News
NMHC Special Report: The View from Institutional Capital
Industry leaders gathered yesterday in Dallas for NMHC’s 2013 Apartment Strategies/Finance Conference. The program provided valuable insight into the financial and demographic drivers behind multi-family’s continued dominance in commercial real estate.
Rexford Industrial Acquires 473 KSF Industrial Complex in Glendale, Calif.
Rexford Industrial has purchased a seven-building, 473,000-square-foot industrial complex on 21 acres in Glendale, Calif., from an undisclosed institutional owner for $56 million.
PREI Enters Brickell District with $185M Office Tower Purchase
The 30-story, Class A Sabadell Financial Center located in the upscale Brickell Financial District of Miami has recently traded owners. The buyer, Prudential Real Estate Investors—acting on behalf of institutional investors in its flagship core open-end commingled fund—paid $185 million for the high-profile property also known as 1111 Brickell.
Economy Watch: U.S. GDP Expands Modestly; Home Values Up in Q1; Unemployment Claims Down
The GDP grew at an annualized rate of 2.5 percent during the first quarter of 2013. Home values increased 0.5 percent in the first quarter of 2013 compared with the fourth quarter of 2012. And for the week ending April 20, initial unemployment claims were 339,000, an unexpected decrease of 16,000 from the previous week.
Beech Street Closes $9.6M Fannie Mae Loan for El Cajon Property
The broker that Beech Street Capital worked with in the transaction is Chris Hutchinson of Alcole Capital Group. The representative has worked with the buyer in three previous deals of this type, while the loan is Beech Street’s third transaction with Fannie Mae MAH. According to a statement issued by Beech Street Capital, Kristen Croxton, along with fellow executive vice president Greg Reed, originated the deal from the company’s Newport Beach office. Croxton had this to say regarding the move: “this transaction is the perfect illustration of Beech Street’s ability to apply our expertise in affordable housing for our clients’ benefit”.
Linq Unveils LED Frontage as High-Rolling Project Nears Home Stretch
The Linq development is slated to become one of the big crowd attractions on a constantly reinventing Strip. The $550 million development will have created around 3,000 construction jobs for the area, while the developer estimated that around 1,500 full-time positions would be created once the entertainment district begins to operate at full potential. An opening date for the Linq is set for Q4 this year.
SL Green, Vornado Fill 100 KSF at 280 Park Ave. in NYC
L Green Realty Corp. and Vornado Realty Trust recently locked in two tenants to occupy two full floors at Manhattan’s 280 Park Ave., the 1.2 million-square-foot office tower that the co-owners are presently redeveloping to the tune of $125 million.
Realen Properties to Continue with Phase II of Edgewater Apartments
Construction is heating up in Center City Philadelphia as real estate developer Realen Properties of Berwyn, PA, and its finance partner Northwest Mutual Life are planning to break ground on Phase II of Edgewater Apartments, an upscale multifamily complex that was partially completed in 2006 before the economic downturn.
New Student Residence, Fellowships Funded by Historic $110 Million Gift from U-M Alumnus
The University of Michigan (U-M) has received a $110 million donation from Charles T. Munger, vice chairman of Berkshire Hathaway Inc. and investor. This is the largest gift awarded to the university in its almost 200-year history and, as the school revealed in a statement last week, it will be mostly used to build a graduate students residence at its Ann Arbor Central Campus, on a site currently housing a parking garage between South Division and Thompson streets. A considerably smaller part of $10 million will go to fellowships that will be offered to students enrolled at U-M’s 19 schools and colleges.
Speculative 130,000 SF Office Building Breaks Ground in North Fayette
Moon-based DiCicco Development is building a speculative 130,000-square-foot office building along the Parkway West corridor in North Fayette.
According to the Pittsburgh Post-Gazette, the developer is already preparing the site for the construction of the five-story project known as Westpointe Corporate Center Four. The building is being marketed by CBRE executive vice president Jeremy Kronman.