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
Trammel Crow Company, Principal Real Estate Investors, and City of Austin Begin Second Phase at Thomas Green Water Treatment Plant
Trammel Crow Company in partnership with Principal Real Estate Investors announced the acquisition from the City of Austin of the Green Water Treatment Plant (GWTP) lot known as 500 W 2nd Street in downtown Austin. Construction of a 29-story office tower is scheduled to begin immediately, with the finalization date set for the first quarter of 2017.
San Diego Office Sales Heat Up as End of Year Approaches
The San Diego office market is a hotbed for smaller transactions, with the last couple of weeks recording a large number of deals that signal investors are scrambling to wrap up deals before the end of Q4. Deals in submarkets such as Rancho Bernardo, Carlsbad, Mission Valley and Kearny Mesa were completed by entities recently.
Cambrige Cos./Diamond Rock JV Plans 1 MSF Industrial Development
The city of Las Vegas is set to add around one million square feet of industrial space, as a result of a new joint venture. Local entity Cambridge Companies, LLC and Diamond Rock Partners LLC of Santa Monica have joined forces in order to develop a large amount of industrial employment space in Las Vegas, Clark County, NV. Industrial space in the area has recently experienced a revival, with investors now keen to move on both development and existing asset opportunities.
Heslin Holdings Acquires Kmart Retail Space for $4.4M
California-based Heslin Holdings, an investment and development firm, recently announced the purchase of a large piece of Rio Rancho’s Hilltop Plaza Shopping Center. The acquisition represents the retail space currently leased to Kmart, which nears the end of its lease agreement.
Michael Rosenfeld Completes Nob Hill Triple as Woodbridge Capital Partners Acquires Stanford Court
The San Francisco hospitality market recorded an important hotel acquisition, as real estate investor Michael Rosenfeld acquired the third hotel on Nob Hill. The investor’s Woodbridge Capital Partners recently completed the acquisition of Stanford Court Hotel. The new owner now holds all three hospitality properties on No Hill, including the 2012-purchased Fairmont San Francisco and the Mark Hopkins hotel back in February. Both acquisitions were carried out in partnership with Oaktree Capital Management.
Townhome Project SOJO Crossing to Be Developed in San Antonio
In the Tobin Hill neighborhood, just one block away from the Museum Reach of the San Antonio River Walk, a community of 27 well-appointed townhome residences will begin to take shape. SOJO Crossing is the project of SOJO Urban Development LLC; they will work in collaboration with Alamo Architects and IDS Engineering Group.
United States Green Building Council Awards LEED Gold Certification to US Bank Tower
The U.S. Bank Tower in L.A., one of the most high-profile office properties in the downtown area was recently awarded Gold certification under the U.S. Green Building Council’s LEED for Existing Buildings Rating System. The building is currently under the ownership of OUE Limited, while property management duties are being handled by international real estate firm Hines. Tenants at the U.S. Bank Tower include names such as U.S. Bank, Hinshaw & Culbertson, Regus, and the Special Olympics.
DiNapoli Capital Partners Acquires Pearl District Residential Community in $37M Deal
Portland’s Pearl District is attracting a large amount of interest lately, with investors ready to move on any great opportunities. Honeymoon Hardware Lofts was recently sold by a joint venture between Seattle-based Security Properties Inc. and Lubert-Adler Partners from Philadelphia to buyer DiNapoli Capital Partners for a total fee of $37.05 million. Portland HFF representative Ira Virden led the team that handled the transaction for both parties.
Griffis Residential Acquires 512-Unit Premium Multifamily Community in Austin
Denver-based multifamily investment and management firm Griffis Residential announced the acquisition of Class A multifamily community, The Orchard Apartments. Post-acquisition, the complex has been renamed Griffis La Frontera to convey with the company’s persistent brand excellence and its location in the La Frontera commercial park.
New Mexico Approves 4 More Solar Power Generators by PNM
PNM’s plan to build additional solar-powered generating stations has been unanimously approved by the New Mexico Public Regulation Commission. PNM will add four more solar photovoltaic facilities that translate into another 40 megawatts of utility-scale solar power.