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/.
Central Y Property Redevelopment Brings Condominiums, Smaller Facility
San Francisco-based MB Property Acquisitions LLC is planning a new 150-unit condominium high-rise at the site of the current YMCA of Honolulu facilities, as well as a smaller adjacent building that would better suit the needs of the nonprofit organization.
According to the Pacific Business News, the developer has asked the Department of Planning and Permitting to approve a zoning change that would allow for the development of a high-density apartment mixed-use tower with a height limit of 350 feet. The area’s current limit is only 150 feet.
Kimpton To Plant Its First Wisconsin Flag With 158-Key Downtown Milwaukee Hotel
Local developer HKS Holdings LLC is planning a 158-room Kimpton Hotel in Milwaukee’s Historic Third Ward. According to The Business Journal, the project has gained its first approval from the neighborhood’s Architectural Review Board.
The proposed eight-story building will be developed on the current site of a parking lot at the northeast corner of Broadway and East Chicago Street. Owned by Chicago Street Holdings LLC, the new upscale boutique property will be the first hotel in the city’s Third Ward neighborhood.
Milwaukee-based Kahler Slater Architects will design the project, which will include a rooftop bar, a fitness center, expansive meeting space, a ground-floor restaurant, as well as underground parking. Construction is expected to begin this fall.
Centennial Acquires Multi-Family Complex from JP Morgan Affiliate for $39M
Atlanta-based Centennial Holding Company LLC has recently purchased the 270-unit Addington Farms apartment community in Durham, which it renamed Century Trinity Estates. The Triangle Business Journal reports that an affiliate of J.P. Morgan Investment Management Inc. of New York has sold the property for $38.6 million.
Located at 240 Ivy Meadow Lane, just minutes away from Duke University and UNC Chapel Hill, the 33-acre pet friendly property offers luxurious one, two and three bedroom garden style apartments, as well as townhomes and cottages. Amenities include a resort-style swimming pool with complimentary poolside Wi-Fi, a fitness center, media center, as well as a lighted tennis court and a picnic and grilling area.
High-Profile I.M. Pei Apartment Community Slated for Renovation
One of Pittsburgh’s iconic residential towers, the 24-story Washington Plaza Apartments, is set to undergo a series of upgrades this year. According to the Pittsburgh Business Times, Faros Properties LLC has hired Perkins Eastman of New York to remodel the property’s lobby, business center, fitness center and swimming pool. Improvements are also planned for the kitchen and bathroom(s) of each unit.
Built in 1964 and designed by I.M. Pei and Partners, the 388-unit high-end apartment complex is located at 1420 Centre Avenue, just west of the city’s downtown. The property includes studios, as well as one- and two-bedroom residences, with monthly rents going from $1,000 to more than $2,000. The complex offers approximately 400 parking spaces, 291 storage units, a 24/7 concierge service, controlled access and valet parking, as well as tennis courts, volleyball courts and BBQ picnic areas. There is also a retail portion on the ground floor, with a bar & grill, massage spa, dentist and hair salon.
Bank of Hawaii Waikiki Center Changes Owners
Shoei USA Inc. has acquired the Bank of Hawaii Waikiki Center from Honolulu-based Pacific Office Properties Trust Inc. and its Mainland partner. According to the Pacific Business News, NAI ChaneyBrooks represented the buyer in the transaction. Financial terms of the deal were not disclosed.
Located at 2155 Kalakaua Avenue near the Waikiki Beach Walk, this landmark nine-story property offers more than 150,000 square feet of office and retail space, along with 219 parking stalls. Its tenants include Bank of Hawaii, Starwood Hotels & Resorts, Aston Hotels, JTB Hawaii, 7-Eleven and the Teddy Bear World.
Last May, the building’s former owners put the property on the market for $38 million. Larry Taff, president and CEO of Pacific Office Properties, told the newspaper that the company’s partner, a group of Mainland investors, owned an 83 percent interest in the property.
Court Approves Sale of 82 Acres at Rocky Point for State Park
The state of Rhode Island has received the U.S. District Court’s approval to purchase 82 acres of the historic Rocky Point property in Warwick for $9.65 million. According to the R.I. Department of Environmental Management (DEM), the Court’s decision will allow for the development of a future State Park, just 10 miles away from downtown Providence. The transaction is expected to close in about one month.
The U.S. Small Business Administration, as receiver for Moneta Capital, is the current owner of the property. The acquisition will be funded through the $10 million Open Space bond approved by Rhode Island voters in 2010.
Milhaus Redevelops Former Bank One Center into Apt., Office Space
Milhaus Development is currently redeveloping the former Bank One Operations Center in downtown Indianapolis into a five-story mixed-use structure with 258 apartments and up to 68,000 square feet of commercial space. Inside Indiana Business reports that the estimated price tag of the reconversion plan is around $30 million.
Located at 451 East Market Street, the “Artistry” project is centered on the arts theme, reflecting the neighborhood’s history of craft and skill. Marketing and experience-design firm Q7 Associates will brand and market the residences, while the Gene B. Glick Company will provide property management services.
Brookfield Acquires Apartment Communities in the Triangle for $108M
Brookfield Asset Management Inc. has purchased five multi-family properties in the Triangle region, as part of its $414 million deal to acquire a total of 19 apartment communities in North Carolina, South Carolina and Virginia. Babcock & Brown Residential, the seller of the 4,892-unit portfolio was advised by Robert W. Baird & Co.
According to the Triangle Business Journal, the assets located in the Triangle accounted for a combined $108 million, or $76,900 per unit.
The newspaper reports that the 462-unit Oak Hollow property in Cary sold for $32.6 million, while the 144-unit Bridges at Chapel Hill in Carrboro sold for $11.6 million. The region’s other three communities that were included in the sale are located in Durham: the 346-unit Bridges at Wind River (pictured), which sold for $32.6 million, the 264-unit Woods Edge, which sold for $18.7 million, and the 192-unit Bridges at South Point, which sold for $12.76 million.
New East Side Transit-Oriented Development Moves Forward
The Mosites Co. is planning to build a new multi-modal transit center, with 54,000 square feet of retail, more than 360 residential units and 595 parking spaces in Pittsburgh’s East End neighborhood. The estimated price tag of the entire project is around $75.2 million.
According to the Pittsburgh Business Times, the city’s Urban Redevelopment Authority (URA) has approved the developer’s request to purchase a small portion of land in this area, clearing the way for the new development. The project will sit on an assembly of 6 acres, stretching from Penn Avenue to the Eastside II retail complex on Penn Circle South.
RioCan to Acquire Regional Malls in Greater Toronto Area
RioCan Real Estate Investment Trust has entered into a conditional agreement with Primaris Retail REIT to acquire two regional shopping malls in the Greater Toronto Area (GTA) for a combined gross purchase price of approximately $362 million.