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AcquisitionsDevelopmentLife SciencesMassachusettsNortheastTop Stories

Alexandria Sells 268,000 SF Portion of Life Sciences Development to Boston Children’s Hospital

by Kristin Harlow

BOSTON — Alexandria Real Estate Equities Inc. (NYSE: ARE) has sold 268,000 rentable square feet within 421 Park Drive, a 660,034-square-foot life sciences development to be built in Boston. An affiliate of Boston Children’s Hospital was the buyer. Upon completion, 421 Park Drive will be part of the larger Alexandria Center for Life Science-Fenway mega campus, which will total more than 2 million square feet at full build-out. The campus, developed in partnership with Samuels & Associates, boasts numerous amenities, proximity to both Cambridge and the Longwood Medical Area, and convenient transportation access. Alexandria will develop and operate 421 Park Drive, which will feature open space, direct connections to the Massachusetts Bay Transportation Authority (MBTA) Fenway station, bicycle and pedestrian paths, and retail space on the ground floor. The price of the portion sold to Boston Children’s Hospital is approximately $155 million, along with development fees to be earned by Alexandria over the next three years. Boston Children’s Hospital will continue to fund its pro rata share of the costs to develop 421 Park Drive. Vertical construction is scheduled to begin later this year and to be substantially completed in 2026. The transaction with Boston Children’s Hospital results in 48.5 …

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Company NewsData CentersDevelopmentMidwestOhioTop Stories

Amazon Web Services to Invest $7.8B for Data Center Expansion in Central Ohio

by John Nelson

SEATTLE — Amazon Web Services (AWS), a division of Amazon (NASDAQ: AMZN) that offers on-demand cloud computing platforms to individuals, companies and governments, plans to make a big investment in Central Ohio. The company, along with Ohio Gov. Mike DeWine and Lt. Gov. Jon Husted, announced the firm will invest approximately $7.8 billion to expand its data center operations in the region by the end of 2029. AWS is currently undertaking a site selection process across numerous localities in Central Ohio for the new data center campuses, the total number of facilities of which was not disclosed. Final site selections will be decided and announced at a later date. The move is expected to create 230 new jobs and an estimated 1,000 support jobs, according to J.P. Nauseef, president and CEO of JobsOhio, an economic development corporation based in Columbus. The AWS data center project represents the second-largest single private sector company investment in Ohio’s history, according to the governor’s office. The new data centers will contain computer servers, data storage drives, networking equipment and other forms of technology infrastructure used to power cloud computing. “Amazon is already one of the largest private-sector employers in Ohio, and the company’s continued growth …

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DevelopmentIndianaIndustrialMidwestTop Stories

GM, Samsung SDI to Build $3B Electric Vehicle Battery Plant in Northern Indiana

by John Nelson

OLIVE TOWNSHIP, IND. — A joint venture between General Motors Co. (NYSE: GM) and Samsung SDI, part of the South Korean-based Samsung Electronics group, plans to build a $3 billion electric vehicle (EV) battery plant in Olive Township. The duo plan to begin operations at the Northwest Indiana plant in 2026. The new facility will house production lines to build prismatic and cylindrical battery cells and is expected to help significantly increase the accessibility and affordability of GM’s line of EVs. Once complete, the plant will support about 1,700 full-time jobs, in addition to 1,000 construction jobs during the build-out. “We are grateful that Samsung SDI can contribute to boosting the economy of Indiana and creating new jobs here,” says Yoonho Choi, president and CEO of Samsung SDI. “Securing Indiana as a strong foothold together with GM, Samsung SDI will supply products featuring the highest level of safety and quality in a bid to help the U.S. move forward to an era of EVs.” GM and Samsung SDI announced their joint venture in April and ultimately selected Olive Township, a city in St. Joseph County near the Indiana-Michigan border and 15 miles west of South Bend, home of Notre Dame …

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Detroit-HuntingdonBank
AcquisitionsMichiganMidwestNet LeaseOfficeTop Stories

