News
Hyatt’s First Andaz-Branded Resort to Open in Bali
One of Hyatt Hotels Corp.’s affiliates has entered into a management agreement with P.T. Wynncor Bali for the opening of an Andaz resort in Bali.
SL Green Buys Ivanhoe Cambridge’s Stake in NYC Citigroup HQ
SL Green Realty Corp. will acquire Ivanhoé Cambridge’s stake in 388-390 Greenwich St. in Manhattan’s TriBeCa, thus assuming full ownership of Citigroup Inc.’s 2.6 million-square-foot headquarters in New York.
KBS REIT III Acquires Salt Lake City Office Tower for $170M
KBS REIT III has acquired 222 Main, a Class A, LEED Gold office tower in the center of Salt Lake City’s CBD, for $170 million.
Portland Hospitality Heats Up: Lloyd Center DoubleTree Goes Up for Sale, Governor Hotel Gets New Name
The debate over the development of a major hotel-convention center in downtown Portland has been going on for quite a while. Now, a property that could influence willing investors has been put up for sale by its owner, prompting new discussions about a new major hospitality project in the city. Mount Kellett Capital has reportedly hired Eastdil Secured to handle the marketing process for the DoubleTree by Hilton Hotel in the Lloyd Center. The property is currently valued at around $100 million, according to the Portland Business Journal.
Canyon Realty Funds $55.2M Senior Loan for Final Phase of Retail Center The Rim
The prosperous North San Antonio market keeps on flourishing, especially the Northwest Corridor. After the consistent investment deal lead by Hines Global REIT in the massive retail center, The Rim, the final phase of construction is about to commence. Canyon Capital Realty Advisors announced its involvement in the financing for the fifth phase with a $55.2 million senior loan to an affiliate of Thomas Land and Development, LLC. RIM V adds 254,606 square feet of retail space to the existing construction, and 91% of it is already pre-leased to retail tenants.
Economy Watch: Personal Income, Spending Expand in January; Construction Spending Rises; Stocks Drop Due to International Jitters
Personal income increased 0.3 percent in January 2014 compared with December. Construction spending also edged up by 0.1 percent in January compared with the previous month. Wall Street took a dive on Monday, with investors apparently nervous about the situation in the Crimea.
Whitney Wyndham Sells for $10.5M
New Orleans real estate developer, investor and hotelier Joe Jaeger has picked up the Whitney Wyndham Hotel at 610 Poydras Street, paying $10.5 million for the asset
Alliance Diversified Buys Pyramid Building in Miramar, Plans Makeover
One of the city’s most unusual office properties recently traded hands as Alliance Diversified Holding, LLC paid a purchase fee of $13.6 million for an asset located in the San Diego submarket of Miramar. The seller was APEX 1 & 2 LP. Both companies were represented by the local office of Voit Real Estate Services, with the seller being represented by a team consisting of Brandon Keith, Ryan Bracker and Bob Brady.
Brookdale Gains 3 Las Vegas Properties in $2.8 Billion Emeritus Deal
Three Las Vegas senior communities were recently involved in a massive merger when Emeritus Corporation was acquired by Brookdale Senior Living. The latter acquired Emeritus in a deal worth $2.8 billion, 1.4 of which consisted of mortgage debt. The two companies agreed a deal that would create the first national senior living solutions company, merging the assets and know-how provided by both entities. With the newly-expanded Brookdale, the company is able to provide a senior living community within 10 miles of 6.5 million seniors over the age of 80.
Victory Center Prepares to Receive Tenants in Health-Tech Corridor
Garson Victory LLC, a partnership led by real estate broker Scott Garson, purchased the old, vacant building at 7012 Euclid Avenue in late 2010 for $2.7 million. Soon after the acquisition, it started work on a redevelopment project to transform the property into the Victory Center, a mixed-use complex with offices, labs and research facilities. With all construction now finished, the new building is ready to welcome tenants.