Tag Archives: largest

New Haven-Area Rentals Bring $136 Million in Largest House Sale in Connecticut History

Jones Street’s Purchase of Town Stroll Sets New Record for Nutmeg State, Though a $165 Million Apartment Sale in Downtown New Sanctuary May Not be Far Behind

Boston home designer Jones Street Investment Partners has actually closed on an apartment complex near New Sanctuary in a deal that signs up as the largest single multifamily sale ever in the state of Connecticut, though the record may have a brief run.

Jones Street paid $136.5 million, or about $179,000 per system, for the Town Walk at Hamden Hills, a vast 764-unit, garden-style complex in Hamden. Located at 100 Town Stroll Dr., the property is about 75 miles northeast of downtown Manhattan, and simply outside New Haven.

Rental homes in Connecticut have actually cost more on a per-unit cost basis. However the Town Walk is the most significant pure dollar rate paid in the state for any single house residential or commercial property, according to CoStar data and area brokers.

Until now, the record had been $134.7 million. That’s what Capri Investment Group of Chicago paid for the 101 Park Location apartment or condos in Stamford, Connecticut, in January 2014. That equated into $401,000 per system for the 336-apartment complex.

Home to Yale University, Quinnipiac University and the University of New Sanctuary, the city is a college town, with education and health services as the most significant employment sectors. Neither sector is renowned for its increasing development, and the regional economy shows that with a few of the greatest unemployment rates in the Northeast, inning accordance with CoStar research.

Nevertheless, development of brand-new apartment or condos has actually been nearly minimal over the last few years, keeping the vacancy rate stable and low.

However, there are 2 future advancements proposed in New Haven that might be market changing. Northland Investment Corp. has actually started demolition of an aging real estate project called Church Street South. The Newton, Massachusetts-based designer is seeking to construct a mixed-use advancement with about 1,000 apartments. Work simply began this spring.

And at 275 South St., the site of the former New Haven Coliseum arena, the city of New Haven has actually selected a Canadian designer to re-develop a site for another 1,000 apartments. LiveWorkLearnPlay, of Quebec, intends to begin deal with the task next spring.

Hamden belongs to the relatively little however constant New Sanctuary home market. The typical job in the market is 4.5 percent, a notch listed below the 5.7 percent nationwide average, according to CoStar information. A great chunk of the rentals in the market are clustered around Yale University.

Though it sets the watermark for now, Town Walk’s pricing record might not last long. CBRE is presently marketing 360 State St. in downtown New Haven. That 500-unit, 32-story tower is expected to bring in bids of $165 million, or more.

Established in 1992, the Town Walk neighborhood is now about 95 percent rented. However the age of the residential or commercial property may make it ripe for some unit improvements that could boost rents.

The homes are a mix of one- to three-bedroom systems, with walk-in closets, washers and clothes dryers and open kitchen areas with white appliances. The property’s facilities consist of tennis and racquetball courts, a swimming pool, park and fitness center.

HK Group’s Matthew Keefe and Ricardo Cordido brokered the sale for Baker Residence, an owner-operator based in White Plains, New York City.

For more details on the sale of Town Walk, please see CoStar Compensation # 4492593.

Blackstone Closes On Among the Largest Multifamily Deals in Hawaii'' s History

New York City Company Pays Nearly $200 Million for 499-Unit Community on Honolulu, the Latest Financial Investment on the Island for Personal Equity Giant

Blackstone Group purchased a high-end house tower in Hawaii for near to $200 million in among the largest multifamily deals in the history of the tropical island chain state, reflecting the tightest local rental market in years.

The New york city investment giant laid out $197 million, or about $395,000 per system, for the Kapolei Lofts. That 499-unit garden-style complex of three-story structures was developed in 2015 at 761 Wakea St. in the town of Kapolei, on the island of Honolulu.

A regional broker, Commercial Property Advisors, dealt with the sale for the seller, Cleveland-based property investment trust Forest City Real estate Trust.

