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JBG Smith Begins Construction on Two Apartment Towers in Metro DC’s National Landing District

by John Nelson January 18, 2022

ARLINGTON, VA. — JBG Smith (NYSE: JBGS), an owner and developer of mixed-use properties in the greater Washington, D.C. market, has begun construction on a pair of multifamily towers at 2000 and 2001 South Bell Street in Arlington. The development is expected to bring 775 apartments and nearly 27,000 square feet of retail space to National Landing, a neighborhood anchored by Amazon’s HQ2 campus and the Virginia Tech Innovation Campus, both of which JBG Smith is developing. “The start of construction at 2000 and 2001 South Bell Street is a major milestone in National Landing’s ongoing transformation and delivers on our pledge to build new housing in lockstep with Amazon and Virginia Tech’s growth in the neighborhood,” says Bryan Moll, executive vice president of development at JBG Smith. KPF designed 2000 South Bell Street to be a modern, 25-story glass tower with 355 multifamily units situated above approximately 15,000 square feet of street-level retail space. The adjacent 2001 South Bell Street was designed by Studios to be a 420-unit, 19-story tower with a green-glazed brick façade and approximately 10,000 square feet of street-level retail space. SK+I will serve as the architect of record for both towers, which are designed to …

January 18, 2022

Features

First-Time Real Estate Fundraisers Must Consider Key Factors

by Taylor Williams January 18, 2022

By James Yoakum, Associate, Real Estate & Finance Group, Kleinbard LLC Real estate, as an asset class, encompasses countless different niches and subsectors, each of which can appeal to a broad range of investors. From an investor’s point of view, the common denominator across the various real estate asset classes — from single-family homes to apartments to trophy office towers — is the ability to leverage investments in a way that simply isn’t available for most other investment options, not just with bank loans or other sources of debt capital, but also with equity from passive investors. In a nutshell, one reason for real estate’s broad appeal among investors is the ability to control a valuable asset using mostly (or sometimes entirely) other people’s money. When developers set out to raise funds from other people’s money for the first time, there are a few basic considerations to keep in mind. These five simple questions for first-time real estate fundraisers will make your efforts as effective as possible and provide for a successful ongoing relationship with the investors entrusting you with their money. What do I bring to the table? There are more ways than ever for people to invest their …

January 18, 2022

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges $132.6M Sale of Multifamily Community in Metro Atlanta

by Julia Sanders January 12, 2022

SANDY SPRINGS, GA. — Cushman & Wakefield has arranged the sale of Park at Abernathy Square, a 484-unit apartment community located in Sandy Springs, about 16.4 miles north of downtown Atlanta. The sales price was $132.6 million, or more than $274,000 per unit. Mike Kemether, Travis Presnell and James Wilber of Cushman & Wakefield represented the seller, Atlanta-based Clark Ventures, in the transaction. San Francisco-based Stockbridge Capital Group acquired the property. Built in 1977 and renovated in 2019, Park at Abernathy Square offers one-, two- and three-bedroom floorplans with an average unit size of more than 1,100 square feet. Unit features include walk-in closets, patios and balconies, granite countertops, stainless steel appliances, pantries, dishwashers and washer and dryer hookups. Community amenities include a clubhouse, pool, laundry facilities, tennis court, picnic area, fitness center, business center, playground and a car charging station. Located at 6925 Roswell Road, the property is located off Ga. Highway 400 and is situated close to Buckhead, Roswell and Alpharetta. The apartment community is also 5.9 miles from Georgia Perimeter College and 3.1 miles from the Art Institute of Atlanta.

