Anca Gagiuc
Anca Gagiuc brings more than a decade of experience within the real estate industry. She is a senior associate editor with Commercial Property Executive and Multi-Housing News who also writes monthly multifamily reports at Yardi Matrix. Contact Anca at anca.gagiuc@cpe-mhn.com
Seven C’s Takes Rancho Bernardo Asset
Via Frontera Business Park in the Rancho Bernardo submarket of San Diego was recently acquired by Seven C’s Group, LLC for a total of $10.5 million. The transaction was arranged by Mark McEwen, Ted Cuthbert, and Matt Zimsky of Colliers International’s San Diego office. McEwen noted that the property provides its new owners with the “opportunity to acquire an institutional business park in a desirable location.”
Lucas Moves Forward on $150M Affordable Housing Project
George Lucas is set to heavily invest in the development of the San Francisco Bay Area’s largest affordable housing project. The endeavor is projected to cost upwards of $150 million, with the creator of the Star Wars franchise set to pay for the project in its entirety. This will allow the developer to allocate the housing units that will be made available at the Grady Ranch site in Marin County to specific groups of people such as firefighters, teachers and nurses.
Agora Realty Buys Fiesta Plaza
The Fiesta Plaza retail center in North Las Vegas was recently acquired by West Coast-based entity Agora Realty & Management. The buyer paid the private seller a total of $12,950,000 for the grocery-anchored shopping center, and then subsequently signed on a brand new tenant on a ten-year lease. It was recently reported that publicly-owned Conn’s Electronics will be taking over roughly a quarter of the total space available at Fiesta Plaza. Leasing activity at the newly acquired property will be handled by Las Vegas-based ROI Commercial Real Estate.
International: Redevelopment of Moscow Stadium Continues Despite Economy
Russian financial institution VTB Bank is continuing work on a large development project in the country’s capital, in spite of its financial sanctions.
Marble Development Chosen to Develop the ‘Entertainment District’ on University of New Mexico Campus
The University of New Mexico’s plan to develop an entertainment district near its sports stadiums has officially kicked off. Marble Development has been chosen by the Lobo Development Corporation as the developer of the project located on the southeast corner of University Blvd. and Avenida Caesar Chavez. Negotiations on the ground lease have already begun.
Oak Coast Properties Picks Up Hotel Circle Asset
The DoubleTree San Diego – Hotel Circle recently traded hands in. The deal was arranged by CBRE Hotels representatives Bob Kaplan and Rod Apodaca, who acted on behalf of the seller. The parties involved were two locally-based investors that sold the hotel to an affiliate of Oak Coast Properties LLC. CBRE Hotels is a specialized advisory group within CBRE that provides services to companies acting in the hotel sector.
KB Home Rolls Out Plan for Latest Community
On the back of a solid home buying month in the Las Vegas area, KB Home recently revealed its latest residential community in the area. The homebuilder announced the opening of Portola Hills in Henderson, one of the areas of the Las Vegas Valley that has been shouldering a lot of the development load during recent years. The homes that are set to be built at Portola Hills will be customizable to the buyer’s liking.
Resmark JV Announces Luxury Townhomes in South Bellevue
Although Expedia’s announcement that it will be moving to the Seattle waterfront has given Bellevue’s real estate market somewhat of a shock, investors continue to express interest in the city. A joint venture between The Resmark Companies and local development group Windward Real Estate Services is working on the development of Factoria, an infill luxury townhome community located in south Bellevue.
Newly Built Industrial Asset in Santa Fe Springs Signs First Major Tenant
A recently built Santa Fe Springs industrial asset completed a major long-term lease worth approximately $20 million. Gelson’s Markets recently inked an agreement for more of the available space at the Freeway Springs Logistics Center. The company will also take up a large component of the property’s available office space, where it will be relocating a large part of its staff. The transaction was arranged by two teams of Colliers representatives, rentv.com writes, with owner Freeway Springs LLC, a Golden Springs Development Co.
Austin Developer PSW Real Estate Begins Building the Olmos Drive Community
Austin-based developer of single-family homes, PSW Real Estate, recently announced that it has begun the construction of 26 green homes in Olmos Park. This is the company’s first development project in San Antonio, with two more following in Alamo Heights and South Town.