AIG provides $280m refinancing for Brooklyn mixed-use property

American International Group (AIG), a U.S. multinational finance and insurance corporation, has provided a $280 million loan to refinance a newly redeveloped retail and office building in Brooklyn, N.Y. The building is called Empire Stores. The six-story property is comprised of 377,929 square feet of office space and 65,082 square feet of ground-floor retail. A JLL Capital Markets team secured the 15-year loan on behalf of the borrowers, Midtown Equities and HK Organization. Terms of the financing were undisclosed.  

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JLL Income Property Trust sells San Francisco office building for $227m

JLL Income Property Trust, an institutionally managed, daily-valued, perpetual life REIT has sold 111 Sutter Street in San Francisco, a multi-tenant office building and the largest single property investment in its 70 property, $2.7 billion portfolio. At a sale price of $227 million, this asset had appreciated to nearly 10 percent of the portfolio. With near-record pricing for the San Francisco market, the asset closed at more than two times the initial acquisition cost. The disposition comes at a time…

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Amazon pulls out of NYC HQ project

Amazon has backed out of plans to open a new headquarters in New York City, blaming local politicians who “had opposed our presence and will not work with us.” “After much thought and deliberation, we’ve decided not to move forward with our plans to build a headquarters for Amazon in Long Island City, Queens,” the company statement said. “For Amazon, the commitment to build a new headquarters requires positive, collaborative relationships with state and local elected officials who will…

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RedHill acquires a 386-unit multifamily asset in outskirts of Seattle

RedHill Realty Investors has acquired Miro at Dash Point Apartment Homes in Federal Way, Wash. The acquisition is key to RedHill’s West Coast acquisition strategy that targets well-located value-add and core-plus communities in primary and secondary markets. Miro at Dash Point is a 386-unit multifamily asset that benefits from a low-density feel, in-unit washers and dryers. Additionally, the property is less than two miles from a future light rail station that is fully funded, scheduled to open in 2024,…

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Thor Equities Group acquires first property in Austin

Thor Equities Group has closed on the acquisition of 1005 East Saint Elmo Road, its first property in Austin, for $16 million. Located within the South Congress (SoCo) neighborhood, the 60,000-square-foot creative office campus was constructed in 2017. The property is currently 100 percent occupied by a variety of tenants including Saatva, Skull Mechanix, Fuse Architecture Studio, and Ignite Fitnez. “We are pleased to acquire our first asset in the South Congress area of Austin, which is continuing to…

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IDS Real Estate Group and Lionstone Investments buy office buildings in San Diego

A partnership between IDS Real Estate Group and Lionstone Investments has acquired four class A office buildings totaling 181,200 square feet within the Liberty Station mixed-use development in San Diego for $76.8 million. The assets were sold by McMillin Cos. The purchase was financed with $58.9 million in acquisition capital, provided by Suntrust Bank. Liberty Station is situated within the greater 360-acre Liberty Station master-plan development, which includes 349 residential units; 347 hotel rooms (with an additional 650 hotel…

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T2 Hospitality plans high-rise project in Dallas

T2 Hospitality of Newport Beach, Calif., has proposes to develop a new high-rise project in Dallas’ Uptown neighborhood. The 19-story, 230-room hotel will be designed by Dallas architect HKS and SWA Group. It will include four levels of underground parking as well as a pocket park at its corner. No hotel company brand has been identified yet.

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Cushman & Wakefield to provide agency leasing services at Tysons Park Place in D.C. suburb

Cushman & Wakefield has announced that developer B.F. Saul Co. has selected the firm to provide agency leasing services for Tysons Park Place, a 408,000-square-foot class A office tower in McLean, Va. B.F. Saul will demolish the existing structure at 7926 Jones Branch Drive, Park Place I, and redevelop the property, with the new, 18-story building slated to deliver in mid-2023. Designed by architecture firm HOK, the building will be LEED Gold certified and provide immediate access to Interstate…

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Gadsden Growth Properties acquires $240m mixed-use asset in San Francisco Bay Area

Gadsden Growth Properties, a privately-held real estate corporation that signed an agreement in November 2018 to merge with FC Global Realty, has acquired Mission Hills Square in Fremont, Calif. The property is a mixed-use ground-up development that includes 158 residential apartment units and 53,900 square feet of retail space for approximately $240 million in a combination of cash and stock. The firm’s core strategy is buying strong retail and mixed-use assets in secondary markets with robust economic and socioeconomic…

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Ascentris launches new capital program

Ascentris has launched a new capital program called the Generational Capitalization Program (GCP). The program was formed specifically to acquire, develop and ultimately hold, for 10-years or longer, high-quality income-producing properties located in generational (high-barrier-to-entry) locations throughout the United States. The program enables joint venture partners to continue to own and manage properties for the purpose of long-term holds. In additional news, Tricia Noble, who has been with Ascentris since 2012, was recently named its newest partner, while Jacque…

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