Cities
Renovating Sears for Multifamily Use
The adaptive reuse project including historic renovations of the Sears, Roebuck & Company building is nearing completion.
Balfour Beatty Completes Hollywood Mixed-Use Tower for Less than Expected
Balfour Beatty Construction recently announced that it has completed a high-end mixed-use tower in Hollywood at a considerably lower cost than was originally estimated. The company’s Southwest Division finished a project it had been developing for real estate and infrastructure investment firm CIM Group at a total cost of $76.2 million, roughly $12 million less than what was initially committed to the project. The change comes from the use of the contractor’s cast-in-place structures, as well as a re-design of the building’s mechanical, electrical and plumbing systems.
JLB Partners Open 350-Unit Allure Luxury Apartment Community
JLB Partners, LP has held a ribbon cutting ceremony for the 350-unit Allure, Charlotte’s newest luxury apartment community.
TODAY’S DEALS: Martin Fein Interests Completes Two Colorado Sales
ARA brokers two sales in Lone Tree, Colo.; Griffis Residential completes a $48.8 million sale in Colorado Springs, Colo.; and Oak Grove Capital arranges $27 million in financing involving only 45 days of processing for a value-add property.
Continental Seeks Rezoning to Develop M-F Project in Liberty Towship
Developers are getting ready to start work on another multifamily development in the Cincinnati area. The project calls for the construction of a 288-unit apartment complex in Liberty Office Park.
Dividend Capital Buys Pair of Class A Office Buildings
Denver-based Dividend Capital Diversified Property Fund (DPF) recently announced the expansion of its office portfolio through the acquisition of Rialto I and II from Lincoln Property Co. The two buildings, totaling 155,000 square feet, sold for $37.3 million, approximately $240 per square foot.
TIAA-CREF Takes Kearny Mesa Office Asset
The Copley Corporate Center in the Kearny Mesa submarket recently traded hands. The Class A office asset was acquired by leading retirement provider TIAA-CREF through affiliate T-C Copley LLC. The investor reportedly paid seller Colony Realty Partners a fee of $43.5 million for the office complex. The deal was arranged by CBRE representatives Louay Alsadek, Kevin Shannon, Rob Merkin, Brad Black and Hunter Rowe on behalf of Colony Realty Partners.
TODAY’S DEALS: Colliers Brokers Sale that Sets New Record in Marin County—$570 Per Sq. Ft.
Colliers International closes the sale of the 38-unit Casa Roja Apartments in Mill Valley, Calif.; and HFF arranges $57 million in takeout financing for a property in downtown Denver.
TODAY’S DEALS: Arbor Funds Five-Year FRM Under Freddie Mac’s New Loan Offering
Arbor Commercial Mortgage funded its first loan under the newly launched Freddie Mac Small Balance Loan initiative for Nettleton Commons in Syracuse, N.Y.; and BMC Capital provides a $829,411 cash-out refinance.