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“This is a once-in-a-lifetime opportunity to purchase portside land with unparalleled maritime access in one of the world's most land constrained port markets,” says Cushman & Wakefield's David Bernhaut.
The market was late out of the recovery but is now becoming a favorite of investors, like San Diego's Tower 16, which plans to buy 1,000 units there in the next 12 months.
The portfolio was purchased by an institutional investor for $57 million and was encumbered by CMBS debt, but selling it intact circumvented defeasance penalties that would have been triggered by carving up.
Varden Capital Partners repositioned the assets following a bulk purchase, and made healthy profits for investors while leaving a great value-add path ahead for Blue Rock, says Cushman & Wakefield's Tyler Averitt.
Amid widespread optimism about the strength of US commercial real estate, a recent Akerman report identified top trends among executives, and said that taxes and technology are major elements that will define the CRE trajectory for the next three years.
Cultivate is a new brokerage firm that will partner with owners and developers to curate a dining experience in office, multifamily and hotel properties.