News
As State Fair Nears, Crowne Plaza Columbus North – Worthington Wraps $5.3M Renovation
With the Ohio State Fair just around the corner, Columbus hotel operators are doing their best to take advantage of this important opportunity and attract as many tourists as possible to fill their rooms. One such hotel, the Crowne Plaza Columbus North – Worthington, has recently completed a $5.3-million renovation of its guestorooms and suites, meeting and event space, lobby and public areas.
OliverMcMillan Sells Trio of East Village M-F Properties for $142M
A unique trio of properties traded hands in one of the most intriguing deals in recent memory on the San Diego real estate market. Developer OliverMcMillan has sold its The Lofts Portfolio in the East Village to three newly created entities dubbed The Lofts at 655 Apartment Holdings LLC, The Lofts at 677 Apartment Holdings LLC and The Lofts at 707 Apartment Holdings LLC. The transaction was arranged by three CBRE representatives: Kevin Mulhern, Rachel Parsons and Dixie Hall. Financial terms of the deal were not disclosed.
Hines, CalPERS Take Stake in 2.2 MSF Russian Retail Asset
The Hines CalPERS Russia Long Term Hold Fund, a joint venture between real estate company Hines and pension fund CalPERS, has become the co-owner of a prime piece of retail in Moscow with the purchase of an interest in the Metropolis Shopping and Entertainment Mall from Morgan Stanley Real Estate Investing.
Kennedy Wilson Buys M-F Property in Dublin for $107M
International real estate investment and services firm Kennedy Wilson has purchased a 50 percent interest in a premier 420-unit multi-family asset located on the south bank of the River Liffey in Dublin.
NewMarket Corp. Sells 311 KSF Office Building in Richmond, Va., for $144M
The world headquarters of paper, packaging and specialty chemical manufacturer MeadWestvaco, a nine-story trophy office building in Richmond, has been purchased by Select Income REIT for $144 million, excluding transaction costs.
Woods Acquires 1.4 MSF Thanksgiving Tower in Dallas
A partnership led by Dallas-based Woods Capital Management acquired the Thanksgiving Tower, a 50-story office building, from Berkadia.
Economy Watch: Fed Determined to Taper QE3; Foreclosures Down in First Half
The central bank is indeed planning to “taper” its QE3 stimulus program. At least half of the committee seemed to be on board with that idea. The number of U.S. residential properties with foreclosure filings fell 23 percent in the first half of 2013, compared with the same period last year.
Luxury Homes Regain Their Shine as Newton Expands New Estate
As the housing market rebounds in Las Vegas with increases in both the number of sales and median transaction values, the luxury market is not lagging behind as Q1’s figures seem to indicate. The city’s luxury homes are legendary for their sprawling estate-like properties and celebrity-owned compounds, but the market downturn quenched much of the buyer’s thirst for such properties in the area. Now according to VegasINC magazine, the market is finally on the up in terms of number of transactions.
Investor Buys Multifamily Property from PREI for $165,436 Per Unit
The Alexan Garrett Farms, a 298-unit rental community located off of U.S. 15-501 in south Durham has recently changed owners. According to the Triangle Business Journal, real estate investment firm Bentall Kennedy of Boston has acquired the property from Prudential Real Estate Investors of Chicago. The community sold for $49.3 million, or $165,436 per unit.
JU Starts Work on New $8M College of Health Sciences Building
As part of Jacksonville University’s $85 million ASPIRE campaign, work will soon start on the College of Health Sciences’ new building, meant to address the growing need of JU’s health sciences programs.