICL shares are dual listed on the New York Stock Exchange and the Tel Aviv Stock Exchange. The company …

August 18, 2023

Alabama California Development Hospitality Southeast Top Stories Western

Hyatt Announces First Two Locations for Upper-Midscale Extended-Stay Brand

by Katie Sloan August 17, 2023

TILLMAN’S CORNER, ALA. AND MARYSVILLE, CALIF. — Hyatt Hotels Corp. (NYSE: H) has announced the first two locations for its upper-midscale extended-stay banner, Hyatt Studios. The company has letters of interest for over 100 Hyatt Studios developments across the U.S. Each Hyatt Studios location will be sized to fit approximately 122 rooms, and will offer grab-and-go breakfast and a 24-hour market with snacks and ready-made meals that can be prepared in each guest room’s kitchen. The Chicago-based company has entered into a franchise agreement with 3H Group Inc. to develop the first Hyatt Studios hotel in Tillman’s Corner, roughly 10 miles southeast of Mobile. The property is set to open in late 2024. Presidio Hotel Development has entered into a franchise agreement with Hyatt for the second location, a 113-room hotel in downtown Marysville, approximately 45 miles north of Sacramento. The property is expected to open in 2025 and will feature dedicated meeting spaces. Extended-stay hotels have grown in demand over the past several years, in part due to the asset’s popularity during the COVID-19 pandemic. Bask Development recently announced plans to develop eight Extended Stay America-branded hotels in Florida, and the development of 15 new hotels under the same …

August 17, 2023

Acquisitions Affordable Housing Montana Multifamily Seniors Housing Western

Community Preservation Partners Acquires Two Affordable Seniors Housing Communities in Great Falls, Montana

by Amy Works August 10, 2023

GREAT FALLS, MONT. — Community Preservation Partners (CPP) has acquired two affordable seniors housing communities in Great Falls: Sunshine Village and Broadview Manor East & West. CPP plans to renovate both properties, and has partnered with The Hampstead Cos., which will be the owner and co-developer. This is the second project closing in Montana for CPP and Hampstead together, totaling three communities in the area. CPP and Hampstead’s total development investment is approximately $23.1 million, which includes the purchase price of $10.8 million and an estimated renovation cost of $72,850 per unit. The properties’ HUD subsidy was set to expire, but with CPP and Hampstead’s involvement the homes will now remain affordable and prevent displacement of residents earning up to 50 percent and 60 percent of the area median income (AMI) until 2074. “New affordable housing developments in the Great Falls area have significant waitlists, so the preservation and modernization of the existing affordable housing stock is important to the residents of this community,” says Karen Buckland, vice president at CPP. Built in 1979, Sunshine Village features 72 one- and two-bedroom units in a single three-story building. Also built in 1979, the Broadview Manor properties offer three- and four-bedroom units. …

August 10, 2023

Acquisitions Company News New York Northeast Retail Top Stories

Coach Owner to Acquire Parent Company of Michael Kors, Versace for $8.5B

by Katie Sloan August 10, 2023

NEW YORK CITY — Tapestry (NYSE: TPR), owner of fashion brands Coach, Kate Spade and Stuart Weitzman, has agreed to acquire luxury fashion group Capri Holdings Limited (NYSE: CPRI) for $8.5 billion. Both companies are based in New York City. Capri Holdings consists of Versace, Jimmy Choo and Michael Kors. The group spans a retail footprint of over 1,200 stores globally, including 223 Versace locations, 237 Jimmy Choo stores and 812 Michael Kors locations. The all-cash transaction, which was unanimously approved by the board of directors at both Tapestry and Capri Holdings, is expected to close in 2024. Capri shareholders will receive $57 per share. Combined, the companies generated $12 billion in global annual sales in 2022 and have a presence in over 75 countries. “We are excited to announce the acquisition of Capri Holdings — uniting six iconic brands and exceptional global teams,” says Tapestry CEO Joanne Crevoiserat. “The combination of Coach, Kate Spade and Stuart Weitzman together with Versace, Jimmy Choo and Michael Kors creates a new powerful global luxury house, unlocking a unique opportunity to drive enhanced value for our consumers, employees, communities and shareholders around the world.” Tapestry has secured $8 billion in fully committed bridge …

August 10, 2023

Build-to-Rent Features Single-Family Rental

How Build-to-Rent Projects Create Much-Needed Housing Supply, Sense of Community

by Taylor Williams August 10, 2023

By Andrew Welker, founder and CEO, Welker Properties Institutional investment in the single-family housing market is waning as high interest rates show no sign of letting up. For the first time in years, corporate investors looking to borrow money are having difficulty finding cash flow with current interest rates. As a result, some institutional investment firms are hitting pause on real estate portfolios or pivoting to all-cash deals on low-priced housing stock. This shift makes it more difficult for individual first-time homebuyers to get in on the game. With buyers and sellers holding out for better returns, a shrinking debt market isn’t helping with the supply shortage. According to data supplied by Freddie Mac and analyzed by Axios, the country needs nearly 4 million units — both for rent and for sale — to meet demand based on current rates of household formation. There simply isn’t enough housing being built to meet demand. Enter build-to-rent (BTR), an asset class that’s skyrocketed in popularity in recent years as COVID-19 pushed people out of cities and affordable homeownership further from their reach. Offering the four-walled privacy of a single-family unit and the conveniences of multifamily construction, BTR is community-style living for …

August 10, 2023

Acquisitions Massachusetts Multifamily Northeast Top Stories

Harbor Group International Sells 1,722-Unit Multifamily Portfolio in Metro Boston

by Kristin Harlow August 9, 2023

BOSTON — Harbor Group International (HGI), a privately owned international real estate investment and management firm, has sold a 1,722-unit multifamily portfolio comprising six properties in metro Boston. A fund managed by Bridge Multifamily Fund Manager LLC, an affiliate of Bridge Investment Group Holdings Inc. (NYSE: BRDG), was the buyer. While the sales price was undisclosed, HGI purchased the portfolio in 2019 for $384 million. At that time, the firm instituted a $13.6 million capital improvement program to renovate interior units, upgrade amenities, address deferred maintenance and enhance overall curb appeal. The properties include Commons at Haynes Farm in Shrewsbury, Middlesex Crossing in Billerica, Meadows at Marlborough and Heights at Marlborough in Marlborough, Stone Ends in Stoughton and Village at Marshfield in Marshfield. The portfolio is surrounded by large employment hubs and situated in close proximity to major highways and Metro Boston Transit Authority train stations, according to HGI. “The Boston portfolio sale further exemplifies HGI’s ability to identify strategic opportunities to divest high-quality stabilized assets amid varying market conditions,” says Richard Litton, president of HGI. “The properties are well-positioned in their respective submarkets, as the in-place rents have been significantly below the rents of similar renovated Class A properties. …

August 9, 2023

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