News
Oaktree-NFR Partnership Acquires 450K SF Wells Fargo Operations Center in Raleigh
An affiliate of Oaktree Capital Management, L.P. in partnership with National Financial Realty, Inc. (NFR) of Los Angeles has recently purchased the 450,000-square-foot Wells Fargo office park in west Raleigh, the Triangle Business Journal reports. Located at 1100 Corporate Center Drive, the three-building property has a tax value of $64 million.
The sale was part of an approximately $240 million transaction through which the partnership has acquired 40 office buildings across the country from First States Investors B, L.P. The 3.4 million-square-foot office portfolio is 90 percent leased on a long-term basis to Wells Fargo Bank.
Omni Amelia Resort Unveils Outcome of Massive $85M Renovation
Omni Amelia Island Plantation Resort has opened its doors on March 5 to unveil the massive $85 million renovation that consisted of both extensive remodeling work on the entire building and the addition of 155 rooms.
Rio Nuevo Asked to Provide Loan for $22M Downtown Hotel Project
The 135-room hotel that developer Scott Stiteler is planning at the intersection of Fifth Avenue and Congress Street misses a final piece to become a reality – a $2.5 million loan that the Rio Nuevo board has been asked to provide.
CCPT III Rejects ARCP’s Offer to Buy It
Cole Credit Property Trust III has rejected an offer by American Realty Capital Properties to buy it in a cash and stock deal worth up to at least $9 billion that would make the combined entity the largest publicly traded net lease sector REIT.
Caesars Unveils $185M Makeover for Bill’s Gamblin’ Hall
The city of Las Vegas might look back one day and realize that this post-recession timeframe could represent a defining moment in its history. Reinvention, a new focus on business, art and sport and a new take on the megaresorts of the Strip, as they are now, will determine the city’s success for years to come.That is why there is no surprise that another old Vegas venue has closed its gates, and will only reopen them featuring a new name, ambiance and target audience. Caesars Entertainment-owned Bill’s Gamblin’ Hall & Saloon has been closed for over a month now and it is set to reopen only in 2014, after a $185 million renovation process, as the Gansevoort Las Vegas.
RLJ Buys M-U Humble Oil Complex for $80M, Plans Hotel Addition
Downtown Houston’s historic Humble Oil Building complex has gotten a new owner with a new plan.
Inland American Lodging Grabs Andaz San Diego for $53M
After its completion, the building was known as the Ivy Hotel from 2007 to 2010 when it was rebranded as Andaz San Diego. American Lodging Advisor, Inc., through the voice of its President and CEO, Marcel Verbaas, manifested its excitement regarding the newly acquired asset by noting: “This purchase aligns with our objective to acquire Luxury, Upper-Upscale and urban Upscale hotels in the top 25 lodging markets.”
ARCP Offers to Purchase Cole Credit Property Trust III for $9B
In an attempt to create the largest publicly traded net-lease sector REIT, American Realty Capital Properties has offered to buy Cole Credit Property Trust III in a cash and stock deal worth up to at least $9 billion.
Ivanhoé, TPG, DivcoWest JV Acquires Sizable Silicon Valley Portfolio
M West Properties, a partnership of Ivanhoé Cambridge and affiliates of TPG Real Estate and DivcoWest, has closed its $400 million-plus purchase of 73 buildings in California’s Silicon Valley.
Economy Watch: U.S. Economy Better Off; Architects Busier; Government Shutdown Less Likely
According to the Fed, the current state of the economy suggests a return to moderate economic growth. The Architecture Billings Index is strengthening, reflecting a demand in design services and eventual construction spending. And despite the recent bluster about the budget, neither the House nor the Senate has the stomach for a federal government shutdown, as in 1995.