Business Specialties
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.
JLL to Manage 640 KSF at Suburban DC Headquarters Campus
Jones Lang LaSalle’s management responsibilities in suburban Washington, D.C., just grew by 640,000 square feet. The commercial real estate services firm has been tapped by The Meridian Group to manage three buildings at the 18-acre Solutions Plaza corporate headquarters campus in Tysons, Va.
What Vornado’s 655 Fifth Ave. Buy Means for Manhattan’s CRE
Vornado Realty Trust has grabbed another prime Fifth Avenue location just as the retail rents there are passing $3,000 per square foot, paying $278 million for a majority stake in 655 Fifth Ave., a retail and office property with 50 feet of frontage on Manhattan’s Fifth Avenue.
BH3, Gary Cohen Team Up on Upscale South Florida Island M-F Project
There are only so many private islands in South Florida and the last one with development potential, the former North Island at Island Estates in Aventura, Fla., has just been designated for a luxury multi-family project by Privé Development, a newly formed joint venture between BH3 Management and developer Gary Cohen.
Blackstone, DDR Strike $332M Deal
A joint venture of retail REIT DDR Corp. and a Blackstone Group fund has acquired seven shopping centers with a total of 2.4 million square feet in major U.S. cities from a Regency Centers Corp. fund for $332 million, including $207 million of assumed mortgage debt and $28 million of new mortgage debt.
Winthrop Snaps Up 4 Class A Apartment Buildings for $246M
Winthrop Realty Trust has agreed to buy four Class A luxury apartment buildings from ST Residential for an aggregate price of $246 million.
Steadfast Makes Largest Purchase with $80M Austin Apartment Acquisition
Steadfast Income REIT acquired Meritage at Steiner Ranch in Austin for $80 million and The Belmont in the Dallas/Fort Worth Metroplex for $12 million, pushing its portfolio to more than 10,000 units in 43 apartment communities in 10 Midwestern and Southern states.
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