TORONTO AND GREENWICH, CONN. — Milestone Apartments Real Estate Investment Trust (TSX: MST.UN), a Toronto-based multifamily REIT, has entered into an agreement with an affiliate of Starwood Capital Group whereby Starwood will acquire all of Milestone's subsidiaries and assets. The transaction, which is expected to close in the second quarter of this year, is valued at $2.85 billion (USD). Milestone's board of trustees has unanimously approved the acquisition and recommends that its..
SAN FRANCISCO — Paramount Group Inc. has received a $975 million loan for the refinancing of One Market Plaza, a property featuring two landmark office towers in San Francisco’s South Financial District. The property consists of 1.6 million square feet of Class A office and retail space. The buildings, originally constructed in 1976, underwent a $25 million lobby and atrium renovation that was completed in 2015. The 43-story Spear Tower and 27-story Steuart Tower are bridged by a..
Owners should be delighted to see the value of their property increase, but in our current tax environment, higher property values have become synonymous with higher property taxes. School districts, municipalities, counties, and other taxing units have the power to limit property tax bills by lowering their respective tax rates as property values rise. Instead of doing this, however, many taxing entities opt for a tax revenue windfall. Remarkably, as they collect this additional revenue,..
CAMPBELL, CALIF. — Ellis Partners has broken ground on the multi-phased renovation of The Pruneyard, a 27-acre mixed-use shopping center in the Silicon Valley city of Campbell. The Pruneyard contains 365,000 square feet of Class A office space, 253,000 square feet of retail and restaurants, and a 170-room Doubletree Hotel. The infill project has not been updated for nearly 20 years. It is located at 1875. S. Bascom Road in the West Valley community. Ellis Partners purchased The Pruneyard..
LOS ANGELES — The Los Angeles County Metropolitan Transportation Authority has announced plans to construct a second, 2.6-mile extension of the city’s Purple Line subway through Beverly Hills and Century City. The contract value of the recently announced extension, titled Westside Purple Line Extension Section 2, is anticipated to be approximately $1.4 billion. The project will include two new underground stations at the intersections of Wilshire Boulevard and Rodeo Drive, and..
In retail, nothing remains the same for long. A century ago, America saw the rise of mega department stores as category killers. In the middle of the 20th Century, regional malls were beginning their rise. That was followed by the power centers and lifesyle centers of 1990s and 2000s. Today, experience is the name of the game; consumers would rather spend time doing what they enjoy than shopping for common goods. They strive to make every trip an experience. In some ways, it is..
SEATTLE — Schnitzer West has sold Urban Union, a Class A office building in Seattle’s South Lake Union neighborhood, for $268.9 million, according to The Seattle Times. A joint venture between TriStar Capital and RFR Holding purchased the property. The building opened last year and recently underwent a $10.5 million alteration project for Amazon, the building’s main tenant, according to The Times. Totaling 12 stories and 291,000 square feet, Urban Union features a coffee shop,..
SAN FRANCISCO — Cushman & Wakefield has arranged the sale of a portfolio of Sleepy Hollow Investment Co. office properties for $130 million. The portfolio consists of multi-tenant office buildings located in several markets throughout the San Francisco Bay Area. The portfolio was sold in components to five buyers that included Eagle Canyon Capital, Square I, STG Group, James Lindsey and Long Market Property Partners. Totaling 661,319 square feet, the portfolio spans 10 properties..
BOSTON — Tokyo-based Mori Trust Co. Ltd. has acquired 10 St. James and 75 Arlington, a two-building office property totaling 824,772 square feet in Boston’s Back Bay neighborhood, for $673 million. The LEED Silver-certified portfolio features an enclosed-glass galleria joining the lobbies of both buildings, on-site dining and a 400-space underground parking garage. The property was acquired from Liberty Mutual Insurance, and is home to the company’s Boston headquarters. Liberty..
Portfolio sales occupy their own unique category of commercial real estate transactions. The challenges, complexities and procedural nuances that make portfolio sales so distinctive also limit the number of parties that can make such purchases. In a standard commercial real estate transaction, familiar steps in a fairly standard process give prospective buyers plenty of time and opportunity to conduct their due diligence. From a buyer’s standpoint, there is little to no risk until your..