News
Wells Fargo, Pappas Properties to Develop Foreclosed Masterplanned Community
by Adriana Pop, Associate Editor Wells Fargo Bank and developer Pappas Properties of Charlotte are planning to restart a 24-acre master-planned development that the bank had earlier foreclosed upon. According to the Triangle Business Journal, Pappas and the bank have jointly filed a a new master plan proposal and a rezoning request for the 24-acre site known as […]
Alexandria Signs 187 KSF of Life-Science Office Leases Near Boston
Metropolitan Boston continues to bustle and Alexandria Real Estate Equities is profiting from the activity, having just closed six leases totaling approximately 187,000 square feet at its Alexandria Park at 128 complex in suburban Boston’s Route 128 submarket.
Orlando-Area Apartment Community Acquired by McCann Realty
Vista at Lost Lake Apartments, a five-year-old, 276-unit, garden-style rental community just outside Orlando, has been acquired by Richmond, Va.-based McCann Realty Partners. The property will be managed by Atlanta’s Pegasus Residential.
Continued Recovery
By Walter Page Fueled by an expected three-year tripling in net absorption and minimal construction activity, office vacancy rates are expected to exhibit a continued solid recovery in the first quarter of 2013. Specifically, office vacancy rates have declined from 12.8 percent in first quarter 2010 to 12.2 percent as of first quarter 2012 and are expected to decline by a robust 60 basis points to 11.6 percent by first quarter 2013. This decline in vacancy is significant because we are now nearing the critical point at which office rents typically show significant growth, compared to declines in recent years….
Parkway Sees $200M Equity Investment, Purchases 972 KSF Charlotte Office Tower for $250M
Aided by a $200 million equity investment from private investment firm TPG, Parkway Properties completed its purchase of Hearst Tower, a 46-story, 972,000-square-foot office tower in downtown Charlotte, N.C., for $250 million.
CNL Healthcare Trust JVs with Sunrise Senior Living on Seven-Property, $226M Agreement
CNL Healthcare Trust has signed an agreement with Sunrise Senior Living to enter into a joint venture that will change ownership of seven communities valued at approximately $226 million. Under the agreement, CNL will own 55 percent of the JV, with Sunrise retaining the remaining interest.
Sunstone to Sell Marriott Del Mar in California for $66M
Sunstone Hotel Investors continues a portfolio repositioning strategy with an agreement to sell the Marriott Del Mar in San Diego, Calif. The lodging REIT will trade the 284-room hotel in a $66 million transaction that will include the buyer’s assumption an existing $47.2 million mortgage.
