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Monthly ArchiveNovember 2017

Creative office building in RiNo wrapping up $20M in renovations

The former industrial building sat for nearly two decades empty.

Source: http://feeds.bizjournals.com/industry_21

EXCLUSIVE: The Element student housing complex sold again, for $81.8 million

A large multifamily property near California State University Sacramento has sold for the second time in less than two years, this time for more than 22 percent above its last price.

Source: http://feeds.bizjournals.com/industry_21

Robert Wennett lists PH for $34M after selling 1111 Lincoln

Robert Wennett and his penthouse (Credit: The Jills – Photography by Luxhunters)

Selling 1111 Lincoln Road for $283 million wasn’t enough for developer Robert Wennett. Now, he’s listing his penthouse atop the luxury mixed-use garage for $34 million.

The condo, with 7,700 square feet of indoor space, 18,000 square feet of outdoor space, seven bedrooms, a separate guest house and landscaping by Raymond Jungles, is being listed by Coldwell Banker’s Jill Hertzberg and Jill Eber of the Jills. It was designed by Pritzker Prize-winning architect Herzog & de Meuron.

Wennett is ready to move on to another project, Hertzberg said. He sold the building, an office, retail, event venue and parking garage he developed, to German institutional investor Bayerische Versorgungskammer in July.

Robert Wennett’s penthouse (Credit: The Jills – Photography by Luxhunters)

The penthouse features a sloped garden with grapevines, outdoor terraces with Roberto Burle Marx-style pavement, and a rooftop with a pool, bar and kitchen. The smart home has white oak floors and cabinets, Gaggenau appliances, bathrooms with skylights and high-tech lighting. Hertzberg called it one of the most exciting properties she’s listed. Wennett has been living in the condo since 2011.

Property records show Wennett paid $23.5 million for the site in 2005 before building 1111 Lincoln. The building, which sits at the northwest entrance of the Lincoln Road pedestrian mall, has 94,488 square feet of office space, 51,839 square feet of retail space, and a 300-space parking garage/event space.

In September, he paid $16 million for a 10-acre property in Allapattah, where he is reportedly planning a major development.

Source: http://feeds.feedburner.com/trdmiami

One of RiNo's largest apartment complexes sells for $90.1 million

The luxury apartments have an artsy, eclectic look to them, said the broker.

Source: http://feeds.bizjournals.com/industry_21

Rockefeller and Kimco sell portion of Miramar Town Center

Miramar Town Center with Daniel L. Rashin CEO of Rockefeller Group and Conor Flynn CEO of Kimco Realty (Credit: City of Miramar, Rockefeller Group, Kimco Realty)

A joint venture between the Rockefeller Group and Kimco Realty just sold a portion of its Miramar Town Center mixed-use development to IMC Equity Group for $24.8 million.

Property records show the partnership sold part of the mixed-use project at 11645 Red Road and 2401 Main Street to a company led by IMC Equity Group’s co-founder and CEO, Yoram Izhak. The Israeli-born real estate investor financed the deal with a $17.25 million CMBS loan from LoanCore Capital Markets.

The Rockfeller-Kimco partnership sold 17 apartments spanning 27,000 square feet, 127,000 square feet of retail and office space, a 585-space parking garage and a 3.7-acre vacant lot.

Miramar Town Center Site Plan (Credit: City of Miramar)

The 54-acre project also includes a 487-unit apartment complex, a performing arts center, an educational building and Miramar’s city hall and police headquarters – all of which were not included in the deal.

Tenants at the mixed use projects include a 24-Hour Fitness, Subway, UPS Store, Juana’s Sports Bar, La Famiglia Restaurant, Salonz Suites and Comcast Corporation.

Last year, IMC Equity Group paid $18 million for a West Kendall shopping center. In 2014, Izhak said he set a goal to spend $200 million in real estate investments that year.

Kimco, known for retail acquisitions, is also developing Dania Pointe, a shopping and entertainment center under construction in Dania Beach. It recently announced leases with Brandsmart USA, Hobby Lobby, and TJ Maxx. The first phase of Dania Pointe is slated to open by the end of 2018. Once completed, the center will span 1 million square feet and house more than 100 stores and restaurants.

Source: http://feeds.feedburner.com/trdmiami

Large Colorado residential real estate company launches commercial division

It’s no secret that metro Denver’s commercial real estate business is hot these days.

Now, Kentwood Real Estate, which previously focused mostly on residential, is looking to get in on that action.

The Denver-based firm has launched a commercial real estate division initially be staffed by six. They are:

In years past, Zeile has been Kentwood’s only commercial broker who operated from Kentwood’s Denver station.

CEO Niederman said the decision to launch the commercial division was largely…

Source: http://feeds.bizjournals.com/industry_21

Brightergy founder shares why he exited the company to focus on another startup

The former CEO of Kansas City-based Brightergy is focused on a new startup, which just closed a $1.5 million seed round.

Source: http://feeds.bizjournals.com/industry_21

Crane Watch: RiNo's development boom continues with 2 new projects

A host of new developments are going up in metro Denver’s ever-growing communities, including the tearing down of Denver Hardware to make way for a mixed-use development and a massive art/creative office space and retail development — both in RiNo

Plus, San Francisco developer Carmel Partners is building an apartment complex in the Lincoln Park neighborhood based around the co-housing concept, where residents rent a room and bathroom but then share kitchen and living area space.

> Click here…

Source: http://feeds.bizjournals.com/industry_21

Exclusive: Prime waterfront Fells Point property eyed for 300 apartments, townhomes

The project would be the latest big-ticket project for the historic neighborhood.

Source: http://feeds.bizjournals.com/industry_21

Our view: Bay Area development opponents sit on their 'buts'

Perhaps the most powerful word in Bay Area development debates is an otherwise humble preposition: “but.”

As in, “Of course we support building more housing. But …” not near me. Not so big. Not this tall. Not that dense. Not aimed at a particular income group. Not if it causes traffic, blocks views, generates students for schools or causes any other potential inconvenience, no matter how minor.

Indeed, even ardent development opponents can get behind perfection: Projects that check all…

Source: http://feeds.bizjournals.com/industry_21

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