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/.
PRG Real Estate Acquires 216-unit Apartment Community in Durham
PRG Real Estate has announced the acquisition of Bainbridge in the Park Apartments, a 216-unit garden-style apartment community located on a 25-acre wooded setting in Durham. The community was built in 1985 and is situated within 2.5 miles from the world-renowned Research Triangle Park. Amenities include a 24/7 newly renovated fitness center and clubhouse, a resort-style pool, bark park, private patios, balconies, fireplaces and washer/dryer connections. PRG Real Estate is planning upgrades for its new property, including the complete renovation of kitchens and baths. Landscaping and other curb appeal items will also be improved.
Chatham University to Start Construction on Green Academic Community
Chatham University has broken ground on the Eden Hall Campus, the first academic community in the world built from the ground up for sustainable development, living, and learning. Located in Richland on a 400-acre site once called Eden Hall Farm, the facility will be the second residential college campus in the North Hills of Pittsburgh and the first university in Northern Allegheny County. The institution has hired world-renowned Andropogon and BNIM to develop the Eden Hall master plan, while architecture firm Mithun will be in charge of building design. The project consists of an estimated $40 million investment in a carbon neutral, zero-net energy facility that will include high performance green buildings and the latest in sustainable land, energy, and water management techniques.
Eaton Closes $12.9M Deal for New R&D Center
Cleveland-based Eaton Corp. has purchased a new 105,000-square-foot research and development center in Menomonee Falls for $12.9 million. According to the Milwaukee Business Journal, the company plans to move 185 employees from its current Milwaukee building to the new facility by mid-November. According to state records, in April the company sold its seven-story facility on North 27th St. in Milwaukee to Jonco Industries Inc. for $1.4 million—less than half the property’s assessed value.
Bank of Hawaii to Move Ward Branch to Hokua at Ala Moana
Bank of Hawaii has announced plans to relocate its Ward Plaza branch to the ground floor of the Hokua condominium at 1288 Ala Moana in Honolulu, about half a mile from its current location. Construction for the new offices should begin by the end of February 2013, with completion scheduled for mid-August. DKKY Architecture Studio will design the space. The move will allow for a smooth transition of services, as the bank intends to close its current Ward branch at 210 Ward Ave. on a Friday and open at the new location the following Monday.
Creditor Files to Acquire Comfort Suites City Centre for $7.5M
New York-based German American Capital Corp. could become the new owner of the Comfort Suites City Centre in downtown Indianapolis. In February, the property’s current owner, Warsaw Hotel Partners LLC, an affiliate of Dora Brothers Hospitality Corp. in Fishers, filed for Chapter 11 bankruptcy protection. The petition listed $1 million to $10 million in assets and $10 million to $50 million in liabilities. According to the Indianapolis Business Journal, German American is owed $12 million, which makes it the company’s largest creditor. In a recent court filling, the bank has proposed a “credit bid” of $7.5 million to acquire the Comfort Suites City Centre from Warsaw Hotel Partners. If the plan is approved by a U.S. Bankruptcy Court judge, German American would take ownership of the property by the end of the year. Comfort Suites City Centre is a 3-star hotel that features 130 air-conditioned guestrooms. Amenities include banquet facilities, an indoor pool, a spa tub, a fitness center and a business center. The property was developed with the help of a $12.6 million loan that German American provided in February 2007. By the time the loan matured in November 2010, Warsaw Hotel Partners still owed the bank $11.2 million.
Capital Associates to Build $30M Employee Housing on Centennial Campus in Raleigh
by Adriana Pop, Associate Editor Cary-based Capital Associates is expected to break ground on The Greens at Centennial Campus, a 292-unit rental project in Southwest Raleigh to house campus employees. According to the NewsObserver, the $30 million complex would include three apartment buildings spread over 10 acres. At the moment, the only residential development at the 1,125-acre […]
JV to Acquire Major Retail Portion of the Suburban Pittsburgh Waterfront
By Adriana Pop, Associate Editor A joint-venture between BIG Shopping Centers USA of Los Angeles and Chicago-based M&J Wilkow Ltd. has acquired 765,000 square feet of space at the Waterfront retail development, the second largest shopping complex in the Pittsburgh area. According to the Pittsburgh Business Times, county records indicate that the group of investors […]
Remodeled Center to Become Maui’s First Outlet Mall
By Adriana Pop, Associate Editor In November, Honolulu Builders will begin work on the renovation of Lahaina Center on Maui. Called The Outlets of Maui, the project will include 10 existing buildings on 11 acres at 900 Front St. Upon completion, the remodeled center will become the island’s first outlet mall. The Maui News reports […]
Shell Proposes $7.6 Million Payment Plan to Beaver County
By Adriana Pop, Associate Editor Royal Dutch Shell has proposed a payment plan to Beaver County officials that could bring local entities $7.6 million if the company decides to build a massive ethane cracker facility in the region. According to the Pittsburgh Post-Gazette, Shell’s proposed development had threatened to deprive the Potter Township and the […]
Sentinel to Build Durham’s First Mega-Scale, Multi-Tenant Data Center
by Adriana Pop, Associate Editor Sentinel Data Centers of Massachusetts has announced it would build a 420,000-square-foot facility in Durham, the region’s first purpose-built multi-tenant data center for large-footprint users. The initial phase of the Sentinel NC-1 facility will deliver 120,000 square feet by early 2013. “We welcome Sentinel Data Centers to North Carolina as […]