Cushman & Wakefield has brokered the $35 million sale of Wildewood Downs, a 248-unit senior living community in Columbia, SC. Located at 731 Polo Rd., the 348,728-square-foot community was built between 2000 and 2014, and is comprised of 76 independent living homes, 60 independent living apartments, 40 assisted-living units, eight memory-care units and a 64-bed …
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Already one of the most popular office submarkets in Chicago’s CBD, the West Loop continued to collect tenants during the second quarter, NKF reported. Q2 saw positive absorption of 555,444 square feet in the West Loop, more than in any other submarket across the region. In particular, WeWork’s lease for 91,000 square feet brought the …
Alameda Point Partners, LLC, has hit significant milestones on phase one of Alameda Point’s Site A development project in Alameda, CA. The JV includes Trammell Crow Residential (TCR), Cypress Equity Investments (CEI), and srmERNST Development Partners. The $1-billion mixed-use, transit-oriented waterfront development is on the site of the former Naval Air Station Alameda. The developer …
Blackstone Group and Worthe Real Estate Group signed an expansion lease with Insomniac Games at the 19-acre Media Studios campus in Burbank. The 11,437-square-foot addition brings the video game developer’s headquarters footprint to 53,094 square feet at 2255 North Ontario St. Insomniac currently occupies the top floor of the five-story, 215,000-square-foot building, and will expand …
Rakuten Super Logistics (RSL) signed a five-year 60,809-square-foot lease of an industrial building in Anaheim, CA owned by a joint venture between Panattoni Development Company, Inc., and a fund represented by Principal Real Estate Investors. The property at 1365 S. Van Buren St. is part of a newly-completed Class A industrial development, Orange County Commerce …
Liberty Property Trust has sold 800 Walnut St., a 153,242-square-foot medical office building it developed in 2013, for $99.25 million. The acquisition by tenant University of Pennsylvania Health System is believed to have set a new record for office pricing in Philadelphia at $648 per square foot. The previous record of $628 per square foot, …
Connect Bay Area is coming up July 18, 2019 at the Grand Hyatt San Francisco. Get more information, and register to attend on this link. Investor interest in Sacramento’s downtown office market continues to sizzle. A joint venture between The Evergreen Company and UAIC Development Corporation acquired The Emerald Tower from a JV between Hines …
U.S. hiring rebounded sharply in June, with the Bureau of Labor Statistics (BLS) reporting that 224,000 nonfarm jobs were added to payrolls, well above the 165,000 expected by a consensus of economists surveyed by Dow Jones. However, wage growth remains sluggish, and the BLS also revised downward its already-lackluster May figures from 75,000 to 72,000. …
Marcus & Millichap recently arranged the sale of Goshen Village Shoppes, a 37,135-square-foot retail property in Elkhart, IN. The asset sold for $5 million; buyer and seller were not disclosed. Jordan Goodman with Marcus & Millichap’s Chicago Downtown office, along with Jeff R. Rowlett and Matt Fitzgerald of the Milwaukee office, had the exclusive listing to market the …
KBS’ 500 W. Madison has been awarded the International TOBY (The Outstanding Building of the Year) Award by the Building Owners and Managers Association (BOMA). This year’s winner in the Over One Million Square Feet category, the 1.4-million-square-foot West Loop tower, is part of the KBS Real Estate Investment Trust III portfolio. “Winning the International …
Limited supply for large users and rapidly climbing rents are two continuing trends in Boston’s office market, according to Cushman & Wakefield’s recently released second quarter market research. Office vacancy currently sits at 4.9% in Boston, only 20 basis points higher than the all-time low of 4.7% in 2000. Correspondingly, rents have reached near all-time …
Somerset Development acquired a 31-acre property in Somerville, NJ, which will serve as the future site for its Somerset Station mixed-use development. The former landfill site was purchased from New Jersey Transit for an undisclosed sum, with Investors Bank providing financing for the acquisition. Somerset Station, which will be located along NJT’s Raritan Valley line, …
Broad Street Development’s 40 Bleecker residential condominium project in NoHo has signed wellness center Clean Market as its first retail tenant. Set to open in 2020, the 2,600-square-foot space will mark Clean Market’s third location. “Clean Market fits our vision for creating a curated group of retail tenants at 40 Bleecker that are wellness and …
Aimco has put its 155-unit Hyde Park Tower up for sale, Crain’s Chicago Business reported. The Denver-based REIT is paring down its Chicago holdings and has hired the Chicago office of HFF to sell the circa-1990 apartment property, which could fetch twice the $22.3 million at which it was appraised in 2012. In a marketing …
Conor Commercial Real Estate and Kensington Realty Advisors have opened the doors to North Avenue Commerce Center, a 265,550-square-foot industrial facility in the village of Winfield, IL, within DuPage County. The facility, now available for sale or lease, represents the largest commercial development in the village’s history. “Securing the North Avenue Commerce Center development is …
Greystone has closed on a $178-million permanent loan to a joint venture of Rose Associates and Benenson Capital Partners to refinance Hoyt & Horn, a newly-built mixed-income multifamily rental project in downtown Brooklyn. The 15-year fixed-rate loan was originated by Wells Fargo Multifamily Capital. The loan was structured as a direct purchase of tax-exempt and taxable …
Marcus & Millichap’s Institutional Property Advisors (IPA) division is marketing The Plaza at Chapel Hill, a 91%-occupied, 458,935-square-foot, dual grocery-anchored regional shopping center in Cuyahoga Falls, OH. IPA’s Scott Wiles, Erin Patton, Craig Fuller, Joseph French Jr. and CJ Jackson are representing the seller, a New York-based shopping center REIT. The price is open bid. “The Plaza at …
TruAmerica Multifamily and RSE Capital Partners have acquired a 454-unit multifamily portfolio in Tampa for $63.7 million as part of a joint venture. The acquisition is the first joint venture between TruAmerica and Washington D.C.-based RSE Capital Partners, and increases TruAmerica’s Florida portfolio to nearly 5,000 units. The properties included in the sale are Twin …
(This article has been updated with new information.) KBS Real Estate Investment Trust III has agreed to sell an 11-property office portfolio to Prime US REIT, a newly-formed Singapore REIT, for $1.2 billion. A KBS subsidiary will have a $201-million equity interest in Prime US REIT, according to an SEC filing. The portfolio includes: Tower …
The Manhattan office market remains underserved by ground-up construction and repositioned buildings, despite the scale of new developments in Midtown West and World Trade Center, says JLL. That scale is easily defensible given the advanced age of the Manhattan office inventory, compared to all other global gateway cities. Steady demand, which has diversified into more creative …