Cities Fight Back Against Downtown Distress Cover Story | December 6, 2023 Bill to Create Workforce Housing Tax Credit Introduced in House, Senate National + Finance | December 7, 2023 Green Street: CRE Prices May Have Hit Bottom National + Finance | December 8, 2023 FEATURED STORY National CRE News In Your Inbox. Sign up for Connect emails to stay informed with CRE stories that are 150 words or less. More National Stories More Stories The State of Office A six-part look at the asset class that goes beyond the negative headlines. Beneath the Headlines: Not All Office Product is Suffering Read How Owners/Landlords are Improving Occupancy Read The Reality of the "Doom Loop" Read Discussing Debt Maturities Read The Reality of Office "Give-Backs" Read Opportunities in the Current Environment Coming Dec. 9 Apartment buildings for saleCheck out the latest properties available on apartmentbuildings.com3643-3647 Whittier Blvd/26 Project Based VouchersLos Angeles, CACalifornia & West + AffordableListing Status:AvailableListing Type:AuctionPrice:$1,600,000No. of Units:26APN:5188-008-032 / 5188-008-031Zoning Code:[Q]C2-1-CUGUOpportunity Zone:YesPrice per unit:$61,538Learn MoreThe Oxnard CollectionOxnard, CACalifornia & West + ApartmentsListing Status:AvailableListing Type:Highest & best offerPrice:$57,366,000No. of Units:201Cap Rate:4.62GRM/GIM:13.41Opportunity Zone:NoPrice per unit:$285,402Learn More1127-1129 Flatbush AvenueBrooklyn, NYNew York & Tri-State + Apartments + Mixed-UseListing Status:AvailableListing Type:Highest & best offerPrice:$11,500,000No. of Units:30Cap Rate:5.83GRM/GIM:12.99Building Size:24057 Sq ftLot Size:3749 AcresNo. of Stories:7Opportunity Zone:NoPrice per unit:$383,333Learn MoreView all apartments Hone your competitive edge today with Connect Classroom, an accredited online Continuing Education provider offering CRE focused courses you can take on demand. Earn the credit you need with engaging, thoughtfully designed courses for commercial real estate brokers, appraisers, lenders, architects, and lawyers from a news source you already know and trust. Courses available now Explore courses Continuing Education Architect Courses We work with the industry's leading subject matter experts to create quality architect CEU courses from the ground up. Continuing Education Attorney Courses We provide quality CLE that is both easy and convenient to complete, backed with the best customer experience possible. Continuing Education Broker Courses Whether you’re starting a new career or skilling up, we have certified online courses for Real Estate Agents and Brokers. Connect CRE & Industry Events Load MoreMore Events Companies achieve great success when aligned around a common goal and brand story. The experts integrated into our team at Connect Creative span every marketing and communications discipline and channel, encompassing skilled graphic designers, public relations leaders, copy writers, content producers, digital wizards, and website developers. A collaborative approach brings out your company’s stories that are shaped and crafted with the perfect visual, the right words and in the most dynamic way. Connect with Creative Latest Atlanta & Southeast Stories Eaton Vance Picks Charlotte Rental Community for $65.8M Atlanta & Southeast + Carolinas + Apartments | December 11, 2023 JLL Income Property Trust has sold Presley Uptown, a 230-unit community in Charlotte, for $65.8 million, nearly $300K/unit. The JLL REIT paid $55 million for the project in 2019. The buyer, Eaton Vance Investment Managers also assumed the outstanding balance of a $30 million loan, Yardi Matrix data shows. Insurance company Swiss Re originated the 10-year loan in 2019, … Dolly Parton Behind Move to Convert Nashville Office to Hotel Atlanta & Southeast + Hospitality | December 8, 2023 Dolly Parton, through her Dollywood Company, has acquired the 211 Commerce building for $75 million. Although Parton and her company did not confirm what she plans to do with the building, numerous news sources claim she and her company plan to convert the 11-story office building into a hotel. Nearly 40 years ago, Parton first … Latest Boston & New England Stories Goulston & Storrs Names First Female Managing Director Boston & New England + Boston + Finance | December 8, 2023 Michelle Porter