Regions

One Live Oak, a 199,000-square-foot office property in Atlanta, has just been snapped up by Grubb & Ellis Realty Investors L.L.C., which made the purchase on behalf of tenant-in-common investors. Crescent Real Estate Equities was the seller, having shelled out $31 million to acquire the property from TMW Real Estate Group in late 2004. Located at 3475 Lenox Rd., One Live Oak sits on two acres within Atlanta’s prestigious Buckhead-Lenox submarket. The 10-story structure was developed in 1981 and upgraded to the tune of nearly $1.3 million in 2004. In addition to Class A office space, the property encompasses a…

Forest City Ratner Cos. has closed on a $167 million construction financing deal for 80 DeKalb, a 365-unit apartment project in Downtown Brooklyn. The New York State Housing Finance Agency approved the project for $109.5 million in tax-exempt bonds and an additional $27.5 million in taxable bonds. Construction on the 335,000-square-foot building commenced last month. For Forest City Ratner, the project marks Brooklyn-based company’s first residential development endeavor in Brooklyn. Wachovia Bank N.A. and Helaba supplied credit enhancement to the $137 million bonds for 80 DeKalb, while the National Electrical Benefit Fund provided a $10 million mezzanine loan and $20…

Parkway Properties Inc. has concluded the $26 million disposition of Wachovia Plaza, a 186,000-square-foot office asset in St. Petersburg, Fla., that the company has owned since 1998. The deal left the REIT with a net $25 million in cash, and included the assignment of the leasehold interest in 240 parking spaces in the neighboring Mid-Core Garage, which is owned by the City of St. Petersburg. Orlando-based CNL Commercial Real Estate is now the new owner of Wachovia Plaza, as per the Tampa Bay Business Journal. Located at 150 Second Ave. North, Wachovia Plaza is a 17-story structure that was developed…

New York City-headquartered W.P. Carey, acting through its publicly held non-traded REITs CPA(R):15 and CPA(R):17 – Global, has completed a sale-leaseback transaction in Germany with U.K.-based automotive supplier Wagon Plc. The properties involved are Wagon’s manufacturing facilities in Waldaschaff and Nagold, and, as per terms of the agreement, W.P. Carey will shell out an additional $10.5 million to facilitate the autotomotive components company’s manufacturing plant expansion plans. In addition to supplying financing to increase the size of its manufacturing plants, the sale-leaseback deal provides Wagon with the financial wiggle room to funnel money into other growth initiatives, and to repay…

New York-based Och-Ziff Capital Management Group and Kolter Group of West Palm Beach, Fla., have announced the formation of a $1 billion joint venture that will target residential properties in the Southeast that are at any stage of development, from undeveloped, unentitled land to finished projects.Among Kolter’s affiliates are Kolter Homes, which has since 1993 completed nearly $3 billion in high-rise, low-rise and master-planned communities, and Kolter Commercial, which focuses on office, multi-family and hotel properties. Kolter Commercial’s portfolio currently includes more than 4 million square feet of office space in Toronto, nearly 2 million square feet of office space…

Transferring its headquarters from San Antonio to Dallas, telecom giant AT&T Inc. has moved into a 37-story high-rise and sold the building in a sale-leaseback deal to Icahn Enterprises for an undisclosed amount. The new headquarters (pictured) had been owned by Southwestern Bell, a wholly owned subsidiary of AT&T. The 1 million-square-foot building was originally constructed in 1982 and was acquired by Southwestern Bell purchased the building in 1985. Icahn Enterprises representatives declined comment on the deal, but an AT&T spokesperson confirmed the sale to Icahn, telling CPN, “This is a sale lease-back, which is very common for us. We’ve…

A 220-acre parcel near the University of Missouri’s Discovery Ridge research park in Columbia is on tap to sprout a gargantuan mixed-use project. Forum Development Group, the owner of the land, recently wrapped up a pre-application meeting with the city’s Planning and Development Department, where the Atlanta-based real estate company presented a proposal for a multi-phase project that would ultimately encompass approximately 1.5 to 2 million square feet of commercial and residential offerings. The project, called Discovery, will be directly accessible via the Discovery Parkway–previously known as the Gans Road Interchange–off Highway 63. “We had a concept meeting, which is…

ProLogis plans to develop approximately 500,000 square feet of industrial warehouse space in Ciudad Juarez, Mexico. The firm is now beginning phase one of the development at ProLogis Park Centro Industrial Juarez in Ciudad Juarez.The total build-out will include three buildings, which will total approximately 500,000 square feet, and also the completion of infrastructure for an additional six buildings. Construction is underway, and is expected to be completed in early 2009.Light manufacturing and assembly operations are continuing to be developed in Ciudad Juarez thanks to its its strategic location by the Mexico-United States border, according to a statement by Silvano…

As it prepares to move from Fort Worth to Austin this fall, real estate private equity firm N3 Capital Partners L.L.C. has changed its name to Pennybacker Capital L.L.C. The firm also announced plans to start investing its $250 million inaugural fund. Led by Tim Berry, co-founder of N3 Development Ltd., the firm closed the N3 Opportunity Fund I in December and is now seeking equity investment deals between $1 million and $20 million per transaction. The fund will target investments in undervalued commercial, mixed-use, multi-family and raw land real estate assets, primarily through joint ventures with proven real estate…

Downtown Fort Myers, Fla., is undergoing a renaissance and Acquest Realty Advisors Inc. will play a big role in the endeavor, now that the city council has selected the Bloomfield Hills, Mich.-based company to spearhead the development of a waterfront mixed-use project.Working with city officials and a redevelopment team, Acquest will take on the responsibility for conceiving and bringing to fruition a project that will transform a five-acre city-owned parcel into a coveted destination. Fronting The Caloosahatchee River, the designated site is neighbored by the Fort Myers Yacht Basin, Centennial Park and the Harborside Event Center, which will be expanded…