Adrian Maties
Crosland Southeast Unveils $60M M-F Project at Stoneridge
Demand for apartments in the Richmond area is strong and getting stronger. And some developers have rushed in to meet this demand.
Crosland Southeast announced on January 22 it will start construction on 600 apartments this year, on the site of the former Cloverleaf Mall in Chesterfield. The four-building complex will be built in the Stonebridge development at Midlothian Turnpike and Chippenham Parkway, next to the to the Kroger Marketplace. Crosland Southeast is also the developer of the 83-acre, 400,000-square-foot Stonebridge project.
The urban-style apartment complex will cost $60 million according to Virginia Business. It will offer studio and one- and two- bedroom apartments as well as 27,000 square feet of retail space. The Charlotte, North Carolina-based developer expects to have the first units ready for occupancy by mid-2014. Crosland Southeast will team up with Virginia Beach-based Boyd Homes on the project.
Westin Cleveland Downtown to Open in Spring 2014
Optima Ventures partnered with Sage Hospitality to buy and renovate downtown Cleveland’s second-largest hotel, The Crowne Plaza Cleveland City Center. They paid $9 million cash for the hotel and parking garage and invested $64 million to turn it into a luxurious Westin. Now,the joint venture has announced an opening date for The Westin Cleveland Downtown: Spring 2014.
Willoughby, Ohio-based Marous Brothers Construction, the project’s general contractor, started remodeling the property at t 777 E. St. Clair Ave. in December. Upgrades include a complete renovation of all guest rooms, of meeting space and all public spaces. The new exterior façade will feature metal panels and LED lighting that rotates through a range of colors.
Intelligrated Celebrates Grand Opening of Corporate HQs Expansion in Mason
Intelligrated Inc., a leading North American-based, single-point provider of automated material handling solutions, held a ceremony on January 9 to celebrate the grand opening of its $10 million expansion that nearly doubled its headquarters in Mason, Ohio. Company CEO Chris Cole, City of Mason Mayor David Nichols, and Southwest Ohio Regional Liason for Ohio Governor John R. Kasich, Sherri Carbo, were present at the event.
With the 122,000-square-foot addition, Intelligrated’s headquarters, located just off I-71, now has a combined area of 262,000 square feet. It will accommodate an ongoing increase in engineering, research and development staffing. The company added over 160 employees in Ohio over the past year and 275 companywide. It also plans to add 150 more employees by the end of 2013.
COPT Announces Two New Virginia Data Centers
Corporate Office Properties Trust (NYSE: OFC), a Columbia, Md.-based office real estate investment trust, announced on Monday, January 14, it plans to build two shell buildings in Ashburn, Va. (Ashburn Crossing). The company’s total investment in Ashburn Crossing is projected to be $42 million. It includes the remaining land on which the company can build one additional building.
This is the latest addition to Loudon County’s growing data center market. The project will include two buildings with a total of 315,000 square feet. Construction on COPT DC-8, the first building, will start in early 2013. COPT DC-8 will total 200,000 square feet. The second building, COPT DC-9, will total 115,000 square feet. COPT plans to start work on in no later than mid-2014.
Industrial Properties Sell in the Baltimore Area
Baltimore’s industrial market has started 2013 strong, with three proprieties recently sold for a total of around $35 million. According to a report released on January 9 by CBRE for last year’s fourth quarter, industrial sales in the Baltimore market in 2012 are on a path to exceed sales from the previous year by 20 percent.
1021 Swan Creek Drive, a Class A industrial property leased by Nissan North America, has been sold for $13.5 million. Hartz Mountain Industries has purchased the property in Baltimore’s Curtis Bay neighborhood from Swan Creek 5R LLC, a subsidiary of the Belt’s Corp. CBRE arranged the sale.
Inland American Buys Rockwell Plaza in Oklahoma City
Inland American Real Estate Trust, Inc. has recently purchased its sixth retail center in Oklahoma City. the Rockwell Plaza. The Chicago-based group of real estate investment trusts has announced the acquisition on January 9.
Rockwell Plaza is a first class retail shopping center conveniently located at the intersection of Northwest Expressway and Rockwell Avenue, one of the busiest retail intersections in Oklahoma City. The 254,690-square-foot shopping center has more than 40 tenants. Ross Dress for Less, Jo-Ann Fabrics and Crafts, PetSmart, K&G Men’s Warehouse, RadioShack, Rue21, GameStop, Dots and Dollar Tree are just some of them. The Rockwell Plaza shopping center is shadow-anchored by Target.
Team Gemini Advances $300M Process Complex in Grove City
By Adrian Maties, Associate Editor Team Gemini plans to invest at least $312 million in industrial processing and research facilities near the Franklin County Sanitary Landfill in Grove City, Ohio. The Orlando-based sustainable project design and development company signed 99-year leases with the Solid Waste Authority of Central Ohio on Jan. 8 for two parcels […]
Owings Mills Corporate Center I & II Aquired by BECO Management
Rockville, MD-based BECO Management, Inc. has announced on January 2 the acquisition of Owings Mills Corporate Center I & II, two properties in Owings Mills, MD that total more than 330,000 square feet of office space. The commercial real estate management company plans to invest significant capital in infrastructure, cosmetic and amenity improvements and has unveiled its 100-day action plan on January 8, 2013. Owings Mills Corporate Center I was built in 1987 while Owings Mills Corporate Center II was built a year later. The campus is home to a variety of corporate tenants such as Aon Corporation, BB&T, the Law Offices of Sheila Murthy, and CareFirst of Maryland. It is adjacent to the Owings Mills Mall and within walking distance of the Owings Mills Metro Station. I-95, I-695 and I-795 are also close by and downtown Baltimore is just 25 minutes away.
Construction Loan Secured for $10+M Eco-friendly Townhome Community
Abode, Modern Lifestyle Developers, a real estate development company based in Cleveland, and First Federal Lakewood (FFL) have closed on a construction loan to finance the Clifton Pointe Luxury Ecohomes, a new multi-million-dollar townhome community located in Lakewood, Ohio. It will be one of the first modern ecohome development communities in the Midwest. “First Federal Lakewood was very excited to participate in the Clifton Pointe project,” said Barry N. Ezell , FFL Commercial Loan Officer, in a news release. “This is a quality project adding luxury housing to Lakewood’s diverse housing stock, allowing us to give back to the communities we serve.”
Rumpke Invests $32M to Rebuild Former St. Bernard Recycling Center
Rumpke Consolidated Companies, Inc., one of the nation’s largest privately owned residential and commercial waste and recycling firms, has announced on January 10 it plans to invest $32 million to build a recycling center in St. Bernard, Ohio. The new center will replace the former recycling facility destroyed by a fire in April 2012.Rumpke will build one of the largest and most technologically advanced residential recycling systems in the country. It will be 85,000 square feet and capable of sorting 55 tons of material every hour, more than doubling the capabilities of the previous system.