has been appointed co-managing director at Goulston & Storrs, joining William Dillon in leading the firm from April 1, 2024. Formerly Co-Chair of the Private Client & Trust Group, she brings 25 years of experience in estate planning, business strategies, and charitable giving. As the first woman in this role, Porter aims … Suffolk Launches Sustainability Group Boston & New England + Boston + Finance | December 8, 2023 Suffolk announced the formation of its Sustainability Group and key appointments, including Steven Burke as senior director of sustainability and Michael Swenson as director of sustainability for Suffolk Design. “Sustainable building is critical for the environment, for our clients and for the future,” said John Fish, Chairman and CEO of Suffolk. “Launching our Sustainability … Connect TeamDennis KaiserVice President, Public Relations & CommunicationsEmily LettieriVice PresidentSarah QuinnCo-Founder & Vice PresidentView AllOur ValuesWe understand that we have different backgrounds, ethnicities, experiences, and geographies, and these differences are what make us unique and bring a variety of perspectives that will shine through.Minority SplitGender SplitLearn More Latest California Stories iBorrow Closes Refi of Four-State Industrial Portfolio California + Los Angeles + Finance | December 8, 2023 Los Angeles-based iBorrow closed a $46.58-million refinancing of a 2,166,600-square-foot, six-property industrial portfolio owned by an institutional fund with more than $1.5 billion in commercial real estate assets. The properties in the collateral pool are located across New York, South Carolina, Alabama and California, and average 91.2% occupancy. “Conditions in the commercial real estate market have changed … Kidder Mathews Elevates Luchs to Managing Director California + Los Angeles + Apartments | December 8, 2023 Kidder Mathews’ Josh Luchs has been promoted to managing director of the firm’s San Fernando Valley office. He is a top producer with more than 15 years’ experience in commercial real estate, specializing in multifamily properties in Greater Los Angeles. Before joining Kidder Mathews as EVP in 2022, Luchs was an SVP with CBRE in Beverly Hills. Over the course … Latest Chicago & Midwest Stories Fulton Labs 98% Leased After TCC Signs New Tenant Chicago & Midwest + Downtown + Office | December 8, 2023 The Chicago office of Trammell Crow Company (TCC) signed a 35,021-square-foot lease for MonoSol, a water-soluble technologies company, to the Fulton Labs campus. Dan Lyne and Kelsey Scheive of CBRE represent TCC’s Fulton Labs at 1375. Andrew Urban and David Burden of Colliers represented MonoSol in lease negotiations. MonoSol, a sustainable material science company headquartered … ULI Chicago Releases Updated State Street Report Chicago & Midwest + Downtown + Hospitality | December 8, 2023 The Urban Land Institute Chicago (ULI Chicago) has released its final “Elevate State” report with recommendations to reenergize and enhance State Street from Wacker Drive to Ida B. Wells Drive. The report was created with support from the City of Chicago Department of Planning and Development and the Chicago Loop Alliance, with findings from a … Latest Florida & Gulf Coast Stories CBRE Arranges Florida’s Largest Industrial Sale Florida & Gulf Coast + South Florida + Industrial | December 11, 2023 CBRE has arranged the sale of a 25-building industrial portfolio totaling 1,393,972 sq. ft across Miami-Dade and Broward Counties in South Florida. Longpoint Partners, a Boston-based real estate private equity firm, purchased the property from Pennsylvania-based Seagis Property Group. A CBRE National Partners’ team led by Jose Lobon represented the seller in the transaction. CBRE … $1 Billion Orlando Resort Readies for Opening Florida & Gulf Coast + Central Florida + Hospitality | December 11, 2023 The $1 billion Evermore Orlando Resort property northeast of Walt Disney World will open its doors January 1, 2024. Dallas-based resort developer Dart Interests developed the 1,100-acre luxury vacation project and features a Crystal Lagoon called Evermore Bay. Evermore’s offerings include: The Conrad Orlando property within the resort is accepting reservations for Jan. 9 and beyond. … Latest Global Stories Blackstone Closes Real Estate Secondaries Fund at $2.6B