News
The Woodley to Bring 212 Apartments in Northwest D.C. next March
In a July news story, CBS MonyWatch ranked apartment rents in the Washington, D.C. area as the fourth highest in the nation, behind San Francisco, New York and Boston but ahead of Los Angeles or Miami. And Marcus&Millichap reports that rents will continue to grow throughout the year. Bad news for renters but great news for developers such as the JBG Companies. The Chevy Chase-based private real estate development firm plans to bring 212 high-end units to Northwest Washington D.C.’s desirable Woodley Park neighborhood in March 2014.
Lyon: Capital One’s Buy of Beech Street Capital a Strategic Move
In an interview with CPE, Rick Lyon, head of commercial real estate banking for Capital One, said the acquisition of Beech Street Capital is not purely about timing but a “a long-term strategic move” for Capital One.
NAP Secures $126M For M-U Development in Alpharetta, Ga.
North American Properties, in a JV with Sarofim Realty Advisors, has secured 126 million in financing for Phase I of Avalon, a mixed-use development in Alpharetta, Ga.
ING Sells $1.6B of CRE Loans to Wells Fargo
As part of the ongoing divestment of its U.S. commercial real estate lending business, ING Real Estate Finance (USA) has agreed to sell 29 CRE loans in the United States, with a total remaining balance of $1.6 billion, to Wells Fargo Bank.
Economy Watch: Housing Starts Up in July; Consumers Grumpier in August
Housing starts continued their upward trajectory in July, with private starts coming in at an annualized rate 896,000 units, a 5.9 percent increase compared with June. And preliminary consumer sentiment for August took a dip compared with the end of July.
County Rejects Bid for Tavaci Rezoning; McKay-Dee Hospital Kicks Off Expansion
The Salt Lake County Council has recently dealt another serious blow to real estate developer Terry Diehl’s ambitions as it voted 4-3 against the request to change the zoning on the Tavaci property. For a while now, the developer has voiced his intentions to develop larger buildings than originally planned at the site he owns near Big Cottonwood Canyon. With the new targeted height for development set at 100 feet, the community reacted, and according to examiner.com, a number of members of the public took to the stand and testified for around three hours against the rezoning plan.
Ad Agency Holds Whimsical Contest for $1-Per-Month Sublease Space
The coverage regarding the city’s housing market has been extensive, and for anything else, the Downtown Project has been the go-to topic. However, Las Vegas has been looking for good news for years, and now the positives might begin to outweigh the negatives with an office competition that would help out a lucky start-up in Sin City. Specifically, VegasINC.com recently reported that an advertising agency is looking to sublet 1,000 square feet of office space, for $1/month. The company has staged a competition to determine which new venture will secure the space. The campaign was launched in honor of the Las Vegas Startup Weekend, as well as the inaugural year of SXSW V2V.
Office Building in Rio Rancho is For Sale for $5M
At Quantum Road and NM 528 there is a five-story complex of 50,000 square feet that has just been listed for sale. The building used to belong to AMREP Southwest who is now the main tenant.
Capital One Buys Beech Street Capital
Capital One Financial has opted to expand its multi-family banking business by acquiring one of the country’s largest issuer of Fannie Mae, Freddie Mac and FHA multi-family loans–Beech Street Capital.
JLL to Manage 640 KSF at Suburban DC Headquarters Campus
Jones Lang LaSalle’s management responsibilities in suburban Washington, D.C., just grew by 640,000 square feet. The commercial real estate services firm has been tapped by The Meridian Group to manage three buildings at the 18-acre Solutions Plaza corporate headquarters campus in Tysons, Va.