January 12, 2022

Acquisitions Life Sciences Massachusetts Northeast Office Top Stories

Newmark Arranges $815M Sale of Charles Park Office Complex in Cambridge, Massachusetts

by Kristin Harlow January 12, 2022

CAMBRIDGE, MASS. — Newmark has arranged the $815 million sale of Charles Park, a two-building office complex and parking garage in Cambridge. The Davis Cos. and Principal Real Estate Investors sold the asset to an affiliate of Alexandria Real Estate Equities Inc. (NYSE: ARE). Charles Park spans 408,259 square feet and consists of two Class A office buildings, One Rogers Street and One Charles Park. The property also includes a 656-space, seven-level parking garage. Alexandria plans to redevelop the two buildings into life sciences space, but further details of that project were not provided. Situated near Charles Park is the nearly 1 million-square-foot CambridgeSide complex, which is undergoing a residential and retail development. Charles Park is also located near two Massachusetts Bay Transportation Authority (MBTA) subway stations, the campus of Massachusetts Institute of Technology (MIT), the new Cambridge Crossing mixed-use development and Massachusetts General Hospital. “Charles Park is well positioned along Kendall Square’s rapidly expanding First Street corridor with immediately recognizable architecture highlighted by its distinctive horseshoe-shaped façade,” says Edward Maher, vice chairman with Newmark. “The asset is further surrounded by an unmatched laboratory and technology mecca in the life sciences epicenter of the world.” Maher, along with Robert Griffin, …

January 12, 2022

Features

How to Make the Most of Your Inflation Hedge

by Taylor Williams January 11, 2022

By David Vincent, investment products specialist, Cadre Inflation is here to stay. November’s 6.8 percent jump in year-over-year consumer prices confirmed fears that rates would remain higher. Now, as investors seek out opportunities for sustained value and long-term growth under changing conditions, hard assets like real estate may become even more appealing. After all, commercial real estate has proven to be an attractive hedge against inflation over the last 40 years. Most experienced investors understand that holding on to your money with the old cash-under-the-mattress technique sadly offers no protection in inflationary periods. Prolonged price increases ultimately erode the value of consumers’ purchasing power. The money you’re sleeping on (or, more realistically, keeping in a low-rate bank account) is steadily losing its real value. As prices rise over time, the amount of goods and services you’re able to purchase with that money is decreasing. Higher-than-expected inflation can also have negative consequences for stocks and bonds. A historical study by economists Fama and Schwert demonstrated that a 1 percent increase in the rate of inflation typically causes bond prices to drop by approximately 1.5 percent and stock prices by 4.2 percent. In contrast, inflation may have a positive impact on physical …

January 11, 2022

Acquisitions North Carolina Office Southeast Top Stories

JLL Arranges $330M Sale of Bloc 83 Office Development in Raleigh

by Kristin Harlow January 5, 2022

RALEIGH, N.C. — JLL Capital Markets has arranged the $330 million sale of Bloc 83, a new office development totaling 495,121 square feet in Raleigh. The sale represents the largest single real estate transaction in downtown Raleigh’s history, according to JLL. Heritage Properties Inc. sold the asset to City Office REIT (NYSE: CIO). Bloc 83 consists of two Class A office towers that were built in 2019 and 2021. Known as One Glenwood and Tower II, the buildings are 79 percent leased and are anchored by Envestnet, First Horizon Bank and McAdams. Envestnet is a financial services and technology company, while McAdams is a civil engineering company. The development features street-level retail space and two onsite parking garages. Amenities include a fitness center, rooftop space, locker rooms with showers, tenant lounges and an interactive sports room with a golf simulator. The properties are positioned on a little over three acres in Glenwood South, a growing mixed-use district of Raleigh. The Origin Hotel is located onsite and is connected to the One Glenwood parking garage. “Glenwood South has rapidly transformed into the preeminent live-work-play destination in Raleigh,” says Ryan Clutter, senior managing director with JLL. “About half of the residents have …

January 5, 2022

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $117M Sale of Park Ridge Commons Multifamily Community in Des Plaines, Illinois

by Kristin Harlow January 3, 2022

DES PLAINES, ILL. — Kiser Group has brokered the $117 million sale of Park Ridge Commons in Des Plaines, a northwest suburb of Chicago. The garden-style multifamily property consists of 752 units across 47 buildings. Amenities include a clubhouse, lap pool, fitness center, tennis courts and laundry facilities. Matt Halper, Danny Mantis and Lee Kiser of Kiser Group represented the buyer, Bayshore Properties, and the seller, H.A. Langer & Associates. The seller had owned the property for 25 years. Dan Sacks and Eric Rosenstock of Greystone originated $103 million in acquisition financing through Fannie Mae.

