News
Two Capital Breaks Ground on $30M Multi-Family Development in a Top 50 Master Planned Community
Construction has begun on Capital Creek, a 214-unit multi-family complex within the Heritage master-planned community in Wake Forest.
Baton Rouge’s $45M Water Campus Development Breaks Ground
Governor Bobby Jindal joined officials from the Coastal Protection and Restoration Authority (CPRA), the Baton Rouge Area Foundation, LSU, the City of Baton Rouge, and the Water Institute last week, to celebrate the groundbreaking of the Center for River Studies. It is the first building of the $45 million Water Campus development, a soon to be world-class research and engineering center in Baton Rouge.
The Ritz-Carlton, Dove Mountain receives Five Star Rating
The Ritz-Carlton, Dove Mountain near Tucson has been named a new Five Star hotel as Forbes Travel Guide recently unveiled its latest Star Rating list. The distinction puts the 850-acre resort among the top luxury destinations worldwide. Two other Arizona properties have also received the Five Star rating this year, The Canyon Suites at The Phoenician in Scottsdale and Kai Restaurant in Chandler.
Meridian Cinches 2-Part Financing for Union Square Deal
The 166 Geary Street building was recently acquired as Meridian Capital Group announced it has arranged $35 million in financing for the acquisition. The national commercial real estate finance and advisory firm worked on behalf of The Jackson Group, Sun Equity Partners and Concord Real Estate. Meridian arranged the 36-month, floating-rate mortgage, which was provided by a national balance sheet lender, features full-term interest-only payments and is priced at 350 basis points over one-month LIBOR.
Providence Capital Snaps Up Business Park
A San Diego business park is the subject of a recent transaction brokered by the local office of Colliers International. Shekhter Living Trust sold the property located at 8250-8260 Camino Santa Fe for $6.7 million to buyer Providence Capital Group. The transaction was arranged by Colliers International representatives Arnold Friedman and Evan McDonald, on behalf of both parties.
RY Properties Details Plans for Lake Las Vegas
127 acres of land recently traded hands within the Lake Las Vegas community as developer RY Properties is the new owner of a large number of partially improved residential lots in the recovering communities. The $12.5 million deal was closed by The Hoffman Company, an entity that has been very active with land deals in 2014, a sign that investors are once again interested in the prospects offered up by the Las Vegas area.
Indoor Skydiving Lands in Virginia Beach
The state of Virginia now has its very own vertical wind tunnel. iFLY Va Beach Indoor Skydiving opened last week, bringing the most advanced wind tunnel technology in the world to Virginia Beach.
New Leisch on Life
Delta Associates founder and his research partner of 13 years are jumping ship and coming onboard Newmark Grubb Knight Frank.
Economy Watch: Architecture-Billings Drop Worrisome for CRE?
Architecture Billings Index dropped below 50 for the first time in a good many months, so what does this mean for the commercial real estate industry?
Executive Spotlight: Gary Shaw, Arcadia Management Group
Gary Shaw talks about how he’s achieving business efficiencies for his company, Arcadia Management Group.