News
Maguire Recapitalizes LA Office Campus with $105M Loan
Maguire Investments has recapitalized Water’s Edge, its two-building, 6.5-acre “creative office campus” in LA’s Playa Vista submarket, with a $105 million loan.
Camden City to Get First Supermarket in 30 Years
A joint venture between the Ravitz Family, who owns Supermarkets of Cherry Hill, Inc., and the Goldenberg Group, headquartered in Blue Bell, PA, is set to develop the first full-service supermarket in Camden in more than three decades. The newly announced investment—which will also feature the first-ever ShopRite in the area, as well as several restaurants and smaller retail businesses—will occupy a city-owned, 20-acre vacant site at the corner of South 17th Street and Admiral Wilson Boulevard.
New York REIT Acquires Courtyard By Marriott Property in Pittsburgh
Carey Watermark Investors Incorporated of New York has acquired a 132-room Courtyard by Marriott hotel in Pittsburgh’s Shadyside area.
The company’s total investment in the Courtyard Pittsburgh Shadyside property is around $34.6 million. This amount has been financed with $21 million of debt and includes a purchase price of $29.9 million, $4.8 million in planned capital improvements and acquisition-related costs.
Open since 2003, the hotel offers approximately 1,600 square feet of meeting space, a Starbucks Coffee House, a fitness center, a business center and an indoor pool/whirlpool. It also provides easy access to the University of Pittsburgh Medical Center, the Western Pennsylvania Hospital, the Carnegie Mellon University and the University of Pittsburgh.
Economy Watch: Cypriot Bailout Still Uncertain; Americans Drove More in January; Hotel Industry Back to Normal
The Cypriot bailout is still up in the air. Meanwhile, back in the U.S. the Senate passed a budget bill. Travel during January on all roads was up nationwide by 0.5 percent, reflecting economic activity. And the hotel industry, so hard hit by the Great Recession, is very nearly back to a normal level of business.
1001 Woodward Joins Dan Gilbert’s Properties in Detroit
Dan Gilbert’s investment spree in downtown Detroit is far from coming to an end. Rock Ventures, one of Gilbert’s companies that has become one of the big players on the Detroit real estate market, this week acquired another office building located on Campus Martius Park, in the city’s commercial heart. The company’s real estate portfolio has now reached 2.9 million square feet of commercial and residential space in Detroit.
Local Firm to Receive Award for Restoration of Senior Housing Community
Memphis, TN-based Alco Management, Inc. a leading operator of affordable housing, will soon be honored by The National Affordable Housing Management Association (NAHMA) for the turnaround of Riverwood Tower Apartments, a senior-living community located in suburban Nashville
Macy’s Plans $35M Expansion for Goodyear Fulfillment Center
Macy’s Inc. has recently announced it would invest circa $35 million in expanding its Goodyear online fulfillment center. The expansion will also bring an additional 125 jobs to the area. According to the retailer’s plans, construction is expected to begin this summer, with an opening date set for the spring of 2014, when its fulfillment center in Goodyear will count for nearly 1 million square feet.
Omni, WinnDevelopment Wrap $21M West End M-F Rehab
Rhode Island lawmakers have joined Omni Development Corporation, WinnDevelopment, Rhode Island Housing and other community organizations to celebrate the opening of 83 new or completely rebuilt affordable rental homes in Providence’s West End.
Called Phoenix Apartments, the $21 million energy-efficient development has been built on the sites of 22 formerly dilapidated and foreclosed multi-family properties. The project spreads along Althea, Waverly, Bellevue, Hanover, Cranston and Waldo streets, including a portion of community space on Cranston Street.
Vista Capital Arranges $7.7M CMBS Loan for Extended-Stay Property in Indianapolis
Vista Capital Company has negotiated and closed $7.7 million of financing for the five-story Staybridge Suites hotel in downtown Indianapolis. The 10-year CMBS loan was provided by a European-based group of investors who were attracted by the market and by the strong performance of the asset.
The extended-stay, InterContinental-branded hotel was built in 2000 by its current owner. The property offers 146 rooms, along with a variety of amenities, including a business center, a fitness center and an indoor pool.
Entity Buys Class A Warehouse Space; CushWake Affiliate Lands 2.5M SF Management Contract
The industrial property market remains strong in the Memphis metro area, with industrial properties being transactioned on a weekly basis.