Investment
AREA Property Partners Takes 1,180-Unit Virginia Apartment Complex
AREA Property Partners, after targeting the Alexandria, Va., area late last year for apartment buys, is back in the area. The firm has purchased the city’s EOS 21, a 1,180-unit community, for an undisclosed price.
SL Green Closes Sale of NYC's 390 KSF 10 E. 53rd
SL Green continues its busy year with the $252.5 million purchase of the 390,000-square-foot office tower at 10 E. 53rd St. in Midtown Manhattan. The REIT followed the closing with the sale of a 45 percent interest in the Class A building to Canada Pension Plan Investment Board for $57.4 million.
Sears' Store Sales, Rights Offering 'A Brilliant Move'
In the wake of the announcement that Sears would be selling 11 stores to General Growth Properties and spinning off two of its brands, industry sources called the actions “a brilliant move.”
NAR: Commercial Vacancy Rates Improving, Rents Firming
In its quarterly Commercial Real Estate Market survey, the National Association of Realtors predicts a widespread fall in vacancy rates for nearly all property types, with multi-family continuing to lead the way.
Pivotal Group Acquires 21-Property, 3,200-Unit Texas Apartment Portfolio
Pivotal Group, in a joint venture partnership with an institutional investor, just completed the purchase of a 21-property portfolio of Class B apartment communities from TRA Midland Properties in an off-market transaction.
Marcus & Millichap Hired as Consultant on $1B Kelly Park Project in Florida
Marcus & Millichap Real Estate Investment Services Inc. will be playing key roles as a broker and consultant on a $1 billion, 9.2 million-square-foot development in Apopka, Fla., that is expected to include a regional mall, offices, a college campus, hospital, housing and a merchandise mart.
Silverstone, RWN Purchase Manhattan Multi-Family Building for $53M, Plan Repositioning
Silverstone Property Group and equity partner RWN Real Estate Partners have acquired a 109,000-square-foot, mixed-use residential tower in the Murray Hill submarket of Manhattan for $53 million.
Archstone Purchases Seattle, Silicon Valley Apartment Communities for $115M
Taking a 131-unit apartment complex off the hands of an affiliate of Continential Properties L.L.C., Archstone has added another Seattle-area multi-family property to its roster for $47.5 million. Additionally, the firm purchased a Silicon Valley apartment complex for $63 million.
CBL & Associates Sells Two North Carolina Retail Centers for $40M
CBL & Associates Properties Inc. has sold two grocery-anchored retail centers in metropolitan Greensboro, N.C., pocketing a total of $40.4 million on the two separate transactions. The properties, Westridge Square and Oak Hollow Square, account for an aggregate 354,000 square feet of retail space.
Demmon Partners Sells California Multi-Family Community for $48M
FPA Multifamily has picked up Meridian at Stanford Ranch, a 452-unit multi-family community in Rocklin, Calif., for $48.3 million from Demmon Partners. Institutional Property Advisors, a multi-family brokerage division of Marcus & Millichap, represented both buyer and seller.