News
DoubleTree by Hilton Newark-Fremont Opens as Area between Oakland and Silicon Valley Continues to Grow
Over the past couple of weeks, the city of Newark, Calif. has been making waves with the amount of real estate activity it has going for it. After the recently-announced expansion of one of the city’s largest shopping spots, now news of a new DoubleTree by Hilton has surfaced. Hilton Worldwide and Double Tree by Hilton are officially opening the new DoubleTree by Hilton Newark-Fremont in the area between Oakland, Calif. and San Jose, Calif.
Brennan Investment Group and Westminster Capital Sell Ogden Corporate Center
Chicago-based Brennan Investment Group LLC and its joint venture partner Lake Forest, Ill.-based Westminster Capital recently announced the sale of Ogden Corporate Center to a private investor.
Brookfield Office Properties Inc. Sells 50 Percent Stake in Denver’s Tallest Building to MetLife
Brookfield Office Properties Inc. recently announced it has sold a 50 percent stake in the Republic Plaza office building and entered into a 50/50 joint venture partnership with MetLife on the office tower in a transaction valuing the property at $480 million. Net proceeds to Brookfield are around $98 million. Brookfield will retain management and leasing responsibilities at the property.
Dominion-Prudential JV Plans New, 105,000-Sq.-Ft., Wade Office Park Building in West Raleigh
Dominion Realty Partners is planning the development of a third building at the Wade office park near PNC Arena in West Raleigh.
Business Property Trust Picks Up Broadway SelfStorage for $1.1M
Tucson’s Broadway Self Storage changed hands just recently, a trade publication reports. A limited liability company acquired the facility from Broadway Wilmot Self Storage, LLC and paid $1.1 million.
NewLife Homes Turns The Sundowner Motel, Former Bill Gates Abode, into Affordable Apt. Community
Famous for its location in the heart of Albuquerque on historic Route 66 and for having served as home to Microsoft founders Bill Gates and Paul Allen in the mid-1970s, the Sundowner Motel is no longer what it used to be; the property was transformed into a residential complex with commercial space for small businesses by NewLife Homes.
Blackstone Acquires The Cosmopolitan from Deutsche Bank in $1.7 Billion Deal
In one of the largest deals recorded this year in commercial real estate, Deutsche Bank recently announced that it had reached an agreement for the sale of The Cosmopolitan of Las Vegas, one of the most high-profile hotel & casino properties in the city. Buyer Blackstone Real Estate Partners VII is set to acquire the owning entity of The Cosmopolitan, Nevada Property 1 LLC for a fee of $1.73 billion. As per the terms of the deal, the Blackstone subsidiary will now own 100 percent of the hospitality facility.
RECon Special Report: Top Executives Offer Retail Insights at Annual Marcus & Millichap Event
A diverse lineup of executives created a snapshot of a resurgent retail real estate sector at the annual panel discussion hosted in Las Vegas by Marcus & Millichap.
NGKF Enhances Presence Throughout South America
Newmark Grubb Knight Frank has created a sizeable footprint in South America with the addition of 50 senior-level advisors in Argentina, Brazil, Chile, Colombia and Peru.
International: Prologis to Develop 3 New Logistics Facilities in Japan
Leading owner, operator and developer of industrial real estate Prologis is set to build three new inventory logistics facilities in the Tokyo area.