Joint Venture Purchases Office Complex in Los Angeles for $39 Million
A joint venture between three large real estate investment and management firms has acquired a large creative office and industrial campus in Los Angeles for $39 million. The complex contains 189,000 square-feet of space across two buildings. The rear of the structure features 43,000 square-feet that is being looked at for use as a soundstage.
Wells Fargo Provides $385 Million in Financing for Apartments in Washington, D.C.
Wells Fargo has provided $385 million in financing for the construction of a multifamily portfolio in Washington, D.C. Developed by JBG Smith, a NoVa-based real estate development firm, the three-property portfolio contains 1,255 residential units and boasts its convenience to the amenities within the city’s metro.
Napa Planning Commission Approves Construction of Office and Retail Space
The Planning Commission of Napa, Calif. has voted unanimously to demolish a dilapidated former blacksmith’s shop and replace it with a new retail and office building. Once completed, the building will contain 2,847 square-feet of space spread across two floors. It’s not currently known when construction will begin, when it will end, or how much it will cost.
$4.8 Million Clubhouse in Palm Beach Gardens on Schedule for Opening
Progress is being made on the construction of a new clubhouse at the Tennis & Pickleball Center in Palm Beach Gardens, Fla. The $4.8 million structure, slated for opening in late summer 2020, will feature 14,400 square-feet of recreational space and will include an indoor cafe, outdoor dining, and event space.
Demo Permits Issued to Make Way for Mixed-Use Building in Manhattan
Full demolition permits have been filed for four buildings in Manhattan’s Washington Heights neighborhood. The four adjacent sites, owned by New York Presbyterian, will be developed into a 13-story mixed-use building netting 110,551 square-feet for residential use, 73,646 square-feet for community space, and 8,723 square-feet for commercial space. The building’s estimated construction costs and completion date are both currently unknown.