The top U.S. destinations for movers aren’t where you think

The typical homebuyer only moves 15 miles from their current residence, but realtor.com®’s Top Moving Destinations analysis shows that metros that offer relative affordability, strong employment and large boomer populations can entice people to pull the trigger on an out-of-state home purchase. Released today, the list is made up of mostly medium-sized markets, including: Charleston, S.C.; Boise, Idaho; Honolulu; Columbia, S.C.; Fort Myers, Fla.; Portland, Maine; Sarasota, Fla.; Greenville, S.C.; Tucson, Ariz.; and Las Vegas. Metros were ranked based…

Read More >

Taconic pays $220m for two buildings in Manhattan

Taconic Investment Partners has agreed to pay $220 million for two office and television production buildings totaling 513,437 square feet in Manhattan’s Upper West Side area, reported Commercial Observer. The seller is Silverstein Properties. The assets located at 125 West Side Avenue, 320 West 66th Street and Lot 61 comprise 513,437 rentable square feet. The properties are part of the nine-building, 1.7 million-square-foot ABC campus purchased by Silverstein in July 2018 for $1.15 billion.

Read More >

Apple pays $290m for Cupertino offices

Apple has paid $290 million for a pair of office buildings near its Cupertino, Calif., headquarters, the Mercury News reports.  The two buildings are located at the corner of Stevens Creek Boulevard and Torres Avenue. The seller was Los Angeles–based American Realty Advisors. The two new buildings total more than 300,000 square feet. The buildings, called Cupertino City Center 1 and Cupertino City Center 2, sit two miles from Apple Park, the company’s new 2.8 million-square-foot circular headquarters, and…

Read More >

RLJ Lodging Trust completes sale of 18 noncore hotels

RLJ Lodging Trust has closed on the previously announced disposition of 18 noncore hotels. The buyer was not disclosed. The hotels are located in Austin, Dallas and Houston; Louisville, Ken.; Golden and Louisville, Colo.; and Mishawaka, Ind. The portfolio totals up to 2,119 rooms. The sale was part of two portfolio sales, totaling 39 hotels for approximately $490 million. “Our recently announced dispositions will not only transform our portfolio quality and improve our growth profile, but will also create…

Read More >

Cheers: A new niche is brewing

Is the brewery sector a new real estate niche for investors? Recently, Greene King, Britain’s biggest pub owner, has agreed to sell its entire business to CKA Group., a real estate group run by Hong Kong’s richest family. The sales price was £2.7 billion ($3.3 billion). The Suffolk business is the United Kingdom’s biggest pub owner, with about 2,700 pubs, restaurants and hotels across the country. CKA said it was particularly attracted to Greene King because of its “established…

Read More >

Blue Atlantic Partners III closes on $140m

Atlanta | Pacific Companies, a real estate operating company, and privately-held real estate asset manager Blue Arch Advisors have raised $140 million at the first close of their co-sponsored fund, Blue Atlantic Partners III, the firms announced Aug. 19. The fund will expect to see further closings in the coming months and is looking to raise a total of $300 million to invest in value-add multifamily properties in affluent suburbs of major cities in the southern United States. With…

Read More >

Terreno Realty Corp. acquires property in Los Angeles

Terreno Realty Corp., an industrial owner/operator, has acquired an industrial property located in Los Angeles for $18.1 million. The property consists of five industrial buildings containing approximately 53,000 square feet on approximately 1.9 acres adjacent to the Downtown Los Angeles Arts District. The buildings include an 11 grade-level loading positions and parking for 83 cars. The property is 90 percent leased to seven tenants. Terreno Realty Corp. acquires, owns and operates industrial real estate in six major coastal U.S….

Read More >

Pearlmark closes on $45m equity investment for mixed-use development in Florida

Pearlmark has closed on a $44.65 million preferred equity investment for the development of Atlantic Crossing, located in Delray Beach, Fla.  The project will contain 261 luxury apartment units, 91,000 square feet of commercial office and retail space, as well as 444 structured parking spaces. The developer is the Edwards Cos., based in Columbus, Ohio.  The investment was originated by Pearlmark and made on behalf of Pearlmark Mezzanine Realty Partners IV and an institutional co-investment partner. A senior construction loan…

Read More >

Harman Realty forms JV with Olympia

Harman Realty has appointed Olympia Hotel Management to manage the new Hyatt Place Harrisonburg in Harrisonburg, Va. The hotel’s developers broke ground on Aug. 2, and it is expected to open in September 2020. Hyatt Place Harrisonburg will be the city’s newest and most contemporary hotel, conveniently located near Harrisonburg Crossing, the James Madison University campus and the new convocation center, which is under construction and will add to the area as a convention and concert venue. Hyatt Place…

Read More >

Prologis buys 11-acre industrial asset in Southern California from AT&T

Prologis has purchased an 11-acre industrial site located at 2420 Yates Ave. in Commerce, Calif., from AT&T, the Los Angeles Business Journal reported on Aug. 15. The $41.4 million deal includes an 85,000-square-foot industrial facility and an office space. Low vacancy rates in the region’s submarket, in addition to its proximity to dense populations, terminal transportation facilities and accessibility to downtown and the South Bay drew the firm’s interest in the asset. “This was an extremely rare, off-market opportunity…

Read More >