RECENT NEWS
810-Unit Apartment Property in Houston’s Westchase Area Trades Hands
Multi-Housing News Tara Capital has paid $63 million, or about $77,778/unit, for Park at Voss, an 810-unit apartment property in Houston's Westchase area. The local real estate investor lined up $55.5 million of financing from BridgeInvest of Miami...
Macerich Negotiates Another 3-Year Term Extension of CMBS Loan on Niagara Falls Retail Center
Commercial Real Estate Direct Staff Report Macerich Co. has negotiated a three-year term extension of the $84.37 million mortgage against the Fashion Outlets of Niagara Falls, taking the loan's maturity to October 2026. It would be the second...
Greystone Buys Tampa, Fla., Apartments for $83Mln
Commercial Real Estate Direct Staff Report Greystone & Co. has bought Lumi Hyde Park, a 259-unit apartment complex in Tampa, Fla., for $83 million, or about $320,462/unit. The New York investment manager purchased the five-story property from Conti...
Hudson Bay Lends $155Mln Against Manhattan’s Lexington Hotel
Commercial Observer Hudson Bay Capital has provided a $155 million loan against the 725-room Lexington Hotel in midtown Manhattan. The property, at 511 Lexington Ave., is owned by a venture of Island Capital Group, MCR Hotels and Three...
Phoenix Office Sells for $86.1Mln
Commercial Real Estate Direct Staff Report An affiliate of Columbus Properties Inc. has paid $86.1 million, or $279.11/sf, for 24th at Camelback, a 308,481-square-foot office property in Phoenix. The New York investor, an affiliate of Germany's Geschwister Oetker...
Host Pays $530Mln for 2-Hotel Property in Nashville, Tenn.
Host Hotels & Resorts Inc. has paid $530 million, or $735,090/room, for a two-hotel complex with 721 rooms in Nashville, Tenn. The Bethesda, Md., REIT bought the property, comprised of the 215-room 1 Hotel Nashville and 506-room Embassy...
$38.96Mln CMBS Loan on R.I. Office Gets 1-Year Term Extension
Commercial Real Estate Direct Staff Report The $38.96 million CMBS loan against 100 Westminster, a 361,462-square-foot office building in Providence, R.I., has been extended by a year through next February, with an option that would allow it to...
1.4Mln-SF Office Property in Chicago Faces Foreclosure
Crain's Chicago Business The group that owns the 1.4 million-square-foot office building at 70 West Madison St. in Chicago has been hit with a foreclosure lawsuit. The group, comprised of Hearn, GEM Realty Capital and Farallon Capital, had...
Fortress Pursues Foreclosure of Cohen Brothers Portfolio
The Real Deal Fortress Investment Group has filed to foreclose, under the Uniform Commercial Code, against a portfolio of real estate in Florida, Manhattan and Westchester County, N.Y., owned by Cohen Brothers Realty Corp. The investment bank claims...
Argentic Lends $125Mln Against San Francisco-Area Apartments
Commercial Real Estate Direct Staff Report Argentic Investment Management has provided $125 million of financing against the 320-unit Station 16 Apartments in Millbrae, Calif. The floating-rate loan was arranged by Walker & Dunlop. It allowed the property's developer,...
Kayne Anderson, Remedy Medical Pay $251.7Mln for Healthcare Property Portfolio
A venture of Kayne Anderson Real Estate and Remedy Medical Properties has paid $251.7 million for a portfolio of 37 healthcare properties with 708,000 square feet in 13 states from Broadstone Net Lease Inc. The portfolio is fully...
Spike in Utility Expenses Offset Revenue Growth at Westchester, N.Y., Office; Loan Gets Risky
Commercial Real Estate Direct Staff Report The two-building office complex at 760 and 800 Westchester Ave. in Rye Brook, N.Y., last year had absorbed a 13 percent increase in utility expenses, helping offset the 6.4 percent increase in...
