Business Specialties
Avison Young Acquires Hodges Management and Leasing Company
The acquisition not only expands Avison’s coverage in the Atlanta region, but also increases the company’s North American property management portfolio. The two companies’ combined portfolio totals 50 million square feet of retail, industrial and office properties in Canada and the U.S.
$687M in Financing Closes for Development of Government-Leased Research Complex in Kansas City
All told, the entire complex will cost the U.S. General Services Administration, the federal government’s real estate division, nearly $4.8 billion in completion and long-term occupancy costs.
Starwood Makes $175M Worth of Capital Commitments
The company will invest in three separate transactions: $138 million for a renovation loan on the Hyatt Regency New Orleans; the purchase of an $85 million subordinate first mortgage loan secured by a regional mall in Ohio, bought at a discount for $68.6 million; and the $45.5 million participation in a B-note secured by four British resorts for the discounted price of $37.4 million.
Healthcare Trust Secures $21.3M in Funding for Deaconess Portfolio
The Deaconess Portfolio is comprised of five medical office buildings in strategic locations on or adjacent to a hospital or clinic campus. It covers 260,500 square feet of gross leasable area and is 100 percent master-leased to Deaconess Clinic, Inc.
HFF Nails Down $35.4M Acquisition Financing for Tampa’s Fountain Square
Fountain Square I encompasses 135,666 square feet and has a 708-space garage as well as a retail bank branch. Fountain Square III has 176,150 square feet as well as a 912-space garage, a cafeteria, training rooms and a daycare facility.
Guardian Life Gives Lowe Enterprises a $200M Shot in the Arm
The partnership’s investment goal centers on capitalizing on the recovering real estate market, which presents substantial opportunities for favorable acquisitions. Lowe has already begun mining the country for just the right assets to purchase.
Comcast Moves into New 106,253 SF Digs
Comcast will occupy floors one, two, three and five at Deerwood, which totals out to 80 percent of the building’s space.
Trammell Tapped to Develop 146,971 SF N.J. MOB
The project will break ground in October and is slated for completion in May 2012. It will be physically connected to the new hospital structure and is owned by Partners Health Trust, Inc., a joint venture of Trammell and a public pension fund advised by Kennedy Associates.
C&W: Manhattan Market Looking Better, Leasing Doubles Year over Year
Manhattan’s Class A vacancy rate dropped to 11.6 percent in June from 12.6 percent at the end of the first quarter, while the overall Midtown Manhattan vacancy rate declined to 11.5 from 12.6 percent. Those figures entail all sectors of real estate.
Santa Monica-Based Douglas Emmett Closes Fund with Half-Billion Dollars to Invest
Leverage notwithstanding, Douglas Emmett Inc. has closed the subscription period to its Fund X with equity commitments totaling approximately $549.3 million. The Santa Monica, Calif.-based REIT has invested $191 million of its own into the institutional fund.