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The-Cosmopolitan-Las-Vegas
AcquisitionsHospitalityNevadaTop StoriesWestern

Blackstone Agrees to Sell Cosmopolitan Hotel, Casino in Las Vegas to MGM for $5.6B

by Taylor Williams

LAS VEGAS — Blackstone (NYSE: BX) has entered into an agreement to sell The Cosmopolitan hotel and casino in Las Vegas to locally based hospitality and entertainment owner-operator MGM Resorts International (NYSE: MGM) for $5.6 billion. Blackstone originally acquired The Cosmopolitan in 2014 for approximately $1.6 billion, according to The Wall Street Journal. The firm subsequently invested more than $500 million in capital improvements to renovate the property’s 3,000 existing hotel rooms; add 67 new rooms and suites; enhance and expand the food and beverage offerings; and upgrade common areas and amenity spaces. Under the terms of the agreement, MGM will acquire the operations of The Cosmopolitan and sign a long-term net lease with a partnership between Cherng Family Trust, alternative investment firm Stonepeak Partners and Blackstone Real Estate Income Trust Inc. The deal is expected to close in early 2022. The Journal also reported that as of Friday, Sept. 24, The Cosmopolitan’s hotel rooms had been 87 percent occupied during the current month, with an average daily room rate of $448. The Cosmopolitan originally opened in 2010. In addition to its 3,000-plus hotel rooms, the development features a 110,000-square-foot casino; 300,000 square feet of retail and restaurant space; 150,000 …

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WashREIT
AcquisitionsDistrict of ColumbiaLife SciencesRetailSoutheastTop Stories

JLL Arranges $168.3M Sale of Retail Portfolio Across Mid-Atlantic

by Julia Sanders

WASHINGTON, D.C. — JLL Capital Markets has arranged the sale of a portfolio of eight infill neighborhood retail assets totaling 695,991 square feet in Washington, D.C., northern Virginia and southern Maryland. Stephen Conley, Danny Finkle, Jordan Lex and Kim Flores of JLL represented the D.C.-based seller, WashREIT (NYSE: WRE), which sold the portfolio for $168.3 million. The buyers were Rosenthal Properties and an undisclosed institutional partner, according to the Washington Business Journal. The news outlet also reports the seller had acquired the eight properties over the span of five decades. The portfolio includes two properties in Washington, D.C., two in Northern Virginia and four in Maryland. The properties in D.C. include Chevy Chase Metro Center and Spring Valley Village. The Virginia properties are 800 S. Washington St. in Alexandria and Concord Centre in Springfield. The southern Maryland properties are Montrose Shopping Center and Randolph Shopping Center in Rockdale; Takoma Park Shopping Center in Takoma; and Westminster Shopping Center in Westminster. The properties are 82 percent leased collectively. Four of the shopping centers are grocery-anchored by stores such as Mom’s Organic Market at Montrose Shopping Center and Aldi at Springfield’s Concord Centre. Other grocery anchors include Food Lion and Giant. The …

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ELP-55-Aerial
Company NewsDevelopmentIndustrialTop Stories

Brookfield Asset Management, Elion Partners Form $1B Industrial Development Partnership

by Katie Sloan

TORONTO AND MIAMI — Brookfield Asset Management (NYSE: BAM) and Elion Partners have announced a $1 billion strategic partnership. The venture will expand Toronto-based Brookfield’s logistics portfolio across core infill markets in the U.S. Through the investment, Brookfield recapitalized Elion Logistics Park 55, a master-planned industrial park in Wilmington, Illinois, approximately 60 miles southwest of downtown Chicago. Located adjacent to the BNSF railway, the property features five Class A, fully leased industrial buildings totaling 4 million square feet. The site offers the potential to develop up to 15 million square feet of additional industrial space. Park Madison Partners acted as advisor for the recapitalization.  Brookfield has also committed $80 million to Elion’s latest affiliated value-add fund — Elion Real Estate Fund V — which held its final closing last month, achieving a capitalization of $500 million. A majority of the fund’s portfolio was pre-specified prior to Brookfield’s investment and includes 3.2 million square feet of logistics properties across infill coastal markets in the U.S. “Industrial logistics real estate continues to experience positive momentum and now is the logical time to seek long-term capital,” says Juan DeAngulo, managing partner at Miami-based Elion. “This partnership structure and Brookfield’s support will enable Elion …

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AcquisitionsDevelopmentNew YorkNortheastOfficeTop Stories

