April – Briefs/Sales & Development

Related California Begins $350M Mixed-Use Asset

Related California has broken ground on The Village at Santa Monica, a $350 million mixed-use development that will include 318 luxury condominiums and affordable rental apartments. The asset will also host 20,000 square feet of retail and restaurant space. The Village is the first major residential development to be built on Ocean Avenue in Santa Monica in two decades.
Santa Monica-based architect Moore Ruble Yudell will lead Related’s design team for the development. Koning Eizenber, another Santa Monica-based architectural firm, will design the 160 affordable apartments. Construction financing for the development was provided by Wells Fargo Bank and HSBC. The Resmark Co. partnered with Related California on the 158 condominiums; Community Corp. of Santa Monica partnered on the affordable apartments.

Regency Starts Two Retail Assets

Regency Centers has announced the development of two community centers that total 638,000 square feet. The company has broken ground on a 378,000-square-foot center anchored by Target in Petaluma, Calif. It expects to invest $61 million in the project. The company is also building a 260,000-square-foot neighborhood center anchored by grocer Kroger in Fort Bend County, Texas.

HFF Sells D.C. Office for $147.5M

Holliday Fenoglio Fowler L.P. has closed the sale of 801 Ninth St., N.W., a 236,054-square-foot office building in Washington, D.C. The buyer, NSP Ventures, acquired the asset for $147.5 million. HFF represented the seller, J Street Cos. The building is fully leased on a triple-net basis to the U.S. Mint through September 2019.

JV Acquires 1.2 MSF Of Space in Massachusetts

A joint venture between The Manzo Co., Tambone Investment Group and affiliates of Old Hill Partners has acquired 1.2 million square feet of office and industrial space in southeastern Massachusetts. The transaction encompassed four properties and three potential development sites in three different municipalities. The new owners already have immediate improvement plans in place for all of the properties.

CBRE Sells Manhattan Tower To Invesco Fund for $207.5M

CBRE Group Inc. has sold 33 Maiden Lane, a 600,000-square-foot Lower Manhattan office tower. The asset was picked up on behalf of the Federal Reserve Bank of New York by a closed-end German fund managed by Invesco Real Estate in cooperation with Hannover Leasing. The Federal Reserve is the largest tenant, occupying nearly 75 percent of the 27-story asset. The seller acquired the asset upon forming a closed-end fund in 2002.

Hyatt to Begin Omaha Development

An affiliate of Hyatt Hotels Corp. has purchased land in Omaha, Neb., for the construction of a Hyatt Place Hotel. The asset is expected to open in 2014. The nine-story building is being designed by DLR Group and will house 159 rooms. The hotel, the first Hyatt property in Nebraska, will be located on the northwest corner of Jackson and 12th streets.

SL Green Closes $252.5M Acquisition in Manhattan

SL Green Realty Corp. has closed on the acquisition of 10 E. 53rd St., a 37-story, 390,000-square-foot office building located in Midtown Manhattan. The company also sold a 45 percent joint venture ownership stake in the property to Canada Pension Plan Investment Board. New York Commercial Bank is providing the venture with a five-year, $125 million, floating-rate mortgage financing.

Health Care REIT Completes $508M in Acquisitions in 1Q 2012

Health Care REIT Inc. completed $508 million worth of acquisitions in the first quarter of 2012, in addition to the previously announced $925.2 million transaction with Chartwell Seniors Housing REIT that is expected to close in the second quarter. Health Care REIT Inc.’s portfolio now consists of 937 facilities in 46 states.