the Editors of Commercial Property Executive
Houston Apartment Complexes Sold to Out-of-State Investors
In a market where employment continues to grow, a luxury apartment complex in Downtown Houston and another in the Westchase submarket were sold to out-of-state buyers. The Lofts at the Ballpark–a 375-unit Class A luxury property located Downtown–was sold to Archstone-Smith, a publicly traded owner and operator of more 344 communities, representing 86,014 units, that ultimately acquired the property from New York-based Sentinel Real Estate Corp. City West apartments–a 510-unit garden-style apartment community located in the Westchase submarket–was sold by Sentinel to Chicago-based TVO Realty Inc., which has plans to invest around $5,000 per unit in interior upgrades in an…
Simon’s New Security Vehicles Reduce Crime, Operate on 10 Cents Per Day
Retail REIT Simon Property Group has purchased a line of new enforcement vehicles for its security officers at various Simon properties around the country. Manufactured by Costa Mesa, Calif.-based T3 Motion Inc., the three-wheeled vehicles provide an elevated platform that enables officers to see over the tops of cars, travel at speeds up to 20 mph, and reduce crime. Yet, they cost less than 10 cents per day to operate. “The key for me is that the vehicles increase the mobility and visibility of our security officers and help reduce crime,” John Petruzzi, Simon’s vice president of corporate security, told…
The ‘Other’ Drama Continues at WTC Site
Although the buildings at the former Ground Zero have understandably gotten most of the news coverage of World Trade Center site rebuilding efforts, at least one other noteworthy story has been playing out in parallel to those. Fiterman Hall at the City University of New York’s Borough of Manhattan Community College was irreparably damaged on Sept. 11, 2001, by the collapse of 7 WTC. Now the 15-story building at 30 West Broadway is currently 16 months behind schedule on deconstruction, reportedly because of funding issues and environmental impact concerns. Originally scheduled to have been completed by February 2007, the deconstruction…
2,200-Acre Idaho Resort Gets Green Light
Developer Black Bear Resort has cleared the last hurdle for the development of its 2,200-acre mountain resort community in Bear Lake, Idaho, now that the Bear Lake County Commission has given the project its approval. The commission signed off on the conceptual mater plan, as well as the preliminary plat for the first phase of the massive endeavor. Sited along the 20-mile long and 8-mile wide Bear Lake–one of the largest freshwater lakes in the western United States–Black Bear is located two hours north of Salt Lake City and two hours south of Jackson Hole, Wyoming. The development will be…
CBRE Forms JV with Chinese Developer Vanke
CB Richard Ellis Inc. and China Vanke Co., a major residential developer in China, have formed a joint venture to provide property management services to high-end residential properties developed by Vanke. Under the terms of the JV, the new entity will be managed by executives from both companies, and be headquartered in Shanghai. According to CBRE, the JV will combine its skills in international property management best practices with Vanke’s knowledge of many local markets in China. Shenzhen-based Vanke currently operates in the Pearl River Delta Region, which includes Shenzhen, Guangzhou (Canton) and other cities; the Yangtze River Delta Region,…
Another Mega-Development Announced for Dubai
An 800 million-square-foot, $60 billion development, to be built in the Dubai desert was announced this morning by the emirate’s ruler, Sheik Mohammed Bin Rashid Al Maktoum. The new city, to be called Mohammed Bin Rashid Gardens, will be built around four houses, or centers. The House of Humanity, one of the centers, will include the Humanitarian Establishment, Sheik Mohammed’s charitable organization, along with museums. The House of Commerce will contain office space that is envisioned by the developer, Dubai Properties, to include multi-national corporations. The House of Wisdom includes translation facilities, a library and what the developers call a…
DekaBank Plans $776M investment in U.S. Real Estate Market
DekaBank, asset manager for the German Savings Bank Finance Group, has revealed plans to spend as much as €500 million–or approximately $776.4 million–on commercial real estate in the United States, according to Reuters. While the scope of DekaBank’s investments with regard to property type was not made clear, the company plans to focus on some of the country’s leading office markets, including Boston, Los Angeles, New York, San Francisco, Seattle and Washington, D.C. But what a difference a year makes, In April 2007, the company sold three U.S. assets from its Deka-ImmobilienEuropa fund for about $725 million as part of…
Supreme Court Rejects Appeal from Brooklyn Arena Opponents
The U.S. Supreme Court today turned down an appeal from opponents of the plan to build a new arena to house the NBA’s Nets in Brooklyn as the centerpiece of the Atlantic Yards development. Eleven property owners and tenants contended that the government’s seizure of the property via eminent domain, was in violation of the U.S. Constitution because the project benefits the developer, not the general public. “We believe, and the courts have repeatedly agreed, that Atlantic Yards provides significant public benefits, including thousands of affordable homes, and much needed jobs for Brooklyn,” said Bruce Rather, CEO & chairman of…
$1B London Olympic Village to Require Additional Public Financing
Due to the global credit crunch, the $1 billion Olympic Village for the London 2012 Games may need extra public financing, Reuters reported today. The development was expected to be mainly financed by the private sector.Lend Lease Corp., the village’s developer, confirmed that the deal is expected to close by the end of the year even though there had been delays in securing financing.Returns on the arrangement will be announced following the sale of the village’s 3,500 homes at the end of the Olympic and Paralympic Games in September 2012.Blog Story and Comments
Pacific Office Trust Buys 4 San Diego Buildings
Pacific Office Properties Trust Inc. has acquired four San Diego-area office buildings totaling 129,000 square feet. Pacific Office acquired the portfolio in partnership with an institutional co-investor and will own a 32 percent managing ownership interest in the properties. The four new properties include twin office buildings in the Scripps Ranch Business Park in San Diego, and the Palomar Heights Corporate Center and an adjacent office building in Carlsbad, Calif. The transaction completes Pacific Office’s acquisition of a seven-building San Diego portfolio, three buildings of which were acquired last month. Pacific Office is a new REIT, formed by Honolulu financier…