Property.com - Property Newshttp://www.property.com/Property.com - Property Newsen©2012 US Condo Exchange, LLC.Wed, 16 May 2012 14:00:00 GMTWed, 16 May 2012 14:00:00 GMTAffordable Living Asset Trades in Harlemhttp://www.property.com/Learn/PropertyNews/Affordable-Living-Asset-Trades-in-Harlem35ed58ca-334c-42f2-9e60-35d4b1ea205cWed, 16 May 2012 14:00:00 GMTThe apartment building located at 680 Saint Nicholas Avenue in Harlem, New York has been sold for a reported $23.65 million. Marcus and Millichap Real Estate Investment Services represented the undisclosed buyer and seller in the deal. The 8-story building features five retail tenants and 117 residential units. The building also has a housing assistance agreement contract that is good through 2015.

The property is the largest single building sold in Harlem this year and "one of fewer than ten 100-plus-unit apartment buildings sold in Manhattan thus far in 2012,” according to Peter Von Der Ahe, a first VP investments at Marcus & Millichap, in a release. He added that the sale "reflects the interest many investors have in this segment of the affordable housing market.”
]]>The Fairmont San Francisco Gets New Ownershttp://www.property.com/Learn/PropertyNews/The-Fairmont-San-Francisco-Gets-New-Ownersdc5a8006-083b-4fc3-afeb-3cc9a473cf57Tue, 15 May 2012 14:00:00 GMTIn a move showcasing one of the West Coast's most famous buildings, Oaktree Capital Management has joined up with Woodridge Capital partners to purchase The Fairmont San Francisco Hotel, a deal reported to be worth $200 million. They purchased the property at 950 Mason Street, on top of trendy Nob Hill, from Meritz, Wolff and Company, who have owned the property since 1998. 

John Brady, the leader of global real estate for Oaktree Capital Management, said in a statement that the group is looking forward to joining Oaktree’s "significant real estate experience and an investor base that includes prominent public and corporate pension funds together with longstanding relationships with Woodridge, Fairmont Hotels and Resorts, Kingdom Holding and our new partners—the hotel’s outstanding employees and the City of San Francisco, one of the truly great cities of the world.”



The hotel is famous for being the setting of the drafting of the original United Nations Charter and Tony Bennett first debuted his ode to the city, "I Left My Heart In San Francisco," in the hotel, which features 55,000 square feet of conference space, 591 guest rooms, and three restaraunts and lounges, most notably the Tonga Room and Hurricane Bar.

Michael Rosenfeld, real estate investor and founder of Woodridge Capital Partners, said in a statement that The Fairmont San Francisco hotel’s "rich history, elegance and beauty make it a one-of-a-kind property that cannot be replicated today. We are excited to be in such a distinguished partnership with a property that symbolizes the great City of San Francisco.”
]]>Bodek and Rhodes Sign Lease for Extension and Expansionhttp://www.property.com/Learn/PropertyNews/Bodek-and-Rhodes-Sign-Lease-for-Extension-and-Expansion591de109-dbf5-4209-911a-f15a06bb5abfTue, 08 May 2012 14:00:00 GMT
Leading clothing retailer Bodek and Rhodes has signed a new 7-year lease agreement with Paradigm Properties, which will include the expansion of their 209,000-square-foot building in Norton, Massachusetts. The new-look facility will house their distribution center, warehouse and general offices.

In a statement, a representative for the landlord said that the transaction was "a great opportunity for Paradigm to retain a strong credit tenant and allow Bodek & Rhodes to expand and grow their operations without having to move to a new facility.”

]]>Invesco Sells Five Asset Portfolio in Baltimorehttp://www.property.com/Learn/PropertyNews/Invesco-Sells-Five-Asset-Portfolio-in-Baltimoree9eaf6c4-ae94-4da3-9ff4-8337042b8082Wed, 02 May 2012 14:00:00 GMTCabot Properties is putting their faith in the predicted resurgence of the industrial area along the Baltimore-Washington corridor by making a deal to purchase a five-asset warehouse portfolio from Invesco, totaling 675,967 square feet. The deal is reported to be worth $35.2 million, and was brokered by Transwestern, who will assume management and leasing service.

The Maryland properties include three on Sandy Court in Jessup, Maryland, with the other three in Elkridge and Columbia. Two out of the three properties are under single-tenants occupancy, while the combined buildings currently have a 35% vacancy, in an area where the overall vacancy rate is down 13%.]]>Viacom and SL Green Secure Largest Lease Agreement in NYC History http://www.property.com/Learn/PropertyNews/Viacom-and-SL-Green-Secure-Largest-Lease-Agreement-in-NYC-History-31dcc73e-9dec-4690-9d56-68cf02e057a7Tue, 01 May 2012 14:00:00 GMT
Viacom Inc., one of the world's largest media outlets, has agreed to a new lease with SL Green to stay at Manhattan's Times Square Tower until 2031. Total space used by the media giant is now 1.6 million square feet of class-A office space. Terms of the deal have not been released at this time. It is reported to be the largest lease agreement in the history of New York City.

SL Green CEO Marc Holliday said in a statement that Times Square is "one of the world's best-known locations, which makes it the perfect home for a high-profile company such as Viacom,” He added that the company has been a "corporate anchor in Times Square for over 20 years and the extraordinary building branding opportunity provided in this lease will allow Viacom to increase its corporate visibility to millions of New York City visitors at the 'Crossroads of the World' for years to come."

SL Green acquired Times Square Tower in 2002, and it has gone through some renovation and repositioning changes since taking over. Anchored by Viacom, other residents of 1515 Broadway include the Minkoff and Best Buy Theaters, along with retailers Oakley, Aeropostle and Billabong.


