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Posted on April 24, 2014

Princeton Enterprises, a national owner and developer of real estate, purchased the 64-unit Palms Apts. for $3.05 million, or approximately $48,000 per unit.

The six-story apartment building consists of one- and two-bedroom units. It was built in 1910 at 1001 E. Jefferson Ave. in the Elmwood/Eastern Market Multifamily submarket and was renovated in 2013.

Please see Costar COMPS #2985823 for more information on this transaction.

Source:  http://www.costar.com/News/Article/Pinceton-Enterprises-Buys-Palms-Apts-in-Detroit/159728

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Posted on April 24, 2014
Dalfen America Corp., a Canadian development, management, and investment company, acquired the Airport Distribution Center at 10725 Harrison Rd. in Romulus, MI for $10.89 million, or approximately $35 per square foot.The industrial facility totals 312,000 square feet and is located at the northeast corner of Goddard Rd. and Harrison St. in the Airport District Industrial submarket of Detroit. The building was constructed in 2001 and was renovated in early 2014.

The property was reported to have been approximately 60% occupied at the time of the transaction.

Kelvin Walker and David MacDonald of JLL brokered the deal on behalf of the seller, while Daniel Labes and Anthony Avendt of Newmark Grubb Knight Frank represented the buyer.

For more information, please see CoStar COMPS #2997820.

Source:  http://www.costar.com/News/Article/Airport-Distribution-Center-Trades-for-$1089-Million/159683

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Posted on April 24, 2014

The Detroit Office market ended the first quarter 2014 with a vacancy rate of 16.8%.

The vacancy rate was down over the previous quarter, with net absorption totaling positive 874,059 square feet in the first quarter. That compares to positive 449,308 square feet in the fourth quarter 2013. Vacant sublease space increased in the quarter, ending the quarter at 422,723 square feet.

Tenants moving into large blocks of space in 2014 include: Campbell Ewald moving into 117,057 square feet at 2000 Brush St; TRI-A Professionals moving into 92,074 square feet at 32255 Northwestern Hwy; and Botsford Hospital moving into 51,101 square feet at 27555 Farmington Rd.

Rental rates ended the first quarter at $17.47, an increase over the previous quarter.

There were no buildings delivered to the market in the quarter. 93,080 square feet was still under construction at the end of the quarter.

This trend is compared to the U.S. National Office vacancy rate, which decreased to 11.5% from the previous quarter, with net absorption positive 21.68 million square feet in the first quarter. Average rental rates increased to $22.17, and 321 buildings delivered to the market totaling more than 16.1 million square feet.

The information in this news report is based on CoStar’s First Quarter 2014 Market Report, a 40+ page comprehensive research report available to CoStar subscribers. To learn more about quarterly research reports and other benefits available to CoStar subscribers, please call 888-226-7404.

Source:  http://www.costar.com/News/Article/Market-Trend-Detroits-Office-Vacancy-Decreases-to-168/159681

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Posted on April 24, 2014

Prince puts the most beautiful home in the world up for sale

HE once famously painted it purple and had his logo affixed to some walls.

Now the Costa del Sol home of singer Prince has gone up for sale for a cool €5.6 million.

The 11-bedroom villa, near El Paraiso golf course, in Estepona, was purchased by the singer in the early 90s, on the spur of the moment after he held a concert in Marbella stadium.

He bought the home with his Puerto Rican wife Mayte (who he wrote about in his song The Most Beautiful Girl in the World), and was spotted a few times in Marbella’s night spots.

But his Costa del Sol dream turned sour when his son with Mayte died shortly after his birth, and Prince vowed never to set foot in the mansion again.

Source:  http://www.theolivepress.es/spain-news/2014/04/22/prince-puts-the-most-beautiful-home-in-the-world-up-for-sale/

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Heritage Business Park KTR Industrial Fund III, an investment vehicle of KTR Capital Partners, has just reeled in $142 million of financing for a 4.3 million-square-foot portfolio in Georgia, Nevada and Texas, courtesy of a helping hand from CBRE Capital Markets’ Debt & Structured Finance group.

Prudential Mortgage Capital Corp. provided the financing, which came in the form of a loan with a fixed rate on $92.3 million and a floating rate on the remaining $49.7 million, as well as blended pricing with a five-year term and full-term interest only.

The 16-property portfolio, which includes the Heritage Business Park in Grapevine, Texas, certainly caught the attention of the lending community. The group consists of high-quality warehouse and distribution facilities, and is presently 87 percent leased.

“Given the strong liquidity in the lending market and the high demand for quality industrial assets of scale, there was healthy lender competition, but the solid underwriting supports the transaction well,” Val Achtemeier, executive vice president of Capital Markets with CBRE Inc., told Commercial Property Executive.

As Achtemeier goes on to describe in a prepared statement, the transaction was highly beneficial to both the borrower and the lender. Fund III walked away with a loan featuring flexibility and a desirable blended interest rate and, she added, “Prudential was able to expand its industrial exposure through a large loan with scale, excellent sponsorship, diversification and solid economic metrics.”


Source:  http://www.cpexecutive.com/regions/southeast/cbre-arranges-142m-loan-for-4-msf-industrial-portfolio-in-georgia-nevada-texas/1004095146.html

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