News
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.
$45M Apartment Project Near South Hills Village T Station will Soon Break Ground
A 301-unit “transit-oriented” apartment complex with four buildings is slated to rise near the South Hills Village T station in Bethel Park.
Enterprise Homes and SunTrust Bank to Renovate Frederick’s Taney Village Apartments
Enterprise Homes and SunTrust Bank announced on Monday their plans to renovate the Taney Village Apartments, in Frederick. The project is expected to cost $24.6 million. It will help preserve the property, which is an important source of affordable housing for seniors in the area.
DTZ Brokers Industrial Deals in Greater Baltimore
DTZ, the new owner of Cassidy Turley, has started 2015 in full force. Since the beginning of the year, the company has completed several leases, totaling more than 150,000 square feet of industrial space, in the Baltimore Washington Corridor.