REBusinessOnline

CBS to Sell Television City Campus in Los Angeles to Hackman Capital for $750M

LOS ANGELES — CBS Corp. (NYSE: CBS) has signed a definitive agreement for the sale of its landmark CBS Television City property and sound stage operation in Los Angeles. Hackman Capital Partners, a Los Angeles-based real estate developer, is purchasing the 25-acre campus from the mass media company for $750 million. As part of the agreement, Hackman Capital will have the rights to use the Television City trademark in connection with its operations on the property. CBS programs including …

TMG Partners, KKR Acquire Office Building in Downtown Oakland for $255M

OAKLAND, CALIF. — TMG Partners and KKR have purchased 1221 City Center, an office tower in downtown Oakland that houses the global headquarters of Clorox. The sales price was not disclosed, but the San Francisco Business Times reports the Swiss financial giant UBS AG (NYSE: UBS) sold the office tower for $255 million. The business publication also reports that this is the third time that the 24-story building has traded in the past six years. In 2012, Clorox Co. sold the asset for …

Steady Demand, Available Labor Prepare Louisville’s Industrial Market for Success

Strong market performance has allowed the Louisville industrial market to recently post the highest quarter of positive net absorption in market history during the second quarter of 2018, which occurred on the heels of the second-highest quarter of positive net absorption recorded just one quarter earlier. This outcome has been the result of recent build-to-suit projects, the availability of quality product and growing demand by new and prospective tenants in the Louisville market. Beyond …

From Confident Buyers to Tech Solutions, Six Trends Emerge from InterFace Multifamily Southeast

The runway is still long for multifamily real estate in the current cycle as investors and developers continue to pour money into the space. The apartment industry took center stage during the ninth-annual InterFace Multifamily Southeast conference on Tuesday, Nov. 27. Produced by InterFace Conference Group, the full-day event drew more than 400 multifamily real estate professionals from around the Southeast. The conference, held at The Whitley hotel in Atlanta’s Buckhead district, …

Greystar, Rockpoint Group Sell Student Housing Community Near University of Maryland for $235M

COLLEGE PARK, MD. — Joint venture partners Greystar Real Estate Partners LLC and Rockpoint Group have sold University View, a 1,573-bed student housing community located adjacent to the University of Maryland in College Park. The $235 million sale marks the largest single-asset student housing trade in U.S. history, according to Greystar. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE National Student Housing, along with William Roohan and Michael Muldowney of CBRE’s …

Make it a Double: Entertainment, Hospitality Firms Invest Heavily in Louisville

The face of Louisville is changing rapidly, but it has leveraged what the state of Kentucky is historically known for best, bourbon. Louisville is a short drive from most of the legendary distilleries in the Commonwealth. However, the downtown Urban Bourbon Trail is booming with tourism and many brands actually distilling their spirits onsite. Jim Beam’s Urban Stillhouse, the Evan Williams Bourbon Experience, Copper & Kings, Angel’s Envy Distillery and Rabbit Hole Distillery are locations …

David’s Bridal Files for Chapter 11, Says Its More Than 300 Stores Will Remain Open

CONSHOHOCKEN, PA. — Wedding dress retailer David’s Bridal has filed for Chapter 11 bankruptcy protection. The Conshohocken-based company says it plans to keep its more than 300 David’s Bridal stores and online platform open and operating without disruption. According to Monday’s announcement, “orders will arrive on time and bridal appointments will not be impacted” as the company says it has sufficient liquidity to operate during the court-supervised restructuring …

Louisville Renters Absorb Cycle-High Development, Pushing Vacancy Rate Down

For the remainder of 2018, positive demand drivers will alter new apartment supply’s impact on operations in Louisville. The metro has had a large volume of new apartments to open this business cycle. Since 2013, an annual average of 1,500 units has been completed, totaling approximately 7,400 apartment units. As this new supply entered the market, initially strong leasing helped push vacancy down 100 basis points to 4.6 percent at the end of 2016. However, absorption of apartments …

LMC Tops Out Apartment High-Rise in Midtown Atlanta

ATLANTA — LMC, a division of Miami-based Lennar Co., has topped out its Midtown Atlanta luxury apartment building, Vireo. The high-rise will feature 310 apartment homes, offering studio, one-and two-bedroom floor plans. Amenities will include a swimming pool, cabanas, clubroom and an outdoor lounge area. Vireo is located less than one mile from Piedmont Park. Hoar Construction completed the concrete structural frame exterior windows, façade, roofing and site work. LMC expects Vireo to be …

NAI Earle Furman Arranges Sale of Industrial Park in Upstate South Carolina

GREER, S.C. — NAI Earle Furman has represented The Taft Family Office and Appian-Gilliam LLC in purchasing a 23.5-acre industrial park in Greer. The site has a newly constructed speculative building that spans about 100,000 square feet. The industrial park was 60 percent leased at the time of the sale. NAI Earle Furman will also handle the management and marketing of the rebranding of the park, now called The Inland Distribution Center. The center is located a few miles off Interstate 85 …

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