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Roundup

Real Estate Roundup 11.9.20

(Credit: Simon Property Group)

National Real Estate Roundup 

National Acquisitions

  • Caruthers Properties has acquired 3110 Mount Vernon Avenue, a 332-unit apartment community in Alexandria, Va., from UDR for $145 million. Average monthly rent is $2,095, and the property is 93.1 percent leased. (CO)
  • Fairmont Management’s Ron Nasch has acquired a 115-unit property at 416 East Broadway in Glendale, CA from Essex Property Trust for $60 million. Rents range between $2,551 to $3,130 per month, and the units average about 1,100 SF. (CO)

National Financing

  • David, Peggy and Kelly Long’s DL Properties has secured $54 million in debt from MetLife Investment Management to refinance 1850 North Central in Phoenix, AZ. The five-year, fixed-rate loan retired existing debt on the 24-story, 500,000-square-foot office building. (CO)

National Leasing

  • Online marketing firm Prodege has signed a 35,000-square-foot office lease at Atlas Capital Group’s 2030 East Maple Avenue in El Segundo, Calif. Asking yearly rent was around $1.62 million to $1.79 million per year. (CO)

Retail Update 

  • Last week, a $63 million loan secured by about half of a 1 million square foot mall in Burnsville, Minneapolis hit the auction block. The collateral backing the loan was valued at $137 million in 2010. When the auction ended, the loan sold for just $17 million, which amounted to a loss of over $40 million to the loan’s bondholders. CBL Properties, which recently filed for Chapter 11 bankruptcy, sold the loan. The buyer, who will gain control of half of the mall, was not disclosed. (Trepp+TRD)

Co-working 

  • Flex-office provider Breather has brought on Moelis & Company to consider a possible sale or capital raise. The flex-office industry has suffered as employees continue to shun physical workspaces in favor of remote working. As a result, revenue has dropped as much as 60 percent across the industry during the worst of the pandemic. (BI)

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