News
Developers Unveil Mixed-Use Community in Alexandria
Mayor William Euille joined officials from Mill Creek Residential Trust LLC and AEW Capital Management, L.P. last week, to help unveil a new mixed-use community in Alexandria’s West End. Called the Modera Tempo, it is the first new development to be completed within the Landmark/Van Dorn Small Area Plan.
SoMa Hotel Gets New Owner, Name in $350M Deal
The Westin Market Street hotel in San Francisco recently traded hands, as LaSalle Hotel Properties purchased the property in a deal worth $350 million. The buyer used cash on hand and borrowings from its senior unsecured credit facility in order to fund the acquisition of the hospitality property. Upon closing, the Westin Market Street was renamed by the new owner as Park Central San Francisco. The deal will not affect the current management contract, with Highgate Hotels set to continue to handle asset management duties as an independent hotel on behalf of the new owner.
Economy Watch: January-Jobs-Numbers Predictions Are In
Both ADP and the ISM non-manufacturing employment index results are in, giving a prediction for January employment.
Princeton Holdings, Bluestone JV Acquire National Office Portfolio
Manhattan real estate investment firms Princeton Holdings and the Bluestone Group have closed on the first phase of a large national office portfolio acquisition with the purchase of four buildings.
BioMed to Grab Premier Property in Seattle’s Steamy Life Sciences Market
BioMed Realty Trust will hit the half-million-square-feet mark in Seattle’s sizzling life sciences sector with its latest acquisition.
Dornin Snaps Up Downtown Office Building
With the commercial market finding new life in Las Vegas, the Dornin Investment Group has moved to acquire an office asset in the city’s downtown. The investor acquired City Centre Place, with funds for the purchase being provided by real estate finance and investment management firm PCCP, LLC. The buyer was provided with an $18 million senior loan for the acquisition and lease-up of the property. This is the third transaction completed between PCCP and Dornin Investment, according to PCCP Associate Vice President, Mike Johnson.
Will Staples, Office Depot Merger Cause More Brick and Mortar Closings?
Staples’ plan to buy out its rival will make for a stronger competitor against e-commerce office suppliers and force a new brick-and-mortar plan.
Thalhimer Realty, Rebkee Eye Makeover for Aging Richmond Mall
Thalhimer Realty Partners Inc. has teamed up with The Rebkee Company to acquire one of Richmond’s most important commercial retail properties, the Regency Square Mall. The new owners now plan to renovate the mall.
Landmark Seattle Tower Sold for Second Time in Three Years
What is arguably Seattle’s most historic office tower has just added another page to its history.
MBA SPECIAL REPORT: The CRE Market Is All Right
Economists are optimistic about commercial real estate in 2015 and they have the numbers to prove it, experts said during the Mortgage Bankers Association’s Commercial Real Estate Finance/Multifamily Housing Convention & Expo in San Diego.