Hawaii’s home market is special, and Blackstone’s big investment is a procedure of trust financiers share. Almost HALF of homes in the Hawaiian Islands lease, and the economy is heavily dependent on tourist.

Home ownership is hard for many employees, and despite need for apartment or condos, development has actually been slow. Vacancy is now at 5.3 percent, the first time it has topped 5 percent in years, according to CoStar research study.

That tight rental market has helped Honolulu see lease growth of about 5 percent annually, a full 150 basis points above the national average.

Blackstone has actually revealed confidence in the Hawaiian economy just recently. The firm paid about $300 million for a Turtle Bay resort home, likewise on Honolulu, in January.

The Kapolei Lofts include a mix of one- to three-bedroom apartment or condos. The units have black appliances, wood-plan-style flooring and washer and clothes dryers. The facilities consist of 2 swimming pools, a gym with a yoga studio and electrical automobile charging stations.

In mid-2012, San Francisco-based Carmel Partners paid $300 million for the 1,455-unit Kapilina Beach Residences in Ewa Beach – the biggest single multifamily sale on record in Hawaii. Just recently, Hawaiian neighborhoods have actually also been included in big portfolio sales including New Senior citizen Investment Group’s $640 million purchase in 2015 of 28 U.S. independent living facilities, and a $208 million multifamily military portfolio sale in early 2016 to Hunt Cos. out of El Paso, Texas.

To find out more on Blackstone’s acquisition of Kapolei Lofts, please see CoStar Compensation # 4489862.

Blackstone Closes On One of Largest Multifamily Handle Hawaii'' s History

New York City Firm Pays Almost $200 Million for 499-Unit Neighborhood on Honolulu, Marks Most Current Investment on the Island for Private Equity Giant

Blackstone Group purchased a high-end house tower in Hawaii for near to $200 million in among the largest multifamily deals in the history of the tropical archipelago state, reflecting the tightest regional rental market in years.

The New York investment giant laid out $197 million, or about $395,000 per system, for the Kapolei Lofts. That 499-unit garden-style complex of three-story structures was developed in 2015 at 761 Wakea St. in the town of Kapolei, on the island of Honolulu.

A local broker, Commercial Property Advisors, managed the sale for the seller, Cleveland-based real estate investment trust Forest City Realty Trust.

Hawaii’s apartment market is special, and Blackstone’s large investment is a step of trust investors share. Almost HALF of households in the Hawaiian Islands lease, and the economy is heavily based on tourist.

Own a home is difficult for the majority of employees, and regardless of need for apartments, advancement has been slow. Job is now at 5.3 percent, the first time it has actually topped 5 percent in years, according to CoStar research.

That tight rental market has actually helped Honolulu see rent growth of about 5 percent annually, a full 150 basis points above the national average.

Blackstone has actually revealed confidence in the Hawaiian economy just recently. The company paid about $300 million for a Turtle Bay resort property, likewise on Honolulu, in January.

The Kapolei Lofts feature a mix of one- to three-bedroom homes. The units have black appliances, wood-plan-style floor covering and washer and dryers. The amenities consist of two swimming pools, a gym with a yoga studio and electrical automobile charging stations.

In mid-2012, San Francisco-based Carmel Partners paid $300 million for the 1,455-unit Kapilina Beach Homes in Ewa Beach – the largest single multifamily sale on record in Hawaii. Just recently, Hawaiian communities have also been consisted of in large portfolio sales consisting of New Senior Investment Group’s $640 million purchase in 2015 of 28 U.S. independent living centers, and a $208 million multifamily military portfolio sale in early 2016 to Hunt Cos. from El Paso, Texas.

For additional information on Blackstone’s acquisition of Kapolei Lofts, please see CoStar Comp # 4489862.

Chicago'' s Largest Condo Deconversion Signals Post-Recession Push To Rent

Condominium owners in a prominent Chicago neighborhood voted to transform their building back to houses, the latest move of its kind as more infant boomers and millennials pick leasing over owning in the wake of the Great Economic crisis.

