Adrian Maties
Inland Real Estate Corp., PGGM Buy Phase I of Newport Pavilion
Inland Real Estate Corporation is expending its presence in Cincinnati. In a joint venture with Dutch pension fund advisor PGGM, the real estate investment trust has acquired Phase I of Newport Pavilion, a 471,800-square-foot grocery-anchored power center in Newport, Kentucky. The retail property changed hands for $43.3 million in cash.
The JCR Cos. Buys Retail Space at Lorton Station Town Center for $13.8M
The JCR Companies continues to expand its D.C. area retail portfolio. Shortly after scooping up a 2,710-square-foot retail building housing Cork & Fork, in the heart of the thriving 14th Street corridor, the real estate investment firm has acquired 51,800 square feet of retail space at Lorton Station Town Center. The price of the transaction was $13.8 million. Regency Centers was the seller.
Industrial Investors Attracted to the Hot Submarkets North of I-95
The Baltimore industrial market is performing very well in the submarkets located to the north of I-95 (Baltimore City, Baltimore County East, and Harford/Cecil County), much better than in any other regions in the metropolitan area. According to reports from Cassidy Turley, compared to the same period last year, available industrial space in the Harford/Cecil County is taking an average of 11 months to lease. In the Baltimore/Washington Corridor submarket it takes 18 months.
1788 Holdings, Persimmon Capital Partners to Redefine Luxury Condo Living in D.C. with The Lauren
Another luxury condo development has broken ground in the Washington, D.C. area. Called The Lauren Residences, it will deliver 40 condominiums to downtown Bethesda in the early spring of 2016. 1788 Holdings and Persimmon Capital Partners are the project’s developers. With The Lauren, they plan to ”redefine Washington, DC’s concept of luxury condominium living.”
Joint Venture Buys Cleveland-Area Shopping Center for $47M
A joint venture between two east coast companies has purchased the Golden Gate Shopping Center in Mayfield Heights. New York-based Hornig Capital Partners, LLC and Hutensky Capital Partners of Hartford, Connecticut, have paid $47.05 million for the premier retail plaza. Cleveland-based Forest City was the seller. The deal represents one of the largest single asset retail sales in the Cleveland market during the past two years.
First Potomac Realty Trust Improves D.C.-Area Office, Business Park Portfolio
First Potomac Realty Trust is improving its portfolio of office and business park properties in the greater Washington, D.C. region. The real estate investment trust has recently paid $41 million for a Class-A office building in Reston, while selling its Corporate Campus in Ashburn for the exact same sum, in a separate transaction.
Chinese Company Plans $2B Pulp and Paper Plant in Chesterfield County
The state of Virginia is celebrating its latest economic development win. Shandong Tranlin Paper Co., Ltd., a Chinese pulp and paper company, will invest $2 billion over five years to build its first advanced manufacturing operation in Chesterfield County and create 2,000 new jobs by 2020. Governor Terry McAuliffe announced the project last month. It represents the largest Chinese investment and job creation project in Virginia history, and also the largest Chinese greenfield economic development project in the United States.
D.C.’s First Hyatt Place Hotel Opens in NoMa
Just a month after the opening of D.C.’s first Cambria Hotel & Suites, in the historic Shaw neighborhood, the District is saying ”hello” to another important hotel brand. Hyatt Hotels Corporation, The JBG Companies and Crescent Hotels & Resorts have announced last week the opening of the city’s first Hyatt Place.
Proskauer, Albright Stonebridge Expand in D.C.
Two international firms are expanding their presence in Washington, D.C. Global law firm Proskauer and the Albright Stonebridge Group, an international strategy consulting firm founded in 2001 by Madeleine Albright, have recently signed two leases totaling over 80,000 square feet of office space.
Milhaus Development Breaks Ground $13M M-F Project in Cincinnati’s Northside
Milhaus Development finally started construction on the Gantry, a $13 million project expected to revitalize the former lumberyard and railroad depot in Cincinnati’s historic Northside neighborhood. It is the first new construction project of its magnitude to be developed in the Northside community in many, many years.