Liviu Oltean
American Realty Capital Closes on 3 Memphis-Area Hotels as Part of Largest Sale Ever by Non-Traded Reit
In February 2015, American Realty Capital Hospitality Trust Inc. closed on the Equity Inns Lodging Portfolio in a $1.8 billion deal. The portfolio consisted of 116 hotels totaling 13,744 rooms across 31 states. The acquisition raised the company’s lodging portfolio to 122 hotels and propelled American Realty Capital as one of the leaders of the hospitality industry.
NexMetro Communities Announces New Hires, Future Plans
Hot on the heels of announcing the development of a new residential community in Chandler, NexMetro Communities has appointed Mary Tanner as the company’s Finance Manager and Jill Long as Corporate Administrator. The new hires will help with the company’s industrious expansion plan, which includes the development of four new communities in the Phoenix metro area in 2015.
HFF Arranges Financing for Two Houston-Area Assets
HFF has kept busy in Houston this month. The Pittsburgh-based company recently announced that it has secured refinancing for One City Centre, a 608,660-square-foot office tower and two parking garages in Houston and that it has obtained a $6.15 million mezzanine loan for Kings Landing, a Class A multi-housing community in Kingwood, TX.
Extensive Renovations Announced for The Shores at Las Colinas in Irving
LaSalle Investment Management, a Jones Lang LaSalle independent subsidiary, will soon begin work on the renovation of the recently acquired The Shores at Las Colinas, a 908-unit multifamily community located in the Urban Center of Las Colinas in Irving.
Architecture Firm Submits PILOT Request for Memphis’ Universal Life Building
Contingent on the approval of a PILOT request, the historic Universal Life Building at 480 & 504 Dr. Martin Luther King Jr. Ave. could soon get its second wind. Juan Self and Jimmie Tucker of Self + Tucker Architects recently submitted a PILOT request that entails the renovation and repositioning of the renowned building for office use.
For 29th Street Capital, 4 Months=4 New Assets
In a little over four months, 29th Street Capital (29SC), a real estate investment firm based in Irvine, CA, expanded its Phoenix portfolio by four multifamily assets. The firm recently closed on the 72-unit Williams Landing Apartments and the 108-unit Village Green Apartments, just a few months after grabbing two other multifamily communities in Mesa.
Trammell Crow, Artis REIT Announce New Industrial Business Park
Dallas-based Trammell Crow Co. and Artis REIT announced recently that they closed on the acquisition of two land tracts in Missouri City, TX, where the companies plan to develop Park8Ninety, a new, Class A industrial business park.
Behringer Announces HQ Relocation Plans
After executing a 10-year lease at their current HQ at One Addison Circle, Behringer renewed its commitment to the city by announcing plans to relocate to the Tollway Center, a 200,000-square-foot office building in Addison. The multi-strategy investment firm was assisted in its search by JLL and expects to make the relocation by the third quarter of 2016.
Crescent Kicks Off Pre-Leasing for N. Scottsdale Property
Crescent Communities has started pre-leasing operations for the Crescent Scottsdale Quarter, a 275-unit, luxury apartment community in North Scottsdale. The residences are set to open doors this July.
DRA to Seek Proposals for Main St. Tower
The Downtown Redevelopment Authority (DRA) of Houston recently issued a request for qualifications for the acquisition, clearing and development of a 35,579-square-foot site at 1111 Main St. The official RFQ calls for the development of a multifamily project and/or a mid- or high-rise hotel tower with extensive retail components on the lower floors.