A second vote was the charm for ESG Kellen, the New York-based multifamily ownership group that won approval by the condo owners of 1400 N. Lake Shore Drive in Chicago to purchase out their units for an estimated cumulative $111.7 million to convert back into apartments.

About 85.8 percent of the owners of the 398-unit landmarked structure ignoring Lake Michigan concurred late Tuesday to the deal, which adds about a 42 percent premium to the recent per-square-foot list price of private systems, according to Crain’s Chicago Organisation.

The offer is the largest up until now in the country’s third-biggest city in a growing list of deconversions, a complex and prolonged treatment to get condo owners to consent to offer their systems to a single purchaser who then transforms them into houses for lease. At least 75 percent of owners in a condominium building should enact favor of a sale in order to require it through, according to Illinois state law.

Over the two years ended July 15, there have been more than 20 deconversions, mainly in the city’s most popular communities, such as Old Town, Lincoln Park and the Gold Coast, according to James Hanson, principal of capital markets at Avison Young.

“The market economics drive these deals,” Hanson said. At a time when individuals, both child boomers and millennials, appear to choose renting over owning houses, the multifamily market has blown up. In Chicago alone, considering that the economic crisis a decade back drove down house rates, more than 72,000 home units have been included.

Deconversions become a much better alternative than constructing new apartment or condos because the expenses of new construction can be prohibitively high and offered site are limited, Hanson said. Converting an apartment structure to apartment or condos can save more than $100,000 per door, according to Avison Young.

“Deconversions tend to take place in older buildings where particular physical systems are reaching the end of their useful lives and have to be replaced, with owners possibly facing big assessments,” Hanson stated. “Many people are stating if I can sell my unit for a 25 percent to 40 percent premium and prevent writing this big check, I’m going to do it.”

The treatment is not typical in numerous other parts of the country because it is primarily disallowed, Hanson stated.

In Florida, a condominium termination law that was passed in 2007 ended up being a lightning rod to lots of house owners, requiring the state to modify the law several times given that. Before 2007, each homeowner in a building needed to concur before a conversion happened. Today, the law has been fine-tuned to say that 5 percent can block a building sale.

In 2015 some condo owners at The Paramount at Lake Eola in Orlando were forced to offer their systems after Boston-based Northland Investment Corp. acquired the 16-story structure for about $65.2 million, inning accordance with the Orlando Guard.

It wasn’t easy for ESG’s efforts at 1400 N. Lake Coast Drive in Chicago, a 1920 building that lies in the heart of the Gold Coast and actions far from the storied Spectacular Mile that is Michigan Opportunity’s retail mecca. A vote two weeks ago narrowly beat the procedure.

Today’s nod came after ESG cleaned up confusion on the arrangement and included a caveat that if an owner voted versus it, extra payments used for things like renovation costs would not be given, according to Crain’s. The transaction could close as quickly as this year or in the beginning of 2019.

BB&T Tower Trades in One of the Largest Office Deals in Jacksonville This Year at $24.5 Million

The 18-story BB&T Tower in Jacksonville, FL offered in among the greatest office sell the marketplace so far this year.

After being put up for sale by unique servicer LNR Partners this&spring, BB&T Tower chose $24.47 million, or about $86 per square foot, making it among the most pricey, inning accordance with CoStar information.

LNR Partners, which re-possessed the 285,487-square-foot complex after it entered into foreclosure in 2016, sold BB&T Tower to an entity connected to in your area based designer Ash Residence by means of online auction platform Ten-X.

Transwestern’s John Bell, who was tapped by the seller to shop the landmark possession, noted that BB&T Tower was among the most in-demand office investments in Jacksonville up until now this year. Inning accordance with Transwestern, the complex underwent an extreme bidding procedure, receiving almost 300 privacy contracts from capital sources across the country and internationally.

BB&T Tower, located at 200 W. Forsyth St., was initially integrated in 1975 however was recently remodelled. According to Bell, LNR Partners completed almost $4 million in capital improvements to the office complex and kept a 63 percent occupancy rate. The complex is anchored by its namesake renter, BB&T.

