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Joint Venture Begins Construction on $144M Mixed-Use Luxury Development in Downtown Los Angeles

Joint Venture Begins Construction on $144M Mixed-Use Luxury Development in Downtown Los Angeles

LOS ANGELES — Mack Real Estate Group, Mack Urban and AECOM Capital have formed a new investment partnership with Capri Capital Partners LLC (Capri) for the development of the $144 million multifamily mixed-use project at 1230 South Olive St. and 1231 South Hill St. in the South Park district of downtown Los Angeles. Construction on the two-building property, which will include 362 residential rental units and 4,000 square feet of retail space, began Monday. Construction is scheduled for completion in the first quarter of 2017, with pre-leasing beginning in the fourth quarter of 2016. “This modern apartment project will be a welcome addition to downtown Los Angeles’s South Park neighborhood, and promises to help meet the demand..

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Seniors Housing Is Much More Than Real Estate, Margaret Wylde Reminds Conference Attendees

Seniors Housing Is Much More Than Real Estate, Margaret Wylde Reminds Conference Attendees

LOS ANGELES — The seniors housing industry needs to focus more on the health and happiness of residents and less on the real estate aspect of the business if profits are going to be sustained for the long term, said Maragret Wylde, president and CEO of research and advisory firm ProMatura Group and keynote speaker at last Thursday’s InterFace Seniors Housing West conference. Approximately 250 industry professionals attended the event held Feb. 26 at the Omni Hotel in Los Angeles. “We really don’t need to be selling the real estate,” said Wylde, whose Oxford, Miss.-based research firm specializes in understanding what consumers want and are willing to pay for, specifically persons age 50 and above. “We don’t need to put any..

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ARC Hospitality Closes $1.8B Acquisition of 116-Hotel Portfolio

ARC Hospitality Closes $1.8B Acquisition of 116-Hotel Portfolio

NEW YORK AND IRVING, TEXAS — American Realty Capital Hospitality Trust Inc. (ARC Hospitality), a non-traded, hotel-focused real estate investment trust (REIT) based in New York, has completed the previously announced acquisition of the Equity Inns Lodging Portfolio. ARC Hospitality purchased the portfolio from subsidiaries of Irving-based W2007 Grace Acquisition I Inc. and WNT Holdings LLC, which are affiliates of the Whitehall Real Estate Funds sponsored by Goldman Sachs. The total purchase price was $1.8 billion, which is the largest purchase by a non-traded REIT, according to Jonathan Mehlman, president and CEO of ARC Hospitality. "The Equity Inns purchase marks the largest acquisition in the history of the non-traded REIT..

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Simon Undertakes $250M Transformation of Houston Galleria Shopping Center

Simon Undertakes $250M Transformation of Houston Galleria Shopping Center

HOUSTON — The 2.4 million-square-foot Houston Galleria shopping center will undergo a $250 million renovation, according to mall owner Simon Property Group (NYSE: SPG). The Galleria is located at 5085 Westheimer Road. The comprehensive renovation is scheduled to begin this spring, though components of it have already begun. The renovation will include a new 200,000-square-foot flagship store for Saks Fifth Avenue. The new store will be located adjacent to Saks’ former location. The mall opened in 1970. The last time the Houston Galleria underwent a renovation/expansion was in 2006. Simon plans to turn the old space into a new multi-level mall extension that will feature 110,000 square feet of space to house 35 new retailers..

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