In today’s real estate news roundup we feature a number of multi-million dollar transactions impacting cities across the US, a new leasing agreement on a prominent New York office tower, the grand opening of a master planned community in Texas, and more.
Here are our real estate highlights for January 25th, 2013
Preferred Apartment Communities, Inc has just announced the acquisition of three separate multi-family communities in Austin, Texas; Atlanta, Georgia and Raleigh, North Carolina, comprising a total of 928 apartment homes. The multi-family property management specialists stated that the transaction was financed using the proceeds of its recently finalized $40 million private placement transaction, and said that it plans to rebrand the three communities as “Preferred Apartment Communities”. The total cost of three acquisitions was approximately $90 million.
Dallas-based investment firm Hillwood Investment Properties has just provided details of eight major transactions it carried out over the last month, acquiring industrial properties in five major US cities totaling 2.6 million sq. ft. The acquisitions included three industrial buildings in Chicago’s Fox Valley, O’Hare, and I-55 submarkets, two properties in Orlando’s Southwest Orange submarket, and additional purchases in Indianapolis, Memphis and Atlanta. The deal increase Hillwood Investment Properties’ total portfolio sized to an impressive 9.7 million square feet. Hillwood’s Executive Vice President of Acquisitions Tom Fishman (pictured left) had this to say:
“We continue to increase our industrial portfolio with selective acquisitions in our targeted industrial markets. We closed out 2012 with incredible success and will continue seeking strategic investment opportunities in 2013.”
Vornado Realty Trust finally clarified speculation surrounding LNR Property LLC’s future, announcing that the diversified real estate investment, finance, management and development company has entered into a definitive agreement to be sold, without providing any details on the buyer. Vornado, a 26.2% stakeholder in LNR Property LLC, said that the deal would be finalized in the second quarter of this year, netting the trust a cool $241 million.
In New York, the South Korea-based Hana Bank has agreed to renew its 7,318 sq. ft. lease on the 15th floor of 650 Fifth Avenue, a prominent office block located on the northern edge of Rockefeller Center. Dr. Houshang Ahmadi, President of the Alavi Foundation that owns the 650 Fifth Avenue Company, made the following statement on announcing the deal:
"Coming right on the heels of the building's recent extensive capital improvement program, this transaction is further proof of our commitment to quality services and long-term tenant retention. 650 Fifth Avenue remains a premier New York City office location and we are pleased to negotiate a beneficial lease renewal for a respected financial organization such as Hana Bank."
Blackburn Communities has just given details of a planned Pre-Grand Opening event that puts the spotlight on its newest community, The Preserve at Mayfield Ranch in Southern Texas. The event is set to take place on February 9 from 12pm to 5pm, and will give interested buyers the first opportunity to select a homesite and preferred floor plan, and take advantage of discounted pre-grand opening prices. With its modern homes priced in the $170K to $240K range, and its advantageous location at the crossroads of Round Rock, Cedar Park and Georgetown, The Preserve at Mayfair Ranch is likely to attract a great deal of attention from regular buyers and investors alike. Those interested in attending the event or learning more about this master planned community can download the brochure and RSVP here.
One final piece of news comes from the real estate firm Prudential Northwest Properties, which has revamped its website at www.prunw.com, adding compatibility with mobile devices, improved search tools, a simplified user interface, video listings and user-generated real estate market information. The most impressive new feature is a new interactive map powered by BrokerTec Systems’s Market Watch technology, highlighting trends, active listings, price changes and other info for any market in the US.