Commercial Real Estate Direct

An affiliate of Fairfield Residential has paid $31.7 million for Augusta Ranch, a 238-unit apartment complex in Mesa, Ariz.The affiliate, which operates as FF Realty, purchased the property from a venture between Prime Group Inc. of Chicago and...

Greystar Pays $70.2Mln for Phoenix Apartments

Greystar Real Estate Partners has paid $70.2 million for Saratoga Ridge Apartments, an 856-unit residential property in Phoenix. The Charleston, S.C., firm purchased the complex from a Los Angeles investment group operating as Repfund Terracina Apartments, which marketed it through...

Zell to Sell Chicago Office for $23Mln

Sterling Bay Cos. has agreed to pay $23 million for 300 W. Adams, a 252,000-square-foot building in Chicago's West Loop.The Chicago investor is purchasing the 12-story property from Sam Zell, the former Equity Office Properties chairman. The property...

Nationwide Lends $22Mln for Maryland Shopping Center

First Real Estate Investment Trust has lined up $22 million of financing for Westridge Square, a 257,591-square-foot shopping center in Frederick, Md. The Hackensack, N.J., REIT received the financing from Nationwide Real Estate Investments. HFF Inc. arranged the...

Centerline Eyes Fund for Distressed Loans

Centerline Capital Group is considering putting together an investment vehicle that would pursue distressed commercial mortgages.The New York investment management firm's plans, first reported by Reuters, are in the very preliminary stages, according to a Centerline spokeswoman. The...

Istithmar Affirms Pullback from Manhattan Real Estate Market

Commercial Real Estate Direct ReportIstithmar has reinforced the long-suspected sense that it is withdrawing from investing in Manhattan real estate.The Dubai investment firm plans to pursue more assets in other United States cities as well as in Asia...

Greystar Pays $70.2Mln for Phoenix Apartments

Greystar Real Estate Partners has paid $70.2 million for Saratoga Ridge Apartments, an 856-unit residential property in Phoenix. The Charleston, S.C., firm purchased the complex from a Los Angeles investment group operating as Repfund Terracina Apartments, which marketed it through...

Mesa, Ariz., Apartments Sell for $37Mln

An affiliate of Fairfield Residential has paid $31.7 million for Augusta Ranch, a 238-unit apartment complex in Mesa, Ariz.The affiliate, which operates as FF Realty, purchased the property from a venture between Prime Group Inc. of Chicago and...

Nationwide Lends $22Mln for Maryland Shopping Center

First Real Estate Investment Trust has lined up $22 million of financing for Westridge Square, a 257,591-square-foot shopping center in Frederick, Md. The Hackensack, N.J., REIT received the financing from Nationwide Real Estate Investments. HFF Inc. arranged the...

Vornado to Pay $351Mln for N.Y., N.J. Centers

Vornado Realty Trust has agreed to pay $351 million for a portfolio of 15 shopping centers in northern New Jersey and on New York's Long Island with 1.9 million square feet.The Paramus, N.J., REIT did not identify the...

Seattle Design Center Sells for $57Mln

Hines REIT has paid $57 million for the Seattle Design Center, a 390,684-square-foot office and retail complex in Seattle.The Houston firm is purchasing the two-building property from Bay West, a Seattle developer that has owned it since 1999....

Pasadena Apartments Sell for $500,000/Unit

A private group has paid $32 million for the Town Homes at Orange Grove Circle, a 64-unit residential property in Pasadena, Calif.The group, which is operating as Orange Grove Circle Communities LLC, purchased the property from a venture...

Vornado to Pay $351Mln for N.Y., N.J. Centers

Vornado Realty Trust has agreed to pay $351 million for a portfolio of 15 shopping centers in northern New Jersey and on New York's Long Island with 1.9 million square feet.The Paramus, N.J., REIT did not identify the...

Pasadena Apartments Sell for $500,000/Unit

A private group has paid $32 million for the Town Homes at Orange Grove Circle, a 64-unit residential property in Pasadena, Calif.The group, which is operating as Orange Grove Circle Communities LLC, purchased the property from a venture...

Seattle Design Center Sells for $57Mln

Hines REIT has paid $57 million for the Seattle Design Center, a 390,684-square-foot office and retail complex in Seattle.The Houston firm is purchasing the two-building property from Bay West, a Seattle developer that has owned it since 1999....

Suburban St. Louis Buildings Sell for $18.5Mln

An affiliate of Colony Capital has paid $18.5 million for the Atrium at Chesterfield, a 119,950-square-foot building in the St. Louis suburb of Chesterfield, Mo.Colony's CRP-2 Acquisitions purchased the property from Panattoni Development Co. of Sacramento, Calif., which...

Rockpoint, SCS Venture Buys Silicon Valley Hotel

A venture between Rockpoint Group and SCS Advisors has purchased the Cypress Hotel, a 224-room hotel in the San Jose suburb of Cupertino, Calif.The venture purchased the property from Kimpton Hotel and Restaurant Group, which will continue to...

Sentinel Real Estate to Buy Apartment REIT in $532Mln Deal

Commercial Real Estate Direct Staff ReportAn affiliate of Sentinel Real Estate Corp. has agreed to acquire America First Apartment Investors Inc. in a deal valued at $532 million.Sentinel, a New York investment manager, is paying $25.30/share for America...

CWCapital’s Special Servicing Ranking Gets Upgraded

Fitch Ratings has upgraded CWCapital Asset Management's special servicer rating to CSS2 from CSS2- and affirmed the Needham, Mass., company's CPS2 primary and CMS3 master servicer ratings.The rating agency cited CWCapital's "strong special servicing administration capabilities" and its...

Suburban Denver Shopping Center Sells for $49.5Mln

A venture between Pine Tree Institutional Realty and Buchanan Street Partners has paid $49.5 million for the Shops at Walnut Creek, a 233,984-square-foot retail property in the Denver suburb of Westminster, Colo.The venture purchased the property from Red...

Cogswell Lines up $65Mln of Financing for Newark Condo Conversion

Cogswell Realty Group has lined up $65 million of financing for Eleven 80, an office building that is being converted into 317 residential units in Newark, N.J. Bear Stearns provided the financing, which was arranged by HFF Inc.Cogswell...

N.J. Offices Sell for $22Mln

Heritage Capital Group has paid $22 million for 900 Route 9 North, a 112,568-square-foot office building in Woodbridge, N.J.The acquisition, from Ivy Equities, is the first for Heritage, a recently formed investment management outfit based in Ridgefield, N.J....

Suburban St. Louis Buildings Sell for $18.5Mln

An affiliate of Colony Capital has paid $18.5 million for the Atrium at Chesterfield, a 119,950-square-foot building in the St. Louis suburb of Chesterfield, Mo.Colony's CRP-2 Acquisitions purchased the property from Panattoni Development Co. of Sacramento, Calif., which...

FINAL PRICING: $3.9Bln Wachovia Bank Commercial Mortgage Trust, 2007-C32