National + Global + Finance | November 30, 2023 Blackstone said Thursday it had reached the final close on $2.6 billion for its latest real estate secondaries fund, Strategic Partners Real Estate VIII L.P., and its related committed program vehicles. The fund, which launched in April 2022, is the fourth largest real estate secondaries fund on record, according to PEI Group. Verdun Perry, global … Global Price Declines Continue but Decelerate National + Global + Finance | November 9, 2023 Global commercial property prices sustained their fall in the third quarter of 2023, as investment activity continued to contract across most commercial markets, MSCI Real Assets said Thursday. However, the pace of price declines has slowed significantly in recent months. The Global Cities Composite Index fell 4.5% from a year earlier in Q3. That represented … Latest Lenders Stories Latest National Stories Green Street: CRE Prices May Have Hit Bottom National + Finance | December 8, 2023 The Green Street Commercial Property Price Index decreased by 3% in November. The all-property index—a measure of pricing for institutional-quality commercial real estate—is down 22%from its March 2022 peak, the Newport Beach, CA-based analytics company said. “The rise in bond yields that occurred in September and October essentially froze the transaction market,” said Peter Rothemund, … BREAKING NEWS: Blackstone, Digital Realty Ink $7B JV for Data Centers National + | December 8, 2023 Digital Realty, a provider of data center solutions, has formed a joint venture with Blackstone to build four hyperscale data center campuses in key global areas such as Frankfurt, Paris, and Northern Virginia. With an estimated cost of nearly $7 billion, Blackstone-affiliated funds specializing in infrastructure, real estate and tactical opportunities will invest $700 million … Latest New York & Tri-State Stories Harlem Resi Tower Secures $100M Refi New York & Tri-State + Uptown/Bronx + Finance | December 8, 2023 Carthage Real Estate Advisors and Rester Management secured $100 million bridge financing through Dwight Mortgage Trust to refinance West Harlem’s 224 W 124 multifamily property. The loan will settle existing construction debt and support ongoing development. Located at 224 West 124th Street, the property features 168 units, including one- to three-bedroom apartments, townhomes, and penthouses. … DLC Lands Growth Capital from Temerity Strategic Partners New York & Tri-State + New York + Finance | December 8, 2023 DLC, an open-air retail management company, has secured growth capital from Temerity Strategic Partners (TSP), aiming to leverage market shifts for acquisitions. “We know from every cycle we’ve weathered in the 32 years since I started DLC that the best time to buy is at the bottom when the market is coming through a … Latest Phoenix & Southwest Stories Norwood Group Exploring 12-Story Colorado Springs Office Building Phoenix & Southwest + Southwest + Office | December 8, 2023 Norwood Development Group is proposing to build a new office building in downtown Colorado Springs. The proposed 30 West will be a 194,000-square-foot mixed-use project consisting of 25,000 square of amenities and 4,500 square feet of restaurant space. In addition, the developer wants to add a rooftop lounge, shared conference center, a fitness studio and … Amkor Adding $2B Factory, 2,000 Jobs to Phoenix Phoenix & Southwest + Phoenix + Industrial | December 8, 2023 Amkor plans to construct a packaging and testing facility in Peoria. Amkor estimates it will invest around $2 billion and create 2,000 jobs at the new facility. The company acquired a 55-acre property near the incoming Taiwan Semiconductor Manufacturing Co., plant in north Phoenix. The company plans to build a facility with about 500,000 square feet of … Latest Seattle & Northwest Stories Mackenzie Hires Charles Hayward as Sr. Construction Architect Seattle & Northwest + Washington + Office | December 8, 2023 Mackenzie, a Portland-based architecture and planning, has hired architect Charles “Chuck” Hayward. Hayward joins the firm’s advanced technology team, which has a long history of design work in the semiconductor industry. Hayward brings 30 years of experience in the Architecture, Engineering and Construction (AEC) industry, with the last 15 