Archive for May 2012
Sarasota Multifamily Property Trades for $13.5M
Tradition at Palm Aire—a 178-unit multifamily property located in the northern Sarasota community of Palm Aire—has been acquired by Preston Giuliano Capital Partners for $13.5 million, or $75,843 per unit.
Read MoreInvestcorp Buys 1,000+ Unit Multifamily Portfolio for $57M
Investcorp’s U.S. real estate arm acquired an interest from MHP Investments in a portfolio of 1,076 units in the master-planned Copperfield community of northwest Houston. The portfolio commanded a price of $57 million, or $52, 974 per unit, CoStar reports.
Read MoreHome Properties Buys Two Virginia Apartment Communities for $112.2M
By Adrian Maties, Associate Editor Home Properties Inc. (NYSE: HME) on May 23 announced that it paid a total of $112.2 million in recent weeks for the acquisition of two Virginia apartment communities. Hunter’s Crossing in Leesburg was purchased on May 11 for $16.2 million, or approximately $99,000 per apartment unit. Woodway at Trinity Centre in […]
Read MoreRiverbend Project Sent Back to Drawing Board
By Gabriel Circiog, Associate Editor A controversial mixed-use project along the San Diego River has been sent back to the drawing board by the Navajo community planning group, KPBS.org reports. The Riverbend project, proposed on 23.5 acres of land in the Grantville neighborhood, between Mission Gorge Road and the San Diego River, calls for the […]
Read MoreMaxitrol Announces $3 Million Expansion Plans
By Veronica Grecu, Associate Editor Maxitrol, a Southfield, MI-based manufacturer of natural gas control systems, announced plans to renovate and expand its corporate headquarters at 23555 Telegraph Road, where the company has 55 employees. Currently, Maxitrol occupies an eight-plus acre site that includes the company’s Administrative, Sales, Customer Service, Tooling & Product Prototyping, and Manufacturing […]
Read MoreMcCann Realty Enters Orlando Market with 276-Unit Purchase, Plans More Apartments
Along with the acquisition of Vista Lake Apartments, McCann Realty Partners, LLC has made its entrance into the Orlando market. McCann also bought an adjacent parcel of 16.4 acres and plans to build an additional 192 apartments as a second phase within the next year.
Read MoreSeeking Edge, Riviera Takes Bingo Business Digital
By Alex Girda, Associate Editor It’s no secret that many Las Vegas resorts and casinos have seen better days, but some venerable properties have found life particularly challenging Tin the wake of the Great Recession. The iconic Riviera Hotel & Casino is a Strip mainstay, but delays in developing the Fontainebleau and Echelon Place projects, along […]
Read MoreArizona Breaks into Top 5 States For Construction Spending: NAIOP
By Alex Girda, Associate Editor A NAIOP Research Foundation report finds that Arizona ramped up commercial real estate development spending in 2011, pumping $4.2 billion into building new space. That total falls short of pre-recession levels, but it was good enough for fifth place, as the state trailed only Texas, New York, West Virginia and […]
Read MoreOxford Development Unveils Redevelopment Options for 350 Fifth Avenue
by Adriana Pop, Associate Editor Oxford Development Co. announced plans for the redevelopment of its six-story building at 441 Smithfield Street, one of the company’s owned assets. Rebranded as 350 Fifth Avenue, the new Class A office property will feature upscale retail and restaurant space. In order to better suit market demands, Oxford has invested […]
Read MoreU-Haul Acquires 425-Unit Self-Storage Facility in Chapel Hill
by Adriana Pop, Associate Editor U-Haul Company of Raleigh has expanded its network of self-storage locations with the purchase of an existing storage facility in Chapel Hill. Financial terms of the transaction were not disclosed. The new U-Haul Moving and Storage of Chapel Hill, formerly known as Ironclad Self Storage, features more than 425 storage […]
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