CAPRE’s Commercial Real Estate Headlines for January 13, 2020
Check out the latest deals and developments in commercial real estate for January 13, 2020:
- Bridge Investment Group Names Matthew Jensen Managing Director of ESG and Sustainability: Bridge Investment Group (“Bridge”) has named Matthew Jensen as Managing Director of ESG and Sustainability. He will oversee the development, implementation and refinement of Firm-wide environmental, social and governance initiatives and practices, driving sustainable investments and operations. Mr. Jensen is a Partner at Bridge, and previously served as Chief Operating Officer of Fund Operations at the Firm. In his new role, he will lead the Firm’s ESG Steering Committee in setting targets for and promoting Firmwide environmental, social and governance initiatives, collaboration and engagement in areas that are important to Bridge stakeholders, including investors and tenants.
- Institutional Property Advisors Closes Luxury Mixed-Use Asset Sale in LA’s Koreatown: Institutional Property Advisors, a division of Marcus & Millichap have announced the sale of the Pearl on Wilshire, a seven-story, 346-unit multifamily property with 7,813 square feet of retail on Wilshire Boulevard in Los Angeles’ Koreatown neighborhood. The complex sold for $170,875,000, which represents $493,858 per apartment unit. The Pearl on Wilshire is located near two metro stations and within a half-mile of over 2.2 million square feet of neighborhood-servicing retail businesses, restaurants, and entertainment venues. Within a 30-minute commute there is approximately 225 million square feet of office space and many prominent employers across a wide variety of industries.
- Prologis Completes $4 Billion USD Acquisition of Industrial Property Trust: Prologis has completed the acquisition of the wholly owned real estate assets of Industrial Property Trustfor approximately $4 billion in cash, including the assumption and repayment of debt. Under the terms of the merger agreement, Prologis acquired IPT through its two U.S. co-investment ventures, split evenly between USLF and USLV. The portfolio comprises 37.5 million square feet and 236 properties, 96 percent of which are in existing Prologis markets. The transaction expands Prologis’ position in key markets across the U.S., including Southern California, the San Francisco Bay Area, Chicago, Atlanta, Dallas, Seattle and New Jersey.
- Lexerd Capital Management Sponsored Fund Acquires Multifamily Property in Hillsborough, NC: Lexerd Capital Management, a New Jersey-based sponsor of private equity funds, announced today that one of its funds has acquired “Ashford Lakes,” a multifamily property located in Hillsborough, NC. The property, renamed The Lory of Hillsborough (“The Lory of Hillsborough”), consists of 166 garden and townhome style apartments dwelling units across twenty-two (22) two-story multifamily apartment buildings and a one-story community building. The property is situated on 21.8 acres, featuring a gross rentable area of 178,944 square feet. Situated on a private lake, the property has had over $2MM in recent capital improvements, including new exterior vinyl siding and roofing, as well as refreshed amenities including a clubhouse renovation, upgraded pool, and a new pedestrian bridge over the lake. Future capital projects include upgrading countertops and appliances and adding a boat dock and lake-side deck.
- Gateway at Wynwood Scores $76 Million USD Construction Loan as New Office Submarket Emerges in Miami: 3650 REIT (“3650”), a balance-sheet lender which originates, services and asset-manages long- and short-term fixed-rate commercial real estate loans through maturity, along with Berkadia Commercial Mortgage, a leading mortgage banking, investment sales and servicing firm, announce the origination of a $76 Million USD bridge loan for the construction of Gateway at Wynwood, a Class A office and retail complex to be located at 2916 N. Miami Ave in Miami, Florida. The property is being developed by New York-based Rose & Berg Realty Group, a family-owned real estate management, leasing and construction company.