Business Specialties
Northwood Investors Buys Landmark Building in Lower Manhattan
Northwood Investors has purchased 100 Broadway, a 117-year-old, 24-story, 360,000-square-foot office building at Broadway and Pine Street in Lower Manhattan.
W. P. Carey Closes $110M Sale-Leaseback of State Farm Operation Center in Austin
Two W.P. Carey REIT affiliates – CPA 17 – Global and CPA 18 – Global – have acquired the State Farm Operations Center in Austin, in a sale-leaseback for $110 million, the REIT’s first Class A office property in the city.
AIG/Lincoln Sells Retail Park in Rome for $174M
AIG/Lincoln has sold Da Vinci Market Central, a popular retail park in Rome, to funds managed by CWM Group for $174 million.
Prometheus Gets $188M Mortgage for M-F Project in Silicon Valley
Prometheus Real Estate Group has secured a $188 million financing deal for Mansion Grove, a 1,000-unit apartment community in Santa Clara, Calif., in the heart of Silicon Valley.
GB Lodging, Provenance Hotels Grab 165-Room Ambassador Hotel in New Orleans
In their first transaction as partners, GB Lodging and Provenance Hotels have purchased the Ambassador Hotel in New Orleans, and together, the new owners will kick off an image-enhancing renovation of the 165-room lodging destination.
Harbor Group Sells Chicago Office Tower to Beacon for $113M
An affiliate of Harbor Group International has completed the sale, for $113 million, of 300 South Wacker Drive, a 35-story, 512,400-square-foot office building in downtown Chicago.
Lyon: Capital One’s Buy of Beech Street Capital a Strategic Move
In an interview with CPE, Rick Lyon, head of commercial real estate banking for Capital One, said the acquisition of Beech Street Capital is not purely about timing but a “a long-term strategic move” for Capital One.
NAP Secures $126M For M-U Development in Alpharetta, Ga.
North American Properties, in a JV with Sarofim Realty Advisors, has secured 126 million in financing for Phase I of Avalon, a mixed-use development in Alpharetta, Ga.
ING Sells $1.6B of CRE Loans to Wells Fargo
As part of the ongoing divestment of its U.S. commercial real estate lending business, ING Real Estate Finance (USA) has agreed to sell 29 CRE loans in the United States, with a total remaining balance of $1.6 billion, to Wells Fargo Bank.
Top Cities: Tracking Trends
Opportunities to invest in the major U.S. cities vary by property type. Following are Jones Lang LaSalle Inc.’s ratings on where each of the cities stands relative to the real estate cycle. Further discussion on the best and worst U.S. cities for real estate investment appears as a special report in the September 2013 issue of CPE. Source: Jones Lang LaSalle Inc. Retail, multi-family and office data is as of 1Q13.
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