Regions

The Wallick Cos. of Columbus, Ohio, and the Cincinnati-based Stern-Hendy Properties today announced that they will merge. The 42-year-old family-owned Wallick, with 625 employees, is one of the largest owner-managers of affordable housing in the state. The Stern-Hendy Properties has 140 full- and part-time associates, specializes in housing for low- and moderate-income residents, and includes both the Hendy Management and The Affordable Housing Construction Co., which specializes in rehabs of existing historic buildings–as well as new construction. The announced merger is expected to be completed by the end of this year and will form the largest single-owner-manager of affordable housing in…

ProLogis has signed new lease agreements in Atlanta in eight transactions totaling approximately 946,000 square feet during the third quarter of 2008. Lennox Industries, a leading provider of customized home comfort systems, residential generators and indoor air quality products, leased approximately 254,000 square feet with ProLogis at Midland Distribution Center #1, located near the intersection of Interstate 75 and McDonough Road, southeast of Atlanta. The agreement marked the fifth lease between the two companies. Lennox currently occupies approximately 590,000 square feet of distribution space with ProLogis in various locations across the United States.   Also during the third quarter, ProLogis leased…

The real estate market in the U.S. is taking a bit of a beating due to the financial crisis, but the property market in neighboring Mexico appears to be escaping any negative consequential effects, according to a Global In-Sights webcast by CB Richard Ellis Inc. Bolstered by solid economic fundamentals, $75 billion in Central Bank reserves and the absence of a housing crisis, Mexico has been able to maintain a strong real estate market.   The office and industrial sectors continue to perform well in major metropolitan areas in Mexico. In such leading office markets as Mexico City, the overall average…

Ownership of Quincy Crossing, a fully-leased 110,900-square-foot office building in Arlington, Va., less than five miles across the Potomac River from the White House in Washington, D.C., has changed hands. Normandy Real Estate Partners sold the Class A property to Guardian Life Insurance Co. in a transaction valued at $55.5 million. The deal marks a short-term hold for Normandy. The company came into possession of Quincy Crossing with the $538 million acquisition of a group of 13 office properties from Morgan Stanley Real Estate in late 2006. Morgan Stanley sold the 2.4 million-square-foot East Coast portfolio to Normandy immediately after…

Chartwell Seniors Housing Real Estate Investment Trust and Groupe Melior has announced that Chartwell has completed the acquisition of the remaining 50 percent interest owned by Residences Melior (an affiliate of Groupe Melior) in seven retirement properties in the Province of Quebec, as well as Melior’s 50 percent interest in the joint venture property management company managing all of Chartwell’s senior housing communities in Quebec.  Under the terms of an agreement with Melior, Chartwell paid approximately $63.3 million for the 50 percent interest in the seven properties and the management company. The price was determined by independent appraisers. The closing…

Despite the tanking investment market nationwide, Houston continues to see action with investors spending more than $1.6 billion so far in 2008 throughout 53 transactions, according to Real Capital Analytics. Along these lines, a local developer purchased two historic office buildings for an undisclosed amount in the city’s Museum District. Houston real estate developer Fred Sharifi bought 1150 and 1128 Bissonnet for a “record price,” according to CB Richard Ellis Inc. senior vice president Micheal Palmer, which represented the seller, Moriarty Family Partnership LTD, along with John Simons and Susana Rosas. Tony Pour represented Fred Sharifi. Both buildings were designed…

Adler Group formed its first discretionary $100 million fund to have capital available for the purchase of income producing commercial properties.  The fund is named Helios AR Real Estate Fund I, and is being managed by Adler Helios MMI L.L.C., an affiliate of the Adler Group, with Assos Capital USA L.L.C. acting as co-manager.  The Fund has already made two acquisitions, including Breckenridge Park in Tampa, Fla., which closed on October 15. The Helios AR Real Estate Fund I will invest in multi-tenant office, flex, industrial and retail properties and other real estate related investments in the Southeast and Mid-Atlantic…

Grubb & Ellis|BRE Commercial, Grubb & Ellis Co.’s San Diego affiliate,  represented Bridgepoint Education in its 11-year lease for office space totaling nearly 250,000 square feet at Sunroad Centrum in San Diego’s Kearny Mesa area. Bridgepoint Education has leased 10 of Sunroad Centrum’s 11 floors at the new office tower built by Sunroad Enterprises.  The company leased the space in preparation for its continued expansion and will occupy the building in two phases.  The company will move into 149,660 square feet of space in March 2009 and will occupy the remaining 98,391 square feet in January 2010. Chris Hobson, senior office sales…

Three R&V Management Corp.-sponsored partnerships–Hillcrest Montecito L.P., VLD Bonnie Brae L.P. and Vista Bella Terra L.P.–have scooped up Bella Terra, a 460-unit apartment community in Vista, a city in northern San Diego County, from RREEF for $69.5 million. Located at 365 Pomelo Drive, just south of Highway 78 and west of Melrose Drive, Bella Terra comprises one-, two- and three-bedroom units ranging from 700 square feet to 1,160 square feet. Among the amenities included are two swimming pools and spas, an on-site clubhouse, private patios or balconies/storage facilities, a meeting room, a fitness center and a playground. Ed Rosen, John…

The Houston office of Holliday Fenoglio Fowler L.P. closed the sale of Two Riverway, a 17-story, Class A office building in Houston’s Galleria submarket. Senior managing director H. Dan Miller, managing director Robert Williamson, associate director Marty Hogan and real estate analyst Trent Agnew led the investment sales team on behalf of the seller, Coventry Fund X Ltd.  Two Riverway Holdings L.L.C., a subsidiary of Donerail Corp., purchased the property for an undisclosed amount.Two Riverway is situated within the 27-acre Riverway master-planned development at the southeast corner of Post Oak and Woodway Drive west of Interstate Loop 610.  The 92…