Other leading workplace offers that have actually taken place so far this year include the $13.75 million Dream Finders headquarters deal in June, the $9 million Southpoint Company Park sale in June and the Flagler Center deal that can be found in at a tremendous $136 million.

Please see CoStar COMPS # 4437572 to learn more on the BB&T Tower deal.

Facebook Leases WeWork'' s Largest Outpost

Social Networking Company to Occupy Nearly All of 450,000-SF Workplaces in Mountain View

Facebook is taking control of all what amounts to WeWork’s largest single coworking area– a mixed-use development in Mountain View, CA.

The social networking giant signed a deal with the coworking operator to occupy all of the office at the 450,000-square-foot project at 391 and 401 San Antonio Rd., a WeWork spokesman confirmed Friday. Facebook had actually rented half of the area in April, and chose to remove the rest of it recently as the firm continues to grow.

WeWork’s coworking organisation model runs by renting workplace directly from a property manager then subleasing that exact same office to entrepreneurs and companies while keeping and running the facilities.

WeWork signed its offer for at the two-building Mountain View property, owned by San Francisco designer Merlone Geier Partners, in 2015. It took control of for Microsoft-owned LinkedIn, which had actually prepared to inhabit the complex.

The office complex were constructed by Merlone as part of a larger mixed-use advancement that includes homes, shops and restaurants.

WeWork prepares to create a public typical area on the ground floor of among the structures that will consist of a food hall in addition to a multimedia, experiential and home entertainment part that has yet to be figured out, the company stated.

The offer, reported earlier by the Silicon Valley Organisation Journal, is a substantial relocation by Facebook that has actually been growing at a rapid clip. The company has actually rented more than 3 million square feet in recent months among San Francisco, Fremont and Sunnyvale, CA.

Associated News: Facebook Out Leasing Co-Working Firms as Part of Bay Location GrowthJUNE 19, 2018|KATERINA CHEOK

The two-building residential or commercial property is not far from Facebook’s Menlo Park headquarters campus, where nearby it is looking for approval for growth strategies that consist of Frank Gehry-designed structures and 1,500 apartment or condos and 125,000 square feet of shops and restaurant space.

It’s also a significant deal for WeWork, which has actually been looking for to expand exactly what it calls its “enterprise” business with larger business companies looking for office space.

The company promotes its flexible lease terms, office management skills and sufficient facilities as a few of the reasons why it’s more attractive than doing a direct lease with a property manager.

The business gets about 25 percent of its profits growth from corporate renters, a spokesman stated.

The terms of Facebook’s deal were not divulged but the business is anticipated to occupy the area for a number of years.

Even if Facebook vacates quicker, WeWork plans to continue to operate the buildings as a more typical WeWork coworking environment, available to people and groups, the representative verified.

Second-Largest Applebee'' s Franchisee Files for Bankruptcy Restructuring

Dealing with a potential loss of a few of its franchise rights, RMH Franchise Holdings Inc., the second-largest franchisee of Applebee’s dining establishments, has filed a petition for relief under Chapter 11 in the Bankruptcy Court.

Locateded in Atlanta, RMH operates 159 restaurants throughout 15 states that combined represent slightly less than 10 percent of all Applebee’s places.

“Substantial obstacles come across by the Applebee’s brand name usually, and particular managerial decisions made on behalf of it by its franchisor, Applebee’s International Inc. have adversely affected the debtors’ company operations and left them facing near-term liquidity issues,” Mitchell Blocher, primary monetary officer of RMH argued in insolvency court filings.

Applebee’s International is a division of openly traded Dine Brands Global.

Blocher stated RMH had remained in extended negotiations on a number of concerns relating to the operation of its company. Nevertheless, just prior to the insolvency filing this week, Applebee’s all of a sudden indicated that it planned to release a notice of termination of RMH’s franchise rights associating with locations in Arizona and Texas.

RMH operates 38 dining establishments in the two states.

