News
Parmenter Realty Buys Two Tampa Office Buildings from Prudential for $85M
Miami-based Parmenter Realty Partners added 494,813 square-feet of office space to its portfolio when it purchased two Class A office buildings on Rocky Point Island in Tampa, Fla. for $85 million.
Rosemont Realty Partakes in Largest Office Acquisition in Albuquerque
Rosemont Realty LLC has recently acquired Pinetree Corporate Center, consisting of five multistory buildings totaling 204,229 square feet of Class B office space in Albuquerque. This marks the largest office real estate acquisition in the Duke City this year, in terms of square footage, reports the New Mexico Business Weekly.
JV Plans $136M Redevelopment Project in Toronto’s Downtown West
RioCan Real Estate Investment Trust, Allied Properties Real Estate Investment Trust and Diamond Corp. have entered into an agreement to purchase the Globe & Mail Lands in Toronto for $136 million. The transaction is expected to close in mid-December 2012.
IPA Orchestrates $60M Trade of 272-Unit Southern Calif. M-F Asset
Coastal communities are high on investors’ lists and Institutional Property Advisors had no problem securing a buyer for Archstone Ventura Colony, a quality apartment asset located approximately one hour outside of Los Angeles in Ventura, Calif.
Mesirow Financial Acquires 302-Unit Nashville M-F Complex for $59M
Mesirow Financial, a Chicago-based property investment firm, purchased Eleven North, a Class AA, institutionally owned multi-family complex in Nashville for $59 million.
HUD Announces $621M Deal to Refinance Mortgage Loan for NYC Co-op
Backed by a federal mortgage guaranty program that was extended to a co-operative development for the first time, RiverBay Corp. and Wells Fargo Bank have closed on a $621 million deal to refinance the mortgage at Co-op City in the Bronx.
Economy Watch: GDP Expands More Than Thought; Pending Home Sales Strongly Up; Unemployment Claims Down
The Bureau of Economic Analysis revised its estimate of real U.S. GDP to an annualized 2.7 percent in the third quarter, compared with the initial estimate of 2 percent. Pending home sales were up strongly in October. And initial unemployment claims dropped below 400,000 for the first time in three reports.
Santa Teresa Village Shopping Center Acquired by Maryland-based REIT
Cassidy Turley, along with Kidder Matthews representatives, arranged the transaction on the buyer’s behalf, while the seller was advised by Prime Commercial. The per-square-foot rate that Retail Opportunity Corp. paid for the complex is approximately $250. The Maryland REIT’s offer immediately convinced Barry Swenson Builder executives to finalize the sale.
Greystar Student Living Lands Charleston Student Housing Management Deal
Greystar Student Living has announced receiving the management contract of Davis Property Group’s 400 Meeting Street Apartments—a 160-bed luxury student housing development in Charleston, S.C.
HOK to Design $269M Italian Biomed Hub
Global design firm HOK has been designated as the lead architect for the Ri.MED Biomedical Research and Biotechnology Center (BRBC) near Palermo, Sicily in Italy, selected among 13 other firms that entered the international design competition for the contract.