Google to Acquire St. John’s Terminal Office Redevelopment in Manhattan for $2.1B

by John Nelson

NEW YORK CITY — Google has announced plans to acquire St. John’s Terminal, a 1.3 million-square-foot office redevelopment underway in Manhattan that will anchor the search engine giant’s Hudson Square campus. Google (NASDAQ: GOOGL) intends to purchase the development site at 550 Washington St., which the company signed a lease agreement for in 2018, for approximately $2.1 billion. The company is exercising its purchase agreement with the landlord and developer, an ownership group comprising Toronto-based Oxford Properties Group and CPP Investments, according to The Wall Street Journal. The Journal also reports the transaction is the most expensive sale of a single U.S. office building since the start of the COVID-19 pandemic, citing data from research firm Real Capital Analytics. The sale is also among the priciest for a single office property in U.S. history. Google plans to open its offices at 550 Washington by mid-2023. Although the company expects to operate the office with a flexible hybrid approach to in-office versus work-from-home concepts in the wake of the COVID-19 pandemic, Google says that “coming together in person to collaborate and build community will remain an important part of our future.” The St. John’s Terminal transaction is expected to close in …

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Affordable HousingDevelopmentMichiganMidwestMultifamily

Woda Cooper Opens $11M Affordable Housing Project in Grand Rapids

by Kristin Harlow

GRAND RAPIDS, MICH. — Woda Cooper Cos. Inc. has opened an $11 million affordable housing project named Seven45 Stocking Apartments at 745 Stocking Ave. in Grand Rapids. Residents must earn between 30 and 80 percent of the area median income to qualify for the development. The 50-unit property includes three first-floor units that offer an office suite or retail storefront for residents to utilize for their work. Those spaces were leased to three entrepreneurs, including one resident that operates a beauty bar and two others that work in digital marketing and business services. Amenities include a playground, fitness center, community room and laundry facilities. There are five units with features for those with disabilities. The Michigan State Housing Development Authority provided affordable housing tax credits to support financing for the project. Affordable housing investor CREA provided equity financing. Cedar Rapids Bank & Trust provided the first mortgage and Wells Fargo provided a construction loan. PCI Design Group was the project architect and Sol Consulting + Design served as sustainability consultant. Woda Cooper’s construction division served as the general contractor and the company’s management division will oversee leasing and day-to-day operations.

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Virginia-Tech-Innovation-Campus
DevelopmentMixed-UseSoutheastTop StoriesVirginia

JBG Smith Breaks Ground on $1B Virginia Tech Innovation Campus in Alexandria, Virginia

by Taylor Williams

ALEXANDRIA, VA. — JBG Smith (NYSE: JBGS), a Maryland-based developer and REIT, has broken ground on the first building within the $1 billion Virginia Tech Innovation Campus at the university’s satellite campus in the Washington, D.C. area. The development is located about 275 miles from Virginia Tech’s main campus in Blacksburg. The 300,000-square-foot building will be situated on a 3.5-acre site within the Potomac Yard development. Construction of the first building is scheduled to be complete in advance of the fall 2024 academic semester. Plans for the campus call for the construction of two more academic buildings spanning 150,000 square feet each. When completed, the new academic building will provide instruction, research, office and support spaces for graduate-level programs in computer science and computer engineering, as well as other select programs. The building will also house experiential learning spaces, including flexible multipurpose areas and research and testing labs. Sasaki and SmithGroup led the design of the academic structure. JBG Smith is the master developer of the Innovation Campus and will also serve as the property manager and leasing agent for subsequent commercial and residential buildings within Potomac Yard. “This is a vibrant district, anchored by a new Virginia Tech campus, …

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Northstar-Sarasota
FloridaHealthcareSeniors HousingSoutheastTop Stories

