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OKC Industrial Market Sees Record Development, Low Vacancy as 2022 Begins

by Taylor Williams March 1, 2022

By Randy Lacey, SIOR, senior vice president, CBRE | Oklahoma City; and Chris Zach, CPA, associate, CBRE | Oklahoma City Contrary to popular belief, the ongoing pandemic has been a boon to many aspects of the Oklahoma City economy. Industrial real estate growth has been more prominent than any other commercial sector. Those familiar with the city and surrounding area can vouch for the speed and intensity of housing demand and development, but industrial real estate has set itself apart over the last few years. OKC is Here to Stay Oklahoma City has a lot going for it. The market always has been well-positioned in terms of its central geographic location at the intersection of Interstates 35 and 40 and has seen tremendous growth and success in the last decade, with significant headway in the local industrial real estate market. The industry has proven its resiliency amid the pandemic and should continue to fare well into the future. But low costs of living and doing business have further bolstered the appeal of the community. In fact, Oklahoma City is only one of 14 cities across the country to add more than 100,000 people in the last 10 years, …

March 1, 2022

Development Midwest Missouri

Keystone Construction Begins Work on 97,000 SF Sports Complex in Chesterfield, Missouri

by Kristin Harlow February 24, 2022

CHESTERFIELD, MO. — Keystone Construction Co. has begun work on a 97,000-square-foot indoor volleyball and basketball complex in Chesterfield near St. Louis. Mia Rose Holdings is the developer, MW Weber Architects is the architect and Stock & Associates Consulting Engineers Inc. is the civil engineer. Completion is slated for early 2023. Chesterfield Sports Association (CSA), a nonprofit organization, will own and operate the facility. Nine basketball courts will convert to 18 volleyball courts. Additional features will include a fitness area, spectator seating, lounge areas and multipurpose rooms. CSA plans to host over 40 tournaments each year that will attract out-of-town guests and generate economic activity for local restaurants and hotels.

February 24, 2022

Market Reports Northeast Northeast Market Reports

Northeast Developers, Brokers Express Concerns Over Inflation in Exclusive Forecast Survey

by Taylor Williams February 23, 2022

By Taylor Williams In late October of last year, Raphael Bostic, president of the Federal Reserve Bank of Atlanta, gave a virtual speech in which he carried a glass jar with the word “transitory” labeled on it. Inside the jar were wadded-up dollar bills, deposited by Bostic’s staff members each time they used the word “transitory” to describe the surge in prices of consumer goods and services. The exercise was meant to dispel the notion that the current inflationary environment would be fleeting or short-lived. Based on the results of Northeast Real Estate Business’ annual reader forecast survey, commercial brokers and developers/owners in the region aren’t likely to be contributing to that fund any time soon. Inflation Could Linger When asked to identify the macroeconomic force that was most likely to impact the commercial real estate industry in 2022, roughly a third of broker respondents selected inflationary pressures over supply chain constraints, pandemic restrictions, the $1 trillion infrastructure bill and employment/gross domestic product (GDP) growth. Concerns over pandemic-related restrictions on businesses, which adversely impact demand for space, was a close second among broker respondents. Some brokers elaborated on these views in the free-response section of the survey. “Continued inflation will …

February 23, 2022

Development Life Sciences Massachusetts Northeast Top Stories

Eli Lilly Plans $700M Institute for Genetic Medicine in Boston’s Seaport District

by Taylor Williams February 22, 2022

BOSTON — Indianapolis-based pharmaceutical giant Eli Lilly & Co. has unveiled plans for a $700 million institute for genetic medicine in Boston’s Seaport District. The opening is slated for 2024. The company has signed a 334,000-square-foot lease at 15 Necco St., a 12-story healthcare and life sciences building that Alexandria Real Estate Equities (NYSE: ARE) is developing. At the facility, Lilly will develop genetic medicines with a range of applications, including diabetes, immunology and central nervous system research. Curtis Cole, John Carroll III, Evan Gallagher, Tim Allen and Caitlin Mahoney of Colliers represented Eli Lilly in the deal. The site will also include a shared space modeled after Lilly Gateway Labs in San Francisco to support biotech startups in the Boston area. This area will afford users access to dedicated and configurable lab and office space and opportunities for collaboration with Lilly scientists. These companies are expected to generate as many as 150 additional new jobs once the space is fully occupied. The investment follows Lilly’s 2020 Prevail Therapeutics initiative, which centered on the launch of a gene therapy facility in New York City. Lilly projects that within five years, employment at the Boston facility will grow from 120 to …

