Alex Girda
Alex is a senior editor with Multi-Housing News and Commercial Property Executive who has more than a decade of experience in the industry. Mainly focused on data-driven exploits, he works with Yardi Matrix and CommercialEdge to provide insights into the real estate market.
Hines, Oaktree Buy Carlsbad Office/R&D Property
A Carlsbad, CA office/R&D asset recently traded hands as international real estate firm Hines moved to acquire the property along with a real estate fund managed by Oaktree Capital Management, L.P. The transaction for the property was completed for an undisclosed amount, and arranged by Greg Mills, Michael Lawrence, Ben Tashakorian and Alex Jize of Marcus & Millichap on behalf of the seller.
Intersect ENT Expands Footprint to 55 KSF at Menlo Park HQ
Intersect ENT has recently completed the leasing agreement for an expansion at its 1555 Adams Drive home in Menlo Park, CA. The company that deals with improving quality of life for patients with ear, nose and throat conditions inked the deal with landlord Tarlton Properties, Inc. The expansion means that Intersect ENT now leases the entire space available at 1555 Adams Drive.
Broad Street Development Acquires Mulberry Street Multifamily Assets in $178.5 Million Deal
Broad Street Development recently announced the addition of two different multifamily buildings in the New York City market. The multi-faceted investor and developer paid Boston-based GID Investment Advisors LLC a fee of $178.5 million for the two properties located on Mulberry Street, an area situated at the corner of the Greenwich Village, SoHo and NoHo neighborhoods. According to the announcement, Broad Street acquired the two properties as part of its partnership with Crow Holdings, a national real estate investment fund.
Polidev Investments Acquires Office/MOB Asset in University Town Center
Polidev Investments Inc. recently completed the acquisition of a San Diego office and medical office campus located in the city’s University Town Center submarket. Seller DivcoWest worked with real estate company HFF to market the property, with HFF also being responsible with closing the transaction. Polidev also worked with HFF in securing the necessary financing for the acquisition of Genesee Plaza.
Kite Realty Group Buys Summerlin’s Rampart Commons in $32 Million Deal
The second half of the year meant a substantial increase in the amount of attention the Las Vegas commercial real estate market has seen, with investors dialing in on opportunities throughout the market. Kite Realty Group Trust recently completed the acquisition of Rampart Commons in the city’s Summerlin submarket, an area of the Las Vegas Valley that is seeing development and interest reach an all-time high. The Indianapolis-based company paid a total of $32.3 million for the asset, including $12.3 million of assumed debt.
Hunt Mortgage Group Arranges $14M Refinancing for Metropolitan Apartments Phase I in Tacoma
A multifamily property in Tacoma was recently granted $14.3 million Freddie Mac first mortgage refinancing. Commercial real estate lender Hunt Mortgage Group recently announced that it has recently arranged a financing operation for Metropolitan Apartments Phase I in Tacoma, WA. The borrower is a limited liability company that is backed by John Wise, Key Principal and Owner of Metropolitan Apartments.
Candlestick Park to be Turned into New Mall and Housing as Lennar Takes Over 77-Acre Site
Ever since the 49ers joined the Giants and moved to their very own new home, the destiny of both teams’ former stomping ground has been under intense scrutiny. Candlestick Park is a substantial amount of land that is set to be turned into a new district dubbed Candlestick Point. According to a recent press statement, North American Title Co.’s California region has closed the acquisition of the Candlestick Park site by Lennar Corp’s San Francisco division. Lennar is the parent company of North American Title Co.
Chelsea Investment, Westminster Manor Plan $12.5M Makeover of Downtown Seniors High-Rise
Westminster Manor, a San Diego affordable housing community for senior citizens, recently entered a brand new joint venture which will provide important financing for the property. Colliers International broke the news that Chelsea Investment Corporation was selected as the new partner in the newly created Westminster Manor LLC. Westminster Manor entered the joint venture for $28.6 million, funds that will be structured for the renovation of the building. The renovation process will add Keyser Marston Associates partner Paul Marra as the financial analyst for the project.
Pulte, Woodside Sign On as Skye Canyon’s First Homebuilders
This past summer, a number of dormant master-planned communities saw new life, as the city’s resurgence galvanized developer interest in the Las Vegas market once again. Skye Canyon has announced that two home builders have acquired land in the master-planned community, and are now set to carry out the first phase of the project. According to Olympia Companies, the two builders will take over a combined total of 80 acres of land. Skye Canyon is the first large-scale residential development project to break ground in the valley since the recession.
Pacific Crest Realty Acquires Koreatown Community; Valencia Residential Project in DTLA Scores $41 Million Construction Loan
Pacific Crest Realty has completed the purchase of Alexandria Apartments in Koreatown for a fee of $6 million, in a deal brokered by Kaufman Commercial for both the buyer and the seller. Located at 435 South Alexandria Avenue, the community will be renamed as Chapman Apartments as a result of the acquisition, as a nod to Charles Chapman, a developer and philanthropist who built a residence on the site in 1915. The 1927-built apartment building offers 30 one-bedroom apartments and 19 studio units. It is located near the iconic Chapman Market, the site of the country’s first drive-through grocery back in 1929.