RECENT NEWS
Barclays Lends $102Mln Against Marriott Savannah Riverfront Hotel
Commercial Real Estate Direct Staff Report Columbia Sussex Corp. has lined up a $102 million mortgage from Barclays Capital against its 387-room Marriott Savannah Riverfront hotel in Savannah, Ga. The loan has a five-year term and pays a...
Kilroy Sells 2 Los Angeles Apartment Properties for $202Mln
Kilroy Realty has sold two apartment properties with 393 units in Los Angeles for $202 million, or $513,994/unit. The properties are Columbia Square Living, with 200 units at 1550 North El Centro Ave., and Jardine, with 193 units...
PGIM-Led Venture Pays $64Mln for Bronx, N.Y., Apartments
The Real Deal A venture of PGIM Real Estate and Fetner Properties has paid $64 million, or $503,937/unit, for the Arbor, a 127-unit apartment property at 3260 Henry Hudson Parkway in the Bronx, N.Y. The venture acquired the...
Banyan Street Offers 11-Story Office Building at Atlanta Financial Center for Sale
Atlanta Business Chronicle Banyan Street Capital is offering for sale the 11-story south tower at the Atlanta Financial Center. The Miami company has tapped Newmark to market the building, with about 300,000 square feet at 3333 Peachtree Road...
Owner of Chicago-Area Apartments Gets $60Mln Freddie Mac Loan
Multi-Housing News Optima Inc. has lined up $60 million of Freddie Mac financing against Optima Verdana, a 100-unit apartment property in Wilmette, Ill. The Glencoe, Ill., company will use the fixed-rate loan to retire construction debt. Walker &...
Retail Properties Along Boston’s Newbury Street Sell for $113.5Mln
A venture of Acadia Realty Trust and Osiris Ventures has paid $113.5 million, or $3,877/sf, for the 29,270 square feet of retail space at two buildings on Newbury Street in Boston's Back Bay area. The venture purchased the...
Apartment Property in Nyack, N.Y., Sells for $45Mln, Gets $45.18Mln of Financing
Argo Real Estate has paid $45 million, or $274,390/unit, for the 164-unit West Shore Towers apartment property in the New York suburb of Nyack, N.Y. The New York company, led by Henry Moskowitz, who founded it in 1952,...
San Francisco Apartment Portfolio Sells for $48.5Mln
Commercial Real Estate Direct Staff Report Ballast has paid $48.5 million, or $440,909/unit, for the Three Sisters, three adjacent apartment properties with a total of 110 units in San Francisco. The San Francisco investment manager acquired the properties,...
Zions Bank Lends $83Mln Against Brooklyn, N.Y., Apartments
Commercial Real Estate Direct Staff Report Zions Bank has provided an $83 million loan against the 465-unit Prospect Place apartment complex in Brooklyn, N.Y. The five-year loan, which is being included in an upcoming CMBS conduit transaction, requires...
500,160-SF Industrial Building Near Greensboro, N.C., Fetches $56.74Mln
Triad Business Journal Environmental Air Systems has bought the 500,160-square-foot industrial building at 5955 Summit Ave. in Browns Summit, N.C., for $56.74 million, or $113.44/sf. The High Point, N.C., company purchased the property from a venture of Silverman...
Walker & Dunlop Provides $59.98Mln of Freddie Financing for Chicago-Area Apartment
Walker & Dunlop has provided $59.98 million of Freddie Mac financing against the 100-unit Optima Verdana apartment property in the Chicago suburb of Wilmette, Ill. The fixed-rate loan, which requires only interest payments for its full term, allowed...
Ares Pays $44.6Mln for 2 Bay Area Industrial Properties
Ares Management has paid $44.6 million, or $308.69/sf, for two industrial properties totaling 144,483 square feet in the San Francisco Bay Area cities of Hayward and Fremont, Calif. The Los Angeles investment manager acquired the buildings from Link...
Local Company Brings 2-Building Office Campus in Austin, Texas, to Sales Market
Austin Business Journal Zydeco Development Corp. is offering for sale the two-building MetCenter A&B office complex in Austin, Texas. Cushman & Wakefield has been tapped to market the 138,850-square-foot property, which sits on 14.1 acres at 8000 Metropolis...
