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
Regency Scored County’s Top 2012 Retail Buy: $81M Grocery-Anchored Center in Hillcrest
Uptown District is a grocery-anchored urban center that offers 148,638 square feet of retail space and is currently the main destination in its category in the Hillcrest area. It stands at 940 University Ave, in the immediate vicinity of Highway 163, offering customers increased accessibility. Approximately 550,000 residents populate the five-mile radius area Uptown District services. The shopping center is anchored by Ralphs and Trader Joe’s, while other big names in its tenant roster are Starbucks, Party City, Pier 1 Imports, Wells Fargo and Panera Bread. The facility has an attractive occupancy rate of about 95 percent.
AVS Housing Group Takes Charge of UNLV’s On-Campus Student Housing
It was recently announced that a joint venture has assumed the property management of the entire on-housing campus system of the University of Nevada, Las Vegas. The joint venture is the result of the affiliation of The Scion Group, and entities linked to real estate companies American Nevada Company and The Vista Group. Working under the name of AVS Housing Group, the newly formed property manager will handle marketing, resident contracts and room assignments, facility planning and management, financial and vendor management, as well as residence hall operations.
Hines Lines Up Transit-Oriented Multifamily Development in Pasadena After Completing Land Deal
A new multifamily development is set to take shape in Pasadena after international real estate firm Hines recently announced that it has acquired a patch of land on which it intends to develop a residential community. The company will develop a for-rent residential complex in a submarket that it has deemed one of the strongest for such projects in Southern California. Handling the development process will be Hines’ Multifamily Division, and entity created back in 2011 in order to better manage and develop the company’s multifamily assets.
Contactor Heads for Home on $11M USD Ballpark Project
Significant progress was recently announced at Turner Construction Company’s under-development Fowler Park at the University of San Diego. The project has hit the 50% mark construction-wise and is on schedule for a topping out event later this month. The University of San Diego is set to breathe new life into the aging baseball facility currently occupied by its USD Toreros team, one of the top 25 college baseball teams in the United States.
Inland Diversified Pays $296M for 1.7 MSF Retail Portfolio
Consisting of structures developed between 1999 and 2009 the Territory portfolio totals 1.7 million square feet of retail space across the Las Vegas Valley. A number of major anchor tenants ensure the lasting appeal of the properties with the overall tenant roster featuring names such as Walmart, Sam’s Club and Lowe’s Home Improvement. The properties are placed in well-populated, economically stable areas, securing the new owners a solid shopper base, one that has, until now, been responsible for strong occupancy rates.
Golden Door Spa in San Marcos Commands $25M
A luxury spa resort in San Marcos was recently sold with the aid of financing giant Holiday Fenoglio Fowler. The Golden Door Spa traded for a transaction total of $24.8 million free and clear of existing debt. The deal was arranged by a team led by Dan Peek and Bill Stadler, senior managing directors with HFF, and also consisting of Managing Director Scott Hall and Real Estate Analyst Alexandra Lalos. The new owner has also acquired the Golden Door brand, and retains the right to perform any expansions on the facility.
Chinatrust Bank Moves HQ to 801 Tower As It Plans Expansion
Taiwan-based Chinatrust Bank is set to move its headquarters after an announcement regarding a new leasing deal was made by company officials recently. The financial entity will move its operations from its current Torrance HQ to the new location, in 801 Tower, in the financial neighborhood set up just north of the Staples Center. Continue reading →
Carey Watermark Pays $85M for Courtyard in Hotel Circle
The Courtyard San Diego Mission Valley/Hotel Circle traded recently when Jones Lang LaSalle Hotels arranged the acquisition of the property for a private investment group. The buyer is Carey Watermark Investors, an Illinois-based entity that paid a reported $85 million for the San Diego hospitality property. The deal was handled by Jones Lang La Salle Hotels Managing Director John Strauss along with Senior Vice Presidents James Stockdale and Samantha Fisher. The buyer has opted to keep Evolution Hospitality as the property manager.
Company Linked to Dell Pays $93M for Pair of M-F Properties
Two Las Vegas-area apartment complexes traded hands recently, due to the newfound interest that WTI Inc., a company linked to computer manufacturer Dell, has manifested in the local residential market. The company has moved for the Esplanade residential complex near South Durango Drive, as well as the Renaissance Villas complex on West Tropicana Avenue. According to VegasINC.com, the total amount for which the two properties traded stood at around $93 million. Specifically, the Esplanade complex sold for around $18 million, while Renaissance Villas traded for approximately $75 million.
Henderson Stadium Developer Wants New Deal; Officials Suspect Fraud
By Alex Girda, Associate Editor International Development Management CEO Chris Milam, the would-be builder of a sprawling sports complex in Henderson, told city officials that he is walking away from his development agreement because of funding problems. Milam insists that the project is still viable but that he needs a new deal with the city, Vegasinc.com […]