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
Cantor Commercial Funds $110M for 7-Property Hotel Portfolio
Real estate capital intermediary HFF announced on February 24th that it has arranged mortgage financing worth $110 million for a seven-property, full-service hotel portfolio that totals 2,566 keys. The portfolio includes properties from Florida, California, Virginia, Ohio, and New Mexico.
Kennedy Wilson Announces Sale of Historic Aztec Theatre in San Antonio
The vertically integrated global real estate investment and services firm Kennedy Wilson, with headquarters in Beverly Hills, CA, recently announced the sale of the historic mixed-use Aztec Theatre in San Antonio.
Hines Acquires Large Office Asset in High-Performing Bellevue
Civica Office Commons in Bellevue, WA was recently acquired by international real estate firm Hines in a deal worth approximately $205 million. The Bellevue office market has consistently over-performed over the past few years, with top assets here being currently sought after at cap rates lower than the five percent mark. With completions also set to go upwards in 2015, and absorption rates climbing as well, the area’s office market is ripe for investment.
4000 MacArthur Office Project in Newport Beach Trades Hands
A large office asset in Newport Beach was recently acquired by Hines for an undisclosed amount. The buyer worked along with a subsidiary of a fund managed by Oaktree Capital Management L.P. in the acquisition of 4000 MacArthur, a large office asset located in the Airport Area submarket. As a result of the transaction, Hines will take over management duties on behalf of the joint venture.
North America’s Largest JW Marriott Opens Its Doors
Two and a half years after the breaking ground event, the first JW Marriott Hotels & Resorts has opened its doors. The JW Marriott Austin is the largest hotel in Austin, the largest JW Marriott in North America and the second-largest JW Marriott in the world.
Meridian Cinches 2-Part Financing for Union Square Deal
The 166 Geary Street building was recently acquired as Meridian Capital Group announced it has arranged $35 million in financing for the acquisition. The national commercial real estate finance and advisory firm worked on behalf of The Jackson Group, Sun Equity Partners and Concord Real Estate. Meridian arranged the 36-month, floating-rate mortgage, which was provided by a national balance sheet lender, features full-term interest-only payments and is priced at 350 basis points over one-month LIBOR.
Providence Capital Snaps Up Business Park
A San Diego business park is the subject of a recent transaction brokered by the local office of Colliers International. Shekhter Living Trust sold the property located at 8250-8260 Camino Santa Fe for $6.7 million to buyer Providence Capital Group. The transaction was arranged by Colliers International representatives Arnold Friedman and Evan McDonald, on behalf of both parties.
RY Properties Details Plans for Lake Las Vegas
127 acres of land recently traded hands within the Lake Las Vegas community as developer RY Properties is the new owner of a large number of partially improved residential lots in the recovering communities. The $12.5 million deal was closed by The Hoffman Company, an entity that has been very active with land deals in 2014, a sign that investors are once again interested in the prospects offered up by the Las Vegas area.
Presidium Group Acquires The Landmark at Medical Center
Dallas-headquartered Presidium Group, LLC has announced on February 10th its first acquisition in 2015, the residential complex The Landmark located in the vicinity of San Antonio’s Medical Center. With this purchase, the number of apartment units owned and operated by Presidium in the San Antonio area has exceeded 2,000.
Publix Hotel Building to be Redeveloped as Multifamily Property
Financing is now in place for the redevelopment of a Seattle multifamily property as Berkadia recently announced that it has provided construction funding for the Publix Apartments. The financing provider, a joint venture of Berkshire Hathaway and Leucadia National Corporation, worked on behalf of Publix, LLC to secure around $26 million. The company is converting a former hotel into a market-rate housing community in the Seattle’s Historic International District. The financing was arranged by Vice President Rob Affleck of Berkadia’s Camas, Washington office.