Costar News

CoStar's People of Note (Mar. 24) - CBRE, HFF Add Senior Managing Directors

March 24, 2017 | 1:00 AM PST

It's time to update those contact managers with CoStar's People of Note, reporting news on significant new CRE hires and promotions. This week's issue includes the following markets: Washington DC, Minneapolis, New York City, Los Angeles, Austin, San Diego, Tampa / St. Petersburg, Atlanta, Baltimore, Boston, Charlotte, Toronto, Raleigh / Durham, Phoenix / Tucson, Chicago, San Antonio and South Florida. WASHINGTON DC Madison Marquette Hires Former...

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Valuation Firm BBG Acquires LA-Based CRE Appraisal Shop

March 23, 2017 | 10:34 PM PST

BBG, a Dallas-based commercial real estate valuation and advisory firm, has launched a plan to expand aggressively within California with the acquisition of Abergel & Associates, a commercial appraisal firm in Los Angeles. The six-member team at Abergel & Associates founded by namesake and CEO Michael Abergel now becomes the Los Angeles office of BBG, one of the largest real-estate valuation and assessment firms in the U.S. with more than 20 offices...

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Cushman & Wakefield Expands West Coast Valuation & Advisory Platform

March 20, 2017 | 9:30 PM PST

Cushman & Wakefield has made three strategic hires to expand leadership of its valuation and advisory platform along the West Coast. Steve Henry, MAI and Melissa Lofing, MAI join the commercial real estate services firm as managing directors in its Orange County and San Diego offices, respectively. Nancy Welsh, MAI, MRICS joins the company as a senior director based in its San Francisco, CA office. "With more than 80 years of combined experience...

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Top Commercial Real Estate Firms and Brokers in Inland Empire Win CoStar Power Broker Awards

March 20, 2017 | 7:25 PM PST

Several top firms and real estate brokers in Inland Empire are among the winners of the annual CoStar Power Broker Awards. Now in its 16th year, the awards recognize those who perform at the highest levels in commercial real estate brokerage. Every year, CoStar's research team verifies and records the commercial real estate sales and lease transactions that closed during the previous year. From that information, CoStar presents CoStar Power Broker...

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Fitness 19 Leases 20,000 SF in Perris

March 20, 2017 | 5:41 AM PST

Fitness 19 leased 20,284 square feet in the Perris Valley Spectrum shopping center at 2560 N. Perris Blvd. in Perris, CA. The 274,533-square-foot shopping center is located in the South Riverside County submarket. Fitness 19 will back-fill space previously occupied by Walmart this summer. Kim Calabrano and Laura Mojarro of Atlas Properties Real Estate Services represented the landlord, Brazen Group.

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Sunstone Sells Fairmont Newport Beach Hotel for $125M

March 13, 2017 | 10:16 PM PST

WJ Newport LLC acquired the 444-room Fairmont Newport Beach hotel at 4500 Macarthur Blvd. in Newport Beach, CA from Sunstone Hotel Investors, Inc. for $125 million, or about $282,000 per key. The sales price represents a 16x multiple on 2016 Hotel Adjusted EBITDA of $7.8 million and a 5.2 percent CAP rate on its 2016 NOI, according to Sunstone, which reported an estimated net book gain of $44 million and an estimated increase to 2017 taxable income...

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Newcastle Breaks Ground on Two New Industrial Facilities in the Inland Empire

March 10, 2017 | 12:23 AM PST

San Francisco-based real estate development company Newcastle Partners has commenced construction on two industrial facilities totaling more than 570,000 square feet being built on-spec across the Inland Empire. The larger of the two, Meridian Distribution Center II, is located at 22000 Opportunity Way in Riverside, CA. It is situated on a 26.9-acre plot and will total 503,500 square feet when completed in the third quarter of 2017. The $38 million...

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Best Western Gardens Hotel at Joshua Tree Sells for $5.1M

March 9, 2017 | 10:31 PM PST

A private investor acquired the Best Western Gardens Hotel at Joshua Tree located at 71487 29 Palms Hwy in Twentynine Palms, CA for $5.1 million, or about $61,000 per room, from Hospitality Ventures 1 LP. The recently-renovated hospitality property was delivered in 1984 just a few blocks from 29 Palms Plaza. The 39,607-square-foot Best Western includes a fitness center, pool and spa. The average occupancy is 56 percent. Josh Miehl and Oliver...

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