Features
ASU Taps Gould Evans, HNTB for Sun Devil Stadium Makeover
Arizona State University recently announced it selected Gould Evans and HNTB Corporation to lead the architectural and design renovations of its Sun Devil Stadium. This decision comes after a public request for qualifications.
Cushman & Wakefield Arranges Bridge Loan for 1M SF Distribution Facility; New Student Housing Development Rising Next to University of Memphis
Cushman & Wakefield announced that its Equity, Debt & Structured Finance Group has recently arranged a $25.1 million bridge loan on behalf of PDC Memphis Oaks 3 Holdings, LLC, an entity managed by Panattoni Development Company. The loan will refinance the existing loan on Memphis Oaks 3, a 1,025,000-square-foot, Class A distribution facility.
MetroNational Announces Grand Opening of the Treehouse in Memorial City
MetroNational recently announced the completion and grand opening of the Treehouse Memorial City, a two-story, 14,700-square-foot structure designed to emphasize Houston’s architectural prowess and innovation.
KDC, JLB Partners Break Ground on Apartment Communities in CityLine
KDC and JLB Partners recently announced that they broke ground on the development of two apartment communities that will be appended to CityLine, the impressive 186-acre, mixed-use development in Richardson. Totaling at 532 units, the two assets will front Plano Road and will be within walking distance of the four office towers leased by State Farm.
P.B. Bell, Stonecutter Purchase $168.5M Phoenix M-F Portfolio
The Cooke Multifamily Investments Team at Colliers International in Greater Phoenix announced that they completed the sale of a $168.5 million portfolio, comprising seven apartment properties. Totaling at 2,759 units, the portfolio was awarded to a joint venture formed by P.B. Bell of Scottsdale and Stonecutter of New York City. Cindy Cooke, senior executive vice president of Colliers International, and Brad Cooke, vice president of Colliers International, represented the seller, Standard Phoenix Fund.
Hotel Equities Celebrates Reopening of 96-Room Courtyard by Marriott Memphis East
In recent news, Hotel Equities (HE) held a ribbon cutting ceremony to celebrate the reopening of the Courtyard by Marriott Memphis East, a recently renovated 96-room hotel. Owned by Batra Hospitality Group Inc., the asset was purchased for roughly $4.2 million in June, 2013. In December of the same year, Hotel Equities had been appointed as manager of the asset.
AmREIT Declines Regency’s Unsolicited Acquisition Proposal
Regency Center Corporation announced three weeks ago that it offered to acquire AmREIT, Inc. for $22 per share. Their unsolicited acquisition proposal represented a 20% premium based on the average closing price of AmREIT’s common stock over the last 30 days, and also exceeds AmREIT’s all-time high stock price by more than $2 share.
HFF Arranges Construction Loan, JV Equity for $225M Development of McKinney & Olive
HFF recently announced that it arranged the construction loan and joint venture equity investment for the development of McKinney & Olive, the $225 million, 530,000-square-foot project. Currently under construction, the tower was designed by renowned architectural firm Pelli Clarke Pelli and has been described by press as being “sexy”.
Minneapolis Developer Proposes $36M Luxury Apartment Building for Downtown
Minneapolis-based developer George Sherman is planning to construct a 122-unit apartment building near Gold Medal Park in downtown Minneapolis.
TruAmerica Multifamily, Berkshire Group Pay $35M for Avenue 25 Apartments in Phoenix; Security Properties Buys Mesa M-F Asset
TruAmerica Multifamily and an affiliate of Berkshire Group, The Guardian Life Insurance Co. of America, recently announced the $35.4 million acquisition of Avenue 25 Apartments in Phoenix. The off market transaction was supported by a $24.78 million pre-stabilization debt financing provided by Capital One Commercial Bank.
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