Blackstone Real Estate Partners VII L.P. said Monday it had agreed to sell The Cosmopolitan of Las Vegas for $5.65 billion. The sale price includes the $1.625 billion that MGM Resorts International will pay for the property’s operations. Under the agreement, MGM Resorts will sign a long-term net lease with a partnership between Cherng Family Trust, Stonepeak Partners and Blackstone Real Estate Income Trust, …
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Chicago-based student housing owner/operator The Scion Group and PGIM Real Estate, the real estate investment and financing arm of Prudential Financial’s global asset management business, said their recently formed joint venture has completed the acquisition of two Class A student housing communities totaling 1,244 bedrooms. Terms of the transactions weren’t disclosed. Both properties were delivered in Fall 2020: “Verve” serving …
Lionheart Capital will move forward with redeveloping the former White Cap Bottle Company facility in the West Side’s Galewood neighborhood, following the City Council’s approval of rezoning for the long-vacant property. In announcing the rezoning Friday, Miami-based Lionheart didn’t specify what the redeveloped property’s new uses will be. “The foundations of this industrial building are solid, as it housed a successful, job creating …
The Affordable Housing Tax Credit Coalition said Friday that Woodlawn Station on Chicago’s South Side is a 2021 recipient of the Charles L. Edson Tax Credit Excellence Award in the Large Metropolitan category. The 70-unit rental property was developed by Preservation of Affordable Housing (POAH). This year’s awards are presented as Congress considers major investments in housing infrastructure. “As we …
Walker & Dunlop arranged $30,388,000 in construction financing for The Clublands of Antioch by Moda Homes, a 110-unit single-family rental community in Antioch, IL. The project is being developed by Moda Homes, which has engaged Ryan Homes as the homebuilder. The financing was arranged by Eric McGlynn, managing director within Walker & Dunlop’s Capital Markets group and a member of its Build-For-Rent …
Colliers finalized the sale of a portfolio of 22 industrial properties dispersed throughout the Minneapolis market totaling 1,915,637 square feet. The team of Mark Kolsrud, John McCarthy, Peter Carbonneau, Peter Loehrer, Kyle Delarosby and Lydia Paasch led negotiations with the buyer, Nicola Wealth Real Estate Acquisitions LTD, on behalf of the seller, a national owner of industrial assets. The seller’s portfolio was comprised of two sub-portfolios, one of high office finish located in the southwest …
DPS Group has been selected by viral immunotherapies company Oncorus, Inc. to design a 88,000-square-foot viral immunotherapy clinical manufacturing facility on the Innovation Park campus at 4 Corporate Dr. In Andover, MA. DPS is providing architectural, process and MEPFP engineering services in a phased approach. Oncorus anticipates the first phase of the facility’s buildout will be completed in 2021, including process development and quality control. CQV completion and GMP …
Eighteen months into a pandemic that some thought would undermine the apartment sector for the foreseeable future, rent growth in some markets has exceeded pre-pandemic levels, while investor interest is as keen as ever. That’s despite potential headwinds, some deriving from the pandemic and others from legislation making its way through Congress. These are among the insights shared by a panel of industry …
Cushman & Wakefield has been retained to sell 257 Water St., also known as 23 Peck Slip, a 27,522-square-foot mixed-use building located in the Seaport District. The team of Maurice Suede and Daniel Soyak will lead marketing efforts on behalf of the seller, Churchill Real Estate. “257 Water St. is a great opportunity for an investor to acquire a property with stable and current …
Jonathan F.P. Rose, founder and president of Jonathan Rose Companies, has been named the 2021 recipient of the ULI Prize for Visionaries in Urban Development, the most prestigious and respected honor in the land use and development community. The $100,000 ULI Prize, in its 22nd year, recognizes an individual who has made a distinguished contribution to …
Lee & Associates NYC represented landlord LAD Realty in a new long-term lease with Dassa Orthopedics at 817 Allerton Ave. in the Bronx. Dr. Gabriel Dassa, a renowned board-certified orthopedic and hand surgeon who has been in the business since 1998, will relocate to the 2,500 square-foot office space from The Hub on Third Avenue in the Bronx. Steve Lorenzo, principal at Lee NYC, represented ownership. Prime Realty’s Maria Porco Rosa …
JLL Capital Markets completed the $88.5-million sale of a development site and arranged equity capitalization for the site acquisition and project development within an Opportunity Zone at 2-33 50th Ave. in Queens’ Long Island City neighborhood. A team of Bob Knakal, Stephen Palmese, Brendan Maddigan and Jonathan Hageman worked on behalf of the seller, a private property owner. Additionally, JLL’s Christopher …
Newmark has been hired to lead the bankruptcy sale of a 19,706-square-foot prime development site at 115-117 Cedar St. in New Rochelle, NY. The property is zoned for as-of-right commercial uses and can span up to 137,942 square feet of buildable space. Managing director Ron Solarz represents ownership, retained by the owner’s bankruptcy estate. The property’s zoning designation provides diverse future uses that will appeal to the broader group of investors and developers. Current ownership of the site has assembled a complete set of drawings for a …
Pebblebrook Hotel Trust acquired the 369-room oceanfront Margaritaville Hollywood Beach Resort in Hollywood, FL for $270 million from an affiliate of KSL Capital Partners. The 369-key lifestyle resort, considered the flagship of the Margaritaville brand, will continue to be managed by Davidson Hospitality Group. “This premier lifestyle resort attracts both leisure and corporate group customers who seek a unique laid-back experience with a wide array …
First National Realty Partners (FNRP) has acquired City Center Crossing, a grocery-anchored shopping center in Sandy Springs, for an undisclosed sum. It’s the first Atlanta-are deal for Red Bank, NJ-based FNRP. City Center Crossing is a 98,408-square-foot shopping center that is 77% occupied, anchored by a 27,858-square-foot Lidl Supermarket that opened in May 2020. The property is located approximately 16 miles …
TruAmerica Multifamily has added more than 250 units to its multifamily portfolio in Massachusetts with the acquisition of the Marquee at Andover and Lux at Stoughton in two separate transactions. Deal terms weren’t disclosed. The Los Angeles-based value add multifamily investment firm, which entered the Boston MSA in late 2020 with the purchase of The Preserve at Cohasset, …
After 35 months of construction, Clark Construction Group has reached substantial completion of 1950 and 2000 Opportunity Way, the first two office buildings to be delivered in the next phase of Boston Properties’ new transit-oriented development that expands Reston Town Center in Virginia’s Fairfax County. The 1.1-million-square-foot development project, which is located adjacent to the future Reston Town Center …
Industrial real estate has continued to thrive throughout the pandemic, leading Yardi Matrix to analyze whether the segment is experiencing a bubble or if growth will continue for the foreseeable future. Thanks to macroeconomic variables including retail sales, housing starts and personal income, Yardi Matrix believes industrial’s growth will continue. “Those factors are projected to continue to grow robustly through the middle of the decade,” say …
Mayor de Blasio and New York City Economic Development Corporation (NYCEDC) unveiled a 15-year, $191-million Offshore Wind Vision (OSW) plan to make New York City a leading destination for the offshore wind industry. The plan also ensures the city meets climate goals of 100% clean electricity by 2040 and carbon neutrality by 2050. “New York City will serve …
Richard Drummond has joined PRP to manage land acquisitions in qualified Opportunity Zones throughout the country. Drummond is a veteran of the D.C. real estate community, serving it for more than 30 years. “We have expanded into alternative sectors such as Opportunity Zone investing and Data Centers in Tier 1 markets in the United States,” …
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