Nicholas Ziegler
KBS Legacy Partners Acquires 255-Unit Multi-Family Property Outside Baltimore for $65M
KBS Legacy Partners Apartment REIT has just completed the purchase of the 255-unit The Residence at Waterstone in Pikesville, Md., taking it off the hands of Avalon Village Green Associates for $64.7 million.
Pru Nets $568M in Capital for Seniors-Housing Fund
Prudential Real Estate Investors is set to make a big impression in the seniors-housing sector, having raised $568 million for its newest and largest seniors-housing fund.
Clarion Partners Nabs $60M Loan for California Office Complex
Clarion Partners, owner of the 338,700-square-foot Plaza at Walnut Creek office complex in suburban San Francisco, just obtained a $60 million permanent loan for the two-building property.
Economy Watch: Foreclosures Drop Temporarily
First-quarter foreclosure filings dropped 16 percent from this time last year, but the good news may not last. State tax revenues grew by nearly 9 percent on average for the year. And while weekly jobless claims rose, things are much better than in 2011.
Manhattan Multi-Family Sees Price Increases
According to Brown Harris Stevens’ first-quarter 2012 Manhattan Residential Market Report, the average Manhattan apartment sale price was about $1.9 million, up 9 percent from the same period in 2011.
Red Hat Commits to 100 KSF of Build-to-Suit Office Space in Boston Suburb
Four years after moving into a build-to-suit facility at the 90-acre Westford Technology Park West in Westford, Mass., Red Hat Inc. has contracted the developer of the building, The Gutierrez Co., for another Class A build-to-suit office project that will expand the firm’s occupancy by an additional 100,000 square feet.
CBRE Realty Trust Picks Up 1.4 MSF Warehouse Outside Chicago
CB Richard Ellis Realty Trust has made a significant addition to its Chicago portfolio with the purchase of a 1.4 million-square-foot bulk warehouse and distribution center. The property is fully leased through August 2021.
IBM Renews 1.1 MSF Industrial Lease with Prologis in Mexico
Prologis Inc. has broken its own record in Mexico with the renewal of a nearly 1.5 million-square-foot lease with IBM at the Guadalajara Technology Campus in Guadalajara, Jalisco.
Economy Watch: Beige Book Moderately Optimistic
The Beige Book noted that manufacturing remains energetic and that residential real estate generally improved. Multi-family remains the darling property type among mortgage lenders. And the Fed’s funds rate may stay near zero through 2015.
DeBartolo, Elco Landmark Acquire 542-Unit Luxury Multi-Family Development in Florida
DeBartolo Development and Elco Landmark Residential have joined forces on the acquisition of a 542-residence apartment complex in Palm Beach Gardens, Fla.