Deals & Projects: February 2010

Kennedy Wilson, the international real estate and investment firm, with its partners, has acquired Club Palisades, a 750-unit multifamily community in Federal Way, Wash. The property was purchased as real estate owned from a group of insurance companies. Kennedy Wilson capitalized the deal with its partners Fairfax Financial, the LeFrak Organization, and KW Property Fund III, as well as new financing of $46.8 million through Fannie Mae.

DSW PLAZA, a retail property in Lake Grove, N.Y., on Long Island, has been sold for $48 million. Prestige Properties purchased the fully leased shopping center from Centro Properties, according to Cushman & Wakefield, which negotiated the sale. DSW Plaza occupies 251,222 sq. ft. in a retail hub of Suffolk County. The transaction was one of the largest for Long Island retail in 2010. Tenants include Toys R Us, Staples, Michael's Crafts, and DSW Shoe Warehouse.

Bell Partners, based in Greensboro, N.C., closed 2010 by acquiring three large apartment properties for approximately $115 million. The properties include Cranbrook at Biltmore Park Apartments, a 276-unit community in Arden, N.C.; the 434-unit Century Ridge Apartments in Atlanta, and Century River Glen Apartments, a 324-unit complex in Birmingham, Ala. Bell Partners is ranked the nation's 10th largest apartment operator by NMHC.

TAGS: News
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