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Boston Properties to Acquire Safeco Plaza Office Tower in Seattle for $465M

by Katie Sloan July 29, 2021

SEATTLE — Boston Properties Inc. (NYSE: BXP) has entered into an agreement to acquire Safeco Plaza, a 50-story, Class A office tower located at 1001 Fourth Ave. in Seattle’s Central Business District, for $465 million. The seller in the transaction was undisclosed. The REIT is acquiring the 800,000-square-foot property through a joint venture with one of the participants in its recently announced co-investment program with Canada Pension Plan Investment Board (CPP Investments) and GIC. Boston Properties will own a 51 percent interest in the building. Safeco Plaza was developed in 1969 by the Howard S. Wright Construction Co. and features a two-story lobby, five-level subterranean parking garage, a large outdoor plaza and 15,000 square feet of ground-floor retail. The LEED Platinum-certified property offers views of the Seattle skyline, Puget Sound and Olympic Mountains and is located adjacent to stops for Seattle’s Link light rail and Metro bus lines. Safeco Plaza was 90 percent leased at the time of sale to tenants including Safeco Insurance, Bank of America, Corr Cronin LLP, Fox Rothschild, Helsell Fetterman and Interior Architects. Hines has managed the asset since 2016. Boston Properties is one of the largest publicly traded developers, owners and managers of Class A …

July 29, 2021

Acquisitions Illinois Midwest Retail

Old Second to Acquire West Suburban Bank for $297M

by Kristin Harlow July 27, 2021

AURORA AND LOMBARD, ILL. — Old Second Bancorp Inc. (Nasdaq: OSBC) and West Suburban Bancorp Inc. have signed a definitive merger agreement under which Aurora-based Old Second will acquire Lombard-based West Suburban in a cash and stock transaction valued at $297 million. Under the terms of the merger agreement, which was unanimously approved by the boards of directors of both companies, Old Second will pay 65 percent of the purchase price in stock and the remainder in cash. According to a news release, the merged company will have approximately $6.2 billion in assets with 70 branches and will create the largest community bank under $10 billion in assets in the Chicago market. The merger is expected to close in the fourth quarter of 2021.

July 27, 2021

Acquisitions California Company News Multifamily Northeast Pennsylvania Top Stories Western

Independence Realty Trust and Steadfast Apartment REIT to Merge, Creating $7B Multifamily Owner

by John Nelson July 27, 2021

PHILADELPHIA AND IRVINE, CALIF. — Independence Realty Trust Inc. (NYSE: IRT), a publicly traded apartment REIT based in Philadelphia, has agreed to acquire Irvine-based Steadfast Apartment REIT Inc. On a pro-forma basis, the combined company is expected to have a total enterprise value of approximately $7 billion and be equally owned by shareholders of both firms. Post-merger, the company will operate under the Independence Realty Trust banner and trade under the same stock symbol. The portfolio will total 131 apartment communities comprising approximately 38,000 units across 16 states. The combined company’s 10 largest markets by unit count would be Atlanta, Dallas-Fort Worth, Denver, Oklahoma City, Louisville, Columbus, Indianapolis, Raleigh-Durham, Houston and Memphis. According to an investor presentation, the portfolio averages $1,231 in effective rent per month and is 96.2 percent occupied. The combined company would rank at No. 26 on the National Multifamily Housing Council’s (NMHC) 2021 ranking of the top 50 apartment owners. Neither Independence Realty Trust nor Steadfast Apartment REIT is on the NMHC Top 50 Owners ranking for 2021. Both companies expect the transaction to close during the fourth quarter of 2021, subject to customary closing conditions, including approval of both companies’ stockholders. The boards of directors …

