News
400 KSF Long Island Office Portfolio Changes Hands
CenterSquare Investment Management Holdings, known as Urdang Capital Management until prior to July 1, and Ivy Realty have sold Crossroads Corporate Center and Crossroads Executive Center, two multi-building office parks on Long Island, N.Y.
Radnor Property Group to Move Forward with 25-Story Mixed-Use Tower Project
A controversial development project spearheaded by Radnor Property Group has finally received the green light for construction from the Historical Commission’s architectural committee.
Premier Riverfront Hotel in Pittsburgh Sells for $61M
Cleveland-based Forest City Enterprises has sold the 399-room Sheraton Station Square hotel in Pittsburgh. Station Square Pittsburgh Hotel LLC, a joint venture between Boston-based Pyramid Hotel Group and an affiliate of Glenmont Capital Management, LLC of New York acquired the asset for $61 million. The Plasencia Group represented the seller in the transaction.
New Multifamily Development in The Mission Trades Hands Only Days After Opening
By Alex Girda, Associate Editor Avant Housing’s newly opened apartment community was sold just days after its official opening. The company’s new Vara development was purchased by global commercial real estate investor, Behringer Harvard. Avant Housing was represented during the sale by Moran Co. representatives Brett Betzler and Mary Ann King. The buyer managed to […]
Public-Private Partnerships Sought to Invest in Gary/Chicago International Airport and Surrounding Areas
The City of Gary and the board of directors of the Gary/Chicago International Airport Authority recently approved and released a request for proposals for the development and management of the Gary Chicago International Airport and related assets. The proposals to invest in the airport and the surrounding area through a public-private partnership are awaited until 5 P.M. August 26, 2013.
Milestone Apartments REIT to Acquire 358-Unit Canyon Chase Apartment Community
Milestone Apartments REIT recently announced it has entered into an agreement to acquire the 358-unit Canyon Chase apartment community. Located in the Westminster submarket of Denver, Colorado, the garden style multifamily apartment community was built in 1986. The Toronto-based REIT acquired the property for a purchase price of $40.5 million, represented an estimated initial capitalization rate of 6.55 percent and the transaction is expected to be immediately accretive to the REIT’s AFFO per unit.
Cerberus Grabs 2 Retail Property Portfolios in Germany
Affiliates of Cerberus Capital Management L.P. have entered into definitive agreements to purchase two German retail property portfolios out of receivership.
Compatriot Capital, JLB to Develop Katy Trail High-Rise in Dallas
Compatriot Capital, a subsidiary of Sammons Enterprises, and JLB Partners have begun construction on an 18-story, 299-unit luxury residential high-rise in the uptown area of Dallas.
NY Survey: Hurricane Sandy Still Dampens Lower Manhattan Real Estate
Nine months after Hurricane Sandy struck the Northeast, a majority of commercial real estate executives surveyed by accounting firm Marks Paneth & Shron think lingering concerns over future flooding in Lower Manhattan could limit interest in commercial properties in the area.
Economy Watch: New Home Sales Rise in June; Apartment Market Tighter in 2Q; Architectural Billings Still Positive
New home sales in June rose 8.3 percent compared to May. The apartment market nationwide tightened a bit in the second quarter. And the American Institute of Architects reported that its Architectural Billings Index was 51.6 in June, down from 52.9 in May.