Archive for August, 2010
Tuesday, August 31st, 2010
According to GlobeSt.com, The University of Cincinnati, through its Clifton Heights Community Urban Redevelopment Corp., is funding a $68 million mixed-use development right near campus in Cincinnati, Ohio. The site is scheduled to open in the fall of 2012 and will have 87,000 square feet of retail, 150 apartments, a hotel and about 700 parking spaces.
There are already eight letters of intent out for the retail side regarding leases, and the nearby opening of a Kroger grocery store in 2011 is expected to help with apartment tenant interest. The location provides great nearby spending ability with the university, a few hospitals and a new 127-unit residential project across the street. The initial reaction for a hotel occupant is something limited-service or extended-stay like a Hilton product.
Posted in Apartments, Hospitality, Hotels, Mid America, Multi Family, Real Property, Retail | No Comments »
Monday, August 30th, 2010
Expanding on their current acquiring trend in 2010, Mid-America Apartment Communities Inc. purchased Times Square at Craig Ranch, a 313-unit apartment community in Dallas, Texas, for $31.25 million. The property was purchased through the development lender and was funded through Mid-America’s existing credit facilities and common stock issuances. According to the Memphis Business Journal, Mid-America plans to purchase $350 million of multi-family properties in 2010.
Times Square at Craig Ranch is a mid-rise multi-family and retail development completed in 2009 that is currently 50% leased. The units average 1,024 square feet and the development itself includes ground-floor retail space with controlled access and structured garage parking for its residents. Other amenities include golf course views, large courtyards and a resort-style pool.
To read the full article from the Memphis Business Journal, click here.
Posted in Apartments, Mid America, Multi Family, Real Property, Retail | No Comments »
Friday, August 27th, 2010
The National Association of Realtors has stated that commercial real estate remains hard-hit by the recession which opens up many benefits towards business expansion. Vacancy rates are beginning to stabilize, such as in the Kansas City, Missouri industrial sector, but rents remain low and subleasing is staying high. According to the Kansas City Business Journal, vacancy rates are beginning to level off in some sectors, but rent discounts and moderate levels of landlord concessions are widespread.
The truth is that is still remains a tenants market putting those businesses looking to expand in a quite favorable position. The third quarter should see even better conditions in the office and industrial sectors. Kansas City had one of the lowest second quarter industrial vacancy rates at between 8% and 11% compared with 14.1% overall. Overall industrial vacancy rates are expected to improve to 13.7% in the second quarter of 2011 and rent is expected to drop 5.4% this year and 4.7% further in 2011.
To read the full article from the Kansas City Business Journal, click here.
Posted in Industrial & Manufacturing, Mid America, Office, Personal Property | No Comments »
Thursday, August 26th, 2010
Creekside Meadows Apartments in Tustin, California has been sold by Creekside Meadows Development LLC according to brokers from Hendricks & Partners who were the listing agents on the sale. The complex was on the market for $100 million according to a previous report and while the buyer has not been disclosed, GlobeSt.com reports show the complex on the website of apartment REIT AvalonBay as a listed property.
The class B, 628-unit property, is the largest apartment complex in Tustin and is situated on 23.5 acres on five separate parcels of land. The community has a prime location being within 20 minutes of over 30 million square feet of commercial developments. Creekside Meadows is the largest apartment complex to come to market in Orange County this year.
Posted in Apartments, Multi Family, Real Property, Western | No Comments »
Wednesday, August 25th, 2010
Irving, Texas-based Omni Hotels & Resorts has a $67.1 million bid out to acquire the luxury Amelia Island Plantation resort located 29 miles north of Jacksonville, Florida. The resort is currently in Chapter 11 bankruptcy. According to the Dallas Business Journal, Omni’s bid is currently the highest submitted and completion of the sale depends on Omni gaining the approval of a Florida bankruptcy court expected later on this week.
If the approval goes as planned, Omni will take full ownership of the resort in the fall of this year. Omni has growth plans for the resort including adding 125 rooms and suites and a 16,000-square-foot ballroom. The acquisition is part of the companies brand expansion plan which in the past few years has included resorts in Pennsylvania and New Hampshire.
To read the full article from the Dallas Business Journal, click here.
