Property.com - Property Newshttp://www.property.com/Property.com - Property Newsen©2012 US Condo Exchange, LLC.Tue, 21 Feb 2012 15:00:00 GMTTue, 21 Feb 2012 15:00:00 GMTAmazon to Purchase Additional Property in the Northwesthttp://www.property.com/Learn/PropertyNews/Amazon-to-Purchase-Additional-Property-in-the-Northwestcbefd02d-007f-49ac-9f01-76868f1099beTue, 21 Feb 2012 15:00:00 GMT
Is it true that Amazon.com is looking to expand? Sources close to Amazon are saying that the initial plans to buy three downtown towers in Seattle, Washington, where the company was founded, are moving forward. The move will increase the office occupancy rate in the area by an estimated 7%.

The Internet retail giant has agreed to the purchase from Clise Properties, Inc. Though Chairman Al Clise is declining comment at this time, it is said that the deal includes an 'option' to purchase other sites nearby in the future.

Northwest-based Amazon.com has offices and subsidiaries all over the country, including Tennessee, Virginia, Kansas, Nevada and more. They employ over 51,000 people in the United States, Europe, and Asia.

]]>One Times Square Gets Recapitalizedhttp://www.property.com/Learn/PropertyNews/One-Times-Square-Gets-Recapitalized34f9f173-eb90-4efc-9db2-b644f767ca10Mon, 20 Feb 2012 16:00:00 GMT
The famous New York City landmark, One Times Square, where the New Year's Ball drops every year, has been re-capitalized for a reported $113 million. Atlanta-based firm Jamestown Properties has bought out the equity stake from Sherwood Equities, who still plan to continue managing and maintaining the landmark.

It was a financial decision for the Sherwood group, while it was business that moved Jamestown to take over. They will add this to their Premier Property Fund, which was established in December of 2011, and also includes Pacific Place in San Francisco and Chelsea Market in Manhattan.

One Times Square is a tourist attraction for many who visit from around the world. It features more than 100,000 square feet of retail and office space, with long-term tenants TDK, HBO, Toshiba, Anheuser-Busch Corporation, and Dow Jones.]]>Tempe Apartment Complex Sold to Seattle Investorshttp://www.property.com/Learn/PropertyNews/Tempe-Apartment-Complex-Sold-to-Seattle-Investors6341c4a3-a70c-4e0f-9ae2-fcfadfab3b27Fri, 17 Feb 2012 16:30:00 GMT
Des Moines, Iowa firm Principle Real Estate Investors has sold a 308-unit apartment complex in Tempe, Arizona. The reported deal is said to be worth $4.1 million. The buyer is Seattle-based firm PrivatePortfolio Group LLC, who beat out seven other bidders in pursuit of the Class A multifamily property.

Managed by Pillar Communities, PrivatePortfolioGroup has become a household name in Phoenix-area rentals. Their reputation as a top-notch buyer is the reason why their bid was selected.

San Portella Apartments offer options for one, two, or three bedrooms, and some units have up to 1,130 square feet. They also feature 9'-ceilings and a washer/dryer combo in every unit. Also featured in the Clubhouse is a pool, spa, weight room, and entertainment area, with big-screen television and large kitchen. The complex currently has a 95% occupancy rate.]]>Mission West Properties For Sale....Again?http://www.property.com/Learn/PropertyNews/Mission-West-Properties-For-Sale....Again281450d5-d5a8-4c17-9447-9e22df936db2Thu, 16 Feb 2012 15:30:00 GMT
Mission West Properties is set to begin taking bids for the 8 million-square-foot trust in Silicon Valley. Developer Carl Berg says that after the sale, anything can happen.

“A local company might be interested in buying it and adding to the property they already have, or another company might buy it and keep it as a public REIT,” he said. “Or some might want to make it a private REIT.”

The trust was on the verge of sale during the summer of 2007 in a deal with Starwood Capital for $1.8 billion that fell through at the very last moment. Carl Berg remembers it well.

"All the banks pulled out of the market,” he remembers, “I believed it was a good time to do something, But we were one week too late.”

Parties who may be interested have until later this month to place their bids. With an impressive portfolio, the Cupertino, California-based trust is said to be worth $1.3 billion, and with tenants such as Microsoft Inc. and Apple Inc., there should be considerable interest. The portfolio is comprised of over 40% office space, with a current 67% occupancy rate.

Mission West also has a 27% asset to debt ratio, making it even more of an attractive purchase.


]]>Chinese Firm Purchases The Cassa Hotelhttp://www.property.com/Learn/PropertyNews/Chinese-Firm-Purchases-The-Cassa-Hotelf471ce80-ad49-4546-9d02-5aee3f82dda4Tue, 14 Feb 2012 15:00:00 GMT
In New York City, The Cassa Hotel, a 165-room luxury building in Times Square, has been sold to HNA Property Holding Groups. The original owner, Assa Properties, will keep the residential portion of the building. The deal is reported to be around the $130 million mark.

HNA Properties, a real estate equity firm based out of China, used a $65 million loan from a private real estate equity group in order to secure the the hotel and retail portions of the 45-story tower.

