CAPRE’s Commercial Real Estate Headlines for January 7, 2020
Check out the latest deals and developments in commercial real estate for January 7, 2020:
Gatski Commercial Real Estate Seals Two $40 Million USD Deals to Close 2019: Gatski Commercial Real Estate, a Las Vegas company, recently completed its second $40 million-plus deal in several months, representing the buyer in the $40.2 million sale of the Anthem Highlands retail complex in Henderson. Gatski Commercial President and Chief Executive Officer Frank Gatski joined Gatski Commercial brokers Laramie Bracken and Brenda Olson in representing the buyer Equus Anthem Highlands, LLC in the deal for the 118,613-square-foot property at 2810-2930 Bicentennial Parkway in Henderson. The complex was fully occupied at sale; tenants included Albertsons, CVS, Wells Fargo, Bank of America and Starbucks. Gleb Lvovich of the Newport Beach, California, office of commercial real estate company Jones Lang LaSalle represented the seller, Phillips Edison & Co. in the deal, which closed in less than 60 days. Over the summer, Gatski Commercial represented a private seller, Equus Investment Group, LP who sold the 358,181-square-foot Equus Business Center at 3400 Desert Inn Road, 3110-3230 Polaris Ave. and 3401 Sirius Ave. in Las Vegas for approximately $42 million to Irvine, California-based MCA Realty. The property was approximately 90 percent occupied when it was sold, listing 180 tenants. Dan Doherty from Colliers, Gabe Telles and Ali Roesener from Gatski Commercial represented the buyer and Frank Gatski represented the seller.
- Innovative Industrial Properties Appoints Mary Allis Curran, Former Bank Executive, to its Board of Directors: Innovative Industrial Properties, the first and only real estate company on the New York Stock Exchange focused on the regulated U.S. cannabis industry, has announced the appointment of Mary Allis Curran to its board of directors. Ms. Curran spent 25 years at MUFG Union Bank, N.A., during which time she held several executive level positions, including Executive Vice President, Corporate Banking Chief Risk Officer from 2011 to 2014, and Executive Vice President, Head of The Private Bank at Union Bank from 2006 to 2011. During her time with Union Bank, Ms. Curran worked closely with its board and management to build an infrastructure focused on a strong, proactive, integrated and effective risk management. Ms. Curran was also tasked with improving the performance of Union Bank’s Wealth Management practice, a business unit with offices throughout California, Washington and Oregon. Prior to 2006, she spent 17 years in leadership roles in commercial banking.
Camden Property Trust Announces Recent Acquisition and Disposition Activity: Camden Property Trust has broadcast two deals signed in December. On December 5, the company acquired a 186-home apartment community located in Raleigh, NC. The community (formerly known as The Carolinian on Glenwood) is a luxury mid-rise building completed in 2017 and features over 20,000 square feet of indoor and outdoor amenity space, including an extensive rooftop terrace with an entertainment area and expansive views. The community will be renamed Camden Carolinian. On December 19, the company acquired a luxury 552-home apartment community with an adjacent 2.25-acre development site located in Houston, TX. The community formerly operated as three properties known as Aria at Willowick Park, Olympia at Willowick Park, and The Townhomes at Willowick Park, and offers a variety of floorplans in two mid-rise buildings and three-story townhomes. The property, completed in 2015, features upscale interior finishes with numerous high-end amenities and provides convenient access to restaurants, retail and employment hubs. The community will be renamed Camden Highland Village.
Newmark Appoints Kenneth A. McIntyre to its Board of Directors: Newmark Group has announced the appointment of Kenneth A. McIntyre to serve as a member of the Board of Directors, effective January 1, 2020, for a term to expire at the 2020 Annual Meeting of Stockholders of the Company, or until his successor is duly elected and qualified. Mr. McIntyre was also appointed to the Audit and Compensation Committees of the Board. Mr. McIntyre has over 25 years of experience in the commercial real estate industry. He is the Founder and Managing Principal of PassPort Real Estate, LLC, a New York-based consulting firm focused on advising developers and institutions on commercial real estate deal and platform structuring. His clients include REAP, a non-profit that is focused on increasing the diversity of talent in the commercial real estate industry, where he serves as the Executive Director, and the Port Authority of New York and New Jersey, where he acts as Executive Advisor to the Office of Diversity and Inclusion.
Project Queens Announces Technology-Driven Real Estate Brokerage in Queens: Project Queens has launches a forward-thinking, technology-driven real estate brokerage specializing in Queens, NY. Headed by influential commercial real estate broker, Michael Wang, this brokerage takes his seasoned experience and leverages it with advanced technology to deliver incredible market exposure and provide comprehensive support for project developers and investors. Project Queens is the brainchild of Michael Wang, who is also the Co-Chair of the Real Estate Committee at the Queens Chamber of Commerce. Michael has decided to launch this brokerage to bridge the gap between the traditional ways of brokering with a more modern, technologically-based, and service-oriented process. Unlike other commercial real estate companies in Queens, Project Queens is the only agency that specializes in commercial leasing based solely in Queens.