years focused on the design and … Mortenson, WWU Top Off on Zero Carbon Academic Facility Seattle & Northwest + | December 8, 2023 Mortenson, in partnership with Western Washington University, Perkins&Will, Coughlin Porter Lundeen, and other project partners, topped out the mass timber structure of the region’s first carbon net-neutral collegiate facility – the new Kaiser Borsari Hall. The four-story mass timber Electrical Engineering and Computer Science facility is designed to meet the International Living Future Institute’s Zero … Latest Texas Stories Dallas’ Landmark Magnolia Building Set for $200M Facelift Texas + Dallas-Fort Worth + Hospitality | December 8, 2023 Dallas’ landmark Magnolia Building, known for the iconic flying red “Pegasus” sign, is getting a significant makeover. Hotel firm NewcrestImage plans to renovate the city’s historic building. The 29-story, 325-room hotel will get a new glass-entry canopy and upgrades to 270 rooms and the entire exterior. It will also get a three-level east wing with a street-level … Work Begins on $225M Midland Health Center Texas + State of Texas + Healthcare | December 8, 2023 Construction firm Robins & Morton has begun work on the new Permian Basin Behavioral Health Center. The 200-bed, $225 million facility on 54 acres will offer short- and long-term treatment for psychiatric patients of all ages. It will include a crisis stabilization unit, an outpatient center, state-of-the-art amenities, and a community education center. The Texas Facilities Commission … Latest Washington DC Stories VICI Properties to Provide $212M for Virginia Waterpark Resort Washington DC + DC Metro + Finance | December 8, 2023 VICI Properties has agreed to provide up to a $212 million mezzanine loan investment to Kalahari Resorts and Conventions for the development of a Kalahari indoor waterpark resort in Thornburg, Virginia. This resort, valued at $900 million with 907 keys, broke ground in October 2023 and anticipates opening by the end of 2026. The … Reisterstown Manufacturing Facility Sold for $7M Washington DC + Baltimore + Industrial | December 8, 2023 Marcus & Millichap recently facilitated the sale of a defense manufacturing facility at 109 Wabash Avenue in Reisterstown, Maryland. The 80,070-square-foot property sold for $7.3 million, amounting to $91 per square foot. Constructed in 1979 across 5.49 acres, the facility comprises 9,000 square feet of office space alongside manufacturing areas. Bryn Merrey and John … Latest Stories FromMercer to Buy Vanguard’s OCIO BusinessDirect Investment | December 8, 2023Mercer, Marsh McLennan’s financial services and consulting arm, has agreed to buy Vanguard’s U.S. outsourced chief investment officer (OCIO) business, which focuses on not-for-profit organizations and other institutional investors. The firms did not provide terms of the deal. The acquisition of Vanguard Institutional Advisory Services by Mercer, which provides OCIO services to retirement plan sponsors, ...San Antonio Pension Cranks Up PE PortfolioAlternative Assets | December 8, 2023The San Antonio Fire & Police Pension Fund, which oversees $4 billion in assets, added four private equity funds totaling $80 million, according to October investment committee meeting minutes. Allocations of $20 million each were made to Arlington Capital Group VI; Cortec Group Fund VIII; K6 Private Investors, and PSG VI. Arlington Capital Partners is ...CoreWeave Closes $642M Minority InvestmentDirect Investment | December 8, 2023CoreWeave, a cloud computing provider located in Roseland, NJ, has closed a $642 million minority investment. This sale brought the company’s valuation to $7 billion, Bloomberg reported. The deal was led by Fidelity Management & Research Company, with additional participation from Investment Management Corporation of Ontario, Jane Street, J. P. Morgan Asset Management, Nat Friedman ...We’re Hiring: Schwab RIA Study FindsFinancial Advisory | December 8, 2023Hungry for new talent, registered investment advisory firms are casting a wide net to ensure they fill their needs, with the top businesses providing new candidates packages that include more than just compensation, according to Schwab Advisor Services’ 2023 RIA Compensation Report. While 77% of RIAs hired new employees last year, 75% said they planned ...
