News
TMG, Alexandria JV on Brannan Street Office Development
With the area’s office market continuing to be viewed as one of the strongest in the country, developers are clamoring to secure as many opportunities as possible. A case in point being this week’s announcement that TMG Partners and Alexandria Real Estate Equities have formed a joint venture for the acquisition of an office development site located in the proximity of the Moscone Center, the largest convention and exhibition complex in the city.
Royal Palm Office Park Finalizes Six Leases Amid Complete Renovations
Royal Palm Office Park has completed six leases recently, totaling more than 55,400 square feet. The transactions include five lease renewals with current occupants and one new contract with a new tenant, financial terms were not disclosed. Blanca Commercial Real Estate represented the landlord, an affiliate of Lincoln Property Company, while brokers with CBRE, JLL and Cresa spoke for four of the lessees in the transactions – the other leases did not involve co-brokers.
COMM22 Debuts Affordable Communities Victoria, Paseo in San Diego
The San Diego affordable housing market is further expanding, as BRIDGE Housing recently held a grand opening ceremony for two communities at its COMM22 affordable community. The ribbons were cut for the Paseo and the Victoria on May 8 during an event held at 2325 Commercial Street, just days after BRIDGE Housing.
Historic Chisca Hotel Nears Grand Opening as Apartments
A little over two years ago, Main Street Apartment Partners L.L.C. and Carlisle Corp. announced that they will be repositioning the century-old Chisca Hotel in Memphis as a multifamily project.
Infinity Acquires Grandview and Sunwood Communities, Rebrands Them Viridian and Topaz
Infinity Realty Advisors recently announced that it has acquired the Grandview and Sunwood apartments in Las Vegas, in what is the largest deal of its kind completed in Las Vegas this year. The new owner is a joint venture created between Asia Pacific Company and Jiangxi Hengmao Real Estate Development Co. According to Infinity’s CEO, Eddy Chao, the purchase will provide opportunity for a value-add cash-flow investment. Chao also noted that the new owner “received very favorable financing from Freddie Mac for a 10-year fixed rate.”
Capital Square Realty Advisors Buys Richmond Retail Building
Capital Square Realty Advisors LLC continues to expand its portfolio of properties. At the start of the month, the Innsbrook-based real estate investment firm announced the acquisition of a retail building in Richmond.
SREE Hotels Acquires Embassy Suites Charlotte for $32M, Plans Multimillion Dollar Renovations
Charlotte-based SREE Hotels, LLC has purchased the 274-suite Embassy Suites Charlotte for $32 million from Texas-based publicly traded hotel REIT Felcor Lodging Trust.
Annex Student Living Plans $32M Project near IUPUI in Indianapolis
As demand for student housing in Indianapolis continues to trend upwards, locally based Annex Student Living LLC is proposing the construction of a 248-unit, 535-bed apartment development near the downtown IUPUI campus.
Bank of China Grabs 7 Bryant Park
What started as a lease has evidently become a purchase for Bank of China.
CBRE Secures Transaction Management Contract with Hallmark Cards
CBRE Group Inc. has landed a major assignment with Hallmark Cards Inc.