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
SummerHill Appoints Patrick S. Simons as Senior VP of New SoCal Division
The growing multifamily market of Southern California is prompting changes to companies and shifting strategies. To that effect, SummerHill Apartment Communities, a division of SummerHill Housing Group, has enlisted the talents of Patrick S. Simons, an industry veteran, to help with the company’s brand new SoCal division. The professional will become a new Senior Vice President with SummerHill, and will run the developer’s new Irvine office, located at 18401 Von Karman Avenue.
Kiernan Cos. Buys 10 Acres in Otay Mesa
With San Diego’s industrial market set to see its vacancy rates go up, the news that a large chunk of industrial land near the Mexican border just traded hands is as encouraging as it gets. Recent reports indicate that the Kiernan Companies of Coronado snapped up around 10 acres of land, part of the Airway Business Center. The new purchased the plot for a fee of around $3.6 million, from seller MS Development Co. LLC. The deal was arranged on behalf of the seller by a CBRE team, while Kiernan was represented by a team from Fischer & Co.
New Little Tokyo Apartment Community Breaks Ground as Downtown L.A. Continues Rise
With Koreatown communities in L.A. now moving and the submarket’s multifamily sector set for continuous growth, it is time to switch the focus shift to another community’s development endeavors, namely Little Tokyo. Residentinal developer SARES-REGIS Group recently announced that it has broken ground on a new mixed-use apartment development in the historic downtown community. The rental apartment complex was designed for SRG by TCA Architects, the company responsible for the six-acre master-planned community that the development is part of.
CyrusOne Expands Data Center in San Antonio
CyrusOne, one of San Antonio’s global colocation solutions providers, has purchased a 22-acre property as expansion of its data center campus. The remaining space in its existing facility, the equivalent of 19,500 square feet, was leased for the next 5 years to one single customer, identified as a Fortune 50 customer.
MacFarlane Partners Sets Similar Development Plans for Two Multifamily Projects in South Lake Union
MacFarlane Partners has seriously ramped up its involvement in the Seattle area, specifically the booming neighborhood of South Lake Union, only recently announcing serious progress in the development of two different apartment projects. The investment management firm has recently announced a January 2013 deal for a parcel at 201 Westlake Avenue North where it intends to build a new apartment building, as well as the acquisition of the final parcel it required for its planned multifamily complex at 215 8th Avenue.
Office Building in Rio Rancho is For Sale for $5M
At Quantum Road and NM 528 there is a five-story complex of 50,000 square feet that has just been listed for sale. The building used to belong to AMREP Southwest who is now the main tenant.
First Ritz-Carlton Hotel to Open in Tel Aviv
One of the largest luxury hotel groups is set to open its first Israeli location – The Ritz-Carlton Herzliya, in an upscale residential town north of Tel Aviv.
Construction Begins on Second Austin Westin Hotel
By Anca Gagiuc, Associate Editor The Westin brand is coming to downtown Austin. White Lodging Services Corp. announced the groundbreaking of a second Westin hotel in a statement to the American-Statesman. The other Westin is an eight-floor, 241-room hotel located at the Domain. The new development is a joint venture between White Lodging, the Harry […]
K2LA Luxury Development Selects Cobalt Construction for Second and Third Buildings
One of the largest luxury multifamily projects under development in Los Angeles now is the K2LA urban development. The project’s developer, Century West Partners, has recently announced that it has selected a company to handle the second and third phases of construction at the site. Cobalt Construction Company will take over the development of the second and third buildings located at 680 Berendo and 685 New Hampshire.
Drawbridge Realty Trust Continues Heightened Activity with Office Purchase in Santa Rosa
Drawbridge Realty Trust has made a move into the Santa Rosa submarket with a recently completed double acquisition. The real estate company has paid a purchase fee of $18 million for the two office buildings, an indication that Drawbridge has begun to put its $150 million revolving credit facility to good use. A series of new investments thought out by the REIT are bound to follow as the company will look to expand and improve its current property portfolio. Seller Basin Street Properties was represented in the transaction by Cushman & Wakefield’s San Francisco office.