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
Toyota Dealership in Albuquerque, N.M. Will Undergo Major Reconstruction
The Larry H. Miller American Toyota dealership, located at 5995 Alameda Boulevard, NE Albuquerque and serving Albuquerque, Santa Fe, Rio Rancho, and Las Lunas, will enter a complete reconstruction phase. The remodel works are estimated to take about one year.
Ashford Trust to Buy Lakeway Resort for $33.5M
The strong Austin economy and the sustained growth in the technological sector, mixed with increasing visitation, appeals more and more to investors. Recently, Dallas-based Ashford Hospitality Trust announced that it has signed an agreement to acquire Lakeway Resort & Spa for $33.5 million. The acquisition should close within the next 30 days, and Remington Lodging will take on the management responsibilities. The seller is the joint venture formed by Dow Hotel Co. and the Carlyle Group.
SPOTLIGHT ON SAN FRANCISCO: Federal Realty Grabs Major Silicon Valley Retail Property
Federal Realty Investment Trust has acquired a controlling interest in the San Antonio Shopping Center in Mountain View, Calif.
RADCO Acquires, Rebrands Trails of Westlakes
The RADCO Companies, an Atlanta-based apartment investment and redevelopment company announced the acquisition of a three-property multifamily portfolio that encompasses 916 units in Houston and San Antonio. Trails of Westlakes residential complex of San Antonio consists of 336 units, and as the two Houston properties, has been foreclosed upon in 2011 by Frannie Mae, the seller.
First Ever Multifamily Property on Millionaire’s Row in Pasadena Trades Hands
The South Orange Grove Apartments recently traded hands in the Pasadena submarket. The residential property was sold for a price that exceeds the original listing price that was set at $9.5 million. South Orange Grove Apartments was acquired by a private investor from an entity of City Ventures.
R.R. Martin to Convert Former Bowling Space to Art Space
George R.R. Martin continues to pencil his role of protector of art while developing his landlord skills in the city of Santa Fe. After purchasing and bringing back to life the long-abandoned Jean Cocteau Cinema, he repeats the move by acquiring the former Silva Lanes property located at 1352 Rufina Circle in south Santa Fe.
Walgreens on the Strip Hits the Market
Marcus & Millichap recently announced that it has begun marketing for a Walgreens drugstore located on the famous Las Vegas Strip. The commercial real estate investment services firm has the exclusive right to offer the net-leased property up for sale. Although the price is currently set as open bid, the asset is set to fetch a purchase fee around the $40 million mark, industry specialists estimated. The selling entity is a joint venture that includes Harbor Group International
DNA Partners Trades Highpoint Towers
Highpoint Towers, one of San Antonio’s largest office properties, is no longer owned by DNA Partners. Marketed by Holliday Fenoglio Fowler, L.P. on behalf of the seller, the two 11-story office towers were purchased for an undisclosed price.
Moody National REIT Acquires Hilton Garden Inn
The previously announced intention of Moody National REIT to purchase the Hilton Garden Inn Austin NW/Arboretum has come to fruition. Holliday Fenoglio Fowler has announced closing the sale after having exclusively marketed the property on behalf of the seller. Moody National REIT has purchased the hotel free and clear of existing debt.
KBS Sells One Main Place in Portland CBD
One Main Place, one of the properties in Portland’s Central Business District, recently traded hands. KBS Real Estate Investment Trust II received a fee of $86.3 million for the property located along the waterfront of Portland’s CBD. According to Asset Manager and KBS Senior Vice President, Mark Brecheen, the seller “originally acquired the property for $54 million”. The transaction was brokered by an Eastdil team consisting of Stephen Van Dusen, Jason Flynn and Darwin Rodriguez, on behalf of the seller.