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
Emerson Opens Third Global Innovation Center in Austin
Emerson Process Management opened its third global Innovation Center – Process Systems and Solutions in Round Rock, near Austin. The other two centers are located in Marshalltown, Iowa – a unique research & development facility that develops and tests flow control applications and technologies – and in Pune, India – a center where world-class software application is developed.
Albuquerque’s Area Plans Will Be Scrutinized
City Councilor Chuck Wilkins has set a new goal for the beginning of 2014. He wants to bring clarity, simplicity, and coherence in the land-use plans the city has adopted in the recent years by having them re-examined. A series of work sessions will be held in the following weeks to investigate the plans and the proposed changes.
Stream Realty Partners Acquired San Antonio Medical Office Building
The medical office building at 5109 Medical Drive has been acquired by the national real estate development and investment firm, Stream Realty Partners. The address is on the campus of Christus Santa Rosa Medical Center in the South Texas Medical Center. Details about the transaction have not been made public.
Hudson Pacific Agrees to $57M Fee for Merrill Place in Off-Market Transaction
A purchase agreement for an office and retail asset in Seattle’s Pioneer Square submarket was recently struck between buyer Hudson Pacific Properties and a joint venture between Angelo Gordon, Nitze-Stagen and Mile Rock Capital. According to a recently released press statement, the off-market transaction will have a value of approximately $57.7 million. That same statement pegged the closing date for the deal sometime next month.
Kennedy Wilson is New Owner of Victory Plaza and Multifamily Site in North Hollywood After Purchasing $30 Million of Debt
Kennedy Wilson, an international real estate investment and services firm, recently expanded its retail portfolio with a Los Angeles grocery-anchored property. The company is the new owner of Victory Plaza, a North Hollywood retail center, as well as a development site that has all the papers in place for a multifamily development. Kennedy Wilson had purchased the debt on the two assets in December of last year from an Ireland-based financing firm, for a total of $30 million.
Brohn Homes Announces New Homes in Austin’s Pflugerville
Brohn Homes, a family operated and owned business with focus on custom home building, has announced the start of construction in Pflugerville’s established neighborhood The Commons at Rowe Lane. Prices start in the $220,000s.
Transit-Oriented Mixed-Use Project in Palo Alto Secures Financing from Canyon Realty
A transit-oriented development project is now underway after financing provider Canyon Capital Realty Advisors secured a loan on behalf of the developers. College Terrace Centre LLC is set to begin work on its project, a mixed-use development located near Stanford University and Stanford Research Park in Palo Alto. Handling development duties for the project will be developed by Redwood City-based, Twenty-One Hundred Ventures LLC.
Partnership Between Centennial and Lincoln Completes its Fifth Acquisition with $20 Million Santa Monica Buy
One of the most high-profile shopping locations in Santa Monica is set to be given a boost as a recent deal was recently completed for one of its anchor properties. A joint venture between Lincoln Property Company and Centennial Real Estate has moved on the market to acquire a retail property for a fee of $20.5 million. The partnership will reportedly take the newly acquired property through an extensive renovation process that would add value to the asset.
Griffis Residential Pays $43M for Luxury M-F Asset in Summerlin
With the amount of deals rising in recent weeks, and the single family home market up in 2013 in terms of prices, the residential market seems to be tightening up and proving its appeal to investors. Recently, a Denver-based multifamily investment and management company completed a deal for the acquisition of yet another Las Vegas residential property. Griffis Residential paid a purchase fee of $43.2 million for The Wellington, a luxury apartment community in Summerlin.
Harley-Davidson Announces Second, 12,000-Sq.-Ft., Retail Store in Albuquerque
Albuquerque proved to be a prosperous environment for the Harley-Davidson® product and culture, so prosperous that a second retail store has been announced to open to meet customer demands. The new location will open in March at 8605 Lomas Boulevard NE and will operate in addition to the existing Thunderbird Harley-Davidson®.