]]>U.S. Bank Closes Loan for the New Moffett Towershttp://www.property.com/Learn/PropertyNews/U.S.-Bank-Closes-Loan-for-the-New-Moffett-Towerse6a54dc5-488e-4686-bfdf-a0c9d8f48495Sun, 29 Apr 2012 15:41:00 GMTJay Paul Company, a real estate development firm based out of San Francisco and U.S. Bank have closed a $284.7 million bridge loan for the final phase of the Moffett Towers construction project, a 1.03 million-square foot class-A office project in the growing community of Sunnyvale, California. Other participating groups include JP Morgan, Chase Bank, Wells Fargo, and Bank of America.

In a statement, John West, senior vice president of commercial real estate at U.S. Bank, said that "Moffett Towers is in a location with a strong economy, backed by superior sponsorship from its developer, Jay Paul Company." He added that “the joining of Jay Paul Company with U.S. Bank Commercial Real Estate Group –San Francisco was a natural fit to successfully complete this financing.”

The final phase of the project, which has already began, is expected to be completed by the Spring of 2013.


]]>The Learning Experience Adds 14 New, East Coast Locations - 7 in FLhttp://www.property.com/Learn/PropertyNews/The-Learning-Experience-Adds-14-New-East-Coast-Locations-7-in-FL938e512b-6571-4bbd-bb36-d3fe560582b9Fri, 27 Apr 2012 20:18:00 GMTThe Learning Experience, an early education academy that focuses on the care and teaching of children from six weeks of age to pre-kindergarteners has just signed on to add 14 new facilities in build-to-suit developments. The franchise has seen 53% growth in the last years, opening 70 locations during the that time.

Half of the new centers are in the state of Florida - Coral Springs, Miramar, Davie, Lake Worth, Palm Springs Gardens, Jacksonville and Miami. The other locations are in Illinois, New York, New Jersey, Maryland, New Hampshire, and two in Texas.


]]>Costa Mesa's New Senior Community Breaks Groundhttp://www.property.com/Learn/PropertyNews/Costa-Mesas-New-Senior-Community-Breaks-Ground8ccaa99d-1307-439e-ab8f-aba632308ffbThu, 26 Apr 2012 14:00:00 GMTGround-breaking began this week on Vivante on the Coast, a new senior community complex in Costa Mesa, California, the first one in the area in over 15 years. The project is being developed by local Nexus Cos. and designed by Hill Partnership. The planned 200,000-square-foot at 1640 Monrovia has an estimated cost of $62 million.

In an effort to keep up with the aging population of California's Orange County, the luxury complex will offer 185 units, with studio, one and two-bedroom options. Amenities will include luxurious culinary and dining options, indoor saltwater pool, large private courtyards, bocce ball court and putting green. Along with a state-of-the-art fitness and physical therapy facility, the complex, only a half mile away from Hoag Hospital, will offer massage therapy, spa access, reflexology foot path and yoga deck. The Shores at Vivante on the Coast, a 40-unit memory care complex, will adjoin the main center on the 4.5-acre property.

The project was funded by local investment groups, which contributed $22 million. The remainder $40 million was financed by the Bank of the West.



]]>Westfield Group Sells Interest in Eight Propertieshttp://www.property.com/Learn/PropertyNews/Westfield-Group-Sells-Interest-in-Eight-Properties640e5b7d-a316-4b55-8446-5fcd01dc0601Tue, 24 Apr 2012 14:00:00 GMTWestfield Group has announced their plans to sell 90% of their interest in eight commercial property centers in five states. The deal is reported to be worth $1.15 billion. Peter Lowry, CEO of Westfield Group said in a statement that the deal "represents a further step in our strategic plan to increase return on equity and long term earnings growth.” He also noted that the money from the transactions "will initially pay down corporate debt and then be redeployed in higher return development opportunities in the U.S., including the World Trade Center.”

While the 844,297-square-foot Easland power complex in West Covina, California was sold to an undisclosed buyer for $144 million, the other seven were sold to Starwood Capital, with a total of 6,607 square feet of class A space. The deal includes The Louis Joliet and Chicago Ridge in Chicago, The Gateway complex in Lincoln, Nebraska, The Westland in Miami, the newly redeveloped Metreon in San Francisco, The Southpark in Cleveland, Ohio, and The Solano in Fairfield, California.

Starwood Capital is an international group with investment holdings in the United States, Brazil, Australia and New Zealand. Westwood Group will retain a 10% interest in all properties involved.


]]>Davlyn Investments Lists Multiple California Residential Propertieshttp://www.property.com/Learn/PropertyNews/Davlyn-Investments-Lists-Multiple-California-Residential-Properties80024e91-179d-41f3-950a-6962d029d9e9Fri, 20 Apr 2012 14:00:00 GMTDavlyn Investments, a commercial and residential real estate brokerage firm, has listed seven southern California apartment complexes, totaling more than $133 million. Six of the residential properties are in the San Fernando Valley, while the other is in Riverside. Davlyn representatives admit that the move was for tax purposes only. The listing for the complexes is represented by two separate firms.



The properties featured in Canoga Park include the Sorrento at Canoga Park, a 102-unit complex, The Aventine at West Hills, a 202-unit complex, the Siena at West Hills, a 112-unit complex, and Independence Plaza, a 100-unit class A building, which was built in 1985. Other properties include Chatsworth Pointe in Chatsworth, a 116-unit class B complex, Northview-Southview in Reseda, 160-unit complex, the Estancia in Riverside, a 208-unit class A luxury complex which features 13 two-story buildings, a pool and a fitness room.


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