Adrian Maties
Inland Real Estate Buys University Heights Shopping Center
Inland Real Estate Corporation has acquired a Cleveland-area shopping center in a joint venture with Dutch pension fund advisor PGGM. The purchase price was $24.9 million, excluding closing costs and adjustments. The joint venture also assumed an $18.4 million property-level loan with a two-year term, which it expects to pay off or refinance upon maturity.
Dayton Children’s Hospital Announces $140M Expansion Project
Great news for all the children in Dayton. Dayton Children’s Hospital plans to invest $140 million to expand its Valley Street campus, near the city’s downtown. The hospital’s board of trustees approved the plan recently. The move follows a nearly nine-month planning processes which included input from the hospital’s staff as well as patient families.
AFL-CIO BIT to Sell Five-Building Portfolio in Tysons Corner
In August, 2011, the AFL-CIO Building Investment Trust added a five-building portfolio in Tysons Corner to its Washington, D.C.-area properties. Now, the trust is looking for buyers for the same portfolio.
VCU Plans March Kickoff for $51M Library Upgrade, Expansion
Virginia Commonwealth University’s James Branch Cabell Library is getting a makeover. A $50.8 million construction project will renovate and expand the more than 40-year-old library on the Monroe Park Campus. Work will start next March and is expected to be completed in September 2015.
$250M Project to Deliver Marriott Autograph Collection Hotel, 205 Apartments to Downtown Cleveland
The GEIS Companies and Sandvick Architects, both based in Cleveland, have teamed up to bring new life to the intersection of East Ninth Street and Prospect Avenue, a long overlooked area in the city’s downtown. Dubbed The 9, the $250 million development calls for the renovation and transformation of the former AmeriTrust Tower and historic Cleveland Trust Rotunda into a high-end complex featuring a luxury hotel, apartments, and much more. The project will create 1,000 construction jobs.
Cincinnati Children’s Receives Largest Donation in Hospital’s History
Cincinnati Children’s Hospital Medical Center announced on October 4 it will receive the single largest donation to the hospital since it was established in 1883. Convalescent Hospital for Children will donate $20 million over eight years. The money will be used to expand mental health facilities at Cincinnati Children’s campus in College Hill and long-term and respite care services at the hospital’s Liberty Township campus in Butler County.
First Potomac Assumes Control of Redland Corporate Center with $30M Acquisition
First Potomac Realty Trust announced this week the acquisition of Redland I, the third building at Rockville’s Redland Corporate Center. Redland I cost First Potomac $30 million and marks the first acquisition the company completed since late 2011.
Reliable Churchill Headquarters Relocation will Bring 500 Jobs
Five hundred new jobs are coming to Baltimore County. Reliable Churchill, the largest wine and spirits distributor in Maryland and a member of The Charmer Sunbelt Group, plans to move its headquarters to a new state-of-the-art warehouse and office complex at Baltimore Crossroads @95, in White Marsh/Middle River. The project is one of the most important to break ground in the county this year.
Cushman & Wakefield | Thalhimer Tapped to Market Philip Morris Operations Center
The Philip Morris USA Operations Center Facility remains on the market, but with a different sales agent. Cushman & Wakefield | Thalhimer has been selected to market the property, replacing CBRE.
Jacobs Real Estate Services Sells Acreage in Avon for New Marriott Hotel
A new hotel is coming to Avon next year. Westlake-based Jacobs Real Estate Services, an independent affiliate of The Richard E. Jacobs Group, announced on Tuesday, October 1, it has agreed to sell a 4.27-acre site on Just Imagine Drive to Emerald Hospitality Associates Inc. and Nimbus Investment Fund. The price of the transaction was not disclosed.