Business Specialties
Henderson’s Vantage Lofts Gets $15M Restart; Ryland Homes Debuts
By Alex Girda, Associate Editor A stalled 20-acre residential development is getting new life after its acquisition by Rothwell Gornt Cos., a venture capital fund. Recently acquired out of bankruptcy, the Vantage Lofts development is set to resume construction and is slated for completion in the next six to nine months, the Las Vegas Review-Journal reported. Located at Paseo Verde Parkway and Gibson Road, Vantage Lofts (pictured at right) will require about $15 million to complete its 110-unit first phase. Company principal Richard Crighton told the Las Vegas Review-Journal the company is in the process of submitting building permit applications….
Prudential Mortgage Capital Provides $200M Loan for Refinancing of Jersey City’s Newport Tower
Prudential Mortgage Capital administered a loan to Bentall Kennedy to fund the purchase of Newport Tower in Jersey City, N.J.
MetLife Snags Bay Area Treat Towers For Reported $130M
MetLife has bought Treat Towers in the San Francisco Bay area. The property, a 10-story Class A office building, was previously owned by a joint venture with Equity Office Properties.
Manhattan’s Peter Cooper Village/Stuyvesant Town Under New Management
CompassRock is coming to the rescue of Peter Cooper Village and Stuyvesant Town and taking over the apartment complexes, effective today.
First Potomac Sells DC Office Development JV Interest for $43.7M
First Potomac Realty Trust has sold its 95 percent interest in 1200 17th St. to a Japanese buyer acting through its American subsidiary.
HFF Sells 324-Unit Class A M-F Development in Austin
HFF closed the sale of a Class A multi-housing development in Austin’s Southwest submarket, on behalf of Nevins Adams Lewbel.
Retail Properties of America Closes on 1 MSF Cost Plus Distribution Center for $63M
Retail Properties of America sold a 1 million square-foot distribution center in Stockton, Calif., to American Realty Trust for approximately $63 million.
Bedok Mall Joins Ambitious M-U Development in Singapore
By Alex Girda, Associate Editor The Singapore mixed-use market is on track to see a large project take shape as the Bedok Mall, the area’s first major shopping mall, was announced for fourth quarter of 2013. Bedok is Singapore’s largest estate and the retail project is just a phase in a massive upcoming retail-residential-transport development, the first of its kind in the region. The Bedok Mall project will join the existing Bedok Residences and the forthcoming Bedok transport hub, consisting of the Bedok MRT station and the new bus interchange to complete the vision. The shopping mall will boast a…
LYND Buys M-F Portfolio with $200M Unpaid Principal Balance
By Scott Baltic, Contributing Editor LYND, of San Antonio, Texas, in partnership with Florida Value Partners, of Miami Lakes, Fla., has acquired a portfolio of 11 multi-family properties in a court-appointed receivership sale brokered by CBRE, LYND announced Monday. The original loan balance was $200 million; the purchase price was not disclosed. “This pretty much followed the model of similar transactions we’ve made over the last couple of years,” said A. David Lynd, LYND’s president and COO. “We continue to seek opportunities that align with our investment strategy of acquiring value-add properties where we can effectively use our operating platform…
Lionstone JV Buys Eight Tracts at Lantana with Capacity for 1.1 MSF of Office Space
By Gail Kalinoski, Contributing Editor More than 1.1 million square feet of office space could be built on eight undeveloped land tracts totaling 154 acres in an Austin, Texas, mixed-use development that Stratus Properties Inc. has sold to a subsidiary of The Lionstone Group, Lincoln Property Group and Greenfield Properties for $15.8 million in cash. Since it purchased the 738 acres in January 1994 for $4.1 million, the Austin-based residential and commercial development company has sold properties at the Lantana site for an aggregated sales price of about $100 million and with an aggregate sales cost of approximately $46.1 million. …
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