JV to build $1B data centers in Virginia; Costco buys Hawaii business park

TOP NEWS IN REAL ESTATE

* American Real Estate Partners and Harrison Street Real Estate Capital LLC are committing $1 billion through their joint venture to build six powered shell data centers in the Data Center Alley submarket in Ashburn and Arcola, Va. The projects represent 2.1 million square feet of data center space.

* Costco Wholesale Corp. acquired a business park development in West Oahu, Hawaii, from a Jupiter Holdings LLC affiliate for nearly $130.1 million, the Pacific Business News reported. The business park is being built on 45 acres in D.R. Horton Inc.'s master-planned Hoopili Community and is slated to become Costco's distribution center for its stores across Hawaii.

➤ Retail stock trading still above pre-pandemic levels in US

U.S. retail investors are still participating more in the market now than they were prior to the pandemic, and younger investors have some interesting trading habits, according to S&P's latest U.S. Digital Investing Market Report.

➤ Bubble fears overhyped; stay in stocks – Goldman Sachs report

A report from Goldman's Investment Strategy Group sees a 6.3% total return for the S&P 500 in 2022 as most likely in spite of high valuations and market concentration.

OFFICE

* RFR Realty LLC acquired an office tower in downtown Miami from East End Capital Management Inc. and investors Errol Dorfan and Kim Davis, the Commercial Observer reported. The sellers acquired the 30-story 100 Biscayne building for $84 million in 2016, according to the report.

RETAIL

* An affiliate of Starwood Capital Group Management LLC acquired a shopping center in West Palm Beach, Fla., for $130 million, the South Florida Business Journal reported. CLPF-Marketplace LLC, in care of Clarion Partners LLC, sold the 303,705-square-foot Marketplace at the Outlets shopping center.

* Regency Centers Corp. sold Costa Verde Center, a shopping center in San Diego, to another public real estate investment trust in a $125 million transaction that closed Jan. 11. The property will be used for the proposed development of office/laboratory space.

* Dallas-based Steeplechase Ventures bought a regional shopping center in Denton, Texas, from LAD Ventures LLC. The Presidio Plaza at 5800 N. Interstate 35 spans 166,225 square feet and is 91% leased.

INDUSTRIAL

* Vectra Realty LLC sold a warehouse in Gladeview, Fla., to RealTerm Logistics for nearly $47.3 million, the South Florida Business Journal reported. The property at 7101 N.W. 32nd Ave. features 277,425 square feet and was built in 1974.

HOTELS

* The Hakimian Organization sold the hotel portion of the building at 75 Wall St. in New York City to Navika Capital Group LLC for nearly $85 million, The Real Deal reported, citing public records. The Andaz Wall Street is a Hyatt-branded hotel and comprises 253 rooms.

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