News
AIMCO Breaks Ground on $140M M-F Redevelopment in LA’s Trendy Venice Neighborhood
Lincoln Place, the largest garden-style apartment complex in the Los Angeles beach community of Venice, is about to get the facelift of a lifetime.
Avison Young Buys Houston-Based Mason Partners
Canada’s largest independently owned commercial real estate services company, Avison Young, continues to expand its offerings with the acquisition of Mason Partners, a Houston-based commercial real estate brokerage company, for an undisclosed amount.
$2B Century Plaza Project Wins Unanimous Vote of LA City Council
With the final approval of the Los Angeles City Council secured, Next Century Associates is moving forward with its $2 billion plan to redevelop the historic Hyatt Regency Century Plaza Hotel and build two 46-story residential towers as part of a 1.5 million-square-foot mixed-use project.
Preliminary TIF Plan Moves Forward for Pittsburgh’s Largest Riverfront Project
The Urban Redevelopment Authority has initiated a historic tax increment financing (TIF) process for the nearly $1 billion redevelopment of the former LTV Steel site along the Monongahela River in Hazelwood. If approved, the master plan would turn Pittsburgh‘s last major abandoned industrial site into a hub of activity comprised of approximately 2.1 million square feet of high-tech research and office space, and more than 1,200 residential units. Located close to Downtown, the 178-acre site has sat dormant for 15 years. Almono LP purchased the brownfield property in 2002 for $10 million. The consortium is made up of four local foundations: Claude Worthington Benedum Foundation, Heinz Endowments, Richard King Mellon Foundation and McCune Foundation. The Regional Industrial Development Corporation of Southwestern Pennsylvania is currently managing the property on behalf of the partnership.
$95M Financing in Place for 465 KSF Office Portfolio Near Princeton, NJ
RXR Realty, with the assistance of HFF, has just landed the funds for the refinancing of a four-building group of office properties in West Windsor, N.J.
Wells Core REIT Acquires 584 KSF Office Center in Atlanta
Wells Core Office Income REIT has acquired a two-building office and data center in the Central Perimeter submarket of Atlanta from Rubenstein Partners for $119 million. It was Atlanta’s biggest lease of 2012.
Madison Capital JV Acquires NY Citibank Portfolio for $81M
Madison Capital, in a JV with an institutional owner, acquired a premier portfolio of five Citibank retail bank branches in the New York metropolitan area from FGP West Street for $81 million.
Economy Watch: Retail Sales Better Than Expected in December; Home Prices Up; PPI Slips
U.S. retail sales were up month to month. Home prices nationwide increased 7.4 percent year over year. The producer price index, however, was slightly down for the month of December.
Ireland’s First DoubleTree by Hilton to Open in February
Hilton Worldwide will introduce the upscale DoubleTree by Hilton brand to Ireland with the launching of a new hotel in Dublin, one of Europe’s most popular tourist destinations.
Boston Capital Closes $150M Affordable Housing Fund
One year after its launch, Boston Capital’s $150 million Boston Capital Tax Credit Fund XXXVI has closed with a portfolio of 22 affordable housing properties accounting for an aggregate 2,471 residential units.