News/Events
Independence Realty Trust To Buy Centerspace, Creating $8.1B REIT
The all-stock deal will create a company with an $8.1B enterprise valuation and a firm that owns more than 44,000 apartments.
Harrison Street Hires Dan Fanelli as Co-Head of U.S. Investment Solutions in NYC
Harrison Street Asset Management is appointing three new executives to lead its strategies in the U.S., Asia and Europe. Dan Fanelli will join the global investment management firm as managing director and co-head of its Investor Solutions Group. Fanelli’s move comes after stints at PGIM, Brookfield Asset Management and Innovo Property Group, according to Harrison…
LORE and Element Land $58M to Build Miami Condo
LORE Development Group and Element Development have nabbed a $58 million construction loan for a boutique condo project in Miami’s coveted Coconut Grove neighborhood. SME Capital provided the 30-month senior financing, which includes two six-month extension options, backing the eight-story development called the Lincoln. The project is set to include 48 units at 2650 Lincoln…
Madison Realty Capital Lends $77M for Whole Foods-Anchored Texas Development
A joint venture between Trademark Property Company and Harrison Street Asset Management has sealed $77 million of construction financing to build a mixed-use development in the Dallas-Fort Worth region anchored by Whole Foods, Commercial Observer has learned. Madison Realty Capital originated the loan for the sponsorship’s Shivers Farm project in Southlake, Texas, featuring 37 single-family…
CBRE Investment Management Acquires $1.6B Net-Lease Portfolio
CBRE Investment Management is placing a big bet on the net-lease business. CBRE Investment Management — the $155 billion global investment arm of CBRE — announced Wednesday that it acquired Tenet Equity’s $1.6 billion net-lease platform that includes 208 assets in 39 states encompassing 12 million square feet of commercial real estate. The net-lease portfolio…
Skip the Script — a Great Seller’s Broker Creates a Strategy Based on Market Feedback
One of the biggest mistakes a broker can make when marketing an investment property for sale is prescribing the entire structured marketing process, including bid dates, number of bidding rounds, etc., before the market has had an opportunity to speak. I have seen marketing proposals that lay out a neat sequence: four weeks of marketing,…
SL Green Sells 110 Greene Street to Natora Group for $226M
SL Green Realty’s disposition strategy is now in full swing. New York City’s largest office real estate investment trust (REIT) announced Wednesday that it has sold 110 Greene Street — a 13-story, 223,000-square-foot Class A office building in Manhattan’s SoHo neighborhood — to Natora Group for $226 million. Eastdil Secured Savills’ Gary Phillips, Will Silverman…
Dwight Refis LA-Area Apartments With $62M Loan
GR Properties USA has sealed $62 million of bridge debt to refinance a newly developed multifamily project in suburban Los Angeles, Commercial Observer has learned. Dwight Investment Management, an affiliate of Dwight Capital, closed the loan for the 139-unit Lana property in Culver City, Calif. The financing was originated by Dwight’s Katie Goldenberg and will…
AI Real Estate Platform Orbital Leases 11K SF at 40 West 25th Street
An artificial intelligence platform used to aid real estate attorneys is relocating its Manhattan office just a few blocks north, Commercial Observer has learned. Orbital signed an 11,185-square-foot lease for the entire sixth floor of the Kaufman Organization’s 40 West 25th Street in a move from 18 West 18th Street, which has served as a…
