News
MEPT, Bentall Kennedy Go Shopping in Boston
Showing “strong interest and confidence in the Boston market,” Multi-Employer Property Trust has acquired nine assets in three separate transactions in Boston totaling $250 million.
Pro Transport Plans Move to New Locations within Baltimore Crossroads
Pro Transport, Inc. is moving to a new building within the Baltimore Crossroads business community. The privately owned transportation and logistics company has recently signed a lease with St. John Properties, Inc. for 51,120 square feet of space at 11630 Crossroads Circle.
Inland American Pays $52M for Quebec Square Shopping Center in Denver
Inland American Real Estate Trust, Inc. recently announced the purchase of the Quebec Square shopping center in Denver, Colorado, at a cost of $52.25 million.
Concord Hospitality, Kane Realty Partner to Create North Carolina’s First AC Hotel
Local developers Concord Hospitality Enterprises and Kane Realty Corporation have partnered once again, this time with plans to build and operate the state’s first AC Hotel. Scheduled for completion in 2016, the new 133-key property will be located in Raleigh’s North Hills section, near the LEED Gold-certified CAPTRUST Tower.
Apartment Complexes in Tightening Baton Rouge Market Change Hands for $1.04M, $800K
With Baton Rouge-area apartment vacancies declining to levels slightly lower than historical norms, it’s no surprise why investors are rushing to buy apartment complexes. According to the Greater Baton Rouge Business Report, two such properties have changed hands in the region in the past 30 days.
HSL Properties to Sell Portion of 383-Acre Hilton Property it Acquires
Hilton El Conquistador Golf & Tennis Resort and the El Conquistador Country Club is now part of HSL Properties’ hospitality portfolio following a recent acquisition closed by CBRE Hotels. The brokerage group represented the seller, New York City-based MetLife, and the team negotiating the transaction included Jerry Hawkins, S. Douglas Henkel, Lewis C. Miller, Andy Wimsatt and Jeff Woolson. The deal including an additional 18 acres of developable land on Oracle Road was worth $15 million.
Economy Watch: More Evidence of Apartments Still Having Long Runway
The future looks bright for the apartment market for several years to come.
Mill Valley M-F Asset Commands Record-Setting Price
Woodmont Companies recently acquired a Marin County multifamily asset, in a deal that set the new record in terms of price paid per square foot in the Bay Area. The Belmont-based buyer acquired the Casa Roja Apartments in Mill Valley at a rate of around $570 per square foot from seller Red Island Real Estate LLC, a Sausalito-based entity. The transaction was arranged by a Colliers International team consisting of Vice President Ryan Wagner, Brad Lagomarsino and James Devincenti, who worked on behalf of the seller.
Toyota Dealership in Albuquerque, N.M. Will Undergo Major Reconstruction
The Larry H. Miller American Toyota dealership, located at 5995 Alameda Boulevard, NE Albuquerque and serving Albuquerque, Santa Fe, Rio Rancho, and Las Lunas, will enter a complete reconstruction phase. The remodel works are estimated to take about one year.
BH Properties Buys Addison Complex, Plans Makeover
A Las Vegas commercial property was recently acquired by a Los Angeles-based real estate investment company that plans on repositioning it and adding value. BH Properties acquired the Addison Complex facility for a fee of $2.8 million, from seller VanMeetren Family Limited Partnership. BH Properties worked with David Frear, Senior Vice President of Colliers International during the transaction, while the VanMeetren Family Limited Partnership was represented by Charlie Mack, a president and broker with Mack Realty.