REBusinessOnline

American Real Estate Partners, Investcorp Buy Canal Center in Alexandria for $176M

American Real Estate Partners, Investcorp Buy Canal Center in Alexandria for $176M

ALEXANDRIA, VA. — A joint venture between American Real Estate Partners and Investcorp has acquired Canal Center, a 540,000-square-foot office complex in Alexandria, for $176 million. The Class A complex is located at 44 Canal Center Plaza. Tishman Speyer was the seller. The four-building complex is situated on the banks of the Potomac River, just minutes from downtown Washington, D.C., and Reagan National Airport. “This acquisition adheres to Investcorp's approach of targeting properties located in major metropolitan areas with attractive yields and near-and long-term upside potential,” says Herb Myers, managing director in Investcorp's real estate group. Canal Center was originally built in 1987. It is currently 83 percent..

|
Ginsburg Begins Construction on $100M Apartments in New York

Ginsburg Begins Construction on $100M Apartments in New York

YONKERS, N.Y. — Ginsburg Development Cos. (GDC) has begun construction on the $100 million River Tides at Greystone, a 330-unit luxury apartment complex. The apartment complex is one of the largest residential developments to be built in Yonkers in recent years. Located a short walk from the Greystone Metro-North station, the complex will include Manhattan-style finishes and amenities as well as views of the Hudson River and the Palisades. River Tides at Greystone marks the launch of the Ginsburg’s new GDC Rentals brand of luxury rental apartment buildings. “Set against the backdrop of one of the most spectacular views in North America, we are extremely excited to break ground on River Tides, which will become a flagship..

|
Griffin-American Healthcare REIT III to Acquire Medical Office Portfolio for $135M

Griffin-American Healthcare REIT III to Acquire Medical Office Portfolio for $135M

IRVINE, CALIF. — American Healthcare Investors and Griffin Capital Corp., the co-sponsors of Griffin-American Healthcare REIT III Inc., have entered into an agreement to acquire the Independence Medical Office Building Portfolio for $135 million. The portfolio is comprised of five buildings totaling approximately 461,000 square feet in New York, N.Y.; Verona and Morristown, N.J.; Somerville, Mass.; and Southgate, Ky. The portfolio is more than 96 percent leased, according to Griffin-American Healthcare REIT III. “The acquisition of Independence Medical Office Building Portfolio will significantly expand Griffin-American Healthcare REIT III in core urban areas located near major academic and healthcare institutions,” says Danny..

|
CBRE Arranges $150M Sale of Multifamily Portfolio in Orlando

CBRE Arranges $150M Sale of Multifamily Portfolio in Orlando

ORLANDO, FLA. — CBRE Capital Markets has represented the undisclosed owner-operator seller in the $150 million sale of a 1,024-unit multifamily portfolio in Orlando. The buyer was Addison, Texas-based Atlas Residential. The portfolio, according to CBRE, represents the largest apartment complex sale in the metropolitan Orlando area in 2014 to date. The properties included in the sale were Crowntree Lakes, located at 5759 Crowntree Lane, and Alexandria Parc Vue, located at 10649 Bastille Lane. “This transaction serves as a testament to the desirability of the Central Florida market, and to the viability of the multifamily sector here,” says Shelton Granade, executive vice president of CBRE Capital Markets, Multifamily...

|

New Projects

Sales & Leases