News
Company Linked to Dell Pays $93M for Pair of M-F Properties
Two Las Vegas-area apartment complexes traded hands recently, due to the newfound interest that WTI Inc., a company linked to computer manufacturer Dell, has manifested in the local residential market. The company has moved for the Esplanade residential complex near South Durango Drive, as well as the Renaissance Villas complex on West Tropicana Avenue. According to VegasINC.com, the total amount for which the two properties traded stood at around $93 million. Specifically, the Esplanade complex sold for around $18 million, while Renaissance Villas traded for approximately $75 million.
HFF Closes $86M Sale of Orbital Sciences Campus in Sterling, Va.
Orbital Sciences Corp., a satellite manufacturer, has a new landlord at its global headquarters in northern Virginia. Select Income REIT has bought the Orbital Sciences Campus, a three-building Class A office campus in Sterling, Va., for $86 million.
North Financial District Office Building Sold to Multi-Employer Property Trust
475 Sansome is San Francisco’s latest office property to be traded after the Multi-Employer Property Trust and Bentall Kennedy, MEPT’s real estate advisor, acquired the property for an undisclosed amount. The deal for the building located at the corner of Sansome Street and Clay Street in the North Financial District was brokered by representatives from Holiday Fenoglio Fowler’s local office.
Vintage Purchases 407 KSF Oregon Mall
Vintage Real Estate has acquired Heritage Mall in Albany, Ore., from a consortium of lenders, which removed $38 million in debt from the property.
Foxwood Apartments and Kensington Manor Apartments Sold in Memphis
The Greater Memphis Area’s multifamily experienced a fair amount of activity recently with two apartment communities trading in just a few days’ time.
Bainbridge, Swiss Firm Team on 574-Unit M-F Property Purchase in Suburban DC
The metropolitan Washington, D.C., apartment market has the kind of fundamentals that attract investors from all over, so it’s no surprise that affiliates of Bainbridge Companies found a partner in Switzerland’s Partners Group for the acquisition of the 574-unit Aventine of Alexandria in Alexandria, Va.
Economy Watch: Job Openings, Trade Deficit Up; Gallup’s Measure of Economic Confidence Down
The total number of job openings is considerably higher than at the technical end of the recession in June 2009. Gallup’s measure of economic confidence is down from the previous week, but still high compared with most of 2012. And the trade deficit increased in October.
Capital One Set to Open New Office Space in Chicago’s Loop
Capital One Financial Corporation will open a new office space in the Chicago’s central business district, the Loop, the announcement came from the company and Chicago Mayor Rahm Emanuel. Capital One will sublease around 65,000 square feet of office space in the building owned by State Teachers Retirement System of Ohio, located at 77 West Wacker Drive.
Urban Land Conservancy Acquires Villas at Wadsworth Station
The Urban Land Conservancy has recently announced the acquisition of The Villas at Wadsworth Station, a 100-unit rental property in Lakewood, Colorado. Located at 1330-1337 Yukon Street, near the Wadsworth Light Rail Station on the West Corridor of FasTracks, the property was purchased with the support of a $5.6 million loan from Citywide Banks and a $1.3 million low-interest loan from the Colorado Housing Investment Fund provided by the Colorado Division of Housing.
USAA, SJP Break Ground on 500 KSF NJ Waterfront Office Tower
It was no lazy Monday for SJP Properties and USAA Real Estate Co. yesterday. Along the Hudson River in Hoboken, N.J., the partners broke ground on Waterfront Corporate Center III, a 14-story mixed-use office tower that will yield 500,000 square feet of state-of-the-art space, 200,000 square feet of which have already been claimed.