the Editors of Commercial Property Executive
Work Gets Underway on $150M Wellness Resort in Mexico
Construction has commenced on Taheima Wellness Resort & Spa, a project in Nuevo Vallarta, Mexico, spearheaded by Whole In One Nuevo Vallarta S.A. de C.V. To be developed at a cost of $150 million, the upscale condo-hotel will ultimately feature 400 units. Whole In One is targeting the baby boomer set in North America and South America, highlighting the property’s wellness-centric attributes. Taheima sits on the El Tigre Golf Course fairway in Paradise Village, approximately 10 miles from Puerto Vallarta International Airport. In addition to space to accommodate offerings such as yoga, T’ai Chi and lectures ranging from cooking to…
Cordish, Kansas Speedway Propose Hard Rock Hotel, Casino
Kansas Entertainment L.L.C., a joint venture between The Cordish Co. and Kansas Speedway, has just presented its plan for a Hard Rock Hotel & Casino at the Kansas Speedway track in Kansas City, Kan., to the state’s Racing and Gaming Commission. The team is proposing the creation of a 1.5 million-square-foot gaming resort with a development price tag of $700 million. In competition with three other entities for a state gaming facility management license in Wyandotte County, Kansas Entertainment added a cherry atop its proposal, declaring that Kansas Speedway owner International Speedway Corp. would petition NASCAR for a second Sprint…
PMI to Sell Australian Operations to QBE Insurance for $920M
Just one week after stating its Australian operations were delivering solid results, The PMI Group, a mortgage insurance company, announced today it has agreed to sell its Australian subsidiary and related holding company to QBE Insurance Group for approximately $920 million. The two companies also reached an agreement in principle for the sale of Hong Kong-based PMI Asia to QBE, Australia’s largest international general insurance and reinsurance group, for about $55 million. Details of that transaction will be released when both parties reach a definitive agreement. PMI said in a news release today that the Australian transaction would improve its…
Management Matters with Mike Myatt: Is Family Business a Good Idea?
Oh what a conundrum! Family business: Should I, or shouldn’t I? In my opinion there really isn’t a right or wrong answer to this question. It is simply a matter of personal preference. I have observed extremely successful family enterprises that strengthen relationships and flourish across generations. I have also witnessed business ventures that were responsible for the total destruction of what were previously very close families. Whatever decision is made with respect to bringing family members into a business, it is a decision that should not be taken lightly. In this week’s column I’ll share my thoughts on the…
Summer Brings Progress, Challenges for WTC Renewal
As Labor Day nears, the effort to revitalize the World Trade Center has experienced significant forward motion as well as a few hitches. In the months to come, the massive rebuilding project is likely to show signs of progress as well as facing a series of difficult choices. Public agencies and private-sector interests swiftly addressed some of the 15 major challenges detailed June 30 by Christopher Ward, the recently appointed executive director of the Port Authority of New York and New Jersey. Ward, who addressed the New York Building Congress on Friday about the agency’s regional capital plans, warned that…
BentleyForbes Sketches Ambitious Multi-Year Acquisition Plans
Current economic woes aren’t discouraging long-term planning in commercial real estate investment, not if the latest plans by privately held BentleyForbes are any indication. At the moment, the Century City, Calif.-based company owns a portfolio worth about $3 billion, including office, hotel, resort and single-tenant corporate properties. Its plan is to expand that portfolio to $12 billion by 2014. The key to such expansive plans? Partnerships with institutional funds or other private equity sources, according to the company. Such access to equity will prepare BentleyForbes for entering various international markets, continuing to buy within its core asset classes (office, hotel,…
CalPERS Averts Engineering Union Lawsuit
The California Public Employees’ Retirement System came within inches of being sued by the Professional Engineers in California Government this week, but managed to avoid litigation after hours of talks between the two organizations on Thursday. On Wednesday, news emerged that PECG had threatened legal action against the $230 billion pension fund regarding an investment policy. The engineers’ union took issue with CalPERS’ planned investments in public-private partnerships through its Infrastructure Program, claiming that the program, if adopted, would lead to the outsourcing of public-sector jobs. On Aug. 13, Reuters broke the news of PECG’s plan to initiate a lawsuit…
Thompson National Nabs $110M Portfolio from Storm
Thompson National Properties has agreed to purchase a $110 million commercial and industrial portfolio from Storm Properties. The transaction, one of Southern California’s biggest deals in 2008, is for a total of approximately 1.5 million square feet of property. About half of the property in the sale is fully constructed commercial and industrial facilities, while the remainder of the portfolio is comprised of property that is presently under construction. The properties in the deal are in various stages of completion, ranging from fully operational and leased to finalized entitlements. Storm Properties will be responsible for finishing the developments not yet…
PREI Partners with L&L Holding for NYC Office Shopping Spree
Prudential Real Estate Investors established a joint venture with L&L Holding Co. L.L.C. for the acquisition of premier office properties in the greater New York City area. Acting on behalf of institutional investors, the team will plunk down as much as $500 million for the purchases, most of which will be made in Manhattan. As for timing, the joint venture, arranged by Cushman & Wakefield Sonnenblick Goldman, is planning to capitalize on the smaller price tags that have been spurred by the lending market crisis and the downturn in the economy. While the New York City office market has not…
ProLogis, Browning JV Leases 947,000 SF at AirTech Park
ProLogis and Browning Investments Inc., an Indianapolis-based developer of commercial real estate, have announced that their joint venture has signed a new lease agreement for 947,000 square feet near Indianapolis, Ind. The ProLogis and Browning joint venture has leased the space at AirTech Park, which they own jointly, and that is immediately west of Indianapolis in Plainfield, Ind.The space was leased to a Fortune 500 company and will be used a primary Midwest distribution center. AirTech Park has access to the Indianapolis International Airport as well as to Interstates 70, 465, 65 and 74. This is one of ProLogis’ single…