Steven Salas joined Newmark Grubb Knight Frank’s (NGKF) West Los Angeles office from Madison Partners. He brings two decades of experience delivering brokerage services to tenants, landlords, investors and developers, primarily in the medical and entertainment industries. During his career, he’s completed more than 800 lease transactions totaling in excess of 4.5 million square feet, …
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MG Properties Group, based in San Diego, snagged the 336-unit Mosaic Hills Apartments. The buyer paid the Newport Beach, CA seller $51.6 million for the asset at 10811 S.E. 239th St. in Kent, WA. Public records list the seller as 10811 S.E. 239TH Place LLC, which was represented by Giovanni Napoli and Phillip Assouad at …
The highest bid for a half-acre property in Detroit’s Brush Park – as well as the abandoned buildings sitting atop it – was $1.4 million. The seller was Brush Lofts LLC. Farmington Hills-based Friedman Integrated Real Estate Solutions LLC listed the property for auction. The as-yet undisclosed new owner now has a 19,000-square-foot building at …
The headquarters of global engineering and construction firm CH2M traded owners for $122 million. Columbia Property Trust Inc. struck a deal with Angelo, Gordon & Co. to sell the 370,485-square-foot office complex in Englewood, CO. Columbia Property Trust acquired the property at 9191 S. Jamaica St. in 2007, when it was completed as a build-to-suit …
Washington Real Estate Investment Trust completed the second sale transaction of its 490,000-square-foot suburban Maryland portfolio. The two office buildings sold for a total of $128.5 million to Brookfield Asset Management. The first part of the trade, consisting of four assets, sold for $111.5 million in June to Brookfield as well. The second transaction involved …
Nucor Corp. is supersizing its presence in Blytheville, AR by investing $230 million to build an additional cold mill at the site of its current sheet mill. The expansion at 7301 County Rd. 142 is anticipated to take two years, and bring employment at the plant to 750 workers. Ducker Worldwide is estimating that the …
Construction crews have begun work on expanding Calder Woods, a 10-acre senior living community at 7080 Calder Ave. in Beaumont, TX. The $25.9 million expansion will add 36 apartments to the independent living component, and increase the assisted living wing by six units. In addition, the skilled nursing area will receive 24 suites. The final phase …
The oil industry downturn has hurt the Houston metro in many ways, one of which is an increase in available office space. And, in a recent report, J. Nathaniel Holland, chief research and data scientist with NAI Partners, also pointed out that crane-served real estate is also not exactly in high demand. Holland said that …
The city of Plano, TX has teamed with developers of Legacy West to prepare roads and infrastructure for the 255-acre, mixed-use development which opens in March. The development partnership includes KDC, The Karahan Cos. and Columbus Realty. Legacy West is at the intersection of Dallas North Tollway and SH 121, about 15 miles from downtown …
The University of Texas System Board of Regents approved a plan that will bring a new facility to the UT-Rio Grande Valley campus in Edinburg, TX. The 53,400-square-foot building, dubbed the Interdisciplinary Engineering and Academics Studies Building, will go north at a cost of $35.6 million. The main goal of the new building is to …
The Austin City Council postponed a controversial zoning request, deciding to take it up at its Oct. 20 meeting. The property creating the issue is the Grove at Shoal Creek, a 75-acre, proposed mixed-use development near 45th Street and Bull Creek Road. And, the issue itself is that the property is currently unzoned, as it …
Have you ever been to a wall tilting ceremony? One was recently held by AEW Capital Management L.P and Sheridan Ebbert Development for Valencia Gateway V, a more than 250,000-square-foot industrial facility in Valencia, CA. Commemoration of the milestone attracted CRE industry leaders to the construction site, including CBRE’s Lewis C. Horne (pictured above), leading up …
It may come as no surprise that the most expensive office asking rates are located on Sand Hill Road, in Facebook’s hometown of Menlo Park, CA. Also unsurprising are the deep pockets that can afford it, coming mostly from venture capitalists. For example, VC firm Felicis Ventures, founded by Aydin Senkut a decade ago, is …
In the heart of Dallas-Fort Worth’s largest employment center, ARK Group is developing a 410,376-square-foot mixed-used entertainment complex called the Music Factory. Set to open in September of next year, the development is seeking buyers or investors, although ARK’s CEO Noah Lazes believes a sale is “unlikely.” With construction funding financed by SunTrust Bank, the completed …
This week, Marriott closed its $13 billion dollar acquisition of Starwood Hotels & Resorts Worldwide. Now, Marriott’s umbrella encompasses 30 hotel brands, including Starwood’s Sheraton, Westin, St. Regis and W hotels. Across the globe, Marriott now spans over 5,700 properties in more than 110 countries. With 1.1 million rooms, Marriott has surpassed Hilton Worldwide’s 773,000 rooms. …
PAS Cargo USA Inc. struck a deal with landlord Bridge Development Partners LLC to take 88,364 square feet at Bridge Point Crossroads West (BPC West) in Hialeah Gardens, FL. The deal puts the building at 90% occupancy two months after completion. Bridge was represented by Wayne Ramoski and Gian Rodriguez with Cushman & Wakefield. Audley …
Deutsche Bank and Paramount Group have teamed up to finance 44 Wall Street in New York City, a Blackstone Group-owned building. The total new debt was $98.7 million, with $83.2 million in debt advanced when the financing closed. Blackstone has access to $15.5 million in future funding for capital investments and leasing. Blackstone acquired the …
Blue Vista Capital Management, owner of the 477-bed Tailor Lofts in the West Loop of Chicago, is putting the student housing property up for sale. To that end, the Chicago-based investor hired HFF’s local office to market the building, in hopes of obtaining $63 million from the sale. Tailor Lofts, at 315 S. Peoria St., …
Gracorp Capital Advisors sold the 120-unit Anthem on 12th to Austin, TX-based CWS Capital Partners LLC. The Calgary, Canada-based seller walked away from the deal with $34.7 million. The apartment complex, located at 103 12th Ave. in Seattle, delivered in 2015, and was the first private development built in the Yesler Terrace neighborhood targeting lower-middle-income …
MetLife Inc. and Norges Bank Real Estate Management joined forces once again to acquire an existing office building, Constitution Square Three; and one soon-to-be-constructed property — Constitution Square Four — for a total of $421.8 million. The buy from StonebridgeCarras represents the joint venture’s second in Washington DC, and fifth overall. Constitution Square Three is …