Archive for ‘Trades’

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May 16, 2013

Multi-Family Wire

LOS ANGELES – Trion Properties,  a Los Angeles-based real estate investment company acquired two multifamily properties in the California cities of El Cajon and Sacramento.In El Cajon, Trion acquired a 22-unit apartment building for $2,350,000, or $106,818 per unit. In Sacramento, the company acquired a 128-unit apartment building from a lender for $4,900,000, or $38,281 per unit.

SAN DIEGO – OliverMcMillan, a San Diego-based real estate development firm,  and Capri Capital Partners, are building The Lofts at 688 13th Street, with a two-year construction schedule. The Lofts at 688 13th Street is planned as a five-story residential building fronting 13th Street between Market and G Streets in the East Village Arts District of downtown San Diego. Covering three-quarters of a city block, the new construction includes 208 mid-rise and ground-level apartments with studio, one-bedroom and two-bedroom residences and about 5,000 sf ground-level retail.

FORT LAUDERDALE, Fla. – The Morgan Group, a Houston-based multifamily developer has broken ground on a 331-unit midrise apartment development in Flagler Village in south Florida. Morgan acquired the site, which is located just north of the Las Olas River in downtown Fort Lauderdale, in December 2012. First move-ins are projected for Summer 2014. The site, which fronts Federal Highway, marks the return of The Morgan Group to south Florida and the company’s first development within Broward County. Said Chairman and CEO Mike Morgan. “We were very active in the area until the late 1990s and are looking forward to growing our presence here once again. Richard A. Buck is leading our regional development efforts and we’ve recently opened an office in Fort Lauderdale.”

PLAYA DEL REY, Calif. – Hendricks-Berkadia announced the sale of Tiffany Apartments, located at 8040 W. 83rd Street in Playa Del Rey. The 18-unit apartment community was sold for $4,325,000, $125,000 over asking price. The sellers had received 25 offers on the building, eight of which were at or over asking price. The transaction was negotiated by Steffan Braunlich and Mike McKinney of the South Bay Los Angeles office of Hendricks-Berkadia.

 

 

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March 3, 2013

Hines Buys Archstone Stake in DC Project

WASHINGTON, D.C. – The Washington D.C. office of Hines announced the acquisition of the ownership interest of their partner, Archstone, in the mixed-use CityCenterDC project that is currently under construction in downtown Washington, D.C. The acquisition of Archstone’s interest in CityCenterDC was completed in connection with the acquisition by Equity Residential and AvalonBay Communities of Archstone Enterprises LP.

The Hines | Archstone partnership was chosen by the District of Columbia in 2003 to develop the massive $700 million project on the site of the city’s old convention center.  In 2011, the partnership secured equity financing from its anchor investor Qatari Diar Real Estate Investment Company, the real estate investment arm of the Qatari Investment Authority, and the financing was put in place by Barwa Bank’s investment banking subsidiary, The First Investor (TFI), which is a co-investor and manages the dedicated TFI U.S. Real Estate Fund.  Construction began on Phase I of the project in March 2011.

In addition to increasing its incremental ownership in the overall mixed-use project, Hines will assume development responsibility for the two large apartment buildings comprising 458 units in the center of CityCenterDC.

Construction on Phase II of CityCenterDC is expected to commence in the first half of 2014.  It will consist of a 370-room luxury hotel and an additional 73,000 square feet of retail space.

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January 7, 2013

Shorenstein Buys Exxon Mobil Tower for $50 Million

By Ralph Bivins

HOUSTON – Shorenstein Properties has acquired the 45-story Exxon Mobil building in downtown Houston for a redevelopment that will restore the property to Class A status.

The Exxon Mobil building, located at 800 Bell at Travis, was built in 1962 as the headquarters of Humble Oil & Refining, a predecessor to Exxon Mobil.

The sales price was not disclosed. As part of the deal, Exxon Mobil, the seller, agreed to lease back the entire building until 2015, when it will relocate its employees to its new 385-acre corporate campus on the far northern suburbs of Houston, not far from The Woodlands.

Shorenstein’s renovations may include linking the building into the downtown tunnel system which connects many of the skyscrapers and hotels in downtown Houston.

The 1.2 million square-foot Exxon Mobil tower and its seven-story garage cover two downtown blocks.

The price paid for the building was not disclosed, but people in the real estate community said it was around $50 million. By comparison, the 1.8-million square-foot Shell Plaza in downtown recently sold for around $550 million.

“We purchased this property markedly below current replacement cost, which gives us the opportunity, once the current user vacates, to employ all our company’s core skills in capital transaction execution, redevelopment, leasing and operations to increase the property’s value by establishing its long term position and further enhancing its reputation in the market,” Douglas Shorenstein, chairman and CEO of Shorenstein Properties said in a written statement.

San Francisco-based Shorenstein owns dozens of office buildings across the nation including two others in Houston near the intersection of San Felipe and Loop 610: the 28-story Five Post Oak Park building, which is across the street from the St. Regis Hotel, as well as the 21-story 2000 West Loop South tower on the freeway’s west side frontage road.

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January 7, 2013

Wells REIT Buys San Fran Tower

SAN FRANCISCO – Wells Real Estate Investment Trust II has acquired 333 Market Street, a 33-story office tower in the heart of San Francisco’s Financial District. The Class A asset was purchased from the Korean Federation of Community Credit Cooperatives.  The 657,000-sf building, constructed in 1979, has undergone over $80 million in capital investments and tenant improvements over the past eight years. The building is fully leased to Wells Fargo Bank.

“We are pleased to add this trophy-quality asset to the Wells REIT II portfolio,” said Nelson Mills, president of Atlanta-based Wells REIT II. “This strategic acquisition in one of the nation’s premier office markets helps to further improve the institutional-quality of the portfolio overall.”

Wells REIT II was represented internally by Keith Willby, senior vice president, capital markets. The Wells REIT II portfolio includes 82 office buildings in 20 states and Washington, D.C., and one international property, totaling 21 million sf.

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