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
CLG Starts Work at its R3 Lofts Mixed-Use Project on Redwood
California Landmark Group recently announced that is has started construction on its Marina Arts District mixed-use project. The company is currently developing its R3 Lofts project, a $30 million venture that has a development deadline set for the spring of 2016. CLG is working on the site at 4091 Redwood Avenue, where it will develop a concept that combines a residential component and dedicated creative office space aimed at its residents.
Corporate Office Properties Trust Announces Full-Building Lease in Sentry Gateway Office Park
COPT, the Corporate Office Properties Trust announced the execution of a full-building lease with the U.S. Government. The building is currently under construction in the COPT’s Sentry Gateway office park in San Antonio and will encompass approximately 160,500 square feet.
Kennedy Wilson Acquires Turnwater M-F Asset for $21M
Kennedy Wilson is continuing its aggressive expansion policy in the Pacific Northwest with yet another multifamily purchase. The company invested roughly $21 million in the acquisition of the 100 percent stake in a South Seattle asset. The company is the new owner of the Tabula Rasa property in Turnwater, Thurston County, which it acquired from a financial institution that had been the lender on the property.
Sonesta Bee Cave Austin to Open in Spring of 2015
In February 2014 Sonesta Bee Cave Austin, a 195-room hotel broke ground, joining Sonesta’s growing portfolio. This is the company’s third Texas property and it is scheduled for a spring 2015 opening.
Balfour Beatty Wraps Phase One of Detention Center in Santee
The first phase of the Las Colinas Detention and Re-entry Facility in Santee, Ca was recently completed by developer Balfour Beatty Construction. The company had been awarded the contract to develop the $221.5 million project that would replace the old 1960s detention facility. The facility will serve as the point of intake for women inmates in San Diego County, and is being constructed on existing property owned by SDC.
UNM Hospitals Break Ground on Outpatient Clinic to Meet Demand in North Valley
The North Valley Center for Family and Community Health at 3401 Fourth Street NW that broke ground recently is the newest outpatient clinic of UNM Hospitals; it’s expected to open next spring. Its purpose is to increase access to quality care and meet the growing demand for medical services in Albuquerque’s North Valley.
Tropicana Follows Up $200M Renovation With Meeting-Space Makeover
Tropicana Las Vegas – a DoubleTree by Hilton is currently undergoing major changes at its Tropicana Pavilion, with the facility being expanded for additional space. The entity recently announced that the development process is set for a March 1, 2015 completion. A number of improvements and new features are also planned for the process that aims to bolster the hotel’s convention business appeal in the coming years.
Small San Diego Apartment Communities Trade Hands in Deals Totaling $10M
Two small deals were perfected for San Diego-area multifamily properties recently with the combined transaction value of just under $10 million. The Coronado Villa Apartments in San Diego and a Pacific Beach multifamily property both have new owners after trading hands for fees of $5.7 million and $4 million, respectively.
Thorofare Capital-Arranged Loan Leads to Sale of Final Condo Units at The Martin
Thorofare Capital, an alternative investment platform, recently announced that it had provided a $4 million short-term loan to finance the acquisition of a condo unit portfolio at The Martin. The sponsor will use the financing to acquire the final units under the ownership of the tower’s developer, and then focus on selling the condos to foreign investors. KCD Martin is buying the units from New York-based iStar Financial.
Swift Real Estate Pays $8.5M for 811 SW Naito Parkway in HFF-Arranged Deal
A Portland, OR office property was recently traded in a deal brokered by Holiday Fenoglio Fowler. ATC Partners LLC, a full-service real estate firm from San Francisco worked with HFF to sell the property to Swift Real Estate Partners for a total fee of $8.55 million. The HFF team in charge of the transaction consisted of director Nicholas Kucha and senior managing director Michael Leggett.