Quatari Diar and Canary Wharf Group Plc, whose London history stretch back to the 1500s, are cooperating for reconstruction of the London South Bank neighborhood for $1.6 billion (one billion British pounds), which will preserve the Shell Center Tower as their centerpiece. The project is scheduled to finish in 2019.
The complex will have 800,000 square feet of office space, 790 residential apartments, 80,000 square feet of retail space. The developers secured a deal with Royal Dutch Shell in July 2011 to renovate the Shell Centre. They spent 150 million pounds apiece for the 5.25-acre property, for a 999-year lease. The site remains the property of Shell. In the United States, a British pound is worth $1.61. car rental
Macquarie puts Mexico's money. With $1.15 billion in investment, Macquarie Group, Australia, one of the world's leading commercial property investment organisations, has established a $1.15 billion property investment trust on the Mexican stock market. The inventory per share was valued at 25 pesos ($1.96). According to Macquarie Mexico Real Estate Management, the deal garnered MXN14.72 billion. One peso is 7.8 cents worth. America's United States
If overallotments are exercised, Macquarie claims that REIT, which is known in Mexico as a fiber, expects net income of MXN13,57 billion. The money will be utilized to buy the initial 244 industrial properties of the trust in 21 towns in 15 Mexican countries. The properties had an average occupancy rate of 91% at the end of September.
The properties are acquired from two real estate businesses, GE Capital Real Estate Mexico and Corporate Properties of the Americas.
California Apartments Make a bid of 148 million dollars.
Sold for $148 million, or around $291,000 per unit, Willow Lake Apartments is a 23-year-old, 508-unit complex in San Jose, CA. The vendor was the Sobrato Organization of San Jose, and the buyer was the Palo Alto, California Property Trust of Essex.
Stan Jones, Executive Vice President Investments at Institutional Property Advisors says: "San Jose's market fundamentals are solid and becoming stronger. "The San Jose market bases are stronger and stronger, with a rent rise of 12.5 per cent over the previous 12 months and an average occupancy of 96.4 percent" (IPA).
"Rental demand has reached one of its greatest levels since 2001, which has caused an annual vacancy reduction of 60 base points." The sale was made easier by IPA. The acquisition was assisted by the IPA twins Philip and Sal Saglimbeni.
In Brooklyn, Canarsie Plaza is demanding $124 million.
Canarsie Plaza, a 1 year old 96-percent retail property, was sold at HFF's New York City office for $124 million. The seller was Acadia Realty Trust, White Plains, NY and the buyer was Phoenix, AZ.
HFF also helped the buyer get a 10-year loan from PNC Bank in Pittsburgh, PA to the tune of $75 million.
There is a historic one million square feet tower in Chicago. 231 sold 97 million dollars In Chicago's financial center, a 23-story, 1.03 million square-foot office and retail skyscraper, South LaSalle has sold for $97 million. Gramercy Capital Corp. and Garrison Investment Group, both located in New York City, sold Berkeley Properties in Lebanon, NY the 96.6 percent property rented.
The level of the building has a retail area of 24,839 square feet. First founded in 1924, the Illinois Merchants Bank.
$85.6 million Prudential Fund Sells Office Building in Virginia
The 3-building Class A Orbital Sciences Campus complex, 337,228-foot, 100 percent leased in the city of Sterling, VA, was sold for $85.6 million to a fund managed by Prudential Real Estate Investors in Newark, NJ. The 11-year-old property has been acquired by Newton, MA, Select Income REIT. Orbital Sciences Corp occupies the whole campus.
The Arizona Apartments sales price is $30.85 million.
Mountain Park, a 240-unit, 18-year-old multi-family community 230,560 feet in suburbs of Phoenix, was sold at $30.85 million or $134 square meters. Marcus & Millichap Real Estate Investment Services Inc. was responsible for the sale, which did not disclose the names of the buyer or seller.
Walgreens in Miami Beach sets a $30 million day new record
Walgreens drugstore on the famous Collins Avenue in Miami Beach, 22,857-square-foot, was sold for $30 million or $1312 per square foot. According to Sean Shahar Ziv, a partner at Marcus & Millichap's San Diego CA office, the total amount is the second highest price paid in this year for a pharmacy shop in the United States and the highest price paid in 2012 for a net asset leased in Miami Beach. Ziv was depicted by Trans World Entertainment Corp. of Albany, NY. The property was bought by an unknown foreign investor in cash.