July 27, 2021

Development Industrial New York Northeast Office Retail Self-Storage Top Stories

L&L, Columbia Receive $1.2B Construction Loan for Redevelopment of Historic Manhattan Warehouse

by Taylor Williams July 26, 2021

NEW YORK CITY — A joint venture between L&L Holding Co. and Columbia Property Trust (NYSE: CXP) has received a $1.2 billion construction loan for the redevelopment of the historic Terminal Warehouse building in Manhattan’s West Chelsea neighborhood. The property was originally built in 1891 as the first major New York City facility with direct access to the river, streets and rail lines. A set of twin rail tracks runs through the center of the facility and originally offered a direct connection from the Hudson River’s docks to the freight lines operating at street level along 11th Avenue. Today, Terminal Warehouse consists of 1.2 million square feet of office, retail and self-storage space. The partnership plans to develop the property’s 550,000 square feet of self-storage space into modern, Class A office property and reimagine the ground-floor retail common areas. COOKFOX Architects is leading the design of the redevelopment. In addition, as part of the project plan approved by the New York City Landmarks Preservation Commission, the floor area will be removed to make room for a new courtyard, a series of double-height interior spaces throughout the western portion of the building and six new office levels with floor-to-ceiling glass overlooking …

July 26, 2021

Company News Development Healthcare Life Sciences New York Northeast Office Top Stories

Life Sciences Firm Regeneron to Invest $1.8B for Campus Expansion in Tarrytown, New York

by John Nelson July 20, 2021

TARRYTOWN, N.Y. — Regeneron (NASDAQ: REGN), a medicine manufacturer known for its COVID-19 antibody cocktail, plans to invest $1.8 billion over the next six years to support the expansion of its life sciences headquarters in Tarrytown, about 25 miles north of Manhattan. Located in Westchester County on the east bank of the Hudson River, the project will expand Regeneron’s research, preclinical manufacturing and support facilities, while creating an estimated 1,000 new full-time jobs. “The COVID-19 pandemic has highlighted the importance of continued and long-term investment in the biopharmaceutical industry, and Regeneron is proud to pursue life-changing science and technology from our labs and manufacturing facilities in New York State,” says Leonard Schleifer, president and CEO of Regeneron. The project is expected to encompass up to eight research and development buildings, three parking garages and a central utility plant totaling approximately 900,000 square feet. Regeneron has indicated that road infrastructure improvements will be necessary to support the new buildings, which will come on line in two phases. Construction planning will begin this summer and project construction is scheduled for completion in 2027. No members of the project team were disclosed. The life sciences firm chose to expand in Tarrytown following site …

July 20, 2021

District of Columbia Retail Southeast

NRF: June Retail Sales Increase Following a Dip in May

by Julia Sanders July 19, 2021

WASHINGTON, D.C. — The National Retail Federation (NRF) reports retail sales rose 0.8 percent in June over the prior month on a seasonally adjusted basis — not including automobile dealers, gas stations and restaurants — and were up 12.1 percent unadjusted year-over-year. The NRF’s June report confirms the organization’s revised predictions made at the beginning of July. NRF revised its retail sales forecast for 2021 retail sales to increase between 10.5 and 13.5 percent over 2020 to a range of $4.44 trillion and $4.56 trillion. The U.S. Census Bureau reports that retail sales have increased year-over-year every month since June 2020, including May, which had a decline of 1.7 percent month-over-month and a growth of 27.6 percent year-over-year. The Washington, D.C.-based trade association also reports that there was a big increase in sales during the yearly Amazon Prime Day promotion on June 21 and 22, but that hot temperatures and tropical storms like Hurricane Elsa may have negatively impacted retail sales. The NRF expects an increase in back to school shopping as children head back to school, some for the first time since before the pandemic. Clothing and accessory stores increased 2.6 percent month-over-month and increased 49.4 percent year-over-year. Also, …

July 19, 2021

Acquisitions Indiana Midwest Retail

Slate Grocery REIT Acquires Indianapolis Shopping Center for $8.5M

by Kristin Harlow July 19, 2021

INDIANAPOLIS — Slate Grocery REIT has acquired Glenlake Plaza in Indianapolis for $8.5 million. Concurrent with the acquisition, the REIT has secured a new long-term lease with the property’s anchor tenant, Kroger, for 15 years. The shopping center spans 104,679 square feet of gross leasable area and features an occupancy rate of 85 percent. An owner and operator of grocery-anchored real estate, Slate Grocery REIT’s portfolio comprises $1.4 billion of assets across major U.S. markets. The company trades on the Toronto Stock Exchange.

