the Editors of Commercial Property Executive
ProLogis Leases 194,000SF in China
ProLogis has leased 194,000 square feet of distribution space to Guangzhou Hutchison Logistics Co., the company said today. Hutchison Logistics has leased warehouse space at ProLogis Park Sanshan, a master-planned industrial park located in Guangzhou, China. The company will operate the facility as a regional distribution center for BMW, shipping automobile parts throughout the Pearl River Delta area.”Guangzhou is a burgeoning city, with a rapidly growing population and economy,” Ming Mei, president for ProLogis in China said in a release today. “It is a key distribution hub for our customers due to its location in the Pearl River Delta, providing…
ReCon Wrapup: Serious Dealmaking Marks Lower-Key Event
As the 2008 edition of ReCon, the International Council of Shopping Centers’ annual convention, wound to a close yesterday in Las Vegas, attendees reported something different in the air this week. As in previous years, the world’s largest real estate convention featured close to 50,000 attendees, painstakingly crafted multi-million-dollar booths, and plenty of after-hours receptions. But the state of retail sector and the economy in general apparently made brokers, developers, retailers and other stakeholders cut to the chase even more quickly than in previous years. “It’s not just fluff. People aren’t meeting just to talk,” said Greg Maloney, president &…
ReCon Pros Say Recovery a Year Away: Survey
Sixty percent of retailers, investors, developers and lenders expect the market to take more than 12 months to regain pricing equilibrium, according to a survey by Jones Lang LaSalle of attendees at the International Council of Shopping Centers’ conference in Las Vegas. And 120 respondents saw full recovery in 14 months. Of the retailers surveyed, which on average represent 1,073 stores, 61 percent expect to add retail locations this year, while 27 percent indicated no change expected, and 12.1 percent expect store closings. Of those expecting increases, the largest percentage, 24 percent, have between 5 and 10 new locations earmarked…
South Korean Firm Takes San Francisco Office Tower for $370M
San Francisco’s 43-story One Sansome office tower has sold for $370 million to a South Korean asset management company. According to a Reuters report, the tower was purchased by Mirae Asset MAPS Investment Management, a unit of Mirae Asset Group, which is South Korea’s biggest mutual fund seller. Reuters identified the seller as New York City-based Broadway Partners, which acquired the building in May of 2007. One Sansome (pictured) is a landmark Class A office tower located in the North Financial District of San Francisco. The property is located less than one-half block from Market Street, which is the financial…
800,000 SF Distribution Center Wins LEED Gold
An 800,000-square-foot distribution facility developed by industrial real estate giant ProLogis near Chicago has won LEED-CI (Commercial Interior) Gold certification from the U.S. Green Building Council. According to ProLogis and the building’s tenant, Kraft Food, the structure is the largest LEED-CI Gold in the world. The distribution center, located in Morris, Ill., southwest of Chicago, was completed in the first half of 2007. More recently, ProLogis and Kraft together completed the improvements necessary to win the gold certification. Among other sustainable design features, the building includes fluorescent lighting with multi-level lighting controls, which results in a 60 percent reduction in…
ColoSpace Deal Points to Tightening Datacenter Market
ColoSpace, a provider of datacenter space, has leased about 16,200 square feet of a datacenter facility in Waltham, Mass. The space, a mid-sized deal in highly compact world of datacenters, represents ColoSpace’s sixth lease in the region, and comes at a time when datacenter space is harder to come by, according to industry specialists. The facility (pictured) serves local firms needing high-availability Internet access, along with high-density electrical capacity. ColoSpace currently manages several thousand servers, in addition to providing space and power for many more non-managed, customer-owned servers that located in private cabinets and cages within the company’s six existing…
$390M Expansion of Wisconsin Resort Takes Next Step with Commission’s Approval
Delavan Resort Holdings L.L.C. has just received the green light from the City of Delavan Planning Commission to progress to the next phase of the $390 million redevelopment of Lake Lawn Resort, an upscale leisure destination in Delavan, Wis., 10 miles west of Lake Geneva. The latest phase of the expansion endeavor will yield a 130-unit luxury condominium complex, the Villas at Harbor’s Edge. Delavan acquired the 130-year-old Lake Lawn Resort, located on 258 acres two hours from Chicago and 45 minutes from Milwaukee, for nearly $32 million in 2004, and commenced its multi-phase expansion plan the following year. When…
Prudential Douglas Elliman to Market 75-Store Harlem Retail Portfolio to Tenants
A 15-building portfolio with 75 stores and 125,000 square feet of space in New York City’s Harlem neighborhood is being marketed to prospective tenants by the Prudential Douglas Elliman leasing team of Faith Hope Consolo and Joseph Aquino. Consolo (pictured), chairman of the firm’s retail leasing and sales division, said the properties range from 1,000 to 5,000 square feet and are in buildings across Harlem, including Fifth and Seventh Avenues, Frederick Douglass Boulevard and Lenox Avenue. Leasing prices will range from $50 per square foot up to $125 square foot. Helping Consolo market the properties are Aquino, executive vice president…
Merrill Lynch in Talks to Move HQ to WTC: Report
As one financial services giant indicates it may step away from New York’s World Trade Center redevelopment, another moves toward possibly taking space in the massive rebuilding project. Merrill Lynch & Co., according to a Wall Street Journal report based on unnamed sources, has re-entered talks regarding moving its headquarters to the planned Tower 3 at the WTC. Merrill Lynch’s current HQ is in the World Financial Center, across West Street from the WTC site. The Journal reported that the board of the Port Authority of New York and New Jersey, which owns the site, is expected to discuss the…
Ground Breaks on $61M Mixed-Use Project in South Boston
Work has gotten underway on a new mixed-use project at 50 West Broadway that will bring 139 new market-rate and affordable-housing apartment residences to the site of the former Cardinal Cushing High School in South Boston. John M. Corcoran & Co. and The Brennan Group are developing the property, which will cost an estimated $61 million to realize. Development of 50 West Broadway kicked off today with the demolition of the high school buildings. A Transit-Oriented-Development located just one block from the Broadway MBTA station, the new mixed-use project will sit in a community that is in the midst of…