News

The $55 million sale of a medical facility at 120 S. Spalding Dr. in Beverly Hills, Calif., has closed, according to Madison Partners Principal Bob Safai. The firm arranged the funding. The four-story, 63,000-square-foot building went for $869 per square foot. That price is a record for a Los Angeles medical office property. There is below a 1 percent vacancy rate for medical office space on the Westside of Los Angeles, and rents can be 20 percent higher than rates for other types of office space, according to the statement. As a result, rents in the building have been raised…

Arbor Commercial Funding L.L.C. has recently provided loans totaling more than $61 million for three separate acquisitions.  The loans are as follows:     * A $28.1 million loan under the Fannie Mae DUS product line, for the purchase of The Exchange at Greenville, a 288-unit student housing complex in Greenville, N.C. The five-year loan amortizes on a 30-year schedule and has a 5.47 percent note rate. It was originated by John Edwards, director, in Arbor’s Boston office. Edwards said in a release that the financing was completed in less than 30 days.     * An $18 million loan under Fannie Mae’s…

Supplemental financing to the tune of $110 million has been completed for a portfolio of 61 apartment communities located in Maryland and Northern Virginia. Capmark Finance Inc. originated the loans via its Freddie Mac Program on behalf of affiliates of Southern Management Corp.The transaction comes about one year after Capmark orchestrated $777 million in first-mortgage debt on the portfolio and six other properties, for what is now a total debt facility of $887 million. Further financial details of the deal have not been disclosed. However, the interest rate for the supplemental financing was locked in last fall, and just in…

CIP Real Estate and Alex Brown Realty Inc. have taken three business parks totaling approximately 600,000 square feet, thanks to $40.7 million of funding arranged by Buchanan Street Partners. The flex-industrial-office space is in the Charlotte, N.C. area. Buchanan Street was able to structure and secure a four-year, fixed-rate loan. “This transaction provided us the opportunity to leverage our relationships and secure financing for the CIP/ABR venture to close on this portfolio in a tight lending market.” Timothy Hawthorne, executive vice president of Buchanan Street, said in a statement. The portfolio encompasses three business parks, 87 percent leased, located in…

The 215-acre Orchard Town Center in Westminster, Colo., under construction since the fall of 2005, has opened amid a rather different economic and consumer environment than during its ground breaking.The open-air retail project is one of a number of developments in the Denver area being undertaken by Cleveland-based Forest City, including the massive redevelopment of the former Stapleton International Airport.According to the company’s fourth quarter report, as of the end of January the 983,000-square-foot Orchard Town Center project was 59 percent leased. JC Penney, SuperTarget and Macy’s are anchors, along with a 12-screen AMC movie theater. Other tenants include Aeropostale,…

Brass Funds has just acquired 25 acres of land off I-10 in San Antonio to accommodate the development of a new office project that will encompass 400,000 to 500,000 square feet. Laredo Westover Hills was the seller.Brass Funds has already taken another big step toward getting its project underway, having secured the rezoning of one acre of the property from residential to multi-family, thereby allowing for the development of office space. Specific details of the project have not yet been ironed out; however, in addition to office space, the tentative plan calls for several outdoor conference rooms.Magi Real Estate and…

Highwoods-DLF Forum L.L.C., a joint venture between Highwoods Properties Inc. and German fund DLF, has just purchased The Forum, a 635,000-square-foot office complex in Raleigh, N.C. The partnership paid approximately $113 million for the Class A property.Sited on a 19-acre parcel, The Forum boasts a location in the coveted Six Forks submarket of North Raleigh. The office park encompasses five structures, the first four of which are 92 percent leased. Forum V, which is not quite one year old, is 82 percent leased. Highwoods will oversee leasing and management of the buildings. The company’s portfolio of owned and partially owned…

The office buildings at 1000 and 1010 Vermont Ave. in Downtown Washington, D.C., rating Class B and Class C, have just come under new ownership. Pembroke Real Estate Inc. acquired the properties, totaling 141,800 square feet, from Guardian Realty Investors L.L.C.Consisting of nearly 78,400 square feet, the structure at 1000 Vermont was developed in 1950 and submitted to a comprehensive renovation in 1985. Its sister building at 1010 Vermont features approximately 63,400 square feet of space. Originally constructed in 1921, 1010 Vermont was most recently upgraded in 2001. Together the buildings have an average leasing level of 96 percent. Occupying…

After almost five years in the firm’s London office, Cushman & Wakefield Inc. executive Jeff Cushman has relocated to the New York world headquarters and has been promoted to executive managing director, CPN learned exclusively today. Cushman will be responsible for cross-border client development strategies, as well as initiatives for current and prospective global clients across the firm’s service lines. He reports directly to global COO John Santora. As Cushman (pictured) returns home, he brings both a global perspective and external and internal relationships created while overseas, all made with knowledge that he would eventually bring them back to the…

Plans for a $4 billion Crown casino and hotel in Las Vegas have hit a big snag and development group LVT1 L.L.C.–which includes Crown Ltd., IDM Properties and York Capital Management–has decided to walk away from the project.As per news from the Wall Street Journal, the developers have put the property up for sale, having found themselves unable to meet lenders’ growing equity demands. Located on a 27-acre parcel near the intersection of Las Vegas Blvd. and Sahara Ave., the Crown development is designed to feature 300 guestrooms and 4,700 condominium residences in a 142-story skyscraper, as per a December…