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robertkhodadadian · 8 hours
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Investment Matters: Building a Bigger Lending Platform - What is a Ground Lease?
Tom Whitesell, head of Kennedy Wilson’s debt investment platform. Construction financing carries a higher risk profile than most other loan categories. But even in today’s uncertain climate, some lenders are not only keeping a hand in this category but embracing it. One example is Kennedy Wilson. In a blockbuster $4.1 billion deal last year, the L.A.-based investment company bought Pacific…
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robertkhodadadian · 9 hours
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Oracle is Moving to Nashville - Robert Khodadadian
Larry Ellison, the company’s CEO, said the move of its headquarters was made to be closer to healthcare facilities. Oracle is heavily invested in a Nashville healthcare company, Cerner Corp., buying it for $28 billion in December 2021. It’s unclear how much of a presence the company will still have in Austin, the home of its current headquarters. Ellison said the $1.3 billion Nashville site will…
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robertkhodadadian · 10 hours
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Trammell Crow Residential Nabs Arcadia Development Site - Robert Khodadadian
CBRE has arranged the sale of a 2.9-acre development site encompassing several parcels of land in Arcadia. Dean Zander and Stewart Weston of CBRE and John Montakab of Walker & Dunlop facilitated the sale on behalf of the buyer, a joint venture between Trammell Crow Residential (TCR) and Arcadia-based Positive Investments. Deal terms were not disclosed. The land is adjacent to the Arcadia Gold…
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robertkhodadadian · 10 hours
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Robert Khodadadian | Commercial Observer
Acore Capital, announced April 24 that it closed its ACORE Credit Partners II fund with $1.4 billion in total equity commitments, exceeding the firm’s goal by $400 million. The equity raise is the largest private debt fund to close in 2024 and the fourth largest private real estate fundraise thus far on the year, according to the firm.  ACORE Capital CEO Warren de Haan credited the firm’s 126…
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robertkhodadadian · 10 hours
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ACORE Raises $1.4B For New Credit Facility Targeting Distressed Capital Stacks Robert Khodadadian | Commercial Observer
Acore Capital, announced April 24 that it closed its ACORE Credit Partners II fund with $1.4 billion in total equity commitments, exceeding the firm’s goal by $400 million. The equity raise is the largest private debt fund to close in 2024 and the fourth largest private real estate fundraise thus far on the year, according to the firm.  ACORE Capital CEO Warren de Haan credited the firm’s 126…
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robertkhodadadian · 10 hours
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Robert Khodadadian | Commercial Observer
The three sisters behind the hit rotating curling iron the Beachwaver will move at least part of their eponymously named company across much of the country from Chicagoland to Brooklyn. The Beachwaver Company signed a seven-year lease for 5,100 square feet at The Refinery at Domino, the recently redeveloped sugar factory in Williamsburg, landlord Two Trees Management announced. Asking rents on…
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robertkhodadadian · 10 hours
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Hair Care Company Beachwaver Braids 5K-SF Deal at Domino Sugar Refinery Robert Khodadadian | Commercial Observer
The three sisters behind the hit rotating curling iron the Beachwaver will move at least part of their eponymously named company across much of the country from Chicagoland to Brooklyn. The Beachwaver Company signed a seven-year lease for 5,100 square feet at The Refinery at Domino, the recently redeveloped sugar factory in Williamsburg, landlord Two Trees Management announced. Asking rents on…
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robertkhodadadian · 11 hours
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Chicago, Midwest | Weekly People & Companies for April 26, 2024 - Robert Khodadadian
KeyBank Real Estate Capital has appointed Patrick Kempton as the Midwest Regional production manager for a team focused on multifamily lending in the Midwest region. Kempton is responsible for a team originating loans for the multifamily sector. He is based in Chicago and reports to Janette O’Brien, Head of Multifamily Production at KeyBank. Prior to joining Key, he was a managing director of…
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robertkhodadadian · 12 hours
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Robert Khodadadian | Commercial Observer
