News
Behringer Harvard Buys 312-Unit M-F Property in Jacksonville
Behringer Harvard has added Wimberly at Deerwood, an apartment community in Jacksonville, to Behringer Harvard Opportunity REIT II Inc.’s portfolio.
National Instruments Considers Major Investment in Austin
National Instruments Corp. in considering adding 1,000 jobs to its Austin headquarters over the next 10 years and an $80 million investment to the Texas capital. The engineering tool maker plans to expand its research and development by building a new $47 million facility and investing $33 million in business equipment.
Canadian REIT Expands Retail Portfolio with Four-Property Acquisition in Alberta
Crombie Real Estate Investment Trust plans to add four retail plaza properties to its current commercial portfolio in the Alberta area by the end of the month.
NVIDIA to Develop $300M, 500 KSF HQ in Silicon Valley
As it celebrates its 20th birthday this month, chipmaker Nvidia announced plans to construct a 500,000-square-foot building on a 24-acre site in Santa Clara, Calif., the first part of an eventual 1 million-square-foot headquarters.
Economy Watch: Existing Home Sales, Initial Claims Up; Delinquency, Foreclosure Rates, Wall Street Down; CPI Flat
Existing U.S. home sales increased 0.4 percent in January. The delinquency rate for mortgage loans on one-to-four-unit residential properties fell to 7.09 percent. And initial unemployment claims are up, while Wall Street is down, and the Consumer Price Index is unchanged.
Foram Group’s 600 Brickell Tower Goes Platinum
By Georgiana Mihaila, Associate Editor The 40-story 600 Brickell building can now pride itself with a rare designation that makes it unique in the Florida market—placing it among only a handful of its class and size in the world—after being certified LEED Platinum by the U.S. Green Building Council. The 600,000-square-foot mixed-use commercial tower set […]
JMR Plans Q2 Start for $38M Residential Project in Santee
Set to be built at the corner of Cuyamaca Street and Town Center Parkway, the 172-unit community would also offer residents close proximity to the San Diego River and the Santee Trolley Town Square shopping center. Additionally, the San Diego Trolley connects the area with San Diego State University, Old Town and downtown San Diego. A recently-completed 55-acre community park will provide service for the entire area with community space for picnics as well as baseball, soccer and football fields as well as tennis courts and playgrounds.
Brookfield Acquires Apartment Communities in the Triangle for $108M
Brookfield Asset Management Inc. has purchased five multi-family properties in the Triangle region, as part of its $414 million deal to acquire a total of 19 apartment communities in North Carolina, South Carolina and Virginia. Babcock & Brown Residential, the seller of the 4,892-unit portfolio was advised by Robert W. Baird & Co.
According to the Triangle Business Journal, the assets located in the Triangle accounted for a combined $108 million, or $76,900 per unit.
The newspaper reports that the 462-unit Oak Hollow property in Cary sold for $32.6 million, while the 144-unit Bridges at Chapel Hill in Carrboro sold for $11.6 million. The region’s other three communities that were included in the sale are located in Durham: the 346-unit Bridges at Wind River (pictured), which sold for $32.6 million, the 264-unit Woods Edge, which sold for $18.7 million, and the 192-unit Bridges at South Point, which sold for $12.76 million.
NorthMarq Arranges $11.1M Mortgage for Two Orange Park M-F Properties
Real estate financial intermediary NorthMarq has recently arranged a combined acquisition financing of $11.1 million two multifamily properties located in Orange Park, Florida. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrowers
Plans to Upgrade Tucson Convention Center, Build New Convention Hotel
The City of Tucson and the Rio Nuevo Multipurpose Facilities District finally reached an agreement that would bring a new convention center hotel in downtown Tucson. According to the long-awaited settlement, Rio Nuevo will invest $6 million in upgrading the Tucson Convention Center.