Post Apartment Homes, L.P., an operational subsidiary of Atlanta, GA-based Post Properties, Inc. (NYSE: PPS), has completed its previously announced public offering of senior unsecured notes due 2022 in the amount of $250 million. Post Apartment Homes intends to use the net proceeds to redeem the remaining approximately $130.1 million in principal outstanding of its 6.30 percent senior unsecured notes, which mature on June 1, 2013, and pay premiums and related fees and expenses of approximately $4.1 million, according to Christopher Papa, executive vice president and chief financial officer of Post Properties. The 2013 Notes will be redeemed on December 3, 2012. pearl qatar island
Axel Springer is buying a $163 million online real estate portal in Belgium.
Axel Springer AG, a Berlin-based multimedia company, has agreed to purchase Belgian real estate platform Immoweb for 127.5 million euros ($163 million). According to the company's prepared statement, Axel Springer's joint venture Axel Springer Digital Classifieds is the buyer of record.
The JV will purchase 80% of Immoweb's stock. The remaining 20% would be kept by Immoweb's family shareholders. Immoweb was founded in 1996, and its portal receives 2.4 million monthly visits.
Axel Springer's holdings in other internet portals are owned by Axel Springer Digital Classifieds, a 70-30 joint venture with General Atlantic. They include the European job portal StepStone Group, the British job portal Totaljobs, and the French and German property portals SeLoger and Immonet.
Parkway Properties is buying NASCAR Plaza for around $100 million.
The three-year-old NASCAR Plaza, a 20-story, 390,000-square-foot office tower in downtown Charlotte, NC, is being sold for around $100 million. Parkway Properties Inc., situated in Orlando, FL, is the buyer. The seller is a partnership between Charlotte-based Trinity Capital Advisors and Philadelphia-based Rubenstein Partners.
The structure, which is adjacent to the NASCAR Hall of Fame, houses NASCAR's headquarters, which has leased 139,000 square feet until May 2021.
According to Parkway president and CEO James R. Heistand, the property is 88 percent leased, with an average rent of $25.61 per square foot.
In a prepared statement, Heistand said, "We plan to build additional value through leasing and rent growth in a submarket that we believe will outperform during a recovery." The transaction is scheduled to be completed by the end of the year.
A $45 million loan has been found for a planned San Diego apartment project.
An unidentified life insurance firm has provided $45 million in construction and 10-year permanent financing to Holland Partners Group Management Inc. of Vancouver, WA for the development of a 243,000-square-foot Class A apartment and retail building in downtown San Diego's East Village submarket. The two loans were arranged by HFF's San Diego office. The terms of the agreement were not disclosed.
15th and Market will be a 1.24-acre property with 243 units and around 10,000 square feet of ground-floor retail space.
The San Diego Union Tribune has been refinanced for a total of $27.5 million.
Manchester Financial Group, the San Diego, CA-based owner of the San Diego Union Tribune's three-building, 329,000-square-foot headquarters, has obtained a $27.5 million refinance loan from an unidentified life insurance firm. The finance was found and the loan would be serviced by HFF's San Diego office. The terms of the agreement were not disclosed.
A five-story, 165,000-square-foot office building, a three-story, 161,000-square-foot industrial structure, and a 2,500-unit service building are all part of the complex. The facility serves as the hub for the organization's internet, print, and multimedia operations. The land is 13 acres in size and is located next to the Fashion Valley Mall.
The Boston Bank lends $27 million to a portfolio of office and retail properties.
Samuels & Associates of Boston has received a $27 million loan from Boston Private Bank & Trust Co. to help fund a two-building, 70,330-square-foot office and retail complex in the city's Fenway Park neighborhood. The loan's terms, which were arranged by HFF's Boston office, were not disclosed.
Both buildings, 1249 Boylston St. and 1255 Boylston St., were erected in the 1920s and were refurbished in 1990. They are entirely leased. CVS Pharmacy and Partners Healthcare have leased a 37,495-square-foot property at 1249 Boylston. Guitar Center and Nextel share a 32,835-square-foot building at 1255 Boylston.
A Dallas fund has purchased 353,017 square feet of prime retail space in Austin, Texas.
Velocis Fund, based in Dallas, TX, has purchased the 189,340-square-foot West Woods Shopping Center and the 163,677-square-foot Springdale Shopping Center, both in affluent Austin, TX areas, in a rumored multi-million-dollar deal. With this acquisition, the fund's total assets under management have increased to almost $160 million.
The purchase was the fund's eighth and ninth, and included buildings in the office, retail, and medical office sectors. Fred Hamm, Mike Lewis, Steve Lipscomb, and Jim Yoder are the co-founders and managing directors of Velocis Advisors.