the Editors of Commercial Property Executive
Avanath Gets 26,000-Unit Portfolio with Firm Acquisitions
Avanath Capital Partners and MacFarlane Costa Housing Partners have acquired Simpson Housing Solutions and its portfolio of 273 properties as part of the initial capital deployment for Avanath Capital Partners’ first fund offering in a development arm to be spun off to MacFarlane Costa Housing Partners. The portfolio–which sold for an undisclosed amount–totals 26,000 affordable rental apartments in 33 states, the District of Columbia and Puerto Rico. “We knew this company very well and I had a longstanding relationship with it and I knew it was a very well ran company. The asset quality of the portfolio was very high….
Oakmont to Build Green Warehouse at Jax Port Project
Oakmont Industrial Group will develop an 849,000-square-foot LEED-certified bulk distribution building as the sole building at its 75-acre NorthPort Logistics Center on New Berlin Road in Jacksonville, Fla. As CPN reported in April, Oakmont purchased the development rights to what was then known as New Berlin Commerce Park from Schafer Development. Ground is expected to be broken by mid-September, with delivery scheduled for summer 2009. Tom Cobb, Oakmont senior vice president of development, told CPN that the original plans had been for three buildings, but that Oakmont decided to go with a single, larger building. “Our goal is to have…
Inland, Lexington Complete Seeding of Net Lease JV
Inland American Real Estate Trust Inc. and Lexington Realty Trust have closed on a final group of seed properties into the $1.1 billion joint venture they set up to acquire and manage net lease properties. The deal, according to Lexington, involved the transfer of two single-tenant net leased assets from Lexington and its subsidiaries for $64.8 million to the joint venture. The properties total about 554,500 square feet, and are both located in Texas. The JV, Net Lease Strategic Assets Fund L.P., has now all together been seeded with 43 net leased properties contributed by Lexington, totaling 6.2 million square…
AEG Live Comes Aboard $500M Horseshoe Casino Expansion Project
Horseshoe Casino Hammond, located just outside of Chicago in Hammond, Ind., has joined forces with AEG Live as it moves toward the conclusion of its $500 million expansion.AEG Live will take on responsibility for The Venue at Horseshoe Casino, a 3,200-capacity entertainment center that will become a centerpiece of the gaming property. AEG Live will spearhead programming for The Venue, which was conceived to draw in leading performers, full-scale shows and concerts to Horseshoe. At maximum capacity, the facility can accommodate 3,200 guests with seating for 2,300, including 200 seats in a designated suite section. Designed by Sceno Plus–which was…
Carlyle’s Third European Fund Closes with $13.9B in Buying Power
The Carlyle Group has just wrapped up its third European real estate fund, Carlyle Europe Real Estate Partners III, with approximately $3.4 billion in commitments, surpassing Carlyle’s $2.3 billion target. In terms of leverage, the fund will have a total of as much as $13.9 billion to invest in properties in Western and Central Europe. The new European fund is by far the largest of the three, with the first having raised $659 million and the second having closed with $1.2 billion. The list of contributors to CEREP III was diverse, and American entities were among those who threw in…
L.A. Hotel Sells for $366M
A little more than two years after acquiring the Hyatt Regency Century Plaza Hotel (pictured) for approximately $400,000 per room, Sunstone Hotel Investors Inc. has sold the property for $366.5 million–or approximately $505,000 per room–to Next Century Associates L.L.C. Sunstone acquired the hotel in October 2005 and implemented a $36 million improvement program that included conducting a major renovation, installing Hyatt as the new manager and positioning the hotel to maximize its appeal to both group and business travelers. As a result of the improvements made to the spaces and the additions of services including a health club and lounge,…
Brad Pitt to Help Design New Dubai Resort
Dubai, which is fast becoming one of the world’s top resort destinations, will get a new America-themed resort centering on an 800-room upper-upscale hotel, courtesy of Zabeel Properties. Adding to the profile of the project is news that actor Brad Pitt, working with architectural firm GRAFT, will have a hand in the design of the resort. While Zabeel has not yet disclosed the exact location or the name of the new hotel and resort, it has revealed a central theme of the project–environmental sustainability. The developer will seek LEED Gold certification with the intention of creating a luxury destination that…
ProLogis Signs Pair of Europe Leases Totaling 910,000 SF
ProLogis has signed new lease agreements totaling 910,000 square feet at two major distribution parks in Europe with Kuehne + Nagel, a global logistics provider. The first lease, totaling 540,000 square feet, is for space at ProLogis Park Wellingborough, a 1.15 million-square-foot distribution park located in England’s East Midlands area. Kuehne + Nagel plans to operate the facility on behalf of several clients including Whitbread Plc, the United Kingdom’s largest hotel and restaurant company. The second lease, totaling 370,000 square feet is at ProLogis Park Isle d’ Abeau (pictured), a 4.5 million-square-foot distribution park located in the city of Lyon,…
Criminal Investigation Begins on Fatal NYC Crane Collapse
In the aftermath of the tower crane collapse in New York City last Friday that killed two construction workers and seriously injured a third, the office of the Manhattan district attorney has opened a criminal investigation into the accident. That collapse also caused severe damage when it crashed into a 23-story apartment building across the street, at 354 E. 91st St., damaging 45 of 169 apartments units there. The specific allegation, according to a report in the New York Times, is that part of the Kodiak crane used at the site, on East 91st Street, had been damaged at another…
Frank Gehry Design of Downtown Manhattan Tower Gets Preview
Frank Gehry’s signature undulating, asymmetrical forms will mark the exterior of the architect’s first New York City residential building, according to newly released renderings.The design will mark the Beekman tower, a 904-unit project under construction on Spruce Street between William and Nassau Streets in Downtown Manhattan. When complete in 2009, the 76-story, 1.1 million-square-foot tower will rank among the biggest new projects Downtown, along with the four office towers scheduled for completion early in the next decade at the World Trade Center site. According to the Lower Manhattan Construction Command Center’s Web site, the Beekman project is also one of…