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/.
Hampton Hotel Opens 11th, 136-Room, Property in Raleigh
by Adriana Pop, Associate Editor Global hospitality brand Hampton Hotels announced the opening of the Hampton Inn & Suites Raleigh/Crabtree Valley. Located at 3920 Arrow Drive, on the site of the former Crabtree Inn building, the 136-room hotel is the 11th Hampton property in Raleigh. Amenities include a business center, meeting space, a fitness center, […]
Preliminary TIF Plan Moves Forward for Pittsburgh’s Largest Riverfront Project
The Urban Redevelopment Authority has initiated a historic tax increment financing (TIF) process for the nearly $1 billion redevelopment of the former LTV Steel site along the Monongahela River in Hazelwood. If approved, the master plan would turn Pittsburgh‘s last major abandoned industrial site into a hub of activity comprised of approximately 2.1 million square feet of high-tech research and office space, and more than 1,200 residential units. Located close to Downtown, the 178-acre site has sat dormant for 15 years. Almono LP purchased the brownfield property in 2002 for $10 million. The consortium is made up of four local foundations: Claude Worthington Benedum Foundation, Heinz Endowments, Richard King Mellon Foundation and McCune Foundation. The Regional Industrial Development Corporation of Southwestern Pennsylvania is currently managing the property on behalf of the partnership.
Ireland’s First DoubleTree by Hilton to Open in February
Hilton Worldwide will introduce the upscale DoubleTree by Hilton brand to Ireland with the launching of a new hotel in Dublin, one of Europe’s most popular tourist destinations.
Starwood Capital Purchases North Fayette Office Property in Pittsburgh
An affiliate of Starwood Capital Group has purchased the seven-story 2000 Park Lane office building in North Fayette, Pittsburgh. The acquisition was part of a larger transaction that involved nine commercial office buildings located predominately in the country’s Sun Belt region. Wells Real Estate Investment Trust II, Inc. sold the properties for a combined $260.5 million. According to the Pittsburgh Business Times, the North Fayette office building was constructed in 1993 and has an assessed value of $23.5 million. Wells Real Estate Investment Trust II purchased the 231,213-square-foot property from a subsidiary of Computer Associates International, Inc. in December 2005 for $29.5 million.
Alexander & Baldwin Completes Construction of Hawaii’s Largest Solar Farm
Alexander & Baldwin, Inc. (A&B) and Kauai Island Utility Cooperative (KIUC) have recently announced the completion of Hawaii’s largest photovoltaic energy plant. The 6-megawatt solar farm is located on Kauai’s sunny south shore, on a 20-acre parcel of land owned by A&B nearby KIUC’s Port Allen Station power plant. Electricity from the facility began flowing on Dec. 7. Developed and operated by A&B’s subsidiary, McBryde Sugar Company, LLC, the project is expected to generate approximately 10,200 megawatt hours of electricity per year. KIUC and its members will be provided with renewable solar energy at a fixed rate for at least the next 20 years.
New York Opportunity Fund Closes on $5.2M Acquisition of Long-Vacant Downtown Building
In a $5.2 million deal, real estate investor Howard Lavitt and his partners at LRC Opportunity Fund of New York have acquired the long vacant, 11-story office building in downtown Raleigh. The Triangle Business Journal reports that the transaction closed on Dec. 21. Ben Kilgore with CBRE in Raleigh represented the sellers, New York businessmen Morton Rosenfeld and Milton Schwartz. Located at 227 Fayetteville Street, the 100,000-square-foot property has been empty since its former tenant, Wachovia Bank, moved out in 2003. Wachovia developed the building in 1964, after signing a 50-year ground lease with the owners of the lot. The contract expired in January 2011 and the ownership of the structure was transferred to the land owners’ heirs. Plans now call for the interior renovation of the building, which should be complete by the fourth quarter of 2013. Project manager Steve Weitnauer with Solutions PDM is in charge with the demolition and reconstruction, while Davidson and Jones Construction Co. is the general contractor.
Inland Diversified Pays $29.8M for Hasbro Building in Downtown Providence
In a $29.8 million deal, Chicago-based Inland Diversified Real Estate Trust Inc. has acquired the Hasbro Building in downtown Providence from Boston-based Berkeley Investments Inc., the Providence Journal reports. Alden Anderson and Bill Moylan of CBRE-New England arranged the transaction. Located at 15 LaSalle Square, the 135,000-square-foot property is fully occupied by Pawtucket-based toymaker Hasbro Inc., which employs approximately 350 workers at the facility. About a year ago, Hasbro signed a 12-year lease for the space. Joseph Fallon and Michael Dalton of Cassidy Turley FHO represented the tenant in that transaction, while Berkeley was represented by Alden Anderson of CB Richard Ellis – New England.
Vintage Park East Warehouse Destined for M-F Makeover
Milwaukee’s Park East Corridor could soon welcome a new residential development within the walls of a vintage building. The Business Journal reports that Wisconsin Redevelopment LLC and Impact Seven Inc. are planning to transform a 106-year-old warehouse into a 70-unit mix of affordable and market-rate apartments. The residential units would range in size from 900 to 1,200 square feet and will be served by 70 parking spaces. The project team is currently determining specifics of the renovation, which will employ environmentally sustainable construction practices.
City Council to Approve Special Zoning Legislation for Buncher’s $400M Mixed-Use Project
The Pittsburgh City Council has approved zoning variances for Buncher Co.’s estimated $400 million mixed-use development in the Strip District. Called Riverfront Landing, the proposed development would stretch 55 acres from the Veterans Bridge to 21st Street, between Smallman Street and the Allegheny River. Pending further approvals, the project could bring 750 housing units with more than 1,000 parking spots, 800,000 square feet of office space, about 200,000 square feet of retail and a 140-room hotel. Plans also call for a walking trail, a park, an extension of the 17th Street, and the partial demolition and renovation of the historic Produce Terminal.
Sofitel Luxury Hotels to Open New Property in Bali
Sofitel Luxury Hotels continues to expand across Southeast Asia with the addition of a new property in Bali, one of the world’s most popular holiday destinations.