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
LOCA Development on Portland’s Central Eastside Receives $74M in Construction Financing
U.S. Bank recently announced that it has closed on a $74 million construction loan with developer Killian Pacific for a Portland development project. A Central Eastside site that has stood unoccupied by nothing but a herd of goats, is now finally set to be developed. Killian is finally ready to commence construction of the LOCA mixed-use development at the site that is currently known by Portland residents as the “Goat Blocks”.
Sackman Enterprises to Enter Austin with High-Rise
New York-based Sackman Enterprises announced its largest expansion outside of the Northeast in its 45 years. A 35-story luxury condominium tower, named 70 Rainey after its address, will be developed in the Rainey Street district, continuing the transformation of this downtown neighborhood.
FirstService Residential is Nevada Trails’ New Manager
FirstService Residential recently expanded its management portfolio as the company secured the property management contract for a Las Vegas area residential community. FirstService is adding the 1,000+ residential units of the Nevada Trails community to its 50 million square-foot property management portfolio. The Florida-based real estate services provider took over management duties at the community starting April 1.
PennySaver HQ in Brea Acquired by Intercontinental Real Estate Corporation
The current headquarters of PennySaver USA Publishing LLC recently traded hands in a deal arranged by real estate company HFF. The property is located in the North Orange County Brea/La Habra submarket, southeast of Los Angeles. The selling entity, a joint venture between Cohen Asset Management Inc. and American National Insurance Company, was represented by HFF.
Albuquerque Homebuyers Will Benefit from Wells Fargo’s HomeLIFT Program
Wells Fargo HomeLIFT program is a $4.75 million initiative to increase homeownership under the partnership of Wells Fargo & Company, NeighborWorks America and its affiliate Homestart. Albuquerque is the 33rd market in the country to benefit from it, starting with a free homebuyer event on May 1-2 at the city’s Convention Center.
Market Snapshot: San Antonio’s Retail in Demand
San Antonio’s excess retail space across the city was steadily absorbed by demand.
The Oaks at Fox Grove Opens in North Central San Antonio
KB Home has entered its newest phase of development of single-family homes in the north central part of the city. The Oaks at Fox Grove has made ready for daily tours three fully decorated model homes.
Market Snapshot: San Antonio Industrial On the Mend
The industrial market in San Antonio saw a 15th consecutive quarter of positive net absorption.
San Bernardino Office Campus Acquired by Hines/Oaktree Joint Venture
A San Bernardino office portfolio was recently acquired in a deal completed by international real estate firm Hines. Part of a joint venture that it has created with a fund managed by Oaktree Capital Management LP, the company acquired the Inland Empire property from two investment funds managed by Rancon Real Estate. The Tri-City Corporate Center is now under the ownership of the JV, with the financial terms of the property not being disclosed. Industry analysts placed the estimated value of the deal at around $100 million. After the completion of the transaction, the property management duties at Tri-City Corporate Center will be handled by Hines.
CyrusOne Grows in Austin
CyrusOne, the global colocation provider, recently announced the next step in its Texas expansion: the purchase of an additional powered shell in Austin’s Met Center. The new Austin III data center is designed to be CyrusOne’s largest facility in Austin so far, encompassing 172,000 total square feet of shell and 120,000 colocation square feet. The development will feature up to 12 megawatts of power and over 25,000 square feet of class A office space.