The Herrick Co. Acquires 21-Story Office Tower in Downtown Detroit for $150M

by Katie Sloan

DETROIT — The Herrick Co. has acquired a 21-story office tower at 2025 Woodward Ave. in downtown Detroit for $150 million. Locally based architecture firm Neumann Smith designed the 421,481-square-foot building, which was delivered in fall 2022 and acts as a headquarters for Huntington National Bank’s (NASDAQ: HBAN) commercial division. The bank fully occupies the property on a triple-net-lease basis.  The building features ground-floor retail space, including a Huntington Bank branch; 10 floors of structured parking; a cafe; and a rooftop terrace with space for movies or sporting events to be projected on the side of the tower.  The deal is the largest building acquisition to close in Detroit since the start of the COVID-19 pandemic, according to Crain’s Detroit Business. The seller was not disclosed. Huntington acquired TCF Financial Corp. in 2020 for $22 billion. The combined company operates more than 1,000 branches in 11 states. The bank’s stock price closed at $11.42 per share on Wed. June 7, down from $13.10 one year ago.  The Herrick Co. is a national real estate investment firm that has completed more than $6 billion in transactions. The company focuses on acquiring single-tenant buildings net leased to office, industrial and retail users, …

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AcquisitionsHospitalityTexasTop Stories

Ryman Hospitality to Acquire JW Marriott San Antonio Hill Country Resort from Blackstone REIT for $800M

by John Nelson

SAN ANTONIO — Ryman Hospitality Properties Inc. (NYSE: RHP) has entered into a definitive agreement with Blackstone Real Estate Income Trust Inc. (BREIT) to purchase the JW Marriott San Antonio Hill Country Resort for $800 million. The 640-acre resort opened in 2010 and includes 1,002 rooms and 268,000 square feet of indoor and outdoor meeting and event spaces. BREIT has owned the property since 2018. Ryman plans for the resort to continue to operate under the JW Marriott flag. The Nashville-based lodging and hospitality REIT now owns two of the largest group-oriented resorts in Texas, with the Gaylord Texan Resort & Convention Center in the Dallas suburb of Grapevine being the other. “We identified the JW Marriott Hill Country as an ideal acquisition target quite some time ago,” says Mark Fioravanti, president and CEO of Ryman Hospitality. “Located in an attractive and growing market with no emerging competitive supply, this beautiful resort is a natural complement to our existing Gaylord Hotels portfolio and offers significant opportunities to serve the group and leisure sides of our business.” “This sale, which generates approximately $275 million in profit over a five-year hold period through Covid, represents a terrific outcome for BREIT shareholders,” says Nadeem Meghji, head of Blackstone Real Estate …

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9320-Telstar-Ave-El-Monte-CA
CaliforniaIndustrialMarket ReportsWesternWestern Market Reports

Supply Constraints Continue to Drive Value for LA’s Industrial Market

by Jeff Shaw

— By Tony Solomon, Senior Vice President, District Manager, Marcus & Millichap — Industrial continues to be one of the most sought-after asset classes across the Los Angeles County commercial real estate market. This year, the metro will maintain its position as one of the tightest industrial markets in the nation. It also ranks fifth in rent growth among major markets west of the Mississippi.  For the 17th time in the past 18 years, the Los Angeles metro’s industrial stock will increase by less than 1 percent, as 4.3 million square feet is slated for delivery. Supply additions will be concentrated in the South Bay and San Gabriel Valley, leaving less than 1 million square feet to come online in the rest of the county. While vacancy was below 2 percent in four of the metro’s biggest submarkets to start 2023, speculative completions and industrial users re-evaluating their space requirements will push vacancy to 3 percent by year end. This is a rate 80 basis points under the long-term mean. Rents are projected to grow by 7.6 percent as a result, bringing the average asking rate to $21 per square foot.  Part of this rise in vacancy can also be …

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IndustrialLeasing ActivityTexas

Executive Refreshments Signs 19,000 SF Industrial Lease in Metro Dallas

by Taylor Williams

FARMERS BRANCH, TEXAS — Executive Refreshments, which provides pantry and vending machine stocking and services, has signed a 19,000-square-foot industrial lease at 13703-13707 Gamma Road in the northern Dallas metro of Farmers Branch. Jeff McVaney of Partners Real Estate represented the tenant in the lease negotiations. Chad Albert and D.J. Draper of Stoic Real Estate Partners represented the undisclosed landlord.