The goal and the focus of those involved is to invest in luxury, with the addition of BLT Restaurant, a new establishment which will feature over 11,000 square feet, anchoring the building, when it is completed.
]]>Marquette Companies Transform Condos into Apartmentshttp://www.property.com/Learn/PropertyNews/Marquette-Companies-Transform-Condos-into-Apartments3480f2e2-6310-42c6-b45a-afcc1844cd6dMon, 13 Feb 2012 16:00:00 GMT
Naperville, Illinois-based developers Marquette Companies have announced plans to renovate a failed condo building in Itasca, and turn it into an apartment building. The new units will be between 1,115 and 2,173 square feet of living space, 10-foot high ceilings, first class molding and finishing, and have a shared underground parking garage.

Located on the corner of Nordic and Rohlwing, One and Two Itasca Place were built years ago, due to a reported condominium boom. While One Itasca Place sold out completely, only seven units at Two Itasca Place were sold, and very little interest was taken in the rest of the building. Six of the original tenants of Two Itasca have moved into One, while the other moved off the site completely.

The problem now is that residents of One Itasca worry about the decline of property values due to the addition of rental apartments. However, developers are insisting that these will be luxury apartments, with standards that will hold the value of the complex and condos. The first wave of tenants are expected to move in during the 2nd quarter of this year.
]]>Apple Leases Space in Emerging California Districthttp://www.property.com/Learn/PropertyNews/Apple-Leases-Space-in-Emerging-California-District6352eb52-143c-470f-81d8-1cb8864aa992Fri, 10 Feb 2012 15:00:00 GMTcity of Sunnyvale, California is seeing a recent growth, and with the addition of Apple Inc., who  reportedly signed a long-term lease agreement with the Sunnyvale Town Square, it seems that the trend will continue for quite some time.

Apple Inc., based out of nearby Cupertino, hopes to move into the 156,000-square foot Town-Center complex by the third quarter of this year. The 36-acre site, which is only half completed, began construction in 2007, but faced foreclosure shortly after, stalling construction. Anchored by Macy's and Target stores, the complex features 300 housing units, a 200-room hotel, over 300,000-square feet of office space, and 1 million-square feet of retail space.

Terms of the lease agreement have not been disclosed as of this writing.

]]>Hyatt Place in NYC Bought by Chesapeake Lodging Trusthttp://www.property.com/Learn/PropertyNews/Hyatt-Place-in-NYC-Bought-by-Chesapeake-Lodging-Trustf2c9204c-aa63-4691-8161-759195547d14Mon, 06 Feb 2012 16:45:00 GMT
The Hyatt Place in New York Midtown South was purchased by Chesapeake Lodging Trust for $77 million. This is the second hotel purchased by the trust in as many months. The yet-unfinished project will be managed by Real Hospitality Group.

Investors hope that the soon-to-be 25-story, 185-room hotel will be completed with its current renovations by the third quarter of 2012. They will join the Holiday Inn New York City Midtown on Chesapeake's updated portfolio. The hotel was purchased in December 2011 and opened its doors at the end of January 2012.


]]>Affordable Housing Added to Tryko's Portfoliohttp://www.property.com/Learn/PropertyNews/Affordable-Housing-Added-to-Trykos-Portfolio72c67a18-8092-4cbf-afaa-022e68d3a25bFri, 03 Feb 2012 18:36:00 GMT
Tryko Partners, an equity real estate investment group, has finalized a deal to aquire the Barclay Arms, an affordable housing project in Atlantic City.

The addition adds the 75-unit complex to a portfolio consisting of over 1,800 residential units, 200 nursing homes, and 680 housing contracts good through 2012. The reported deal was for $5 million. Max Gurwicz Enterprises was the primary owner of the property, which was managed by a third party. Based out of New Jersey, Tryko Partners intend to hire or have in place their own management team soon.

Located at 814 Virginia Avenue, the complex is currently at 99% occupancy. Sources close to the investment firm state that the purchase show Tryko's commitment to supply affordable housing to those who need it the most.

]]>Mixed Reaction for Proposed Casino in Lansing, MIhttp://www.property.com/Learn/PropertyNews/Mixed-Reaction-for-Proposed-Casino-in-Lansing-MI3e4ffe5b-de76-43eb-a60c-420597e719cfTue, 31 Jan 2012 22:11:00 GMT
A proposed $250 million casino in Lansing, Michigan is getting a mixed reaction from some, but was recently endorsed by Mayor Virg Bernero. Bernero said recently that revenue from the casino, estimated to be near $6 million per year, could be used as college money for local high school graduates.

The Kewadin Lansing Hotel and Casino, a gaming resort hosted by the Sault Tribe of the Chappawa Indians, will feature more than 125,000 square feet of resort space. The mayor proposed either expanding the current Kalamazoo Promise, a popular, privately-funded campaign that promises 4-year scholarships to students who graduate from the school district, or use the model for a new campaign. 

The proposal is being challenged by casino representatives in Detroit and Battle Creek. Sources say that there is no recognized Indian reservation in, or around, the city limits of Lansing, and believe that building a casino would violate state laws and agreements.

Undeterred, Mayor Bernero said groundbreaking on the project will begin in early 2014.
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