the Editors of Commercial Property Executive
Dizengoff Sells Bulk Portfolio for $25.4M; Breakers Capital Buys West Palm Beach Building
The real estate arm of Dizengoff-Trading Group has sold its South Florida bulk portfolio for $25.4 million, reports CoStar. The portfolio, comprised of two properties—Portofino at Jensen Beach and Courtney Park in Lake Worth, consists of 283 condo units overall.
Country Oaks Sold for $6.7M; Arbor Hickory Hill Goes for $10M
By Eliza Theiss, Associate Editor The Memphis multifamily market’s southeastern subdivision seems to have picked up as the 200-unit Country Oaks Apartments at 3865 Kirby Pkwy. in Hickory Hill recently sold for $6.7 million to LCP Memphis LLC, reports The Memphis Daily news. The New Jersey-based company bought the property at a price of $33,700 […]
Toll Brothers and Starwood Capital Team Up to Build Luxury Hotel and Condo Complex at Brooklyn Bridge Park
The Brooklyn Bridge Park (BBP) Board of Directors has designated a joint venture between Toll Brothers Inc. and global private investment firm Starwood Capital Group to develop a 550,000-square-foot luxury hotel and condominium complex next to Pier 1 in Brooklyn Bridge Park.
Former Wachovia HQ to Be Purchased for $245M
By Eliza Theiss, Associate Editor Hot on the heels of Parkway Properties Inc.’s $250 million purchase of Hearst Tower, one of the biggest office property sales of the year in the Charlotte area, comes another major sale. Israeli real estate firm Azrieli Group Ltd. recently announced it has entered a $245 million purchase agreement for […]
Re-Measuring for Due Diligence
When assessing the value of a building on either the buyer/seller side in a sale many factors such as location, condition, and existing tenant base are considered. Another important aspect is total rentable square footage. Rsf as you know is a piece used to determine the fee for renting a given amount of space in a building. It’s critical then as a landlord to utilize sf numbers that are accurate and follow REBNY or BOMA measurement standards in order to maximize rentable income. It is also vital during a due diligence phase to be certain that the rsf numbers being…
Michigan, Canada Officials Announce New Detroit-Windsor Bridge
By Veronica Grecu, Associate Editor On June 15 Michigan Gov. Rick Snyder and Canadian Prime Minister Stephen Harper announced plans for a new bridge linking Detroit and Windsor, Ontario. First proposed nearly ten years ago, work on the new six-lane bridge could start in 2013 or 2014 and it would take at least four years […]
Sunstone Hotel Investors to Purchase Hilton Garden Inn Chicago Downtown
By Gabriel Circiog, Associate Editor Sunstone Hotel Investors Inc. has entered into a purchase and sale agreement to acquire the Hilton Garden Inn Chicago Downtown/Magnificent Mile for a gross purchase price of $91.75 million. The 357-room hotel, located at 10 E. Grand Ave. in downtown Chicago, is expected to generate around $4.1 million of EBITDA […]
Connextions to Add 550 New Jobs to Colorado
By Gabriel Circiog, Associate Editor Connextions, a subsidiary of UnitedHealth Group’s Optum, has announced plans to create 550 new jobs in Centennial. The health care company will open a new solution center this month at 10730 E. Briarwood Ave. in WaterPark Center. The announcement was made at a news conference attended by Colorado Governor John […]
Developers to Break Ground on 3 eleven Bowie in September
By Camelia Bulea, Associate Editor
Endeavour Real Estate Group, one of the developers of 3 eleven Bowie—a planned 36-story residential tower in downtown Austin, has released new details on the upcoming project. Construction on the luxury tower is slated to begin […]
One Hartsfield Centre Hits the Market
By Georgiana Mihaila, Associate Editor The 150,000-square-foot, Class A office building overlooking the north end of Hartsfield-Jackson Atlanta International Airport is now up for grabs. Leading commercial real estate services provider Cassidy Turley has already commenced marketing efforts. The sales team for One Hartsfield Centre consists of Gary Lee, managing director, Mike Shelly, a senior […]