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Los Angeles-based JRK Property Holdings Inc. has acquired a portfolio of multi-family properties from the Apartment Investment and Management Co. (AIMCO) for approximately $285 million. The acquisition was capitalized through a joint venture with JRK Birchmont Advisors, the private equity division of JRK. The transaction is the fourth carried out between JRK and AIMCO. The portfolio consists of 17 properties located in Atlanta; Charleston, S.C.; Cincinnati; Columbus, Ohio; Fort Collins, Colo.; and Richmond. The JRK Residential Group, JRK’s property management subsidiary, will manage the properties. JRK Property Holdings and its Residential Group subsidiary own and manage a $3 billion portfolio…

American Realty Advisors has provided preferred equity financing to an affiliate of Quadrangle Development Corp. for the recapitalization of the Grand Hyatt Washington, D.C. The investment was executed on behalf of one of American’s separate account clients. American Realty Advisors did not disclose the dollar amount of the investment. The hotel (pictured), built in 1987, underwent a full-scale guestroom, guest bath and corridor renovation in 2004, and a comprehensive renovation of the hotel’s meeting and ballroom areas was completed this year. The property includes 43,000 square feet of meeting space, five on-site dining options, and guest access to an adjacent…

U.S. stock futures surged early this morning after a report Citigroup may put itself on the block and following upbeat results out of Dell and Salesforce.com, according to MarketWatch. S&P 500 futures leaped 31.7 points to 780.00 and Nasdaq 100 futures climbed 39.25 points to 1,079.70. Dow industrial futures leapt 293 points. U.S. stocks stumbled to 11-and-half year lows as hopes faded for a rescue of the automakers and as concerns grew about Citigroup’s financial health. The Dow Jones Industrial Average dropped 444 points, the S&P 500 lost 54 points and the Nasdaq Composite dropped 70 points, the report stated….

When things go wrong in commercial real estate transactions, litigation follows. This is especially prevalent during difficult times. Accordingly, as with the real estate recession of the early ’90s, the recent unprecedented downturn in the real estate economy and in market fundamentals has already spurred a substantial increase in the demand for litigation consulting and expert witness services, based on what I have seen in my own practice.In addition to the bankruptcies brought on by pressures on income property cash flows and the increasing risk of maturity defaults, disputes will erupt between lenders and borrowers, as well as between partners,…

Citigroup executives are currently meeting in something of an emergency session to figure out what to do in the face of flagging investor confidence in the banking behemoth. Or are they? They’re meeting, at least, but the company says that it’s financially strong, despite its four quarters of losses stemming from billions in writedowns. Prince Walid bin Talal of Saudi Arabia seems persuaded of Citi’s long-term prospects, having raised his stake in the bank to 5 percent. But other investors aren’t so sure. After an upward spike this morning, Citi share prices were down about 16 percent by mid-day. Of…

Opus West Corp. has begun construction on, and nailed down leases for most of the space at, the 170,000-square-foot Mill Crossing retail center in Chandler, Ariz., in southeast metro Phoenix. The site, at the southwest corner of Gilbert and Germann roads and bordering the community of Gilbert, is in the Loop 202 corridor. Loop 202, also known as State Route 202, is the beltway for the eastern Phoenix metro area, surrounding the suburbs of Tempe, Mesa, Chandler and Gilbert. The center’s anchor tenant will be J.C. Penney Co. with a 104,000-square-foot building. Other tenants signed at Mill Crossing so far…

Banking that the healthcare industry will stay healthy despite the tough economic times,  developers are moving ahead with plans to build the World Product Centre, a 60-story tower on Manhattan’s West Side that would showcase medical diagnostic and device companies and serve as an international educational center. The 1.5 million-square-foot structure is estimated to cost between $500 million and $1 billion and would be built by Extell Development Co. As reported Aug. 1 by CPN, the tower would be built at 11th Avenue and West 34th Street on the site of the famed Copacabana nightclub. Israel Green, president & chairman…

CB Richard Ellis Group Inc. has just kicked off its restructuring services group to provide one-stop shopping for clients in need of services to address the growing pool of distressed commercial real estate assets. CBRE has been offering such services on a regional level, but the new entity allows the company to accommodate needs on a national platform. The restructuring services group consolidates all relevant services into a singular division, without internal overlap. The company said it is is uniquely qualified to offer such services on a national plane given its longstanding proficiency in tackling issues surrounding distressed assets, its…

While prices across commercial real estate are down from a year ago, they increased in September up 2.5 percent from the month before, according to an Associated Press report on Moody’s/REAL Commercial Property Price Indices. The top 10 markets showed modest gains in all property sectors in the third quarter, Moody’s said. Office prices in the top 10 cities saw a 2.2 percent increase from the previous quarter while overall nationally, office prices were down 1 percent in the third quarter; industrial and retail prices were nearly flat; and apartment prices were up 2.3 percent, according to the report.Still, prices…

You know it’s a tough market when even Washington, D.C., is affected. Yes, even the long recession-resistant center of government has seen a reduction in real estate investment sales, as speakers affirmed during the investment panel at CPN’s Washington, D.C. Property Opportunities conference on Nov. 18. In fact, sales are down 60 percent from this time a year ago, according to session moderator William Prutting Jr., senior vice president of CB Richard Ellis Inc., and there have been no transactions over $30 million for the first time in 10 years. Some investors are still keeping an eye out for opportunities…