National Commercial Real Estate News From CoStar Group
New Seniors Housing Venture LCB Sees Opportunity as Investment Conduit for Big Private-Equity Players
As big private-equity investors continue to jockey for position in the seniors assisted-living property market, specialized advisory firms are emerging to help guide and place that investment.
Most recently Berkshire Group and Grosvenor agreed to provide capital for Norwood, MA-based LCB Senior Living, led by a management team with roots back to the first assisted-living boom in the mid-1990s.
New York-based Berkshire earlier this month formed...
Distressed CRE: It’s a Seller’s Market
It’s a sellers’ market for distressed commercial real estate and Taylor Burke, senior executive vice president and chief lending officer for the $2.62 billion Burke & Herbert Bank in Alexandria, VA, wants to move his inventory.
“I think this is a great time to buy distressed property, especially that which we are selling,” joked the Alexandria-based banker.
More seriously, though he says, the market is good for bad property right now.
Macy’s Rethinks Distinction between Clicks and Bricks
Reports of the imminent demise of bricks-and-mortar stores been greatly exaggerated.
The dread that shoppers would forsake stores in favor of e-commerce and kill brick and mortar retail evokes the famous “Bring Out Your Dead” scene in the movie Monty Python & The Holy Grail in which the 'dead' man protests: "I'm not dead!"
A recent survey from the Cisco Internet Business Solutions Group found that 93% of products sold in the U.S. are still...
Ground Officially Broken On West Coast’s Tallest Office Tower
Just a day after closing on the $192 million acquisition of land in downtown San Francisco, Boston Properties and Hines joined city officials for a ceremonial groundbreaking of the Transbay Transit Tower, a 1,070-foot skyscraper expected to pass the U.S. Bank Tower in Los Angeles as the tallest building on the West Coast.
Boston Properties (NYSE: BXP) and Hines delivered the check to seller Transbay Joint Powers Authority (TJPA), closing the land...
UBS Completes $100M Purchase of East Bay Retail Center
UBS Realty Investors, a Swiss global financial services company, completed its acquisition of Downtown Pleasant Hill, a 356,076-square-foot shopping center in Pleasant Hill, CA, from Loja Group for $100 million, or about $280 per square foot.
The East Bay area retail complex was completed in 2000 and was approximately 98 percent leased at time of sale. Anchor tenants include Century Theatre, Lucky Supermarket and Bed Bath & Beyond, according to...
Buying Into The Housing Recovery
Wall Street buyers are helping support a full-blown national housing recovery by driving up sales and pricing. All 20 major cities tracked by the influential S&P/Case Shiller Home Price Index posted gains in January from a year ago for the first time since the housing bubble burst in mid-2006.
"Economic data continues to support the housing recovery, said David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, adding that single...
BioMed Realty Buying 1.62 MSF in $640 Million Deal for Wexford Life Science Portfolio
BioMed Realty Trust (NYSE: BMR) agreed to pay $640 million to buy the Baltimore-based subsidiary of privately owned Wexford Equities in a transaction that would add 1.62 million square feet to BioMed's life science portfolio and nearly $90 million for projects currently under development.
San Diego-based BioMed Realty announced plans to sell 15 million shares priced at $21.40 and raise about $321 million toward the purchase price for Wexford Science...
International Paper Plans Expansion in Memphis
International Paper (NYSE: IP) has signed a long-term, build-to-suit lease with Highwoods Properties, Inc. (NYSE: HIW) for a fourth tower in its Poplar Avenue campus in Memphis, TN.
Highwoods will develop a nine-story, 241,000-square-foot, class A office building with parking garage at 6430 Poplar Ave., directly across from International Place, the global packaging and paper product provider's headquarters and main campus where it currently occupies...
In The Pipeline: CoStar Development & Construction News for March 24 - 30
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project -- and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.
NYC Council Approves $200M South St. Seaport Redevelopment
PREI Exchanges Peninsula Center for $87.3 Million
Principal Real Estate Investors sold Peninsula Center, a 274,257-square-foot shopping center in Rolling Hills Estates, CA, for $87.3 million or $318 per square foot. Vestar purchased the property in a joint venture with a fund advised by UBS Global Asset Management.
The partnership acquired the complex because of its stable cash flow and top tier demographics in the affluent area of the Palos Verdes Peninsula.
“Peninsula Center provides us with...