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It’s time to update those contact managers with CoStar’s People of Note, reporting news on significant new CRE hires and promotions. This week’s issue includes the following markets: Northern New Jersey, Chicago, San Francisco, Cleveland, South Florida, Houston, Orange County, Atlanta, East Bay, Cincinnati, Los Angeles, and Portland. NORTHERN NEW JERSEY CSG Appoints Reid to Interim President, CEO By Justin Sumner Ch
In the latest deal illustrating the demand of private-equity capital for U.S. hotel portfolios, an affiliate of The Blackstone Group has acquired 19 select service hotels from Spartanburg, NC-based OTO Development. The portfolio totals 2,385 rooms spread across 18 premium select- and one full-service hotel under such flags such as Hampton Inn & Suites, SpringHill Suites, Hyatt Place, Hyatt House and Sheraton. Most of the assets are concentrated…
Global real estate investment manager Clarion Partners confirmed reports in the marketplace that a group of investors headed by Clarion has acquired Gables Residential, an Atlanta-headquartered multifamily developer, owner and manager. Operating as ING Clarion Partners, a wholly-owned subsidiary of Amsterdam-based ING Group, Clarion and a small group of institutional investors acquired Gables in 2005 for $2.8 billion including debt in one of the…
In a move certain to spark conversations in the board rooms of both public and private CRE services companies around the globe, Toronto-based FirstService Corp. is planning to spin off its Colliers International commercial real estate entity as a separate publicly traded company. The board of directors of FirstService tentatively approved the plan to separate the company into two standalone firms — Colliers, which will concentrate on commercial…
Fannie Mae made its much-anticipated site selection for relocating its national headquarters in Washington, DC. The mortgage GSE announced it has selected Carr Properties’ proposal for the redevelopment of The Washington Post’s current headquarters at 1150 15th St. NW. Carr plans to demolish the existing buildings on the prominent corner site to make way for the residential mortgage creditor’s new 700,000-square-foot headquarters, a move that will…
Riverside Warehouse Partners sold its industrial building at 797-799 Palmyrita Ct. in Riverside, CA to a private investor for $14 million, or about $66 per square foot, representing a 6.42% CAP rate. The seller immediately leased back the entire building from the new owner for an eight-year term. “This was a rare, off market deal that served as a great value-add play for the buyer and a unique opportunity for the seller to cash out and exchange…
IRA Capital acquired the Upland Town Square shopping center at 813-913 W. Foothill Blvd. in Upland, CA from Newmark Merrill Companies for $23.75 million, or about $237 per square foot. The 100,350-square-foot neighborhood center was built in 1965 on 8.9 acres in the West San Bernardino County submarket of Inland Empire, on a primary East/West artery just east of Los Angeles County. Renovated in 1995, the retail center is home to national tenants…
Ahir One LLC purchased the Motel 6 at 1120 W. Colton Ave. in Redlands, CA for $4.3 million, or about $62,000 per room, from Kabir One LLC. The 69-room hospitality property, located near downtown, totals 23,450 square feet and was built in 1974. The seller recently completed a full renovation required to maintain the Motel 6 brand. Robert Feist of Atlas Hospitality Group represented the seller. Aminul Islam of Myriad Properties Inc. represented…
A private investor purchased the Villaggio at La Quinta multifamily complex at 80175 Avenue 52 in La Quinta, CA from Aspen Square Management for $24.85 million, or about $167,000 per unit. The 149-unit apartment property sits on a 10.8-acre parcel and consists of 19 buildings totaling 190,000 square feet. Built in 2007, the asset was 99 percent occupied at the time of sale. Paul Runkle of CBRE represented the seller. Braemon Hanes of Hanes…