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CivicDevelopmentKansasLife SciencesMidwestTop Stories

McCarthy, Mortenson Complete $940M Animal Disease Research Facility in Manhattan, Kansas

by Jeff Shaw

MANHATTAN, Kan. — McCarthy Mortenson NBAF, a joint venture between builders McCarthy Building Cos. and Mortenson Construction, has completed the National Bio and Agro-Defense Facility (NBAF) in Manhattan, approximately 55 miles west of Topeka and 115 miles west of Kansas City. Development costs for the animal disease research facility were estimated at $940 million. Developed to ensure public health and the safety and security of the nation’s food supply, the 707,000-square-foot facility is located on a 48-acre site. It is designed with stringent containment, blast-resistant and anti-terrorism requirements, as well as the Nuclear Regulatory Commission (NRC) high-wind design criteria adopted by the Department of Homeland Security. NBAF features laboratories functioning at multiple biosafety levels, including the first facility in the United States with biosafety level 4 containment capable of housing large livestock. The lab portions total 574,000 square feet, while the freestanding, 87,000-square-foot Central Utility Plant houses boilers, chillers, emergency diesel generators and other support elements for the main laboratory facility. In addition to having multiple laboratories, NBAF will also have a biologics development module to explore the development and production of potential vaccines, diagnostic platforms and veterinary medical countermeasures. The property will functionally replace the aging Plum Island Animal …

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AcquisitionsCompany NewsRetailTop Stories

Global Net Lease to Acquire Necessity Retail REIT, Creating $9.6B Shopping Center Company

by Jeff Shaw

NEW YORK CITY — Global Net Lease (NYSE: GNL) and The Necessity Retail REIT (NASDAQ: RTL) have entered into a merger agreement under which GNL will acquire RTL in an all-stock transaction. The combined company is expected to own and manage over 1,350 properties with an aggregate real estate asset value of approximately $9.6 billion. Under terms of the merger agreement, GNL stockholders are expected to own approximately 45 percent of GNL post-closing, RTL stockholders are expected to own about 39 percent, and the owner of the former external manager is expected to own up to 17 percent.  The merger is projected to generate approximately $21 million in annual cash savings realized within 12 months of transaction close, according to the companies. The combined entity will be internally managed, with external asset and property management functions to be performed by AR Global. Internalizing management is expected to result in approximately $54 million in annual cash savings. Headquartered in New York City, Global Net Lease is a publicly traded REIT that focuses on commercial properties with an emphasis on sale-leaseback transactions involving single-tenant, mission-critical, income-producing net lease assets across the United States and in Europe. Its portfolio features 311 properties totaling 39.3 million square feet across 11 …

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DevelopmentFloridaRetailSoutheast

Steinemann & Co. to Develop 100,000 SF Bass Pro Shops Outdoor World Store in St. Augustine, Florida

by John Nelson

ST. AUGUSTINE, FLA. — Steinemann & Co. plans to develop a Bass Pro Shops Outdoor World store along World Commerce Parkway in St. Augustine, approximately 40 miles southeast of Jacksonville. Upon completion, the store will span 100,000 square feet and offer boating merchandise, in addition to hunting, fishing, camping, leisure and athletic gear and apparel. The store will also feature a large aquarium and water features stocked with native fish species, thousands of local antiques and artifacts, hundreds of trophy fish and wildlife mounts and murals depicting local scenes. The store will also offer fishing classes for kids. Set to open in 2024, the St. Augustine store will mark the 13th location for Bass Pro Shops in Florida and will employ about 115 associates.

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