A venture of Federal Capital Partners and Angelo, Gordon & Co. is offering for sale the Fairways at Towson, an 828-unit apartment property in the Baltimore suburb of Towson, Md. The property, at 6906 Donachie Road, could sell for about $103.5 million, or $125,000/unit. It's being offered through CBRE.
Ares Management is offering for sale Embassy Row, a 666,274-square-foot office property in Atlanta's central perimeter submarket. CBRE is marketing the complex, which could sell for about $100 million, or $150/sf.
A total of 22,514 CMBS conduit loans with a balance of $278.1 billion come due in the next three years. While a seemingly massive wall of maturities, the volume has shrunk by nearly 10 percent over the past nine months. But there's a bit of natural selection going on and many of the loans that remain could face challenges getting taken out.
Hines has agreed to sell a 206,000-square-foot industrial property that it had planned to redevelop into a mixed-use complex in Santa Monica, Calif., for $113 million, or $550/sf. The property's being purchased by a venture of Lincoln Property Co. and Clarion Partners, which will likely redevelop it into creative office use.
Nightingale Group has struck a deal to pay roughly $100 million, or $125/sf, for 1835 Market St., a 799,994-square-foot office property in Philadelphia. The New York investor is buying the 29-story building from the California State Teachers' Retirement System in a deal arranged by JLL.
Thackeray Partners is seeking $300 million of commitments for its fourth investment fund. The Dallas investment manager has so far raised $204 million of its target. The fund would be a follow-up to a vehicle that raised $225 million - more than the $200 million targeted - in 2012.
Seer Capital Management, a New York investment manager that started investing in CMBS earlier this year, was the most active buyer of B-pieces during the third quarter. The company is one of two newcomers to the market this year. For the nine months, Rialto Capital Management was the most active player.
The Los Angeles investor has taken a first round of offers for a portfolio of three apartment properties, in Florida, Georgia and Ohio, with a total of 1,028 units. It plans to take a second round later this month. It's offering the properties, which it had acquired following the capital-markets collapse, through CBRE.
The Pier Shops at Caesars, a 303,788-square-foot retail property in Atlantic City, N.J., that had served as collateral for $135 million of financing, including $80.5 million that was securitized, is under contract to be sold for roughly $3 million. The buyer is Tower Investments Inc. of Philadelphia.
The Indianapolis REIT has tapped Cassidy Turley to market for sale a portfolio of eight office buildings in the St. Louis area. The portfolio consists of six buildings in the Maryville Centre business park in St. Louis, and Woodmills Commons, with two buildings off Highway 141 in Chesterfield, Mo.
Strong August REIT Performance Fueled by a healthy economic outlook, improving real estate market fundamentals, and ongoing low interest rates, REITs experienced strong growth in August. The 3.38 percent monthly gain in the FTSE NAREIT all REIT Index was not as strong as the NASDAQ (4.82 percent) or the S&P 500 (4.00 percent) and only...
REITs Set to Emerge in India in 2015 After more than five years, India is poised to become the latest country to offer REITs. The process that began in 2008, but was derailed by the financial crisis, should reach fruition in 2015. In July, India’s Finance Minister awarded tax pass-through status to REITs, exempting them from federal taxes as...
The Debut of Telecom REITs Telecommunications network assets are the latest specialized REIT category to make industry waves. In late July, Arkansas-based Windstream (WIN) received a private letter ruling from the IRS for its plan to create a REIT that will own its fiber optic and copper cables, as well as other fixed real estate assets...