January 3, 2022

Development Mixed-Use New York Northeast Top Stories

Howard Hughes Corp. Receives Municipal Approval for $850M Mixed-Use Project in Manhattan’s Seaport District

by Taylor Williams January 3, 2022

NEW YORK CITY — The Howard Hughes Corp. (NYSE: HHC) has received approval from the City of New York for the development of an $850 million mixed-use project in Manhattan’s Seaport District. The 26-story building at 250 Water St. will house office, retail and multifamily uses, with the housing component comprising 80 percent market-rate and 20 percent affordable units. The residential element of the project will also include for-sale and for-rent units. More specifically, current plans for the 324-foot-tall building call for 270 multifamily units to be developed above five stories of office and retail space. The site currently houses a parking lot that spans a full city block. Skidmore, Owings & Merrill is the architect of the project, which was originally announced in October 2020. The Dallas-based developer estimates that the project will generate more than $1 billion in economic impact, including the creation of more than 3,000 construction and permanent jobs. Howard Hughes Corp. plans to begin remediation of the site this year, with the commencement of vertical construction to occur after that process is completed. “This project will play a vital role in New York City’s recovery through the creation of a new mixed-income rental building, office …

January 3, 2022

Acquisitions North Carolina Office Southeast Top Stories

PRP Acquires Honeywell Corporate Headquarters in Charlotte for $275M

by Kristin Harlow December 22, 2021

CHARLOTTE, N.C. — PRP Real Estate Investment Management has acquired the global corporate headquarters of Honeywell International Inc. (NYSE: HON) in Charlotte for $275 million. Lincoln Harris and Goldman Sachs Asset Management were the sellers. The property, which opened earlier this month, is dubbed the smartest building in the world given the advanced Honeywell technology implemented in the design, according to PRP. Located at 855 S. Mint St. in Charlotte’s central business district, the headquarters spans 373,921 square feet and rises 23 stories. The building is adjacent to Bank of America Stadium, home of the National Football League’s Carolina Panthers. The property is part of Legacy Union, a 10-acre mixed-use project developed by Lincoln Harris and Goldman Sachs that comprises two city blocks on the former site of The Charlotte Observer. The building design showcases proprietary Honeywell technology, supported by a unit within the company that develops building management solutions, including energy conservation, enhanced security systems, surveillance, health monitoring, air quality measuring and network-based infrastructure. The property can house up to 1,300 Honeywell employees. The building includes ground-floor retail space, terraces on the 22nd and 23rd floors and a podium parking garage with 814 spaces. “Infill trophy office properties like …

December 22, 2021

Acquisitions Company News New York Northeast Office Retail Top Stories

American Finance Trust to Acquire Shopping Center Portfolio for $1.3B, Sell Office Assets as Part of Corporate Rebrand

by John Nelson December 21, 2021

NEW YORK CITY — American Finance Trust Inc. (NASDAQ: AFIN) has entered into a definitive agreement to acquire a portfolio of 81 retail centers from CIM Real Estate Finance Trust, a REIT managed by Los Angeles-based CIM Group. The transaction is valued at $1.32 billion. The 9.5 million-square-foot portfolio comprises power retail and grocery-anchored shopping centers, as well as two single-tenant properties. The weighted average lease term of the portfolio is five years, according to CIM. The names and locations of the retail properties were not disclosed. The transaction price comprises primarily cash considerations, as well as $53.4 million in AFIN’s stock and additional considerations based on performance metrics achieved in the first 180 days after closing. The transaction is scheduled to close in the first quarter of 2022. “This immediately accretive off-market transaction represents a unique value creation opportunity,” says Michael Weil, CEO of AFIN. “We are adding significant scale while further enhancing our best-in-class portfolio with pandemic-tested assets on accretive terms.” For CIM Real Estate Finance Trust, the sale repositions the REIT’s retail portfolio to 437 credit-leased retail properties with a weighted average lease term of 10.8 years. The remaining portfolio totals 13.2 million square feet across 45 …

December 21, 2021

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