Investment
Downtown NYC Hotel Site Sells for $28M; $70M Development Planned
A 6,160-square-foot development site at 133-135 Greenwich St. in Downtown Manhattan has been purchased by Hidrock Realty for $28 million, and the new owner plans to develop a 28-floor, 300-room hotel at the cost of $70 million.
Normandy Real Estate Partners Buys 280 KSF Times Square South Asset
In the most recent development for the Times Square submarket of Midtown Manhattan, Normandy Real Estate Partners has acquired the 280,000-square-foot, 17-story office building at 1370 Broadway for a reported $125 million.
Arrow Operating Acquisitions Purchases 700 KSF Suburban Chicago Retail Asset
Arrow Operating Acquisitions has just purchased The Streets of Woodfield, a 700,000-square-foot shopping center in Schaumburg, Ill., and the company was able to secure a $100 million loan to seal the $118 million deal.
Capri Capital Nabs '360 Residences' Mixed-Use Project in San Jose for $118M
360 Residences, a mixed-use apartment high-rise in downtown San Jose, has come under the ownership of Capri Capital, courtesy of a $118 million transaction. Capri purchased the upscale multi-family property from SJ Real Estate Partners, a subsidiary of Kennedy Wilson.
$480M Buy Nets CommonWealth Partners 872 KSF Seattle Office Building
CommonWealth Partners has purchased Seattle’s Russell Investments Center for $480 million. CBRE, which orchestrated the sale on behalf of Northwestern Mutual, described the trade of the 872,026-square-foot property as “the largest single-asset office sale in the Western United States since 2006.”
Zell, Mack Talk Leverage, Recovery at Schack REIT Conference
In an annual REIT conference sponsored by New York University’s Schack Institute of Real Estate, Sam Zell and William Mack offered several hundred real estate professionals and NYU students their views on leverage, consolidation and the industry’s uneven recovery.
Alter Group to Develop Spec 606 KSF Industrial Asset in Phoenix
The Phoenix industrial market is growing hungry for large accommodations and The Alter Group plans to help satisfy users’ appetite with the construction of a 605,700-square-foot speculative warehouse/distribution facility at the real estate company’s Buckeye Logistics Center.
Hicks Ventures Picks Up 141 KSF Across Two Houston Office Assets
Seeking a value-add opportunity in the hot Houston market, Hicks Ventures Ltd. has acquired two Class B office buildings in the area’s Energy Corridor with a total of 141,265 square feet from American Spectrum Realty Inc.
TIAA-CREF Takes Berlin Shopping Center for $447M
In a joint venture with German shopping center developer mfi Management, TIAA-CREF has snapped up Gropius Passagen, a 1 million-square-foot asset — the largest mall in Berlin — for approximately $446.5 million.
Ventas Set to Buy 16 Seniors Communities for $362M
Ventas has entered into a definitive agreement to acquire 16 private-pay communities from affiliates of Sunrise Senior Living and its institutional joint venture partner for $362 million.