July 19, 2021

Company News Illinois Indiana Midwest Retail Top Stories

Kite Realty, RPAI Enter Into $7.5B Merger Agreement to Create New Shopping Center REIT

by Taylor Williams July 19, 2021

INDIANAPOLIS AND CHICAGO — Kite Realty Group Trust (NYSE: KRG) and Retail Properties of America (NYSE: RPAI) have entered into a merger agreement valued at $7.5 billion that will create a new shopping center REIT with a portfolio of 185 assets totaling approximately 32 million gross leasable square feet. Under the terms of the deal, which is expected to close in the fourth quarter, a subsidiary of Indianapolis-based KRG will acquire Chicago-based RPAI in an all-stock transaction. The $7.5 billion valuation puts the newly formed company in the top five of shopping center REITs in terms of total enterprise valuation, according to company officials. Specifically, each share of RPAI common stock will be converted to 0.623 shares of KRG common stock. This rate represents a premium of 13 percent over RPAI’s closing share price of $20.83 per share on July 16, 2021. The new company will trade under the KRG ticker symbol and remain headquartered in Indianapolis. In terms of leadership, KRG’s board will be expanded to 13 trustees via the addition of four new members from the existing RPAI Board. Following the closing of the deal, KRG shareholders are expected to own approximately 40 percent of the combined company’s …

July 19, 2021

Florida Market Reports Multifamily Southeast Southeast Market Reports

South Florida’s Reliable, Robust Apartment Market is a Safe Haven for Investors

by John Nelson July 18, 2021

South Florida multifamily fundamentals are, and will continue to be, the single biggest driver of performance in the market. Strong rent collection and occupancy performance through the pandemic, population and household growth, low homeownership rates, increasingly expensive home prices, an improving job market, higher wage growth, limited land and a wonderful lifestyle all contribute toward sustainable long-term growth. Demand for multifamily rentals will increase post COVID-19 as South Florida becomes a hotbed of population growth from people migrating from other states due to the business-friendly environment and tele-workers who are choosing South Florida as their new home. In fact, household formations in South Florida are expected to increase more than 44,000 each year over the next five years. Assuming this projection materializes, at 60 percent homeownership rate (consistent with historic homeownership rates) represents over 17,000 new renters per year in South Florida. Investment sales skyrocket In the span of less than 12 months, the South Florida multifamily market went from near-record sales activity to virtually none before rebounding again to close the year. Last year ended with 254 multifamily sales totaling $3.1 billion. Despite almost six months of virtually no investment activity from April through September, total sales volume was …

July 18, 2021

Acquisitions Georgia Retail Southeast

North American Properties Acquires 230,000 SF Avenue East Cobb Retail Center in Metro Atlanta

by Julia Sanders July 15, 2021

MARIETTA, GA. — North American Properties (NAP) has acquired The Avenue East Cobb, a 230,000-square-foot retail development in Marietta. The seller and sales price were not disclosed. The property’s tenant roster features national brands such as lululemon atheltica, Sephora, Pottery Barn, Simply Mac, Bed Bath & Beyond and Williams Sonoma, as well as regional concepts such as High Country Outfitters, Stockyard Burgers & Bones and Tin Lizzy’s Cantina. NAP’s repositioning plan calls for the addition of a central event lawn surrounded by restaurants with patios. Built in 1999, Avenue East Cobb was the first to be developed as part of Cousins Properties’ portfolio of lifestyle centers branded “Avenue.” NAP is a real estate operator and development company based in Cincinnati. Since announcing its value-add acquisition strategy in December 2019, NAP’s Atlanta office has executed redevelopment and repositioning plans at Colony Square in Midtown Atlanta; Newport on the Levee in Newport, Ky.; and Birkdale Village in Huntersville, N.C.

July 15, 2021

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