Ventas is sponsoring a new fund focused on senior housing, life sciences and medical office real estate in North America. The Ventas Life Science and Healthcare Real Estate Fund is set to launch in the first quarter, and it will have about $700 million in assets under management and third-party equity commitments worth $650 million.
Pebblebrook Hotel Trust is planning to bring the sustainability-focused 1 Hotel brand to San Francisco by renovating an existing property. Pebblebrook will invest $25 million to transform the Hotel Vitale into the 1 Hotel San Francisco.
Welltower is introducing a new brand that targets middle-income adults who are at least 55 years old. Called welltowerLiving, its offerings will be "limited in service relative to traditional senior housing yet program-rich relative to traditional multifamily options."
Starwood Real Estate Income Trust has acquired a 3,336-unit affordable housing portfolio located in 18 Southeastern communities in a deal with undisclosed terms. The portfolio is 96% occupied, with locations mainly in Florida and North Carolina.
Off-price retail stores continue to do well despite turbulence in the broader retail environment, and major players in the space are adding stores. "Off-price is the shining star of the physical retail industry right now, and it looks like it's set to continue for the next five to seven years in terms of new store openings and consumers shifting to it," says Michael Brown of Kearney.
Daniele Horton, founder and president of Verdani Partners, talks about updates to GRESB assessments and the interest investors have in seeing real estate portfolios participate in third-party ESG disclosures. "The market is really shifting toward measurable, high-impact solutions that generate competitive financial returns," she says.
An April 23 opening has been set for Merlin Entertainment's $30 million SEA LIFE Aquarium at American Dream Meadowlands mall in New Jersey. The 25,000-square-foot "City Under the Sea"-themed aquarium will feature 12 exhibits with over 3,000 marine animals and replicas of iconic buildings including the Whale-dorf Astoria and a 13-foot-tall Empire "Skate" Building.
Chimes Solutions is bringing hundreds of new jobs to Reimagine RedBird, a mixed-use development in Dallas that used to be called Southwest Center Mall. A former Sears store is now filled by a UT Southwestern medical office, new retail buildings are being constructed on parking lot space and a park is also in the works.
Construction has begun on a $35 million redevelopment project at Metro Mall in Miami. The mall, owned by Time Century Holdings, is expected to reopen in the spring of next year with a three-story atrium, valet parking, a security system and a new facade.
The Shops at Oak Brook Place in Oak Brook, Ill., has been sold for $75.3 million, down almost 18% from its May 2018 value. The 177,000-square-foot property is close to fully occupied, with tenants like TJ Maxx, Pier 1 Imports, Nordstrom Rack, World Market and DSW.
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