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/.
Howard Hughes Expects $66M Profit from ONE Ala Moana Condominium
In a letter to shareholders, Howard Hughes Corp. CEO David Weinreb has announced that the ONE Ala Moana ultra-luxury condominium tower in downtown Honolulu is expected to generate a total profit of $66 million. The Dallas-based company is building the new high-rise in partnership with local developers Kobayashi Group and The MacNaughton Group, the Pacific Business News reports. The three entities have formed HHMK Development LLC for the construction of ONE Ala Moana.
Expected to break ground this summer, the 206-unit tower has sold out in just two days during the month of December. The cost of the project amounts to approximately $900 per square foot, while the condominiums sold for an average price of $1.6 million, or approximately $1,170 per square foot.
Angelic Bakehouse Plans Move to Cudahy; Pabst District Earns Rare LEED Platinum Award
Angelic Bakehouse Inc. is planning to move its headquarters from Waukesha to Cudahy this summer.
BizTimes Milwaukee reports that the company intends to develop a $3.4 million, 22,000-square-foot office and production facility on 3.78 acres of land on Layton Avenue. The site is part of the former Iceport property, a multiple ice rink project that has been canceled half-way through its development.
The bakery’s proposed headquarters is expected to break ground in April and be complete by August. Executive vice president James Marino told the newspaper that the company intends to expand from 29 to 100 employees over the next three years.
Pittsburgh Public Market Moving to Improved Facility on Penn Avenue
This summer, the Pittsburgh Public Market will relocate from 12,000 square feet in the Pennsylvania Fruit Auction & Sales terminal building on Smallman Street to a larger space, also in the Strip District.
The Pittsburgh Business Times reports that Neighbors in the Strip, the community organization that operates the public market, has closed on the lease of a 27,000-square-foot brick building at 2401 Penn Avenue. At its new location, the market will be able to add amenities such as a commercial kitchen, air conditioning, heating and restrooms.
Hotel, Retail Development Breaks Ground on 6.4-Acre Rezoned Site Near Interstate 40
A joint venture between MJM Group and Griffin Stafford of Charlotte is currently developing a new hotel and retail center in Durham.
According to the NewsObserver, plans call for a 105-room hotel, as well as 30,000 square feet of retail, restaurant and medical office space. The developers have spent several years rezoning the site of the project, a 6.4-acre property on Chapel Hill Boulevard near Interstate 40.
Called Gateway Terrace, the new development will bring a Home2 Suites extended stay hotel , a Mattress Firm outlet, as well as three restaurants: PDQ, Chipotle and Bruegger’s. The cost of the project is between $20 million to $25 million.
Manulife Acquires New Retail Property in Western Canada
Manulife Real Estate has purchased the Aldergrove Village Shopping Centre in Greater Vancouver’s Langley Township of British Columbia.
Washington Trust Finances Historic Downtown Office Building, Parking Facilities
Washington Trust’s Commercial Real Estate Group has recently provided commercial mortgage financing to One Financial Center Plaza, LLC, a 12 story office building located at 10 Weybosset Street in downtown Providence.
The multi-tenanted historic building offers 128,000 square feet of space, as well as public lots with 170 parking spaces and an executive lot with 30 spaces.
Baldwin & Lyons to Spend $20M-$30M on New HQ Facility in Carmel
Baldwin & Lyons, one of Indiana’s largest insurance companies, plans to relocate its headquarters from downtown Indianapolis to Carmel. According to the Indianapolis Business Journal, the company’s lease for 81,000 square feet in the Landmark Center at 1099 N. Meridian St. will expire in August.
In Carmel, Baldwin & Lyons has agreed to invest between $20 and $30 million to acquire and improve a 184,000 square-foot facility at 111 Congressional Blvd. Rick Trimpe and John Vandenbark of CBRE represented the seller, Lauth Property Group, while Baldwin & Lyons was represented by Rich Forslund and Matt Waggoner of Summit Realty.
Raleigh’s Smoke-Free Apartment Communities in High Demand
Residents at the new Water Garden Village community in northwest Raleigh can breathe easy on the entire 11-acre property. According to WRAL, the recently opened 100 percent smoke-free apartment complex has been quite successful, leasing within nearly a month of opening.
Located at 8441 Mount Valley Lane, the 60-unit community has been developed by nonprofit DHIC. The newspaper reports that the property’s non-smoking policy extends beyond apartment walls and includes the fitness center, the clubhouse, the playground and even the laundry facilities.
“We were concerned that it might even limit our ability to rent the apartments,” DHIC President Gregg Warren said in regard with the smoking restriction.
McCandless Crossing Development in Suburban Pittsburgh Adds New Tenants
AdVenture Development LLC is about to break ground on the fourth phase of the McCandless Crossing 1.2 million-square-foot mixed-use development in Pittsburgh’s suburban North Hills.
Developers Selected to Build $22.9M Office Facility at IUPUI Campus
In a public-private development deal, REI Real Estate Services and its partner, Vermillion Enterprises LLC of Chicago, have been selected to build a 100,000-square-foot office facility on the IUPUI campus. According to the Indianapolis Business Journal, the proposed five-story building would house the university’s School of Philanthropy, as well as the offices of Chancellor Charles R. Bantz.
The IU Trustees have received a total of 18 development proposals for the $22.9 million project. Pending a final approval from the Commission for Higher Education and the State Budget Committee, construction could begin this summer and be complete next year.