The former headquarters of now-defunct Union Oil in Downtown Los Angeles has traded hands for a steep discount. The Swig Company sold 617 West 7th Street to Izek Shomof, founder and CEO of The Shomof Group, for $20.5 million, according to The Real Deal, which cited L.A. County property records. San Francisco-based Swig acquired the 12-story, 216,000-square-foot tower in late 2011 for $38.8…
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robertkhodadadian · 12 hours
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Swig Company Offloads Downtown L.A. Office Tower for 47% Discount Robert Khodadadian | Commercial Observer
The former headquarters of now-defunct Union Oil in Downtown Los Angeles has traded hands for a steep discount. The Swig Company sold 617 West 7th Street to Izek Shomof, founder and CEO of The Shomof Group, for $20.5 million, according to The Real Deal, which cited L.A. County property records. San Francisco-based Swig acquired the 12-story, 216,000-square-foot tower in late 2011 for $38.8…
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robertkhodadadian · 12 hours
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Graham Holdings Inks 24K-SF Full Floor Lease in Rosslyn  - Robert Khodadadian
Graham Holdings Company has secured a 15-year, full-floor office lease with Monday Properties for 24,023 square feet at 1812 N. Moore Street in Rosslyn, Virginia. Graham Holdings will relocate its headquarters to the entire 21st floor of the tower. SmithGroup is designing the new office space, and HITT Contracting will oversee the buildout.  Graham Holdings is a diversified holding company with…
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robertkhodadadian · 12 hours
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Robert Khodadadian | Commercial Observer
The fast-growing El Car Wash chain recently opened a location in Pembroke Pines, Fla., marking the company’s 41st tunnel wash in Florida. The company, headquartered above one of its car washes in the Miami suburb of Doral, hopes to have 80 to 100 locations by the end of 2027. El Car Wash is part of the growing trend of car wash chains funded by private equity firms.  Justin Landau, co-CEO and…
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robertkhodadadian · 12 hours
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5 Questions With Justin Landau of El Car Wash Robert Khodadadian | Commercial Observer
The fast-growing El Car Wash chain recently opened a location in Pembroke Pines, Fla., marking the company’s 41st tunnel wash in Florida. The company, headquartered above one of its car washes in the Miami suburb of Doral, hopes to have 80 to 100 locations by the end of 2027. El Car Wash is part of the growing trend of car wash chains funded by private equity firms.  Justin Landau, co-CEO and…
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robertkhodadadian · 12 hours
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Robert Khodadadian | Commercial Observer
Dezer Development secured $25 million from City National Bank of Florida for the Bentley Residences condo under development in Sunny Isles Beach, Fla., property records show.  Located at 18401 Collins Avenue, the opulent oceanfront project is set to rise 62 stories and house 216 units. Two years ago, the Sunny Isles Beach-based developer, led by Gil Dezer, secured $40 million for the…
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robertkhodadadian · 12 hours
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Dezer Lands $25M More For Bentley Condo Dev in Sunny Isles Robert Khodadadian | Commercial Observer
Dezer Development secured $25 million from City National Bank of Florida for the Bentley Residences condo under development in Sunny Isles Beach, Fla., property records show.  Located at 18401 Collins Avenue, the opulent oceanfront project is set to rise 62 stories and house 216 units. Two years ago, the Sunny Isles Beach-based developer, led by Gil Dezer, secured $40 million for the…
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robertkhodadadian · 13 hours
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Houston Office Results Sluggish, Industrial Soaring - Robert Khodadadian
A Newmark 1Q24 Texas office market report indicates annual full-service asking rental rates decreased from an all-time high last quarter to $29.77/SF but reflecting a 0.7% increase year over year. Overall vacancy rates rose in the first quarter of 2024 to 25.1%, increasing by 30 basis points quarter over quarter and increasing by 80 basis points year over year. The under-construction pipeline…
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robertkhodadadian · 13 hours
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Robert Khodadadian | Commercial Observer
KKR just got schooled, in a good way.  The investment manager announced Wednesday that it had agreed to purchase a 19-property student housing portfolio from Blackstone Real Estate Income Trust (BREIT) for $1.64 billion.  The 10,000-bed portfolio is spread across the U.S. but include properties near Auburn University, Arizona State University, Penn State, the University of Virginia and Virginia…
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