News
Publix Hotel Building to be Redeveloped as Multifamily Property
Financing is now in place for the redevelopment of a Seattle multifamily property as Berkadia recently announced that it has provided construction funding for the Publix Apartments. The financing provider, a joint venture of Berkshire Hathaway and Leucadia National Corporation, worked on behalf of Publix, LLC to secure around $26 million. The company is converting a former hotel into a market-rate housing community in the Seattle’s Historic International District. The financing was arranged by Vice President Rob Affleck of Berkadia’s Camas, Washington office.
New York Investors Buy Twinsburg Office Complex for $13M
A Greater Cleveland office complex changed hands last month. Luttner Real Estate Investment Services announced that Twinsburg’s Canyon Falls Corporate Center was acquired by an unnamed investment group from New York for $13.075 million.
JCR Buys Southern Maryland Shopping Center for $22M
JCR Companies continues to expand its D.C.-area portfolio of retail properties. Its latest acquisition is the Manokeek Village Shopping Center in Accokeek, Prince George’s County. The company paid $22 million to buy it from Klaff Realty.
San Fernando Valley Luxury Asset Acquired for $44 Million
A private investor recently completed the acquisition of a residential asset in Encino, CA for a reported amount of $44 million. According to real estate firm Lee & Associates, the property was acquired from IMT Capital, a Sherman Oaks, CA-based company. The off-market transaction was completed with the assistance of Lee & Associates – LA North/Ventura Managing Director and Principal Jim Fisher, Lee Principal Mike Smith and Associate, Cory Stehr. The buyer was in a 1031 Exchange, and acquired the property as a long-term investment.
Chinese Buyer Pays More than $230 Million for Baccarat Hotel New York
Sunshine Insurance Group Co., a Chinese insurance group will buy the classy Baccarat Hotel New York in Midtown Manhattan for more than $230 million.
Wood Partners’ Mixed-Income Apartment Asset Under Way in Andover
Construction is well under way at a 224-unit mixed-income rental community in the city of Andover, roughly 24 miles from Boston.
MidCity Plaza Undergoes Renovation, Upgrades to Class A
MidCity Real Estate Partners started a $7 million improvement project at MidCity Plaza that will soon convert the building into a Class A office property, DTZ announced recently. MidCity Real Estate Partners purchased the 63,049 square-foot asset, formerly known as the Crawford & Co. headquarters, in 2013 and DTZ is the company assigned to market the property with agents Glenn Kolker and Preston Menning in charge of leasing.
Delancey Street Capital Buys Ridgely’s Delight Apartments for $3M
Delancey Street Capital has closed on its fifth deal in the Baltimore metropolitan area. The company, which recently moved its offices from Philadelphia to New York, has paid $2,958,000 to acquire Ridgely’s Delight Apartments. RD30, LLC was the seller.
TGM Associates Snags $36.5 Million for Rental Community in West Chester
A rental apartment and townhome community sitting on more than 11 acres in West Chester, PA, recently changed hands.
Grand Rapids 3D Printing Company Relocates to Downtown Detroit
Dan Gilbert’s 1001 Woodward office tower in downtown Detroit has a new tech tenant.