News
Presidium Group Acquires The Landmark at Medical Center
Dallas-headquartered Presidium Group, LLC has announced on February 10th its first acquisition in 2015, the residential complex The Landmark located in the vicinity of San Antonio’s Medical Center. With this purchase, the number of apartment units owned and operated by Presidium in the San Antonio area has exceeded 2,000.
Developers Unveil Scaled-Back Version of King’s Village Redevelopment in Waikiki
The local development partnership between BlackSand Capital, Kobayashi Group and The MacNaughton Group has revised its plans for the construction of a new mixed-use condo-hotel tower at King’s Village in Waikiki.
NorthMarq Refinances Five Bruno Apartment Communities
NorthMarq Capital’s Miami office has arranged refinancing for a New Orleans multifamily portfolio owned by Bruno, Inc. through its affiliation with a Fannie Mae – DUS lender, the company announced.
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.