NYC multifamily transactions fall below 100 transactions for first time since Q2 2010

During the first quarter of 2019, the New York City multifamily market experienced declines in comparison to 2018, according to research by Ariel. With the political power shift that occurred in the New York State Assembly during this past November, impending legislation pertaining to rent regulation is expected to be enacted later this year. New York City saw 75 multifamily transactions comprised of 110 buildings totaling $2 billion in gross consideration for the first quarter of the year. When…

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Flexible office trend affecting markets around the world

It’s time for office property owners and investors to think outside the box and adapt to the changing needs of space users. Trends such as co-working, space as a service (SaaS), open-plan layouts, fewer fixed-desks and walled-in workspaces, and higher allocations to amenity space have implications for both cash flow and value changes, according to The Rapid Growth of the Flexible Office, a white paper by LaSalle Investment Management. To maintain asset values, owners will need to respond to…

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HFF arranges $145m financing for San Diego apartment development

HFF has arranged $145 million in construction financing on behalf of Sunroad Enterprises for the development of Centrum Apartments Phase 6, a 442-unit, class A apartment project in San Diego. HFF worked on behalf of Sunroad Enterprises to arrange the floating-rate construction loan through PCCP. Centrum Apartments Phase 6 will be the final phase of the 232-acre Centrum Master Plan that encompasses some of San Diego’s newest development and numerous employers.  Due for completion in late 2020, the five-story, Type 3A residential…

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Pacific Industrial completes largest non-portfolio industrial property disposition in California

Pacific Industrial has completed the largest non-portfolio industrial property disposition in California in the past 24 months with the sale of Sierra Pacific Center, a two-building, 1,495,208-square-foot, class A industrial facility in Fontana, Calif. “We had the opportunity to sell this 1.5 million-square-foot property at a record cap rate of 3.68 percent, and we are simultaneously developing 1.5 million square feet of new best-in-class industrial properties in other Southern California markets,” said Dan Floriani, partner and co-founder of Pacific…

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Grosvenor Americas–backed D.C. project breaks ground

Developers Urban Atlantic, Hines and Triden Development Group have broken ground on its The Vale apartments and The Brooks condominiums at the Parks at Walter Reed in Washington, D.C. The new mixed-use, mixed-income neighborhood will include more than 3.1 million square feet of new construction and adaptive reuse of existing historic structures. The 66-acre redevelopment is a public-private partnership with the District of Columbia. Since the Master Development Team took possession of the site in late 2016, campus development…

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TGM acquires Fort Lauderdale waterfront apartment community

TGM has acquired TGM Harbor Beach, a waterfront, mid-rise style apartment community with 394 units in Fort Lauderdale, Fla. The waterfront community was completed in 2017 and is located on 3.8 acres, surrounded by quality walkable retail and lifestyle amenities. The property is in close proximity to major employment centers in downtown Fort Lauderdale and throughout Broward County, Fla.  “TGM Harbor Beach represents a unique opportunity to expand TGM’s footprint on the east coast of Florida with the addition…

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ShopOne names Jim Sylvia to board of directors

ShopOne Centers REIT has appointed James “Jim” Sylvia as an independent director, effective immediately. Sylvia adds more than 30 years of retail and supermarket real estate executive experience to ShopOne, expanding the company’s board to five directors. Sylvia, a widely recognized grocery retail industry leader, currently serves as the founder and president of Readco-Sylvia Advisory Services, a consulting business specializing in real estate, retail and e-commerce. He also is a partner in Readco Portfolio, a real estate investor, developer…

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Passco Cos. announces Carey Levy as president

Carey P. Levy has rejoined Passco Companies Development as president. He previously served in the same capacity from 2007 to 2013. “We are extremely pleased to have Carey return as part of the Passco team, where he will play a critical role as we continue to expand our platform and initiate an increasing number of development projects,” said Larry Sullivan, Passco Companies president. “Carey’s experience, leadership, and significant industry relationships will enhance the growth of Passco Companies Development.” In…

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More than half of middle-income seniors will lack financial resources for senior housing and care by 2029

Demographic shifts in the United States over the next decade will nearly double the number of middle-income seniors ages 75 and over — more than 14 million people — lacking the financial resources to afford senior housing with supportive personal care services, a new study shows. The study, published by the journal Health Affairs and also scheduled to appear in its May 2019 edition, identifies a vast new “middle market” for the senior housing and care industry and underscores the need…

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