The week in global real estate – 19 January 2021

Contact Chris Farhi at Colliers International Strategic Advisory to subscribe to this weekly update of the biggest real estate news from around the globe.

Office

• UT Southwestern Medical Centre has leased 16,722 sqm at Pegasus Park in Texas. Pegasus Park is a 23-acre mixed-use, future-focused campus for collaboration in biotech, social impacts and innovation. The campus is scheduled to open in mid-2021. More info here.
• Skanska sold the Parkview Office building in Prague to Deka Immobilien for €77M. The building has 16,000 sqm of office space and is 94% occupied. The building received LEED Platinum with 97 points. More info here.
• Toda America has purchased Hites Plaza in Dublin for $34.7M. The building is a class A office building with 11,166 sqm of office space. More info here.

Industrial

• Silicon Ranch Corp is building a 100-megawatt solar farm on an 850-acre site in Georgia. The solar farm will provide electricity for a Facebook data centre. More info here.
• BentallGreenOak and Equation Properties have acquired Orwell Logistics Park in the UK. The 60-acre development site will have four units ranging from 8,175 to 46,451 sqm. Phase one will complete in mid-2022. More info here.
• Amazon has announced a further five facilities in metropolitan Detroit. The plans include three fulfilment centres and two sortation centres. The new facilities will create 2,000 jobs in the area. More info here.

Retail

• Hugo Boss has signed a new 10-year lease for its flagship store on Grafton Street, Dublin. They achieved a 24% rent reduction with the rent reducing from €825K to €630K. The store has 535 sqm over three floors. More info here.
• Evolve Estates has purchased Swanley Square retail centre in Sevenoaks, UK. The shopping parade totals 8,825 sqm. It was purchased for an undisclosed amount from U+I. More info here.

Hotel and tourism

• Disney Executives have shared photos from inside the new Star Wars Galactic Starcruiser hotel that is currently under construction in the US. The hotel is designed to be an interactive experience. More info here.
• Hard Rock Hotels is planning to develop a hotel in Ontario, Canada. The hotel will have 353 rooms built in two phases. The first phase of 163 rooms will be completed in 2022 and the second phase will be completed in 2025. More info here.
• Property Alliance Group and Starwood Capital Group have purchased the Renaissance hotel in Manchester. They plan to redevelop the hotel into a mixed-use development with housing, hotel and office space. The 206-bedroom hotel was permanently closed in July 2020. More info here.

Housing

• NRP Group will acquire four acres under the Moorestown Mall in New Jersey, USA. They plan to develop a hotel and 1,605 apartments. The purchase price is likely to be $8M. More info here.
• Fiera Real Estate and Packaged Living have acquired Suffolk House in Cardiff. The building is a two-storey former office building. They are planning a 300 unit build to rent development with 278 sqm of commercial space and 464 sqm of amenity space. More info here.
• Heritage Equity Partners has achieved $53M in construction financing from Madison Realty Capital for its multifamily development in Brooklyn. The 13,006 sqm development will include 150 units (studios, one and two bedrooms). Heritage Development purchased the site for $19.8M in 2018. More info here.

Sustainability

• The US Bureau of Land Management in Utah, USA has sold 11 of its 28 parcels offered in a geothermal lease sale. Copland Clean Power acquired 8 parcels and Raser Power Systems acquired 3. The leases cover a total of 26,200 acres. More info here.
• STAG Industrial has announced three rooftop community solar projects in Maryland, USA. The projects are developed by Summit Ridge Energy and Black Bear Energy. The projects can power 1,500 homes. More info here.

Copyright © Chris Farhi 2021. All rights reserved.