Real estate operators and insurers are trying to keep pace with the evolving cannabis industry and corresponding jargon crucial to operating their businesses.
The property, which will feature more than 450,000 square feet of office space, public amenities, retail and food and beverage outlets, will occupy a full city block, bounded by North Green, West Fulton Market, Wayman, and Halsted streets in the Chicago West Loop neighborhood.
Berkadia arranged the sale and acquisition loan for the property located in Orlando’s Winter Park suburb near Full Sail University, Rollins College and the University of Central Florida.
The Moinian Group has leased 22,000 square feet at 3 Columbus Circle to the Agency of Performing Arts.
The pair paid $67.25 million for the asset located at 275 Park Ave., spanning the southern facing side.
The assisted living and memory care portfolio consists of 28 properties in 14 states.
Asking rents for the newly renovated property were $58 per square foot. Recently, 240 West 35th St. had its lobby and common corridors redone.
“There is zero incentive for NY multifamily investors to purchase a building and spend money on renovations if they can't raise rents in these rent-controlled environments."
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