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
Kislak Group Buys Southwest Las Vegas M-F Asset for $29.3M
As the Kislak Organization recently completed the acquisition of a multifamily property in the city of Las Vegas, signs seem to be pointing toward a more dynamic real estate market than most thought. The national real estate investment firm based in Miami Lakes, Florida recently paid a total of $29.3 million for the Alicante Villa Apartments.
Embrey Partners Breaks Ground on Dwell at Legacy in North San Antonio
A new Class A apartment development broke ground under the Embrey Partners, Ltd. umbrella. This was made possible after the developer received zoning approval to turn 8.28 acres of commercially-zoned land in the Legacy Shopping Center into an apartment community.
Love’s Travel Stop & Country Store Acquires 11 Acres in Albuquerque for New Truck Stop
Family-owned Love’s Travel Stop & Country Store announced plans to expand in Albuquerque’s West Side by building a second, larger 24/7 truck stop at the Interstate 40 and Atrisco Vista Boulevard interchange. The company has purchased 11 acres of land near the Tempur-Pedic Mattresses facility.
Newport Crossing Community in Newcastle Sold by Security Properties
The Newport Crossing residential community in Newcastle, WA, was recently sold by owner Security Properties Inc. in a deal worth a reported $38.8 million. The company unloaded the community through its Security Properties Multifamily Fund, at a substantial hike from the fee that the multifamily real estate owner acquired the asset back in 2012, $30.35 million. The increase in transaction value was not only the result of the improving real estate market of the Pacific Northwest, but also of a value-add renovation program carried out at the property.
HFF Completes Sale of Inland Empire West Industrial Development Project
According to Holiday Fenoglio Fowler, the company recently completed the transaction for an Inland Empire West industrial development project. HFF worked on behalf of Xebec Realty Partners, and marketed the Catawba Distribution Center in Fontana, CA. The property was eventually sold by the commercial real estate and capital markets services provider to a discretionary real estate fund for a total fee of around $23 million. The HFF team in charge of the sale consisted of Senior Managing Director Anthony J. Brent and Managing Director Ryan Martin.
Hyatt Acquires Full Ownership of Hyatt Regency Lost Pines Resort and Spa for $143M
A Hyatt affiliate has acquired its partners’ 92 percent interest in the Hyatt Regency Lost Pines Resort and Spa near Bastrop, announced Hyatt Hotels Corporation. The price of the transaction was oft approximately $143 million.
Northrop Grumman Renews Lease at Kearny Mesa Campus
Northrop Grumman Systems Corporation, one of the largest companies in the entire country, recently completed a leasing deal that will keep the entity at its current home in the Kearny Mesa submarket of San Diego. According to the local office of Colliers International, the company has renewed its lease for the entire space that it has occupied at an office campus located in the Kearny Mesa Spectrum Center. Colliers noted that the leasing agreement is one of the largest deals of its kind in terms of size to be completed in 2014 in the area.
NASA Announces Lease Deal Turning Over Moffett Field to Google-Controlled Planetary Ventures
Moffett Field and the iconic Hangar One are set to be saved by Google, as the tech giant recently agreed to invest around $200 million at the property. Additionally, the airfield will be used in Google’s various ventures including space exploration research, aviation and robotics. The company’s subsidiary, Planetary Ventures, has signed an agreement with NASA that will let the company manage Moffett Federal Airfield(MFA) in Moffett Field, CA. The agreement was closed for a period of six decades and would mean that the Google-controlled entity will pay NASA a total of $1.16 billion in rent.
Preston Hollow Capital Secures $49M for Cibolo Canyons
Preston Hollow Capital, a diversified merchant bank, launched in January 2014 by the former longtime President and Chief Executive Officer of ORIX USA, Jim Thompson, announced that it has completed a $48.9 million financing for the Cibolo Canyons Special Improvement District, a 2,100-acre mixed-use master-planned community near San Antonio. The bond funding transaction will be used to provide reimbursement of infrastructure expense to the developer of Cibolo Canyons, Forestar Group Inc.
PS Business Parks, Inc. Acquires the 246,000-Square Foot McNeil Business Park in Austin
Already the owner of 5.1 million square feet of commercial space in the state of Texas, PS Business Parks, Inc. announced the acquisition of another multi-tenant industrial building in Austin. The transaction adds another 246,000 square feet to the 2.0 million square feet the company already owns in the city.