CAPRE’s Commercial Real Estate Headlines for September 10, 2019
Check out the latest deals and developments in commercial real estate for September 10, 2019:
- Sentinel Real Estate Group and Paragon Construction Consulting, Inc. Merge to Form CREDE: Sentinel Real Estate Group, an Irvine, California-based commercial real estate development company, has announced a merger with Paragon International to form a new company, CREDE (Commercial Real Estate Development Enterprises). The company also announced the addition of commercial real estate veteran Rob Cord as President of CREDE’s Asset & Property Management division. CREDE, with offices in six states, has three distinct divisions: Development, Construction Advisory and Asset & Property Management. The new company will offer its full spectrum of services to commercial real estate clients and enhance CREDE’s developments nationwide.
- Greystone Brown Real Estate Advisors Closes $23.4 Million Sale of Multifamily Property in Atlanta, GA: Greystone Brown Real Estate Advisors announced it has closed the $23,450,000 sale of Shamrock Gardens, a multifamily property in Atlanta, GA. Greystone Brown advised the seller, Legacy Shamrock Community and brought the buyer, Alcott Capital, to the deal. The sale was handled by Barden Brown, Cory Caroline Sams, Taylor Brown, Chandler Brown, and Bo Brown, and a $19.3 million loan for the transaction was also provided by Greystone. The transaction was financed with a 10-year Fannie Mae DUS loan.The LURA requires a certain percentage of the units to be occupied by low-income residents until December 2028. Built in 1967, Shamrock Gardens is an all-brick property with 344 units – including 1, 2 and 3 bedrooms as well as onsite laundry. Residents also have access to other amenities including a community center, computer room, two playgrounds, community garden and orchard. Located at 1988 Plaza Lane, the property has MARTA bus stops onsite and is a short distance from Camp Creek Market and Hartsfield-Jackson.
- Fidelity National Financial, Inc. Announces Termination of Proposed Merger with Stewart Information Services Corporation: Fidelity National Financial and Houston-based Stewart Information Services Corporation have agreed to terminate FNF’s proposed merger with Stewart due to the Federal Trade Commission’s recent issuance of an administrative complaint seeking to block the merger. Under the terms of the merger agreement, FNF will make a payment of $50 million to Stewart in connection with the termination of the proposed merger. The FTC alleged that the merger would substantially reduce competition in state markets for title insurance underwriting for large commercial transactions, and in several local markets for title information services.
- Rexford Industrial Acquires Two Industrial Properties For $26.8 Million USD: Rexford Industrial Realty a real estate investment trust focused on owning and operating industrial properties located in Southern California infill markets, today announced the off-market acquisition of two industrial properties for a total of $26.8 million. The acquisitions were funded using cash-on-hand. The Company acquired 12200 Bellflower Boulevard, located in Downey within the LA – Mid Counties submarket, for $16.3 million, or $64 per land square foot. The short-term leased, single-tenant property contains 54,161 square feet, including a modern clear height industrial building, on 5.87 acres of land. This investment provides a near term opportunity for repositioning existing improvements into a logistics facility with excess land for trailer storage or for the development of additional building improvements due to low coverage and flexible zoning.
- BentallGreenOak Continues ESG Leadership With Top Marks in 2019 Global Real Estate Sustainability Benchmark: BentallGreenOak has again achieved top global rankings in the 2019 Global Real Estate Sustainability Benchmark (GRESB), continuing the company’s exceptional global leadership position in sustainable investing for the 9th straight year. The BGO Diversified US Property Fund was ranked 1st in the US Diversified peer group and 2nd overall globally. The BGO Prime Canadian Fund posted its best GRESB performance ever in 2019, achieving 2nd place in the Canadian Diversified peer group. The Sun Life General Account, managed by BGO, made its first ever submission to GRESB in 2019, and was graded in the top 5% in the Global Diversified category. All three portfolios made first-time submissions to GRESB’s Resilience Module, and each ranked 2nd in the Global Diversified category. The Resilience Module evaluated BGO’s portfolios and the company’s strategic approach to climate resilience compared to its global peers.