February 22, 2022

Acquisitions Company News New York Northeast Retail Southeast Top Stories Virginia

Ares Management Acquires Capital Automotive for $3.8B, Including 250 Net-Leased Car Dealerships

by John Nelson February 18, 2022

NEW YORK CITY AND MCLEAN, VA. — Ares Management Corp. (NYSE: ARES) has acquired Capital Automotive LLC, a McLean-based firm that specializes in the sale-leaseback of car dealerships under new triple-net leases. Ares purchased the company through its alternative credit strategy division and real estate group for $3.8 billion. The seller was a private real estate fund managed by Brookfield Asset Management (NYSE: BAM). Capital Automotive owns more than 250 real estate assets in the United States and Canada that are structured under long-term, triple-net leases to various car dealers. The names and locations of the properties were not disclosed. Ares purchased Capital to expand and diversify its net-lease investment strategy. Including the recent investment in Capital Automotive, Ares’ funds have invested in over 1,200 real estate assets totaling approximately $7.2 billion of gross asset value in North America and Europe over the past 15 months. These net lease investments include retail, industrial and office properties leased to tenants with varying credit profiles. Ares’ real estate group had approximately $41.2 billion of assets under management as of year-end 2021. Ares Management’s stock price closed on Thursday, Feb. 17 at $79.01 per share, up from $52.02 a year ago, a nearly …

February 18, 2022

Acquisitions Georgia Multifamily New York Northeast Southeast Top Stories

Blackstone Agrees to Acquire Preferred Apartment Communities for $5.8B

by Kristin Harlow February 16, 2022

ATLANTA AND NEW YORK CITY — Blackstone Real Estate Income Trust Inc. (BREIT) has entered into a definitive agreement to acquire Preferred Apartment Communities Inc. (PAC) for approximately $5.8 billion. Under the terms of the agreement, BREIT will acquire all outstanding shares of PAC’s common stock for $25 per share in an all-cash transaction. PAC’s portfolio includes 44 multifamily communities totaling approximately 12,000 units concentrated largely in Atlanta, Orlando, Tampa, Jacksonville, Charlotte and Nashville, as well as 54 grocery-anchored retail assets comprising roughly 6 million square feet in Atlanta, Orlando, Nashville and Raleigh. BREIT will also acquire PAC’s two Sun Belt office properties and 10 mezzanine/preferred equity investments collateralized by new or under-construction multifamily assets. “Investing using BREIT’s perpetual capital will enable us to be long-term owners of these vibrant communities,” says Jacob Werner, co-head of Americas acquisitions for BREIT. “The company’s grocery-anchored retail portfolio performance has also been strong and resilient, and we believe these types of necessity-oriented assets located in areas with growing populations are well positioned for continued growth.” Joel Murphy, PAC’s chairman and CEO, says the transaction is an excellent outcome for shareholders and the culmination of efforts over the past few years to simplify and …

February 16, 2022

Market Reports Texas Texas Market Reports

Industry Professionals Across Texas Share Views on Macroeconomic Challenges via Exclusive Survey

by Taylor Williams February 15, 2022

By Taylor Williams In late October, Raphael Bostic, president of the Federal Reserve Bank of Atlanta, gave a virtual speech in which he carried a glass jar with the word “transitory” labeled on it. Inside the jar were wadded-up dollar bills, deposited by Bostic’s staff members each time they used the word “transitory” to describe the surge in prices of consumer goods and services. The exercise was meant to dispel the notion that the current inflationary environment would be fleeting or short-lived. Based on the results of Texas Real Estate Business’ annual reader forecast survey, commercial brokers and developers/managers in the Lone Star State aren’t likely to be contributing to that fund any time soon. When asked to identify the macroeconomic force that was most likely to impact the commercial real estate industry in 2022, both of these groups selected inflationary pressures over supply chain constraints, pandemic restrictions, the $1 trillion infrastructure bill and employment/gross domestic product (GDP) growth. It’s worth noting that the survey officially closed on Monday, Dec. 13, about a week before the nation began to see a major surge in COVID-19 cases, most of which were classified as the Omicron variant. In the subsequent three-week period, …