Adding to the issues, the so-called “brass-and-plant” casual dining restaurant concept has seen much better days. Average yearly incomes for all franchised locations have actually been on a fairly steady decrease: $2.35 million in 2015, $2.18 million in 2016, and $2.09 million in 2015, inning accordance with Dine Brands information.

Nevertheless, the brand name has begun to publish a modest recovery of late. Applebee’s domestic same-restaurant sales increased 1.3% for the 3 months ended Dec. 31, 2017 from the very same duration in 2016, the first quarterly increase in two and a half years.

Particularly for RMH, for the trailing 12 months ending March 31, 2018, RMH generated $375.9 million in gross profits, and $12.6 million of operating profits, a drop of roughly 60% in two years from peaks of $431.1 million and $31.4 million.

It has actually not assisted that Applebee’s has actually had 4 presidents considering that the start of 2014, each being available in with a different set of efforts for franchisees, and which required additional capital expenditures from franchisees, Blocher said.

Dine Brands representatives informed CoStar, “Over the in 2015, we have worked along with our franchisees to return Applebee’s to favorable traffic and sales while consistently out-performing the [casual dining restaurant] classification. While this scenario is unusual and unfortunate, we’re pleased with our collective development at Applebee’s and very optimistic about our future, and the future of our franchisees. However, we can’t discuss particular litigation.”

Dine Brand has actually formerly reported that it is continuing to selectively refine its franchisee portfolio by shifting assets to other existing franchisees, along with some franchisees brand-new to the system. The most current example of this was the acquisition of a small number of dining establishments in South Dakota, Nebraska and Iowa by the Legacy Apple, one of its existing franchisees.

The business has actually reported that it anticipates making a handful of additional deals this year.

Last summer season, RMH employed Hilco Realty to renegotiate and/or amend leases to get lower rents, or negotiate lease terminations where proper. There has actually been no filings yet in the insolvency case concerning possible store closings.

Woman wins largest bingo prize in Las Vegas history

The lucky winner is pictured with Rampart Casino Bingo Manager Jo Farwell (Rampart Casino / FOX5).
 The fortunate winner is pictured with Rampart Casino Bingo Supervisor Jo Farwell (Rampart Casino/ FOX5).

The fortunate winner is pictured with Rampart Gambling establishment Bingo Supervisor Jo Farwell (Rampart Gambling Establishment/ FOX5). LAS VEGAS (FOX5) – A regional lady won the largest Double Daub bingo

prize in Las Vegas history at a west Valley casino. The female, who wishes to stay anonymous, walked away with a prize totaling $110,726 from Summerlin’s Rampart Casino, inning accordance with a release.

She won the cash after playing the popular bingo game on Feb. 10th.

Copyright 2018 KVVU( KVVU Broadcasting Corporation). All rights booked.

Gambling Establishment Owner VICI Properties Finishes Fourth Largest REIT IPO in History

IPO Completes a $2.4 Billion Raise in 1 Month After Rebuffing Takeover Deal from Rival

Ceasars Palace, Las Vegas

VICI Characteristics Inc., a Las Vegas-based owner of net rented gambling establishments, completed the fourth-largest REIT going public in history the other day and began trading this morning on the NYSE under the symbol VICI.

VICI priced an upsized offering of 60.5 million shares at $20/share. The REIT has actually also approved to the underwriters a 30-day overallotment alternative to acquire approximately an extra 9.075 million shares. In total, the REIT is anticipated to raise gross earnings of $1.4 billion.

The offering was coincidentally significant for another reason. In ending up being the 4th biggest REIT IPO in history and the largest hotel REIT, inning accordance with NAREIT information, VICI changed its competing MGM Development Properties in that spot, which had raised $1.2 billion in its IPO 2 years ago.

Just 2 weeks earlier, MGM Growth Residences made an unsolicited deal to acquire VICI for $19.50 shares. VICI declined the quote thinking that its prospects as a standalone independent company could provide considerably exceptional results, Ed Pitoniak, CEO of VICI stated.

