News
Stockbridge Capital/Alliance Residential JV Pays $50M for 629-Unit M-F Complex
California-based Stockbridge Capital Group has completed the acquisition of The Canyons, a 629-unit apartment community in Northwest Phoenix. The $50 million deal was closed in venture with Alliance Residential Co. in Phoenix.
Inland Diversified Pays $29.8M for Hasbro Building in Downtown Providence
In a $29.8 million deal, Chicago-based Inland Diversified Real Estate Trust Inc. has acquired the Hasbro Building in downtown Providence from Boston-based Berkeley Investments Inc., the Providence Journal reports. Alden Anderson and Bill Moylan of CBRE-New England arranged the transaction. Located at 15 LaSalle Square, the 135,000-square-foot property is fully occupied by Pawtucket-based toymaker Hasbro Inc., which employs approximately 350 workers at the facility. About a year ago, Hasbro signed a 12-year lease for the space. Joseph Fallon and Michael Dalton of Cassidy Turley FHO represented the tenant in that transaction, while Berkeley was represented by Alden Anderson of CB Richard Ellis – New England.
American Communities Grabs 515-Unit Dallas-Area M-F Property
American Communities, just eight months old, is wasting precious little time building up its metropolitan Dallas multi-family portfolio. The real estate company just acquired its fourth asset, the 500-unit Chaparral Creek apartment community in Irving, Texas.
Work Imminent on Mixed-Use Tower in Meatpacking District
Property Group Partners and landlord Romanoff Equities have joined forces to replace a former meat processing facility in New York’s Meatpacking District with a mixed-use complex that would stand as a prominent structure in the neighborhood. Designed by James Carpenter Design Associates architectural firm in cooperation with Gerner Kronick & Valcarcel Architects, the project is set to begin development immediately, with a delivery date tentatively set for 2015.
Loews Denver Hotel Sold, Set for Renovation and Rebranding This March
Recent reports indicate that the Loews Denver Hotel was recently sold. The hospitality property is set to carry on under its current name until the end of next month, when it will be closed down temporarily and undergo extensive renovations and rebranding executed by the new owner. Although details regarding the transaction have not been disclosed to the press, industry specialists place the transaction total anywhere around $20 million, and speculations peg Hyatt as the new owner.
Carolina Pavilion Sold for $106M
The start of a new year, as always, is the time of reports in the real estate industry. And so, DDR Corp., an owner and manager of value-oriented shopping centers in the Americas has as also released its sales and acquisitions activity report for the fourth quarter of 2012.
Heritage Trust Proposes $13.7M Makeover for Oklahoma City’s Journal Record Building
Downtown Oklahoma City’s Journal Record Building may get a $13.7 million makeover, The Oklahoman reports. The makeover is part of a bid submitted on January 7 by Bond Payne, co-chairman of Heritage Trust Co., to the Oklahoma City Cultural and Industrial Facilities Trust. The building was constructed in 1923, designed by the prominent local architectural firm of Layton, Hicks and Forsyth. It was originally home to the Masonic Temple and later became a movie theater. The Journal Record called it home until 1995 when it was significantly damadged in the Oklahoma City bombing (April 19, 1995) which destroyed the nearby Alfred P. Murrah Federal Building.
Blanca Commercial Tapped to Lease Courthouse Tower, 8200 Doral
Miami-based brokerage and advisory firm Blanca Commercial Real Estate has recently expanded its leasing portfolio to 2.5 million square feet by adding Miami’s Courthouse Tower and 8200 Doral. “We are delighted to expand our agency leasing portfolio with the addition of Courthouse Tower and 8200 Doral,” said Tere Blanca, President and CEO of Blanca Commercial Real Estate.
SunCal Buys Manor Master-Planned Community, Plans to Finish Project
SunCal, an Irvine, Calif.-based residential development company, closed the deal on the 758-acre ShadowGlen master-planned community in Manor, an eastern suburb located just 14 miles from Austin’s city center.
Win Properties Refinances 56-Property National Retail Portfolio
Win Properties has refinanced a 56-retail property portfolio with ING Investment Management for $63 million.