$750M, Two-Tower, MXU Condo/Hotel Approved in Honolulu

Connect Apartments is planned for September 28th in Los Angeles. Here’s where to get more information and register.   Los Angeles-based Salem Partners received final approval from the Honolulu City Council to build a second major project under Honolulu’s Ala Moana Transit Oriented Development Plan. The proposed $750-million project at 1500 Kapiolani Ave. includes 450 hotel and residential units, as well

Continue Reading

Stag Industrial Sells 1.8M-SF, Six-State Portfolio for $114M

Boston-based Stag Industrial, Inc. sold a 1.8-million-square-foot industrial portfolio comprised of seven single tenant buildings in six states for $113.5 million. The portfolio was acquired by Conshohocken, PA-based Exeter Property Group. The portfolio was comprised of buildings located in Colorado, California, Ohio, Texas, Illinois, and Arizona. The buildings ranged in size from 102,747 to 635,281 square feet,

Continue Reading

Caesars Breaks Ground on $375M Conference Center in Las Vegas 

Caesars Entertainment Corporation broke ground on Caesars Forum, a $375 million, 550,000-square-foot conference center in Las Vegas, in a push to capture more business tourism. The conference center is directly behind The LINQ Promenade retail district, and will have 300,000 square-feet of flexible meeting space. The facility will be the first of this size built on one

Continue Reading

Simon, Nobu Launch Atlanta MXU Hotel, Restaurant Destination

Simon Property Group and Nobu Hospitality broke ground on Phipps Plaza’s mixed-use redevelopment in Atlanta that will be headlined by the arrival of Nobu Hotel and Restaurant Atlanta, along with a 90,000-square-foot Life Time healthy living and entertainment destination and a curated dining experience. Plans also include One Phipps Plaza, a 13-story, 350,000-square-foot Class A office building. Simon’s David

Continue Reading

IPA Brokers $30M Phoenix Metro MF Sale

Institutional Property Advisors (IPA), a division of Marcus & Millichap, completed the $30-million sale of Modern on Gilbert, a 265-unit multifamily community in Mesa, AZ. The seller was a joint venture between Modern Residential Company and Henley USA, while the buyer was S2 Capital. Completed in 1980 on more than 19 acres, the asset is

Continue Reading

Fund Snags 404-Unit Seniors Housing Portfolio

The NHP Foundation-Urban Atlantic Fund I LLC acquired four seniors apartment complexes in Connecticut from Beacon Communities LLC. The 404-unit portfolio, located in the Hartford, CT area, consists entirely of Project-Based Section 8 Housing Assistance Payment contracts. The property originally belonged to the Errichetti family. The portfolio consists of: 150-unit Exchange Place Tower Apartments, 44

Continue Reading

Global Medical REIT Acquires IRF Portfolio for $94M

Bethesda, MD-based Global Medical REIT Inc. acquired four inpatient rehabilitation facilities from affiliates of CNL Healthcare Properties, Inc. for an aggregate purchase price of $94 million. The initial capitalization rate was roughly 7.3% and has an estimated second-year capitalization rate of 7.6%, assuming the scheduled lease increases. “We believe the rent generated by this acquisition,

Continue Reading

Corvias Expands Student Housing Project at Howard University

East Greenwich, RI-based Corvias expanded the public-private partnership (P3) with Washington, D.C.’s Howard University to provide student housing renovations to Howard Center, a former hotel/restaurant venue, most recently used as administrative offices, with ground floor retail. This brings the total scope of the partnership to 3,009 beds, $144 million in capital raised, $1.7 billion in

Continue Reading

Sephora Breaks Ground on 714K-SF Facility in North Las Vegas

Sephora broke ground on a 714,000-square-foot facility at Tropical Distribution Center in North Las Vegas. The 120-acre master-planned industrial park is being developed by Kansas City, MO-based VanTrust Real Estate, near Las Vegas Motor Speedway. “Sephora is the latest quality e-commerce company to select the North Las Vegas market,” said VanTrust’s Steve Backman. “Companies like

Continue Reading