A consortium of real estate developers and investors, including Orr Partners, Redbrick LMD LLC, and Jefferson Apartment Group, led by Western Development Corporation and Akridge announced the acquisition of the former U.S. Coast Guard headquarters at Buzzard Point in DC for $49.3 million. The Akridge and Western Development team said it has plans to redevelop the property with Orr Partners and Jefferson Apartment Group into a mixed use project. Washington-based Redbrick sourced, capitalized, and structured the transaction, with EagleBank and Greenfield Partners providing financing for the project.

“Just as Akridge and Western did so well at Gallery Place, at Riverpoint we will create a place that brings people to a unique spot in DC – the confluence of the Anacostia and Potomac Rivers—to enjoy great food, listen to music, and relax at the water’s edge,” said Herb Miller, Chairman of Western Development Corporation.

“We are thrilled to partner with Western Development again,” added Matt Klein, President of Akridge. “Riverpoint is an incredible opportunity and we are eager work with such a talented team to build DC’s next great waterfront community there.”

The new project, dubbed Riverpoint, will deliver 80,000 square feet of restaurant and retail space, as well as over 450 apartment and condominium units and waterfront activities with new piers, floating restaurants and the continuation of the Anacostia Riverwalk Trail. Riverpoint will feature three sides of unobstructed water views, and connect the area with the new DC United stadium and other developments along the Capitol Riverfront, including the Ballpark District, and The Wharf. Western Development will lead the development and leasing of the retail and waterfront portions of the project.

The Harold K.L. Castle Foundation and Kaneohe Ranch Co. LLC have put the entire Kaneohe Ranch commercial real estate portfolio, which includes the town center in Kailua in Windward Oahu, on the market with Eastdil Secured. According to a Pacific Business News report, the possible sale of Kaneohe Ranch could easily top $1 billion and is similar to what happened when General Growth Properties Inc., the owner of Ala Moana Center, closed on a deal in 2002 to acquire Victoria Ward Ltd. for $250 million.

The properties are reportedly being marketed in their entirety or as two geographic sub-portfolios, the price of which is not currently available. Many of the existing commercial properties in Kailua were developed as leasehold interests 40 to 50 years ago, and several of the long-term ground leases “have either expired or will be expiring by the end of this decade, providing ownership with the opportunity to continue to upgrade and reposition downtown Kailua,” the listing said.

The Hawaii portfolio also includes the land beneath the Windward City Shopping Center and Servco Windward Toyota in Kaneohe, and three properties in Honolulu. The Kailua town center includes a mix of fee-simple and leased properties whose tenants include Whole Foods MarketFoodlandSafewayTimes SupermarketLongs DrugsMacy’s and California Pizza Kitchen.

The Mainland portfolio includes five leased fee land interests, three single-tenant retail and office assets and one multifamily asset located in San Francisco, Seattle, Miami, Dallas, Phoenix and Portland, Oregon. Tenants in those properties include Lowe’s in San Jose, California, a Kohl’s department store in Phoenix, the Miami Marriott Biscayne Bay and the U.S. government.

Cohen Asset Management, Inc., a private commercial and industrial real estate investment firm, announced that an affiliate had acquired a nine building portfolio of industrial and office properties in northern New Jersey from Avidan Management. According to a CoStar report, the pricepoint of the deal was not disclosed, but that the HFF investment sales team represented Avidan in the transaction.

The portfolio, comprised of approximately 2.6 million square feet of warehouse and office space primarily in port-centric locations, represents one of the largest acquisitions of industrial properties in Northern New Jersey in many years. The purchase is part of a series of transactions that Cohen has completed on both the east and west coast over the past year and is reflective of Cohen’s ability to source transactions through its longstanding operator model.

“As previously outlined, one of our top priorities is to grow our East Coast presence,” commented Bradley Cohen, Cohen‘s President and CEO. This transaction highlights Cohen Asset Management’s commitment to our target markets and our ability to establish a concentrated ownership position by assembling a critical mass of high quality, functional industrial real estate. Cohen went on to continue saying, “With this acquisition, we are making significant progress towards achieving our strategic objectives.”

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