the Editors of Commercial Property Executive
Dallas Firm Breaks Ground on Two Suburban Hotels
In an area sorely lacking a select service hotel with meeting space, Dallas-based Jackson-Shaw broke ground on two Marriott hotels and announced the completion of the first phase of The Cascades at The Colony, a 100-acre master-planned community located along the State Highway 121 corridor in the Dallas suburb of The Colony. The four-story Marriott Fairfield Inn & Suites will offer 104 guest rooms and a 7,540-square-foot event center, including a 3,325-square-foot ballroom. The four-story Marriott Residence Inn (pictured) will feature 102 guestrooms. Both hotels are financed by Colonial Bank. In addition to breaking ground on the hotels, the company…
OliverMcMillan to Turn Former Everett Landfill into Mixed-Use Development
OliverMcMillan, a privately held San Diego–based developer, has purchased a mostly vacant 140-acre site from the City of Everett, Wash., for redevelopment as a mixed-use project. The price for the land alone was $8 million, according to a spokesperson for the city. Pre-development costs are estimated at $50 million, and an additional $400 million in development costs is projected. The project, called The Riverfront District, will include between 500,000 and 800,000 square feet of retail, 150,000 of it for small shop space, and between 800 and 1,000 residential units or hotel rooms, as well as office space. In addition, Cinetopia,…
More Retailers Announce Bankruptcy, Store Closings Amid Economic Downturn
Linens ‘n Things today became the latest retailer to file for Chapter 11 bankruptcy protection as the faltering economy begins to take its toll on consumer spending. The bedding and home furnishing company’s announcement came the same day the Walt Disney Co. said it planned to retake control of the Disney Store chain in North America and close about 100 stores.Both announcements came one day after Home Depot said it was closing 15 U.S. stores and scaling back expansion plans.Linens ‘n Things recently reported a fiscal 2007 loss of $242.1 million. The Clifton, N.J., company said in its bankruptcy filing…
NTS Sells Louisville Office Portfolio for $56M
NTS Realty Holdings L.P. has announced the sale of several of its commercial office buildings in Louisville, Ky.The firm sold its membership interests in a subsidiary which owned Atrium Center, Blankenbaker Business Centers I and II, 1901 Campus Place (the former Anthem Office Center), Plainview Center, as well as Plainview Point I, II, and III.The purchaser, Ascent Properties L.L.C., agreed to a price of $56.5 million. Ascent also has the option to purchase NTS Center at a price of $10 million within 90 days of the transaction.NTS will use the proceeds from the sale to pay down debts to National…
D.C. Office Building Trades in $76M Deal
A 152,500-square-foot office building in Washington, D.C., has come under new ownership, courtesy of a transaction valued at $76 million. Sumitomo Corp. of America took the fully-leased debt-free property off the hands of The Bernstein Cos.A 12-story structure with 8,500 square feet of ground level retail, 1750 K was originally developed in 1970 and sits in the city’s central business district about three blocks from the White House. Law firm Wiley Rein L.P. heads the six-business tenant roster, occupying nearly 132,400 square feet under a lease that expires at the close of June 2014. With the closing of the deal,…
ARC, Sandler O’Neill Target Bank Sale-Leasebacks
American Realty Capital L.L.C. and an affiliate of Sandler O’Neill + Partners L.P. have inked an agreement to partner on sale-leaseback deals with middle-market banks, the two firms disclosed this morning. Specifically, Sandler O’Neill, an investment bank, will collaborate with real estate finance and investment company ARC to identify banks with assets valued at $500 million and $50 billion. The two firms recently closed the $41 million sale-leaseback acquisition of 15 properties owned by Pennsylvania-based Harleysville National Bank. During the next 12 months, the ARC-Sandler O’Neill partnership could handle transactions valued at between $250 million and $300 million, estimated Nicholas…
Chicago CBD Office Market Sees Impact of Uncertain Times
The office market in Downtown Chicago experienced an uptick in vacancies, and a chunk of negative absorption in the first quarter of 2008, according to a report released this week by locally based MB Real Estate (the report also covered suburban Chicago). The Downtown section of the report noted that the quarter’s results come in the wake a year—2007–that was one of the healthiest ones in recent memory for the market. “The market was in balance and the expansion allowed commercial real estate to rebound from the negative absorption numbers experienced from 2001-2005,” the report noted. “In 2006, the Chicago…
Indian Bank Renews Manhattan Lease
The Bank of Baroda has signed a 20-year, 10,500-square-foot lease renewal for its U.S. headquarters at 1 Park Ave. in Manhattan, a CB Richard Ellis Inc. source told CPN exclusively today. The firm assisted the bank in the deal. Murray Hill Properties, the landlord, set the asking rent at $60 per square foot. Bank of Baroda, India’s third largest, is also renovating the space.“We were able to renew Bank of Baroda’s lease a year early and achieve an excellent deal for them,” said Roshan Shah, senior associate, CB Richard Ellis, who represented the tenant, along with Sinclair Li, vice president….
72-Acre Biloxi-Area Purchase Paves Way for 700,000SF Shopping Center
The development of The Promenade, a 700,000-square-foot power center in D’Iberville, Miss., has taken a big step forward now that project developers CBL & Associates Properties Inc. and Forum Development Group L.L.C. have acquired 72 acres in the Gulf Coast community. Located five miles from Biloxi and about 85 miles northeast of New Orleans, The Promenade will encompass 11 anchor tenants, in addition to 80,000 square feet of specialty shops and restaurants.Demand for premier retail offerings in the area is high, as the Gulf region continues its struggle to recover from the devastation brought on by Hurricane Katrina nearly three years…
Gateway Village Sold for $47M in Los Angeles Suburb
Grand Gateway I, II, and III L.L.C. has acquired the 96,959-square-foot shopping center located in Chino Hills, Calif., from Gateway Village I, II, and III L.P. for $47.2 million, or $487 per square foot. Hanley Investment Group Real Estate Advisors represented both the buyer and the seller in the transaction. Gateway Village (pictured) is located at 3560-3670 Grand Avenue and sits on 13.86 acres of land adjacent to the State Highway 71 freeway at the Grand Avenue exit. Approximately 81 percent of the total property’s square footage consists of national and regional credit tenants that includ Henry’s Market, Baja Fresh,…