A great deal in the capital markets changed between late April, when Transwestern’s Steve Pumper began assembling the panel for the firm’s 15th Annual Capital Markets Symposium, and mid-June when the symposium was held in Chicago. Coming off a rebound year in 2021 and anticipating more of the same in 2022, the seasoned investment pros Pumper …
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hbspt.cta.load(6064756, 'baeca0a4-eadb-4b5d-991e-84aabd9489ad', {}); JLL Income Property Trust (JLL IPT) has acquired South San Diego Distribution Center, a three-building, 665,000-square-foot industrial portfolio in San Diego. The three properties are 96% leased to eight tenants, and the purchase price was $158.5 million. “Industrial properties continue to be a target overweight for our portfolio given sustained tenant demand and strong, long-term outlook …
Institutional Property Advisors, a division of Marcus & Millichap, arranged $10.35 million in financing for a luxury multifamily apartment complex in North Hollywood. The financing was secured by Anita Paryani-Rice, senior managing director, based in IPA’s West Los Angeles office. “As residents continue to return to centralized urban areas, amenity rich multifamily properties are in …
Taconic Capital Advisors completed a $33-million renovation of the Sheraton Park Hotel at the Anaheim Resort in Anaheim. The improvement project included extensive upgrades to interior and exterior spaces to enhance the 270,000-square-foot property. The Sheraton Park Hotel is a 498-key property located at 1855 South Harbor Blvd. within walking distance of Disneyland and the Anaheim …
CBRE closed the sale of a 44,000-square-foot retail property in Palm Desert to a private San Diego-based investor for $12 million. The firm’s Alan Krueger and Marco Rossetti represented the seller, Wohl Palm Desert LLC, an investment firm based in Orange County. Palms to Pines East, located at 72811-72855 Hwy 111 & 72820-72880 El Paseo, is anchored by a Staples …
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Westport Properties has announced plans to develop two Class-A, 32’ clear-height, single tenant industrial buildings in San Diego County’s Otay Mesa and Oceanside/Carlsbad submarkets. The company has five developments encompassing approximately 450,000 square feet in the planning approval process. Westport Properties is starting development in the third quarter of 2022 of a 50,000-square-foot industrial warehouse building located on …
Madison Realty Capital (MRC) originated two loans totaling $77 million to The True Life Companies (TTLC) on Bay Area projects. The private equity firm first originated a $45-million loan for the acquisition and construction of 50 townhomes and 8,000 square feet of retail at 166-176 E. Fremont Ave. in Sunnyvale. Additionally, the firm originated a …
In an innovative twist designed to repurpose empty office space, the principals of an apartment tower in the tony Streeterville neighborhood on Chicago’s Near North Side want to turn some of the building’s empty office space into a short-term rental hotel, according to Crain’s Chicago Business. The tower’s owner Group Fox has teamed with short-term …
Chicago multifamily specialist Essex Realty Group has snagged two prime multi-family listings on Chicago’s North Side with a combined asking price of more than $11 million. Going for $3.4 million is 1051 W Pratt Ave in Chicago’s Rogers Park neighborhood, represented by Essex principal Steve Livaditis and Director Jacob Goldstein. The property is a 16-unit …
Darwin Realty/CORFAC International arranged the sale of 29 acres of land in Aurora, IL to Panattoni Development. Panattoni will be breaking ground this month for the development of what Panattoni says is a state-of-the-art 356,462 square foot distribution facility. The new building will feature 36’ clear ceilings, 34 loading docks, 139 trailer positions, and 290 car …
JP Morgan Chase has unveiled the design for its new state-of-the-art global headquarters at 270 Park Avenue, reinforcing its commitment to New York City, JP Morgan Chase said in a press release. The 1,388-foot, 60-story skyscraper – designed by Foster + Partners – will be New York City’s largest all-electric tower with net zero operational …
Chicago-based HSA Commercial Real Estate will start construction on three new industrial warehouses totaling nearly 1.2 million sf in southeast Wisconsin. All of the developments are being built on a speculative basis without tenants lined up in advance. “Before southeast Wisconsin became the industrial engine it is today, HSA Commercial was one of the first …
Triumph Properties announced it has closed an $82.5-million total capitalization of a 287-unit multifamily development project, Aileron, located in the booming North Phoenix submarket. The land parcel of 9.87 acres was purchased from Moderne Capital Partners, which will be Triumph’s development partner on the deal. Headquartered in Beverly Hills, Triumph believes that Aileron’s location will benefit from the …
Marcus & Millichap closed the sale of Brightwater Club, a golf course and residential development opportunity in Gypsum, CO. Deal terms weren’t disclosed. “Located at the secluded end of a protected area within Vail Valley in Colorado, the parcels provide the buyer with a unique opportunity to finish development of an expansive single-family asset,” said associate …
Facebook’s parent company Meta is taking up more real estate space in Manhattan, giving the office market a much needed boost as the sector struggles post COVID. Bloomberg News says that Meta is leasing 300,000 sf of additional space at 770 Broadway in the East Village. Meta already has space in the building that the …
New York City commercial brokerage leaders came together on April 13 to honor winners of the Real Estate Board of New York (REBNY)’s Sales Brokers Most Ingenious Deal of the Year Awards. The co-chairs of the sales broker committee, Woody Heller of Branton Realty and Michael Rudder of Rudder Property Group, presented the following awards at the in-person event at Convene, 117 W. 46th St. …
Investors plan to allocate more capital to healthcare real estate in 2022, amid rising confidence in life sciences real estate, medical office buildings, and ambulatory service centers, according to a new CBRE survey. The CBRE survey found that most investors (85%) believe healthcare real estate is recession resistant, up from 80% in 2021, and 84% plan to be net buyers …
Marcus & Millichap has arranged the sale of International District Mixed Use Site, a 20,160-square feet land parcel in Seattle. The asset sold for $8,000,000. Leroy Lutu, an investment specialist in Marcus & Millichap’s Seattle office, marketed the property on behalf of the seller, a limited liability company. The buyer, a developer, was secured and represented by Lutu. International …
Terreno Realty Corporation recently acquired an industrial property located in Redmond, WA for approximately $9.8 million. The seller wasn’t disclosed. The property consists of two industrial distribution buildings containing approximately 32,000 square feet on 2.0 acres. It is located at 14505-14515 NE 91st St., between I-405 and SR 520 adjacent to Terreno’s property at 9045 Willows …
The San Antonio industrial market opened the new year with over 4.7 million square feet of quarterly net absorption in Q1 2022, according to a CBRE San Antonio Industrial Report. The report says the space absorbed is the most the San Antonio industrial market has seen in a singular quarter. The net absorption rate was …
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