Persistent inflation, rising interest rates and a slowdown of global economic growth are the primary contributing factors to updated expectations that full-year 2022 real GDP will grow at the reduced rate of 1.3%, 0.8 percentage points less than previously predicted, according to the May 2022 commentary from the Fannie Mae Economic and Strategic Research (ESR) …
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Des Moines-based Principal Global Investors announced the Principal Real Estate Active Opportunities ETF, the firm’s first semi-transparent ETF, is available for trading upon today’s market open of the New York Stock Exchange. It is a new, actively managed, semi-transparent ETF that has a focused concentration on the non-traditional property sectors of the publicly traded U.S. …
Marcus & Millichap Capital Corporation (MMCC) arranged $64.39 million in financing for a 252,100- square-foot multifamily property at 127 W. Pomona in Monrovia. The financing was secured by executive managing director Sharone Sabar and associate director Stefen Chraghchian, both based in MMCC’s Encino office. The 42-month loan has an LTC of 65% and an interest …
A four-building, 36-unit multifamily portfolio in Brentwood has been sold by original ownership for $17.165 million. The buyer is a local real estate investor and developer, who acquired the portfolio ff-market in a 1031 exchange. Kidder Mathews’ Michael Monempour represented both parties. The buildings were constructed in the 1960s and have remained under original family …
NAIOP SoCal honored the best of the best in commercial real estate during its first-ever Awards Gala, held May 12 in Santa Ana. The event, covering 20 unique categories, included two People’s Choice Awards voted on that evening for Developer of the Year, won by Duke Realty, and Deal of the Year, won by Newmark. …
Palm Springs-based Foxden Hospitality completed the sale of its boutique Hotel, Dive Palm Springs, to Mariners Group for $5.15 million. At $468,000 per key, the deal reportedly marks the highest recorded price for any hotel in Palm Springs and the surrounding Coachella Valley. “Creating Dive was one of the greatest joys of my career,” said …
Affordable housing developer Affirmed Housing, based in San Diego, has appointed Jimmy Silverwood as president, effective June 1. Elevating from his role as EVP, Jimmy succeeds James “Jim” Silverwood, who retains his role as CEO. The transition supports the company’s plans for continued growth and commitment to delivering housing and care to the state’s vulnerable …
Newmark has completed the sale of the Village Oaks, a 79,875-square-foot grocery- and drug-anchored community shopping center in Martinez, for an undisclosed amount. The property traded from the seller, an undisclosed private family investor, to the buyer, an institutional investment group. Nicholas Bicardo, head of Retail Capital Markets for Northern California, represented the seller with associate …
Chicago-based Waterton, a national real estate investor and operator, and Almanac Realty Investors, the private real estate investment arm of Neuberger Berman, have reached an agreement with a fund managed by Almanac to acquire a passive, minority ownership stake in Waterton. The strategic investment will provide additional resources to Waterton while having no impact on …
Bridge Industrial has formed an environmental, social, governance (ESG) program and is working with ESG consultancy firm Verdani Partners to ensure the smooth integration of the newly established program throughout the company’s corporate culture. In establishing the program, Bridge aims to create lasting value through sustainability. To help spearhead the program, Bridge promoted Francesca De …
Mayor Lori Lightfoot and Ald. Carlos Ramirez-Rosa on Friday joined Bickerdike Redevelopment Corporation and other city and community leaders for the grand opening of Emmett Street Apartments in the Logan Square community. The seven-story new construction transit-oriented development will provide 100 affordable one- to three-bedroom units withing walking distance of the Logan Square Blue line station on the city’s northwest side. …
Chicago-based advisory and brokerage firm TMG Real Estate Advisors is celebrating the milestone of veteran real estate advisor Jane Robins for her 20 years in the commercial real estate industry. As an SVP at TMG, Robins’ experience and reputation has broadened the depth and reach of the firm’s commercial real estate services. “Jane’s demonstrated ability …
Clear Height Properties has engaged Colliers to sell a three facility, net leased Cannabis real estate portfolio with strategic locations in Illinois. Colliers Chicago EVP Peter Block and his partners Christian Pera and Eric Okleshen are overseeing the disposition. The properties are operated by Sunnyside Dispensary, the first national retail brand of Cresco Labs, and are located at 3524 …
The Opus Group launched construction on River Road Logistics, a 302,300-square-foot speculative industrial building in Council Bluffs, IA, southeast of Omaha. The development is located at the intersection of Nebraska Ave. and River Road, near the interchanges of Interstates 29 and 80. The location offers tenants superior route access, logistical efficiency and brand visibility, says …
New York-based Taconic Capital Advisors, a global institutional investment firm, has closed its third real estate fund, Taconic CRE Dislocation Onshore Fund lll, TCREDF III, with $500 million in capital commitments. The fund comprises investments from a diverse group of existing and new investors with flexibility to tap into an overflow vehicle for more concentrated …
Newmark Retail completed a 4,400–square-foot lease with high-end jeweler Ted Muehling at 104 Franklin St. in Lower Manhattan’s Tribeca neighborhood. Managing director Andrew Stern and director Ravi Idnani represented asset owner Magna & York. Ted Muehling has been designing jewelry and decorative objects since 1976. The jeweler, a longtime tenant of downtown, first had a shop on Greene Street, then Howard Street, and most …
Empire State Realty Trust (ESRT) has signed SESAC Music Group, a music rights management and content company, for the full 24th floor at 250 W. 57th St. , a total of 12,611 square feet. “Industry-leading sustainability practices, proximity to transportation, and excellent building amenities make 250 W. 57th Street a solid choice for our new …
Ariel Property Advisors has arranged the sale of three properties totaling $12.9 million located in Brooklyn and Northern Manhattan. The largest of the three transactions was the $5.05-million sale of a vacant two-story commercial building at 222-226 W. 145th St. In Manhattan. The transaction was brokered by an Ariel team including director Jason M. Gold, founding partner Michael …
Brookfield Properties, in joint partnership with Park Tower Group, held the grand opening and launched resident move-ins at The Bellslip, a 414-unit mixed-income residential tower on the Greenpoint waterfront. The Bellslip is the third of four residential projects the developers are partnering on within the larger 22-acre Greenpoint Landing master planned development. In addition, the …
CBRE closed the $28.5-million sale of 5000 Corporate Ct., a two story, 264,482-square-foot. office building in the hamlet of Holtsville and the town of Brookhaven, NY. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, Stuart MacKenzie and Travis Langer of CBRE’s Institutional Properties Group, in collaboration with Philip Heilpern of CBRE Advisory & Transaction Services, represented …
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