DALLAS — Marcus & Millichap’s (NYSE: MMI) Dallas-based multifamily investment sales team has closed the sale of six multifamily assets within the state of Texas totaling $80.5 million. The communities contain a total of 1,164 units. Four of the properties reside within the Dallas-Fort Worth area, known as the Metroplex, while another is situated 60 miles northeast of Dallas in Commerce, and the other is in Waco. The Metroplex-area properties include the 380-unit Spring Lake in..
By Gregory Schaffer Pennsylvania property owners and tenants, who pay some of the highest property taxes in the nation, are no doubt aware of the annual deadline to file a property tax appeal. After all, one look at a new tax bill is often enough to make even the most seasoned tax manager scramble to contact their local tax counsel. However, very few taxpayers are aware that the assessment they may have accepted as favorable could easily trigger a reverse appeal filed by the local school..
NASHVILLE, TENN. — Ardent Health Services has acquired LHP Hospital Group Inc., creating the second largest private, for-profit hospital operator in the United States, with 19 hospitals in six states and $3 billion in revenues, according to Ardent. Although the purchase price was not disclosed, Ventas Inc., a massive healthcare REIT, provided $700 million in financing to Ardent for the acquisition. The five-year, LIBOR-based acquisition loan bears an initial cash interest rate of..
Homeownership rates in the United States have hit a 12-year low due to a combination of younger people’s preference for apartments, a low housing inventory that has inflated sales prices and strong absorption in the multifamily sector, according to a research brief from Marcus & Millichap. Single-family homes are experiencing low inventory compared to demand, with the supply of available homes holding steady for several months. The current supply represents just 3.6 months of sales, a..
Eastern Consolidated Arranges $120M in Construction Financing for New Hyatt Place Hotel in Manhattan
NEW YORK CITY — Eastern Consolidated has secured a $210 million debt and equity package to finance the construction of a new, 180,000-square-foot Hyatt Place Hotel in Manhattan’s Garment District. The financing consists of a $95 million first-mortgage loan from Bank of the Ozarks and a $25 million preferred equity investment by Square Mile Capital Management. Adam Hakim and James Murad of Eastern Consolidated arranged the financing on behalf of the McSam Hotel Group, a New York-based..
DALLAS — Stream Realty Partners and J.P. Morgan Asset Management have unveiled plans for the $135 million renovation and expansion of Trammell Crow Center in Dallas. This will be the first major renovation of the office tower in 32 years. The building, located at 2001 Ross Ave., will be transformed into a mixed-use property. The redevelopment of the 1.2 million-square-foot office tower will include enhancements to the building’s interior lobby, lower exterior and plaza. A ground-up,..
COLUMBIA AND GLEN BURNIE, MD. — First Potomac Realty Trust (NYSE: FPO) and an affiliate of AEW Capital Management have sold two office developments in Maryland for $59.5 million. An affiliate of Adler Kawa Real Estate Advisors purchased the two assets: Rivers Park I and II in Columbia and Aviation Business Park in Glen Burnie. The sale of the 428,268-square-foot portfolio is part of First Potomac Realty Trust’s strategic plan, which includes the sale of $350 million of non-core assets...
Interest Rates, Political Unrest Threaten to Jeopardize Health of Commercial Real Estate, Says Economist
The U.S. economic expansion continues on, extending its long streak of slow but steady growth. The economy has benefitted from years of stability in both the political and monetary realms, but massive paradigm shifts are underway. These changes are breeding uncertainty, which threaten both overall economic expansion and the commercial real estate industry in a way not seen in years. On the monetary front, years of low and declining interest rates supporting credit markets and asset prices..
FARGO, N.D. — Vanity Shop of Grand Forks is shuttering all 137 of its Vanity stores throughout 27 states. Tiger Capital Group is conducting the going-out-of-business sale, which is now underway. The Fargo-based clothing store has roots dating back to the 1950s. The announcement follows the company’s filing for Chapter 11 bankruptcy protection on March 1 in the U.S. Bankruptcy Court for the District of North Dakota. The chain offers discount women’s and children’s apparel and..
ANN ARBOR, MICH. — Brixmor Property Group (NYSE: BRX) has acquired Arborland Center, a 404,000-square-foot, grocery-anchored shopping center located in Ann Arbor, for $102 million. The property is located between the University of Michigan and Eastern Michigan University at 3600 Washtenaw Ave. Kroger anchors the center, which is also home to tenants including DSW, Old Navy, Marshalls, Maurices, Nordstrom Rack, Starbucks Coffee, Ulta Beauty, Bed Bath & Beyond, Petco and Five..