February 15, 2022

Acquisitions Mixed-Use North Carolina Southeast

Blue Heron Sells Mixed-Use Property in Downtown Durham for $78.3M

by Julia Sanders February 9, 2022

DURHAM, N.C. — An affiliate of Raleigh-based Blue Heron Asset Management has sold Foster on the Park, a 164-unit mixed-use property in the Central Park district of downtown Durham, for $78.3 million or $477,000 per unit. Allan Lynch, Jeff Glenn and Andrea Howard of Northmarq represented Blue Heron Asset Management in the sale. San Francisco-based Stockbridge was the buyer. Built in 2020, Foster on the Park offers studio, one- and two-bedroom floorplans. Unit features include plank wood flooring, stainless steel appliances, Nest thermostats and in-unit washers and dryers. Community amenities include a fitness center, resident library, yoga room, lounge and a saltwater pool and lounge. The property also features 2,141 square feet of ground-floor retail space leased to local liquor shop, The Glass Jug. The property was 93 percent occupied at the time of sale. Located at 545 Foster St., Foster on the Park is close to the Historic Durham Athletic Park and Durham Central Park, as well as Google’s new offices at Durham Innovation District. The property is also situated close to retailers and restaurants such as the King’s Sandwich Shop, Durham Distillery, Beer Durham and The Dankery. Additionally, the property is situated 2.3 miles from Duke University.

February 9, 2022

Development Healthcare Maryland Mixed-Use Multifamily Office Southeast Top Stories

Howard Hughes Corp. Plans to Invest $325M in Medical Office, Residential Projects in Columbia, Maryland

by John Nelson February 8, 2022

COLUMBIA, MD. — The Howard Hughes Corp. (NYSE: HHC) has unveiled plans to invest $325 million to densify Downtown Columbia, the REIT’s 391-acre mixed-use development within the master-planned community of Columbia. Founded by James Rouse in 1967, Columbia is situated within the Baltimore-Washington, D.C. corridor in Maryland and is one of the first master-planned communities in the United States. The first new HHC project within Downtown Columbia’s Lakefront District is a four-story, 86,000-square-foot medical office building representing about $45.8 million in investment. Studio Red Architects is designing the property to achieve LEED Platinum and Fitwel certifications. Orthopaedic Associates of Central Maryland (OACM), a division of The Centers for Advanced Orthopaedics, will move its Columbia office into the new building upon completion in 2024, occupying approximately 20 percent of the asset. The property will be situated near a Whole Foods Market and Lake Kittamaqundi. Several health and wellness tenants signed on at Downtown Columbia to capitalize on the halo effect from the nearby Howard County General Hospital, which is part of Johns Hopkins Medicine. Other tenants at the Lakefront District include The Pearl spa, medtech firm NuVasive, MedStar Health’s headquarters, Healthcare Management Solutions, Welldoc, Sharecare, Consortium Health Plans, Vaya Pharma, Medisolv …

February 8, 2022

Acquisitions Hospitality Massachusetts Northeast Top Stories

Värde Partners, Hawkins Way Capital Buy Sheraton Boston Hotel for $233M

by Taylor Williams February 7, 2022

BOSTON — A joint venture between global asset manager Värde Partners and California-based Hawkins Way Capital has purchased the 1,220-room Sheraton Boston Hotel, located at 39 Dalton St. in the city’s Back Bay neighborhood. The hotel sold for $233 million, or roughly $191,000 per room, according to multiple local news outlets including The Boston Globe and WCBV. The partnership purchased the 29-story, 1.1 million-square-foot property from Maryland-based REIT Host Hotels & Resorts Inc. (NASDAQ: HST). The luxury hotel offers amenities such as a pool, business center, fitness center, meeting space, spa and wellness center, convenience store and an onsite restaurant. The Sheraton is Boston’s largest hotel, and the sales price is below that of comparable hotel deals that traded in Boston’s downtown area prior to the pandemic, according to the Globe. Citing data from Pinnacle Advisory Group, the local newspaper puts the downtown Boston hotel market’s average nightly occupancy rate for 2021 at approximately 45 percent. The deal marks the sixth acquisition between Värde Partners and Hawkins Way Capital as part of a larger plan to acquire $1 billion in value-add and distressed hospitality and housing assets in major U.S. cities. The joint venture’s portfolio also includes the DoubleTree by …

February 7, 2022

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