VICI’s stock has been trading today at around $1 more per share than its IPO rate.

The IPI raised some $200 to $300 million more than at first prepared.

Pitoniak informed CoStar they would be weighing everyday ways to release the extra money raised, including what does it cost? dry powder they may want to place on their books.

About $670 countless the proceeds were already allocated to pay down some arrearage.

In addition to the IPO raise, in late December, VICI raised another $1 billion in a private equity offering. The net profits from the deal were used to partially money VICI’s purchase of Harrah’s Las Vegas for $1.14 billion.

Pitoniak stated he was gratified by the level of support from investors and the value they placed on the business and its realty.

Born out of the insolvency reorganization of Caesars Entertainment Corp., VICI Residence was spun-off late last year as the owner of a diverse portfolio including 20 gaming centers including Caesars Palace Las Vegas. Its national, geographically varied portfolio consists of over 36 million square feet and features approximately 14,500 hotel rooms and more than 150 restaurants, bars and bars.

Morgan Stanley, Goldman Sachs & & Co. LLC and BofA Merrill Lynch acted as joint book-running supervisors and as agents of the underwriters for the offering. Barclays, Citigroup and Deutsche Bank Securities are functioning as bookrunners. Credit Suisse, UBS Investment Bank, Stifel, People Capital Markets, Wells Fargo Securities, Nomura and Union Video gaming are serving as co-managers for the offering. The law office of Kramer Levin represented VICI in the offering and its formation in 2015.

VICI Properties Completes 4th Largest REIT IPO in History

Ed Pitoniak, CEO of VICI Properties VICI Characteristics Inc., a Las Vegas-based owner of net leased gambling establishments, completed the fourth-largest REIT going public in history yesterday and began trading this morning on the NYSE under the sign VICI. VICI priced an upsized offering of 60.5 million shares at$20/share. The REIT has actually also approved to the underwriters a 30-day overallotment choice to buy up to an additional 9.075 million shares. In overall, the REIT is expected to raise gross profits of $1.4 billion. The offering was coincidentally substantial for another reason.

In ending up being the 4th largest REIT IPO in history and the biggest hotel REIT, according to NAREIT data, VICI replaced its rival MGM Growth Characteristic because area, which had raised $1.2 billion in its IPO 2 years ago. Simply 2 weeks back, MGM Development Residences made an unsolicited deal to buy VICI

for$ 19.50 shares. VICI rejected the bid thinking that its prospects as a standalone independent business could deliver substantially exceptional results, Ed Pitoniak, CEO of VICI said. VICI’s stock has been trading today at around$1 more per share than its IPO price. The IPI raised some$200 to$300 million more than at first prepared. Pitoniak told CoStar they would be weighing everyday the best ways to release the additional money raised, including how much dry powder they might

wish to place on their books. About $670 countless the proceeds were already allocated to pay for some arrearage. In addition to the IPO raise, in late December, VICI raised another $1 billion in a personal equity offering. The net earnings from the transaction were used to partially

fund VICI’s purchase of Harrah’s Las Vegas for$1.14 billion. Pitoniak stated he was gratified by the level of assistance from financiers and the worth they placed on the company and its real estate. Substantiated of the bankruptcy reorganization of Caesars Home entertainment Corp., VICI Residence was spun-off late in 2015 as the owner of a diverse portfolio consisting of 20 gaming facilities including Caesars Palace Las Vegas. Its nationwide, geographically diverse portfolio consists of over 36 million square feet and functions around 14,500 hotel rooms and more than 150 restaurants, bars and clubs. Morgan Stanley, Goldman Sachs & Co. LLC and BofA Merrill Lynch served as joint book-running supervisors and as representatives of the underwriters for the offering. Barclays, Citigroup and Deutsche Bank Securities are working as bookrunners. Credit Suisse, UBS Financial Investment Bank, Stifel, People Capital Markets, Wells Fargo Securities, Nomura and Union Video gaming are serving as co-managers for the offering. The law practice of Kramer Levin represented VICI in the offering and its formation in 2015.