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In its third quarter earnings report issued last month, Post Properties Inc. noted that it would sell six assets with the hope of pocketing approximately $360 million, and with today’s news of the disposition of Post Lenox Park in Atlanta, the company has one down, five more to go. Atlanta-based Post Properties sold the 206-unit apartment community to an entity formed by Greensboro, N.C.-headquartered Steven D. Bell & Co. for $22.7 million. Developed in 1995, Post Lenox Park is a Class A, garden-style multi-family property located at 100 Lenox Park Circle in Atlanta’s tony Buckhead submarket. “Our acquisition strategy was to…

Sperry Van Ness International will kick off the new year with a new president, now that the real estate brokerage firm’s board of directors has voted unanimously to push COO Kevin Maggiacomo up the ladder to the new position. Maggiacomo will take on responsibility for the Irvine, Calif.-headquartered company’s day-to-day operation and execution of its vision, which CEO Mark Van Ness had been supervising. A player in the real estate industry for approximately 15 years, Maggiacomo has been a leading force at Sperry Van Ness for quite some time. Having joined the organization eight years ago, he has since served…

CB Richard Ellis Inc. has netted a major client: The Federal Deposit Insurance Corp. has tapped the services firm to serve as primary advisor for the residential and commercial real estate it acquires from failed financial institutions. Terms of the deal were not revealed. CBRE will be tasked with the property management, leasing and ultimate disposition of these assets across the country, Puerto Rico and the U.S. Virgin Islands. CBRE’s public institution and education solutions team, led by Theodore Carter, executive managing director in the firm’s Washington, D.C., office, will oversee ongoing client services. Ken Pearson, a CBRE first vice…

The Port Authority of New York and New Jersey issued a 70-page report today detailing more realistic costs and timetables for redevelopment of the 16-acre World Trade Center site while at the same time acknowledging that it is now expected to cost at least $17 billion for the entire build out–more than $1.7 billion than originally estimated. The report was presented at today’s Port Authority Board of Commissioners meeting. Port Authority Chairman Anthony Coscia said in a statement released after the meeting that the report “builds on previous efforts by the Port Authority to conduct our business with transparency and…

The 1031 exchanges and tenant-in-common deals have had a rough time of it lately. Until last year, there was a booming volume of real estate investment sales, which provided the necessary folder for a healthy 1031 exchange and TIC market. In particular, as apartments went condo, the sellers needed a tax-advantageous exit strategy. Those days are gone. But 1031s remain an important part of the real estate market, and companies such as American Realty Capital Exchange L.L.C. (ARCX), an arm of American Realty Capital Advisors, remain active participants in the market, especially those exchanges that facilitate subsequent TIC investments. Recently…

South Florida may have dodged some of the recent hurricanes, but it is still experiencing turbulence, especially in the condo market. Has it hit bottom yet? CPN associate editor Amanda Marsh spoke with Peter Fitzgerald, COO of the The RADCO Cos., about what in the sector’s forecast. CPN: Where does South Florida’s condominium market stand right now? Have you seen any recovery, or is it still very volatile? Fitzgerald: The South Florida condominium market remains in a state of flux with values continuing to fall and a demand/supply imbalance that will take years to correct. Miami, obviously, has the biggest…

The Olympics may be over in China, but the exciting events haven’t stopped there. The highest publicly accessible built space (pictured), part of the tallest building in the world—the 101-floor, 1,614-foot Shanghai World Financial Center, has now opened. The Sky Walk occupies the buildings 94th through 100th floors of the Kohn Pedersen Fox Associates-designed building, which was developed by Japanese developer Mori Building Co. Glass walls and a glass floor offer views of the Shanghai skyline, downtown streets and the Huangpu River. The 97th floor features a roof that opens to the sky when weather permits, and the Sky Arena…

Schuff Steel Co. has topped out the new conference center that is part of the L.A. Live development in Los Angeles. The 27-acre development began with the construction of the Staples Center where the Lakers play, in 2002. L.A. Live is a sprawling mix-use development that also includes a Regal Cinema movie theatre complex, the Nokia Theater, restaurants and retail, condominium and apartments, sports, entertainment centers, and hotel venues. “L.A. Live is a tremendous project for Schuff Steel Company. As the largest development in Los Angeles, the project will not only invigorate downtown, but position the city as a major…

Just one year after the catastrophic collapse of the I-35W bridge in Minnesota, it isn’t a matter of whether another bridge will crumble, but when, according to an infrastructure expert. The danger goes beyond the mere safety of individuals traveling on that bridge, but also to the infrastructure of the nation’s business environment, too. “Infrastructure is the backbone of our whole commercial world. It keeps us competitive around the globe by moving products and people safely,” Barry B. LePatner, founder of the New York City-based law firm LePatner & Associates L.L.P., which advises on business and legal issues affecting real…

The Arizona Biltmore Resort & Spa is set to undergo a $300 million renovation. Initial plans for the renovation call for the addition of 300 guest rooms, a spa and expanded restaurant facilities. The resort’s owners are hoping that the city of Phoenix will approve their zoning request, which was filed on July 9. Assuming the zoning change is approved, renovation is expected to commence in 2009. The owners of the property have been working with community groups including the Arizona Biltmore Estates Village Association and the Camelback East Village Planning Committee in order to build goodwill with the community…