the Editors of Commercial Property Executive
Greystone Closes $33M Affordable Housing Transaction
By Eliza Theiss, Associate Editor Greystone Affordable Housing Initiatives LLC (GAHI), a leading provider of affordable housing recapitalization and rehabilitation transaction management services, announced the closing of a $33 million multifamily transaction for a North Carolina portfolio of family- and elderly-designated properties. The USDA Rural Development portfolio encompasses 12 properties totaling 368 units located in […]
Refurbished Double Tree by Hilton Hotels Opens in New York City
Double Tree by Hilton recently inaugurated its newly revamped full-service hotel in New York City—an upscale property located on the corner of Lexington Avenue and 51st Street in the fashionable East Side. The iconic building, which was designed by architect Morris Lapidus as the Summit Hotel in 1960—in an unusual “Z” shape to increase natural daylight in each room, now features 12,000 square feet of renovated meeting space and 746 guest rooms.
Benihana to Sell 13 Restaurants for $47M; BMI Refinances Town Center One
Miami-based Japanese restaurant chain Benihana held the headlines this week after signing a deal with Cole Real Estate Investments to sell 13 of its locations for $47.4 million. Benihana, which plans on leasing back the properties, made the announcement in its public filling earlier this week but has yet to mention the location of the restaurants.
CBRE Group Handles Two Retail Transactions in Austin
By Camelia Bulea, Associate Editor
Two shopping centers in the Austin area totaling 91,500 square feet have recently changed hands. RPS Partnership recently sold the 69,000-square-foot Baron’s Creek shopping center in Fredericksburg for an undisclosed price. The shopping center includes tenants […]
Green Energy Researchers Look to LEED Gold Building to Serve As New Facility
By Alex Girda, Associate Editor The Energy Biosciences Institute has announced that it’s moving into its new home—five years into its initiative to come up with energy alternatives. The building at 2151 Berkeley Way building will be shared with researchers from the University of California’s Department of Bioengineering, and approximately 300 researchers will be moving […]
DRA Buys Richmond Assets as Part of $298M M-F Deal
Two West End apartment complexes have changed hands as part of the largest multi-family portfolio sale so far this year. Dominion Creekwood and Dominion West End accounted for about $80 million of a deal that closed on June 28.
2012 Top Property Managers
Our 2012 look at property management firms reveals that both occupancy and rents increased across the board. We predict that this trend should continue through the remainder of 2012 so long as the economy continues its slow and steady recovery.
Meritex Expands Joint Venture Holdings in Atlanta with New Acquisition
By Georgiana Mihaila, Associate Editor In a move to further expand its joint venture holdings in the Atlanta area, Meritex has recently acquired a 106,945-square-foot office/ warehouse project in Norcross. Resource Real Estate Partners, LLC represented Meritex in the acquisition and has been retained as the leasing agent for the property. The multi-tenant, value-add property—located […]
Brookdale Affiliate Buys Four-Building Office Portfolio in Sunrise
An affiliate of the sixth investment fund of The Brookdale Group recently purchased an office portfolio consisting of four Class A buildings totaling 344,260 square feet in Sunrise, Fla.
Hemingway Development to Expand MidTown Tech Park
By Adrian Maties, Associate Editor Hemingway Development, a division of Streetsboro-based Geis Cos., plans to invest $8.9 million to purchase and renovate a vacant four-story building at 6555 Carnegie Ave. in MidTown Tech Park, in the Health-Tech Corridor. MidTown Tech Park is right in the heart of the Health-Tech Corridor, the area between East 55th […]