Adriana Pop
Adriana Pop is a senior editor with Commercial Property Executive and Multi-Housing News. She joined CPE and MHN in 2012, with an academic background in economics, English and Italian. She currently curates the CPE Sneak Peek newsletter, highlighting noteworthy stories and emerging topics for readers. Connect with her at adriana.pop@cpe-mhn.com or on LinkedIn: https://www.linkedin.com/in/ioana-adriana-pop-811772108/.
Pacrep to Revise Design for Ritz-Carlton Hotel Condo in Waikiki
The Honolulu Department of Planning and Permitting has granted conditional approval to the proposed $275 million Ritz-Carlton condominium hotel project in Waikiki. The Pacific Business News reports that California developer Pacrep LLC will need to revise the design of the 37-story tower known as 2121 Kuhio, in order to reduce its apparent mass. The company has also been asked to consider an expansion of the commercial space planned for the tower’s ground floor.
Virginia Beach Investor Acquires West Raleigh Office Building for $8.3M
Continental Capital Management of Virginia Beach, Va. has recently purchased a three-story, 61,412-square-foot office building in West Raleigh. According to the Triangle Business Journal, shopping mall operator CBL & Associates Properties sold the asset for $8.3 million.
At the time of sale, the building at 1500 Sunday Drive within Trinity Corporate Park was 97 percent leased. Its tenants include the Hughes, Pittman & Gupton accounting firm, First Point Management Resources and RCI. The property was developed in 2000 and has a tax value of $9.2 million.
Scott Adams, Ben Kilgore and Brian Carr of CBRE-Raleigh brokered the transaction on behalf of the seller. The firm will also manage the building and handle leasing services, the newspaper reports.
Landmark Developments To Look Forward To in Downtown Pittsburgh
Pittsburgh’s growing downtown will soon welcome a new wave of development. According to the Pittsburgh Post-Gazette, 60 projects are currently planned for the Golden Triangle region, totaling about $2.2 billion in investment.
Developed by Millcraft Industries, the Gardens at Market Square is among the most notable mixed-use towers expected to break ground in the heart of downtown this year. Lucas Piatt, the company’s president and chief operating officer, has discussed the $95 million hotel, office and retail project during the recent annual meeting of the Pittsburgh Downtown Partnership.
Tata Housing Launches Landmark Residential Project in Odisha
Mumbai-based real estate development company Tata Housing has launched Ariana, Bhubaneswar’s first integrated residential complex.
Plans Move Forward for $72M Mixed-Use Project on Maui
The Maui Planning Commission has recently approved the final environmental assessment for a $72 million mixed-use development in Kihei, one of the island’s most populated communities.
According to the Maui News, Krausz Companies Inc. will not need to conduct an environmental impact statement for the 250,000 square-foot Downtown Kihei project.
New York REIT Acquires Courtyard By Marriott Property in Pittsburgh
Carey Watermark Investors Incorporated of New York has acquired a 132-room Courtyard by Marriott hotel in Pittsburgh’s Shadyside area.
The company’s total investment in the Courtyard Pittsburgh Shadyside property is around $34.6 million. This amount has been financed with $21 million of debt and includes a purchase price of $29.9 million, $4.8 million in planned capital improvements and acquisition-related costs.
Open since 2003, the hotel offers approximately 1,600 square feet of meeting space, a Starbucks Coffee House, a fitness center, a business center and an indoor pool/whirlpool. It also provides easy access to the University of Pittsburgh Medical Center, the Western Pennsylvania Hospital, the Carnegie Mellon University and the University of Pittsburgh.
Omni, WinnDevelopment Wrap $21M West End M-F Rehab
Rhode Island lawmakers have joined Omni Development Corporation, WinnDevelopment, Rhode Island Housing and other community organizations to celebrate the opening of 83 new or completely rebuilt affordable rental homes in Providence’s West End.
Called Phoenix Apartments, the $21 million energy-efficient development has been built on the sites of 22 formerly dilapidated and foreclosed multi-family properties. The project spreads along Althea, Waverly, Bellevue, Hanover, Cranston and Waldo streets, including a portion of community space on Cranston Street.
Vista Capital Arranges $7.7M CMBS Loan for Extended-Stay Property in Indianapolis
Vista Capital Company has negotiated and closed $7.7 million of financing for the five-story Staybridge Suites hotel in downtown Indianapolis. The 10-year CMBS loan was provided by a European-based group of investors who were attracted by the market and by the strong performance of the asset.
The extended-stay, InterContinental-branded hotel was built in 2000 by its current owner. The property offers 146 rooms, along with a variety of amenities, including a business center, a fitness center and an indoor pool.
Oaktree-NFR Partnership Acquires 450K SF Wells Fargo Operations Center in Raleigh
An affiliate of Oaktree Capital Management, L.P. in partnership with National Financial Realty, Inc. (NFR) of Los Angeles has recently purchased the 450,000-square-foot Wells Fargo office park in west Raleigh, the Triangle Business Journal reports. Located at 1100 Corporate Center Drive, the three-building property has a tax value of $64 million.
The sale was part of an approximately $240 million transaction through which the partnership has acquired 40 office buildings across the country from First States Investors B, L.P. The 3.4 million-square-foot office portfolio is 90 percent leased on a long-term basis to Wells Fargo Bank.
Mayor Greg Ballard Plans Redevelopment of Former Market Square Arena Site
The City of Indianapolis is ready to take another shot at redeveloping the former site of Market Square Arena (MSA), which it segmented into parking lots.
During his annual State of the City speech, Mayor Greg Ballard has announced that his administration is now seeking plans and proposals to repurpose the northern half of the former MSA site into something better than surface parking.