Raintree Partners buys mid-rise multi-housing building in La Jolla, Calif.

Raintree Partners, a private commercial real estate investment company principally engaged in the acquisition, development and redevelopment of multifamily residential and mixed-use properties in the major West Coast markets, with a particular geographic focus in California, has purchased the Regents La Jolla, a 333-unit, mid-rise multi-housing building in La Jolla, Calif. LaSalle Investment Management was the seller. The price was undisclosed. Raintree Partners purchased the asset free and clear of existing financing. Regents La Jolla consists of nine four-story…

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Westport Capital Partners JV breaks ground on industrial park in Savannah

A joint venture owned by North Signal Capital and a fund managed by Westport Capital Partners has broken ground on two of the last developable sites within 10 miles of the Port of Savannah in Georgia. “The sites are just seven miles from the Georgia Ports Authority, home of the fourth-largest and fastest-growing port in the nation. The opportunity to deliver highly attractive total occupancy costs to tenants in a market with sub–1 percent industrial vacancy rate drove our…

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Stonebridge, Walton Street Capital buy 280-room hotel in New Orleans

Stonebridge Companies has acquired the 280-room Embassy Suites by Hilton New Orleans Convention Center hotel on Julia Street. Stonebridge bought the property in partnership with an affiliate of Walton Street Capital. It is the first property Stonebridge owns in New Orleans. The price was not disclosed. Stonebridge, a privately owned hotel operator, owns 60 hotels throughout the United States, including two other Embassy Suites properties.

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LaSalle Investment Management completes $10m lobby renovation in Boston

LaSalle Investment Management has completed its $10 million lobby project at 110 High St., part of 50 Post Office Square in Boston. The lobby consists of Boston’s first and largest indoor-outdoor digital media installation with three digital art modes that react to traffic in the lobby in a variety of fun and interactive ways. The building’s occupancy now stands at 100 percent. A new tenant is Medidata Solutions, a life sciences technology company. LaSalle Investment Management acquired 50 Post…

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Mesa West Capital provides $42m financing for two properties

Mesa West Capital has provided $42 million to a joint venture between GW Properties and Angelo Gordon to finance its $26 million purchase of two Macy’s furniture and mattress stores located just outside of Chicago, reported Commercial Observer. GW and Angelo Gordon bought the Macy’s Furniture and Mattress Gallery stores, at the Woodfield Mall in Schaumburg for $11.7 million, and the other property near the Oakbrook Center in Oak Brook for $14.7 million. The partners plan to repurpose the…

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Crow Holdings Capital Partners provides equity to four Baranof Holdings properties

Crow Holdings Capital – Real Estate has provided equity to four properties owned by Baranof Holdings. All properties are under construction. The properties include Baranof Holdings’ recent acquisition of a self-storage development parcel located at 324 Nepperhan Ave. in Yonkers, N.Y. The project consists of a seven-floor, institutional-quality self-storage facility. The development, which received site plan approval on Jan. 9, 2019, will contain 93,100 rentable square feet in a total of 1,174 climate-controlled units. The facility in Yonkers will…

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Alcion, Akridge complete D.C. WeWork office project

Development firm Akridge and its partner, Alcion Ventures, have finished its 1701 Rhode Island Ave. project in Washington, D.C. In addition, they have signed WeWork to occupy the 104,000-square-foot boutique office property. “1701 Rhode Island allows WeWork to not only meet the increasing demand of the area, but also test out different concepts in the market as the company continues to evolve,” stated Zach Boroson, senior vice president, JLL. Lex Miller, WeWork’s director of business operations, Northeast and mid-Atlantic,…

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Mandarin Oriental to manage BLG Capital-owned Manhattan luxury condos

Mandarin Oriental Hotel Group has agreed to brand and manage 69 luxurious residences, Mandarin Oriental Residences at 685 Fifth Avenue, in New York City, The project is scheduled for completion in 2021. SHVO, BLG Capital and Deutsche Finance America own the 1920-built property on Fifth Avenue. Work has started on the conversion of the building’s office component into 69 apartments. The Residences will feature a variety of facilities, including a library and lounge on the top floor of the…

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Brookfield lends $284m to Atlanta’s Piedmont Center

Holliday Fenoglio Fowler and Cushman & Wakefield have arranged $284 million in financing for the acquisition of Piedmont Center 14 and recapitalization of the borrower’s existing holdings within the Piedmont Center office park in Atlanta’s Buckhead submarket. The HFF and Cushman & Wakefield teams worked on behalf of the borrower, The Ardent Cos., to secure the floating-rate loan through the lender, a Brookfield-sponsored real estate debt fund. Upon the acquisition of Piedmont Center 14, The Ardent Companies’ ownership within…

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Construction industry momentum to carry through first half of 2019

Strong construction momentum will easily carry through the first half of 2019, despite project margins facing pressure from all sides. JLL’s Construction Outlook finds robust U.S. economic fundamentals will drive further growth of the sector, which in 2018 recorded a 5.1 percent increase in total construction value and a 4.5 percent increase in employment. Potential risks to the construction sector such as trade war escalation, deteriorating macroeconomic conditions and the worsening labor shortage, are largely balanced by potential boosts…

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