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Real Estate

Pierson Commercial hires David Zaro

According to the announcement, Zaro brings more than a decade of experience in the New Jersey commercial real estate market to the brokerage division of Pierson Commercial and will concentrate on the marketing and leasing of shopping centers, investment sales, land acquisition, development and tenant representation on behalf of the company’s clients throughout Central and ...

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HFF secures 22M retail center financing

According to the announcement, HFF worked exclusively on behalf of Heitman and Ramco-Gershenson Properties Trust, to place the three-year loan with a national bank, at a floating interest rate of LIBOR plus 175 basis points.Chester Springs Shopping Center is located on more than 20 in downtown Chester. The center is 96.6 percent leased and is ...

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Sotheby’s opens Saudi Arabia office

According to the announcement, the company will conduct business as First Regents Sotheby’s International Realty with Paul Aiken as managing broker. The office in Riyadh will serve the luxury residential real estate market throughout Riyadh, Jeddah, Dammam and Al Khobar.First Regents Sotheby’s International Realty is located at King Fahad Road, Tatweer Tower in Riyadh. The ...

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Bloomfield is aiming to develop into urban hotbed

“You name the obstacles associated with the redevelopment process, and they existed on that site,” said Glenn Domenick, Bloomfield’s director of community development, naming environmental woes, an eminent domain dispute and a revolving door of developers and consultants over more than a decade. So it’s no small feat that the block is now home to ...

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Vornado to sell 866 UN Plaza in Manhattan for 200M

News of the sale came out of the company’s Paramus office, where it has significant operations. According to the announcement, the sale, subject to customary closing conditions, will result in net proceeds of approximately $146 million, after repaying existing debt and closing costs. The financial statement gain will be approximately $128 million. The building is ...

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UMH acquires 5 manufactured home communities for 11.8M

According to the announcement, the five all-age communities contain a total of 519 developed home sites that are situated on approximately 200 total acres. This portfolio consists of four communities located in Ohio and one community located in New York. The average occupancy for these communities is approximately 82 percent. The company now owns seventy-four ...

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Wyndham completes 300M securitization, declares dividend

According to the announcement, company has completed a term securitization transaction involving the issuance of $300 million of asset-backed notes. Sierra Timeshare 2013-3 Receivables Funding LLC issued $231 million of A rated notes and $69 million of BBB rated notes. Sierra Timeshare 2013-3 Receivables Funding LLC is an indirect subsidiary of Wyndham Vacation Ownership.The company ...

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Atlantic Club Casino files for bankruptcy

The resort filed voluntary petitions today in U.S. Bankruptcy Court in New Jersey, aiming to “facilitate(s) an expedited sale while the property continues to operate in the ordinary course of business,” according to a news release. The former Atlantic City Hilton has grabbed plenty of headlines over the past two years, going back to early ...

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Terreno Realty acquires 7M industrial properties

According to the announcement, the property consists of two multi-tenant light industrial buildings containing approximately 105,000 square feet on 7.7 acres. The rear-load buildings at 60 and 70 West Ethel Road provide 19 dock-high doors and are 76 percent leased to nine tenants. 60 and 70 Ethel Rd W, Piscataway, NJ 08854

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Realogy posts second straight quarterly profit

In its latest financial report, the global franchisor said it earned $109 million for the third quarter after recording a $34 million loss in the same quarter last year. The positive earnings news also follows a second quarter in which Realogy, owner of brands such as Century 21, surprised observers by posting a profit. All ...

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Vornado completes 678M debt modification

According to the announcement, the 5.743 percent mortgage loan secured by its Skyline properties in Fairfax, Va. has been separated into two tranches, a senior $350 million position and a junior $328 million position. The loans have been extended from February 2017 to February 2022, with a one-year extension option and will have an effective ...

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