Concessions Offered by Manhattan Office Landlords Increased in 1Q
Commercial Real Estate Direct Staff Report Owners of office properties in Manhattan, continuing to face lackluster tenant demand for space, had increased the amount of tenant-improvement allowances they offer at both trophy and class-A buildings. During the first...
Geneva, Ill., Retail Center Sells at 48.6 Percent Loss
The Real Deal Lamar Cos. has paid $63.7 million, or $148.83/sf, for Geneva Commons, a 438,000-square-foot retail center in Geneva, Ill. The Fairfield, N.J., company purchased the property from LaSalle Investment Management, which had acquired it in 2013...
American Landmark Buys Tampa, Fla., Apartments for $134Mln
Tampa Bay Business Journal American Landmark Apartments has paid $134 million, or about $301,802/unit, for the Pointe on Westshore, a 444-unit apartment property in Tampa, Fla. The local company purchased the property from its developer, Index Investment Group...
26,834-SF Office Property in Boston Sells for $39.1Mln
Commercial Real Estate Direct Staff Report Ferrado Properties Inc. has paid $39.1 million, or $1,503/sf, for the 26,834-square-foot office property at 801 Boylston St. in the Back Bay section of Boston. The Newport Beach, Calif., investor bought the...
American Eagle to Vacate 192,322-SF Lease in Manhattan as Part of Relocation
Commercial Real Estate Direct Staff Report American Eagle will vacate the 192,322 square feet it occupies at 393-401 Fifth Ave. in midtown Manhattan as part of a broader consolidation. As reported, the retailer had signed a lease for...
Hudson Bay Lends $55Mln Against Denver Hotel
HotelBusiness.com Hudson Bay Capital has provided $55 million of financing against the 561-room DoubleTree by Hilton Hotel Denver. The floating-rate financing has a two-year term, but comes with a 12-month extension option. The loan allows the owners of...
Highwoods Signs 922,000 SF of Leases in 1Q, 44 Percent More Than Last Year
Commercial Real Estate Direct Staff Report Highwoods Properties Inc. had signed 97 office leases for 922,000 square feet during the first quarter, a significant increase from the 520,000 sf of deals inked during the same period a year...
San Francisco Office Property Comes to Market at Discounted Price
The Real Deal A venture of Intercontinental Real Estate and Harvest Properties is offering for sale the Kohl Building, an 85,600-square-foot office property in San Francisco. Intercontinental, of Boston, and Harvest, of Oakland, Calif., has hired JLL to...
W Fort Lauderdale Hotel Sold for $97.65Mln
South Florida Business Journal An affiliate of Blackstone Group has bought the 346-room W Fort Lauderdale hotel in Fort Lauderdale, Fla., for $97.65 million, or about $282,225/room. The New York company purchased the property from the Related Cos.,...
284,500-SF Office Building in Los Angeles Comes to Market
The Real Deal Jade Enterprises is offering for sale the 284,500-square-foot office property at 660 South Figueroa St. in Los Angeles. The Los Angeles company has hired Newmark to sell the property, which it acquired in 2014 for...
MassHousing Writes $50Mln HUD Loan for Boston-Area Apartments
The Massachusetts Housing Finance Agency has provided $50 million of financing under the U.S. Department of Housing and Urban Development's 223(f) program for the 501-unit Clarendon Hill Towers Apartments in the Boston suburb of Somerville, Mass. MassHousing is...
214-Unit Apartment Property in Maryland Heights, Mo., Sells for $54.1Mln
Commercial Real Estate Direct Staff Report Pier Property Group has sold the Flats at Dorsett Ridge, a 214-unit apartment property in Maryland Heights, Mo., for $54.1 million, or $252,803/unit. The St. Louis developer sold the property to an...
240-Unit Apartment Property Near Salt Lake City Sells
Commercial Real Estate Direct Staff Report The Wasatch Group has sold the 240-unit Crossroads Apartments in West Valley City, Utah. The sales price could not be learned immediately. But the property was appraised last year at a value...
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