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Westcore to spend $1.25B on industrial assets; NY office building sells for $72M

Editor's note: The publication of this feature was delayed due to technical issues.

Commercial real estate

* Westcore Properties Inc. secured $550 million of commitments from a major U.S. state pension fund and an unnamed national insurance company, IPE Real Assets reported. The fundraising will enable the company to acquire up to $1.25 billion worth of industrial assets in the U.S. Westcore will target existing core-plus, value-add and new development opportunities.

* The Feil Organization and Peter Armstrong of Rigby Asset Management purchased a seven-story office building at 530 W. 25th St. in Chelsea, N.Y., for about $72 million, The Real Deal reported, citing sources familiar with the deal. Longtime owners the Brown family sold the 95,000-square-foot asset that houses multiple art galleries.

* Maddd Equities and Joy Construction secured a $130 million five-year commercial-mortgage-backed-securities loan from Natixis for the building at 330 E. 62nd St. in New York, The Real Deal reported. The loan replaces a nearly $86.3 million construction loan Natixis provided in February 2018.

Memorial Sloan Kettering Cancer Center fully leases the nearly 90,000-square-foot property.

* KOAR International is planning to build a 105-unit retirement community that will cater to LGBTQ seniors at East Tahquitz Canyon Way in Palm Springs, Calif., the Los Angeles Times reported. The nine-acre Living Out project is expected to cost between $60 million and $70 million and will include nearly 5,000 square feet of retail space. It is expected to break ground in January 2020.

* Real estate firm Blue Ridge Industrial purchased a five-building, 84%-leased class A industrial park in northwest Houston from The National Realty Group Inc. for an undisclosed amount, the Houston Business Journal reported. The buildings at 15110 NW Freeway, 15120 NW Freeway, 10041 Regal Row, 10055 Regal Row and 6961 Brookhollow W. Dr. total 185,850 square feet. The buyer plans to rebrand the industrial park as Park 8 | 290, the publication added.

* The Woodlands Township Board of Directors and the Center for Performing Arts at The Woodlands entered an agreement to develop a new 100,000-square-foot performing arts facility in The Woodlands, Texas, the Houston Business Journal reported. The center is expected to cost about $71 million and will be financed through a public-private partnership. The Woodlands community is owned by Howard Hughes Corp., the publication noted.

* Owners of the land housing the Boynton Beach Mall in Boynton Beach, Fla., including Washington Prime Group Inc., filed a rezoning and master plan modification for the 108.3-acre site, the South Florida Business Journal reported. The mall, which had a 36.8% retail vacancy rate, is planned to be redeveloped into 1,420 multifamily units; 400 hotel rooms; 629,000 square feet retail space; 65,000 square feet of general offices; and 65,000 square feet of medical offices.

The project will shrink the mall from 1.03 million square feet to 482,750 square feet, and increase open space by 6.7 acres to total 23.3 acres. The redevelopment will also include a 20,000-square-foot fitness center; 10,000 square feet of fast-food restaurants; an 80,000-square-foot Cinemark theater. An existing 123,000-square-foot church will remain.

* Lennar Corp. is under contract with Broward County Public Schools to buy a vacant 11.8-acre property at 100 S. Hiatus Rd. in Plantation, Fla., with plans to build a community of 111 townhouses to be called the Enclave at Plantation, the South Florida Business Journal reported.

* The Related Cos. LP is planning to construct the 25-story One Flagler office tower at 809 S. Flagler Dr. and 134-142 Lakeview Ave. in downtown West Palm Beach, Fla., the South Florida Business Journal reported. Related has the 2.47-acre site under contract from the First Church of Christ Scientist.

The project will total 524,831 square feet, including 268,649 square feet of office space, a 3,997-square-foot restaurant on the ground floor and 497 parking spaces on floors two through seven, the publication noted.

* Kaeding Management is planning to build a five-story, 102-room Residence Inn by Marriott hotel on a 0.76-acre site at 3400 University Ave. in the Prospect Park neighborhood of Minneapolis, the Minneapolis / St. Paul Business Journal reported. The project would replace a pair of commercial buildings at the site and will include a fitness center and 67 parking stalls.

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