Posted in Bankruptcies, Eastern, Financial Services, Hospitality, Hotels, Mid America, Real Property, Resorts | No Comments »
Tuesday, August 24th, 2010
The Edwards Cos. along with the private-equity real estate fund Kayne Anderson Real Estate Partners has successfully refinanced the mortgage loan on The Province of Louisville, a University of Louisville-student housing project in Louisville, Kentucky. The $54.4 million building was developed by Edwards Cos., a Columbus, Ohio-based owner and operator of multi-family properties, last year and contains 266 units and 858 beds. The 2009-2010 academic year saw the Province have more than 95% of the available space leased.
According to Business First, funding for the fixed-rate loan was provided by Freddie Mac under its Capital Markets Execution loan program. The Edwards Companies have developed 7,000+ student housing beds on and around major universities located in the Northeastern, Midwestern and Southeastern parts of the US.
To read the full article from Business First, click here.
Posted in Financial Services, Mid America, Multi Family, Real Property, Special Services | No Comments »
Monday, August 23rd, 2010
Chicago, Illinois-based Urban Retail Properties, LLC, via their third-party management division, has taken on two mall portfolios totaling about 3.5 million square feet. According to GlobeSt.com, the first portfolio includes three properties: Mount Berry Square Mall in Rome, Georgia; Bradley Square Mall in Cleveland, Tennessee; and Shenango Valley Mall in Hermitage, Pennsylvania. The second portfolio was awarded to Urban Retail from Midwest Mall Properties and includes two properties: Citadel Center in Colorado Springs, Colorado and the Northwest Arkansas Mall in Fayetteville, Arkansas.
Despite some early renewals, the malls have all struggled. For example no buyers have stepped up in July to pay almost $7 million in a foreclosure sale for the 478,000-square-foot Mount Berry property. Urban Retail sees a trend of more and more lenders looking for third-party managers to handle foreclosed properties similar to the ones they have just acquired.
Posted in Eastern, Foreclosures, Malls, Mid America, Real Property, Retail, Western | No Comments »
Friday, August 20th, 2010
The Comfort Suites in Lake George, New York recently filed for Chapter 11 bankruptcy protection in an effort to stop the foreclosure process. The hotel will remain open and operating while it reorganizes finances during the bankruptcy period. With 98-rooms and $13.4 million in assets, the hotel has amassed upwards of $11.2 million of debt.
According to the Business Review, $7 million of Comfort Suites debt is owed on its mortgage with CIT Lending Services Corp., which has started foreclosure proceedings. Other debts include a $2 million SBA loan and $200,000 of unpaid property taxes. The hotel also owes $21,000 of franchise fees to Choice Hotels International Inc.
To read the full article from the Business Review, click here.
Posted in Bankruptcies, Eastern, Financial Services, Foreclosures, Hospitality, Hotels, Real Property | No Comments »
Thursday, August 19th, 2010
The Seattle, Washington-based Amazon.com has chosen Phoenix, Arizona over Lewisville, Texas for a 1-million-quare-foot warehouse/distribution center building. The building will open in Phoenix in October, creating several hundreds of jobs in the process. According to the Dallas Business Journal, this appears to be the same deal that was headed into a 1.02 million-square-foot warehouse/distribution building in Lewisville.
The Lewisville facility is the largest new vacant industrial building in North Texas and has remained empty since construction was completed more than two years ago. While Amazon has yet to confirm that the Phoenix deal is the same as the one that was headed to Lewisville, local brokers familiar with the deal say it’s one in the same.
To read the full article from the Dallas Business Journal, click here.
Posted in Distribution Centers, Industrial, Mid America, Real Property, Warehouse, Western | No Comments »
Wednesday, August 18th, 2010
According to the Denver Business Journal, the Goodyear-Wingfoot tire-retreading plant in Denver, Colorado has been sold for a reported $1.5 million to the current remaining tenant, a tire company. The 20,000-square-foot industrial property had a most recent asking price of $1.7 million according to LoopNet.com.
Pinnacle Real Estate Advisors represented both the seller, Industrial Properties Inc., and the buyer who has yet to be publically disclosed. The plant is a single story completed in 1999 and occupies 2.47 acres. The property was acquired in a 1031 exchange which allows real estate owners to exchange properties of equal or lesser value and defer capital gains tax. The tax is paid when the property is sold in a standard sale.
To read the full article from the Denver Business Journal, click here.
Posted in Industrial & Manufacturing, Personal Property, Western | No Comments »
