General News
Illinois Teachers Commits $250Mln to 3 Real Estate Funds
Commercial Real Estate Direct Staff ReportThe Teachers' Retirement System of the State of Illinois has committed $250 million to three commingled real estate investment funds.The pension fund, which has $39.7 billion in assets, committed $100 million each to Beacon Capital...
Madison Marquette Raises $487Mln for Value-Add Fund
Madison Marquette has raised $487 million of equity commitments for an investment vehicle that would pursue retail properties that could be redeveloped.Investors in the fund, Madison Marquette Retail Enhancement Fund, include Pennsylvania State Employees Retirement System, School Employees Retirement System...
Crescent Hotels Buys Properties in Pa. and Va.
Crescent Hotels & Resorts has acquired two suite hotels with a combined 477 units in Plymouth Meeting, Pa., and Richmond, Va.The Fairfax, Va., investor plans to make a combined $6 million worth of improvements to the properties: the 253-suite Doubletree...
Triple Net Sells Building in Fla., Buys Another in Ohio
Triple Net Properties has sold the Buschwood Office Park III, with about 78,000 square feet in Tampa, Fla., to Eola Capital. The two-story property, which was built in 1989, was sold by the Santa Ana., Calif., firm on behalf of...
Shorenstein Raises $1.3Bln of Equity for Investment Fund
Shorenstein Properties has raised $1.3 billion in equity for its latest investment fund. With leverage, the fund is likely to have about $3 billion of buying power.The fund is targeting value-add office and mixed-use property investments in major markets across...
Mission Capital Offers 2 Loan Portfolios Totaling $20Mln
Commercial Real Estate Direct Staff ReportMission Capital Advisors is offering a pair of loan portfolios with a combined balance of $20 million.Both portfolios, which are offered by different sellers, are expected to be sold before the end of June. Mission,...
Hines REIT Agrees to Buy Seattle Office Building for $72.2Mln
Commercial Real Estate Direct Staff ReportHines REIT has agreed to buy a 197,135-square-foot office building in Seattle for $72.2 million from Touchstone Seattle Venture II.The building at 5th and Bell streets, which was developed by a venture of Orix Real...
Crescent Hotels Buys Properties in Pa. and Va.
Crescent Hotels & Resorts has acquired two suite hotels with a combined 477 units in Plymouth Meeting, Pa., and Richmond, Va.The Fairfax, Va., investor plans to make a combined $6 million worth of improvements to the properties: the 253-suite Doubletree...
Ryan Krauch Joins Mesa West as Principal
Ryan Krauch, a vice president with Somera Capital Management, has joined Mesa West Capital as principal.Krauch, who had been charged with making investments on behalf of Somera's joint venture equity platform, will focus on originating structured finance packages in the...
Equity Office Property Buyers Should See Higher Rents
Commercial Real Estate Direct Staff ReportInvestors that purchased former Equity Office Properties Trust buildings from Blackstone Group should be successful in raising rental rates.That's largely because Equity Office, a REIT, had followed a strategy of keeping its 580 office buildings...
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Commercial Real Estate Direct is the only source -- in print or otherwise -- that keeps close tabs on the entire real estate capital markets industry. It provides up-to-date market intelligence on the mortgage business, equity raising, investment sales and CMBS.