Highgate Capital, Aurora Health to Buy 300-Property Healthcare Portfolio in Deal Valued at $3.2B

by Katie Sloan

BOCA RATON, FLA. — DigitalBridge (NYSE: DBRG) has agreed to sell its entire wellness portfolio, consisting of 300 seniors housing, skilled nursing, medical office and hospital properties, in a deal valued at $3.2 billion. The buyers are Highgate Capital Investments and Aurora Health Network. Before announcing its rebrand to DigitalBridge in June, the Boca Raton-based real estate investment trust (REIT) was formerly known as Colony Capital. The sale is the final step of the company’s conversion of its portfolio to all digital infrastructure properties, such as cell towers and data centers. The $3.2 billion includes $226 million in cash, a $90 million seller note and the assumption of $2.9 billion in debt. “Having completed our digital transformation in less than two years, this final step will allow us to emerge as the pure-play, fast-growing digital infrastructure REIT we envisioned from day one,” says Marc Ganzi, president and CEO of DigitalBridge. The portfolio includes DigitalBridge’s equity interest in and management of its sponsored, non-traded REIT, NorthStar Healthcare Income Inc. The company merged with NorthStar in 2016, with the combined REIT valued at a total capitalization of $17 billion at that time. The sale is expected to close in early 2022, subject …

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DevelopmentMultifamilyTexasTop Stories

Stratus Properties Acquires Land in Downtown Austin for 300-Unit Luxury Apartment Tower

by Kristin Harlow

AUSTIN, TEXAS — Stratus Properties Inc. (NASDAQ: STRS) has acquired land near the Texas State Capitol in downtown Austin with plans to develop Block 150, a 300-unit luxury apartment tower. Rising 400 feet at the corner of 12th and San Antonio streets, the project will span 420,000 gross square feet and include ground-floor retail space. Development costs are estimated at $185 million, according to the Austin American-Statesman. The scope of the project includes the historic A.O. Watson house, which will be renovated and expanded to offer resident amenities such as a restaurant, pool and garden. Built in 1894, the house was the personal residence of architect Arthur Osborn Watson. Construction on Block 150 is expected to begin in early 2023 with completion slated for mid-2025. Stratus Block 150 LP, a Texas limited partnership, will own the development. Financing for the land purchase and predevelopment is in place and includes a land acquisition loan in the amount of $14 million. The remaining predevelopment costs will be funded by approximately $21 million in equity contributed to the limited partnership by Stratus and private equity investors. Stratus will receive 25 percent of the limited partnership’s equity, in exchange for development costs to date …

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AcquisitionsCaliforniaCompany NewsNew YorkNortheastOfficeTop StoriesWestern

PIMCO to Acquire Office REIT Columbia Property Trust in $3.9B Deal

by John Nelson

NEWPORT BEACH, CALIF. AND NEW YORK CITY — Pacific Investment Management Co. (PIMCO) has entered into a definitive agreement with Columbia Property Trust (NYSE: CXP) to acquire the New York City-based office REIT. Funds managed by PIMCO will acquire all of the outstanding shares of Columbia’s common stock in a deal valued at $3.9 billion, including debt. Columbia owns 15 office properties spanning more than 6 million square feet in the gateway markets of New York City, Boston, San Francisco and Washington, D.C. The firm’s portfolio also includes four office properties under development and 8 million square feet under management for private investors and third parties. The U.S. office sector has been severely impacted by the outbreak of COVID-19 and rise of the Delta variant as millions of office-using employees are currently working from home. According to The Wall Street Journal, New York City and San Francisco reported the lowest usage rates among the 10 major office markets tracked by Falls Church, Va.-based Kastle Systems, which monitors access swipes of office buildings. New York City had a usage rate of 22.3 percent and San Francisco had a 19.7 usage rate for the week ending Aug. 25. Despite the headwinds facing …

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Market ReportsMidwestMidwest Market ReportsOhioRetail

Demand Rises for Convenient, Quality and Affordable Retail in Cleveland

by Kristin Harlow

By Catherine Lueckel and Allison Giomuso, Matthews Real Estate Investment Services In nearly every major metro in the Midwest, the most active retailers expanding, leasing or developing involve grocers, discounters and drive-thru tenants. Most of the activity in the Midwest is reflective of the broader trend in shifting consumer demands, away from wants and more toward needs and services.  Discount retailers  It’s no surprise that discount retailers rose in popularity among shoppers during economic uncertainty, as they offer products for a fraction of the price. This trend is very apparent in the Midwest, with consumers focusing on value through the wake of the economic recovery. While discount retailers offer the best value in their products, they equally search for the best value in their real estate. Their expansion goals align closely with their financial goals; therefore, they target the Midwest, where deals are not overvalued and produce a higher rate of return. The Midwest boasts cheaper real estate compared with other regions, and more robust growth due to the affordable cost of living and lower costs of doing business. Discount-oriented retailers dominated Ohio’s leasing activity, specifically in Cleveland, where they accounted for the most move-ins and top leases in 2020. …

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