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.
JH Real Estate Partners Buys San Carlos Shopping Center for $35 Million
A San Diego County retail property recently traded hands in a transaction worth a total of $35 million. The acquisition was perfected between buyer JH Real Estate Partners and an unnamed entity from the East Coast, who had owned the property since the last transaction, in 2006. The San Carlos Shopping Center was the property in question, in the Lake Murray area of San Diego.
Siegel Group Buys 119-Unit M-F Property Near Strip, Expanding Flexible-Stay Portfolio
The Siegel Group Nevada, Inc. recently expanded its local apartment portfolio with a purchase near the Las Vegas Strip. The commercial real estate and business development company has completed a deal worth approximately $4.2 million for the apartment property known as Solana Square. The Siegel Group plans to add the newly acquired asset to its Siegel Suites Brand, which currently offers a number of flexible stay residential communities throughout the state of Nevada. With the addition of Solana Square, Siegel Group now operates 23 such communities in the Silver State.
Portland Hospitality Heats Up: Lloyd Center DoubleTree Goes Up for Sale, Governor Hotel Gets New Name
The debate over the development of a major hotel-convention center in downtown Portland has been going on for quite a while. Now, a property that could influence willing investors has been put up for sale by its owner, prompting new discussions about a new major hospitality project in the city. Mount Kellett Capital has reportedly hired Eastdil Secured to handle the marketing process for the DoubleTree by Hilton Hotel in the Lloyd Center. The property is currently valued at around $100 million, according to the Portland Business Journal.
Alliance Diversified Buys Pyramid Building in Miramar, Plans Makeover
One of the city’s most unusual office properties recently traded hands as Alliance Diversified Holding, LLC paid a purchase fee of $13.6 million for an asset located in the San Diego submarket of Miramar. The seller was APEX 1 & 2 LP. Both companies were represented by the local office of Voit Real Estate Services, with the seller being represented by a team consisting of Brandon Keith, Ryan Bracker and Bob Brady.
Brookdale Gains 3 Las Vegas Properties in $2.8 Billion Emeritus Deal
Three Las Vegas senior communities were recently involved in a massive merger when Emeritus Corporation was acquired by Brookdale Senior Living. The latter acquired Emeritus in a deal worth $2.8 billion, 1.4 of which consisted of mortgage debt. The two companies agreed a deal that would create the first national senior living solutions company, merging the assets and know-how provided by both entities. With the newly-expanded Brookdale, the company is able to provide a senior living community within 10 miles of 6.5 million seniors over the age of 80.
Longmont Local Authorities Opening up Debate for Redevelopment District, Former Site of Butterball Factory
After a crucial rezone measure was taken by local authorities, it is time for locals and investors to start coming up with ideas for a redevelopment site in the city of Longmont, Colo. The plan is to get inspiration for the development projects that would eventually replace the defunct Butterball factory occupying a large chunk of land.
NorthEdge Office Development in South Lake Union’s Wallingford Fast-Tracked by Touchstone
A number of projects in the booming submarket of South Lake Union have raced to the development process, while others have lingered in the early stages of planning. Now, a project that had been long-announced is reportedly being fast-tracked by the company in charge. Developer Touchstone recently announced that it will put the pedal to the metal on its NorthEdge, a commercial real estate development project that had been in limbo for a while.
Infinity Obtains $5M SBA Construction Loan for Hospice Facility
Las Vegas will see a new assisted living facility take shape after a financing deal will help the developer get construction on track. TMC Financing recently issued a press statement announcing that it had provided developer Infinity Hospice Care of Las Vegas, LLC with an SBA 504 loan worth $4.98 million. The developer will use the funds in the development process of a new facility in Las Vegas. TMC Financing Business Development Office, Cindy Santilena, CCIM was in charge of the transaction.
Capstone to Break Ground on Live-Work Campus in Redmond This Summer
Redmond-based tech giant Microsoft is set to get crowded as a massive mixed-use development project was recently announced in the vicinity of the software company’s headquarters. Developer Capstone Partners has released plans for a new urban village that would create a new live-work community able to accommodate around 8,000 people. The massive development project would include a large number of residential units, as well as a wide range of amenities and commercial space. According to the developer, the project will constitute an investment of approximately $900 million.
Venta, Pathfinder JV Buys Homewood Suites Hotel in La Quinta
The city’s increasing hospitality profile has come into play once again this week when a partnership between Vesta Hospitality and Pathfinder Partners LLC acquired a La Quinta hotel. Vesta Hospitality is a Washington-based privately owned hotel management and development company, and its partner in the acquisition, Pathfinder, is a local real estate investment company that specializes in value-add opportunities. The entity previously handled management duties for the Homewood Suites facility that was the subject of the transaction. The financial terms of the transaction were not disclosed.