CAPRE’s Commercial Real Estate Headlines for November 27, 2019

Check out the latest deals and developments in commercial real estate for November 27, 2019:

  • SquareFoot Announces Appointment of Michael Colacino, Commercial Real Estate Veteran, as President: SquareFoot has broadcast announced that Michael Colacino has joined in the role of president – a first for the company. Colacino previously served as president of Savills from 2002 to 2018 and was instrumental in a 2014 merger that led to the formation of real estate powerhouse Savills Studley. The news comes mere weeks after SquareFoot’s recent announcement of a $16 Million USD Series B financing round that will go toward further investments in technology, marketing, personnel, and new market expansion. SquareFoot has completed over 1,200 deals to date and has doubled its revenue each of the past two years.
  • Anton DevCo Breaks Ground on 135-Unit Multifamily Building in Walnut Creek: Anton DevCo, a leading California multifamily developer, has begun construction of Anton NoMa, a 135-unit mixed-use development located at 1910 N. Main Street, Walnut Creek. A groundbreaking event was held Thursday, Nov. 7. Catered lunch was provided by George Almeida who successfully operated the Fuddruckers restaurant on the project site for more than 20 years. Attendees included the Mayor of Walnut Creek, Cindy Silva, who shared a few words during the ceremony, Walnut Creek City Manager Dan Buckshi, City staff and other Anton partners for the project. Anton NoMa is a new mixed-use development in the desirable neighborhood of Walnut Creek, a short commute east of San Francisco and two blocks from the Walnut Creek BART station. The new development will consist of 135 apartment units with approximately 9,000 square feet of retail. Eleven of the units will be rent-restricted for low-income housing.
  • Lincoln Property Company and Modern Message Expand Resident Engagement and Loyalty Partnership Across Full Portfolio: Lincoln Property Company, the nation’s second largest multifamily manager, and Modern Message, the industry leader in resident engagement and loyalty announced today its national partnership. Launching early 2020, Lincoln will be adopting Modern Message’s platform, Community Rewards, to engage residents, deliver rewards, enhance the overall renter’s experience. Modern Message has been a long-time partner with Lincoln Property Company and Community Rewards is currently deployed on over two hundred properties. The online reputation lift from the resident engagement platform has been significant for participating communities according to JTurner Research’s Online Reputation Assessment (ORA). By January 2020, they will expand into the full portfolio serving conventional, military, affordable, and student communities nationwide.
  • Cove Property Group Announces the Closing of $724 Million Refinancing for Hudson Commons at 441 Ninth Avenue: Cove Property Group announced today the closing of a $724.2 Million USD financing for Hudson Commons, Cove’s 25-story, 698,000 square foot trophy office redevelopment at 441 Ninth Avenue in the Hudson Yards submarket of Manhattan, from affiliates of Blackstone Mortgage Trust. Cove, in partnership with The Baupost Group, purchased the property from Emblem Health in December 2016. Over the past two years, the partners pursued an ambitious and creative adaptive reuse of the original eight-story former warehouse, combining it with a new, yet contextual, 17-story overbuild. Imagined from the inside-out with an acute focus on the evolving needs of modern tenants, Hudson Commons is currently 65% leased. Peloton anchors the property with its 336,000 square foot headquarters and is joined by Lyft in 100,000 square feet and Brevet in 16,000 square feet. Only 213,000 square feet of office space remains across the newly constructed boutique tower floors, ranging from 16,000 to 23,000 square feet. This includes the penthouse, which boasts a 28-foot slab height, panoramic views of the city and a private rooftop garden.
  • CREXi Sells $63 Million USD In Las Vegas Commercial Real Estate In Clark County’s First Exclusively Online Auction: CREXi, the venture-backed commercial real estate transaction marketplace and technology platform, is pleased to announce the successful online auction of 11 properties on behalf of Clark County, Nevada. Bidders in the $63 million total sale included private investors, developers and multiple publicly traded builders and REITs, with heavy competition continuing throughout the auction. The disposition of the surplus land parcels will provide Clark County with significant sale proceeds in addition to promoting private development at these highly-strategic locations.

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