Provident Realty Pays $115Mln for Memphis-Area Industrial Portfolio
Dallas Business Journal Provident Realty Advisors Inc. has paid $115 million for an industrial portfolio with more than 2.67 million square feet in the Memphis, Tenn., area. The Dallas company purchased the 13-building portfolio from Blackstone Real Estate...
Occupancy Decline at L.A. Offices Puts $111Mln Loan at Risk
Commercial Real Estate Direct Staff Report The chronically under-occupied office buildings at 12555 and 12655 West Jefferson Blvd. in the Playa Vista neighborhood of Los Angeles are now more than 90 days late with payments on their $111...
Tempe, Ariz., Office Property Sells for $61.5Mln
Commercial Real Estate Direct Staff Report Levine Investments has paid $61.5 million, or $207.31/sf, for Rio West Business Park, a five-building office property with 296,663 square feet in Tempe, Ariz. The Phoenix investment firm acquired it from Oaktree...
Anaheim, Calif., Apartments Sell for $42.75Mln
Benedict Canyon Equities has paid $42.75 million, or $323,863/unit, for Sunrise Fountain, a 132-unit apartment property in Anaheim, Calif. The Los Angeles investment manager acquired the property, at 2104 South Lewis St., from Consensys Property Management. Kidder Mathews...
Slow Job Creation Stunts Household Formation, Impacting Multifamily Sector
Commercial Real Estate Direct Staff Report A record 25.2 million young adults were living with family last year, up by almost 1 million from the previous year. That topped the 25 million young people—those between 18 and 34...
North River, Amzak Lend $68.5Mln for Construction of Fla. Apartments
North River Partners and Amzak Capital Management have provided $68.5 million of financing for the development of the 215-unit Flats Flagler Gateway apartment property in Fort Lauderdale, Fla. The 12-story property is being developed on a 1.46-acre site...
G4 Capital Takes Brooklyn, N.Y., Mixed-Use Building in Foreclosure
Commercial Observer G4 Capital Partners has taken title to the 81,000-square-foot mixed-use property at 206 Kent Ave. in the Williamsburg section of Brooklyn, N.Y. The New York lender provided $84.25 million of financing in 2020. The property's previous...
Bain Capital, Alliance HP Buy Pompano Beach, Fla., Warehouse for $52Mln
South Florida Business Journal A venture of Bain Capital Real Estate and Alliance HP has paid $52 million, or $154.76/sf, for Bridge Point Pompano Beach Commerce Park, a 336,000‑square‑foot industrial complex in Pompano Beach, Fla. Bain, a Boston...
$132Mln CMBS Loan on Microsoft-Leased Office Gets 3 More Years
Commercial Real Estate Direct Staff Report The $132 million CMBS loan against the 537,046-square-foot Millennium Corporate Park in suburban Seattle has had its maturity extended by three years through January 2029. But to win the modification, the collateral...
Brixton Capital Buys Las Vegas Retail Property for $29.4Mln
Brixton Capital has paid $29.4 million, or $275.18/sf, for Las Palmas Village, a 106,838-square-foot retail center in Las Vegas. The Solana Beach, Calif., investment firm acquired the property, at 445 East Windmill Lane, from a group of Australian...
Smith Hill, Bain Capital Lend $94.36Mln Against Hotel Cala in Tampa, Fla.
The venture that owns the 281-room Hotel Cala along the Hillsborough River in Tampa, Fla., has lined up $94.36 million of mortgage financing against the property, the former Sheraton Tampa Riverwalk. The loan, arranged by Newmark, was provided...
Realty Income Pays $43.3Mln for San Diego-Area Industrial Property
Commercial Real Estate Direct Staff Report Realty Income Corp. has paid $43.3 million, or $323.51/sf, for the 133,844-square-foot industrial property at 13100 Danielson St. in Poway, Calif., a northern suburb of San Diego. The San Diego REIT acquired...
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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.
