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
Potential Development Site Trades Hands in Bellevue’s CBD for $31M
Bellevue’s Central Business District is running out of room for development as one of the last spots in the area that could support a large commercial building was recently snapped up in a $31 million deal. Kidder Matthews representatives Andy Miller, Jason Rosauer, Dave Speers and Rob Anderson handled the sale on behalf of long-time owners Milt Walter and his wife, Sue Walter. The couple had owned the property for three decades prior to its recent trade to NIU Enterprises.
OakPoint Acquires Briarcroft and Continental Buildings in Austin
Nashville-based OakPoint Investments purchased two of Austin’s office buildings in partnership with local Haverwood Management. Details about the transaction have not been disclosed.
$40B Transoceanic Canal Project Resurfaces in Nicaragua
An initiative for the construction of a new canal between the Pacific and the Caribbean is underway after a century of hibernation.
Eurasia Resorts Seeks Return to Super-Sized Development
The city’s recent switch from the new, bombastic mega-resorts of the Strip and focus on smaller projects seemed to mark a new direction for its fortunes. However, the market for massive, imposing projects has not completely gone away as Eurasia Resorts International recently announced a world-class entertainment initiative for the city of Las Vegas. The company’s tentative development plan would insert a number of projects that were considered as lacking in Las Vegas, projects that would complete the high-rolling image that the city has been selling.
Brookwood Financial Partners Buys Kearny Mesa Office Complex
San Diego’s office market has received another boost after the announced acquisition of a large, multi-tenant property in the city’s Kearny Mesa submarket. Brookwood Financial Partners LLC has moved to acquire the Four Points Business Park for an undisclosed amount. This is the investor’s third San Diego-area transaction in the past 20 months, having previously added the Mission Valley Crossroads and Bernardo Executive Center properties to its multi-tenant office portfolio. Brookwood Financial Partners represented itself in the transaction while the seller was represented by Bob Prendergast and Lynn LaChapelle of Jones Lang LaSalle.
San Francisco Bay Area Properties Put Up for Sale as California Looks to Pay Off Wall of Debt
The Department of General Services is planning the sale of a large section of surplus land in its administration, and marketing has commenced for the property. According to a press statement, the DGS will be listing the property and talking with interested buyers until the 3rd of October, this year. The 81 acres of land that are being offered up for sale by the state of California were once belonged to the former Agnews Developmental Center.
Peak Partners Capital Acquires Sandia Valley Apartments
Albuquerque’s Sandia Valley Apartments has changed owners. This is not the first residential community to be acquired by Peak Capital Partners in New Mexico, two other complexes from Santa Fe having been purchased by the investment company in the past three years: Tuscany at St. Francis and Bluffs at Tierra Contenta, with 176 and 160 units respectively.
Oil-Fueled Norwegian Fund Buys 2.4 MSF Industrial Portfolio in UK
LondonMetric Property Plc, a real estate investment trust, has recently completed the sale of its stake in a large distribution portfolio to a joint venture between U.S.-based Prologis’ European branch and Norges Bank Investment Management.
Prado Student Development Breaks Ground in San Antonio
Three new student developments encompassing 1,400 units have broken ground under the Fountain Residential Partners name. These projects will serve The University of Texas – San Antonio, the main campus of The University of Houston, and The University of Minnesota – Twin Cities. Leasing will start in the following months and occupancy in autumn of 2014.
Major Office High-Rise Trades Hands for $390M in City’s Financial District
As Seattle’s office market soared over the past year, a number of major office building transactions have been completed. The Russell Investments Center, 1201 Third Ave. and Vulcan’s Amazon campus have drawn massive amounts of money as investment companies are focusing on Seattle real estate. Continuing that trend is the recent sale of the Wells Fargo Center to Canadian real estate company Ivanhoé Cambridge for a fee of $390 million. According to a press release issued by the buyer, the acquisition brings the total amount of office space in Seattle’s financial district that is owned by Ivanhoé to eight percent.