the Editors of Commercial Property Executive
Construction Manager Tapped for $270M Washington Casino Expansion
The Kalispel Tribal Economic Authority has chosen Marlton, N.J.-based Hill International to serve as construction manager on the $180 million first phase of the $270 million Northern Quest Resort & Casino expansion project in the Spokane, Wash., area.Located five minutes from Spokane International Airport in the suburban city of Airway Heights, Northern Quest first debuted nearly eight years ago. “When we opened in December 2000, it was always our intent to build a destination resort and everything that is included in that,” a spokesperson for the Kalispel Tribe of Indians told CPN today. Hill international will provide both construction and…
NAI/Merin Hunter Codman Leases Office Space in Florida
NAI/Merin Hunter Codman has leased 42,000 square feet of office space, almost 22,000 square feet in Delray Beach to an international telecommunications company and 20,000 square feet in Jupiter to a Fortune 500 company. In the first transaction, Clertech.com Inc., a Florida-based telecommunications firm, leased 21,947 square feet of Class A office space at Delray Arbors office park in Delray Beach. The company’s space will occupy the entire top floor in one of the three, four-story buildings in the park. The company committed to a 10-year lease and will establish a call center at the location and use the space…
Miami Office Building Sold for $50M
CBRE Capital Markets has arranged the $50 million sale of One Riverview Square, a class A eight-story office building totaling 147,895 square feet located in Miami, Fla. CB Richard Ellis Investment Properties Institutional Group teamed with CB Richard Ellis’ Institutional Group represented the seller, Rubicon America Trust, in the transaction. One Riverview Square is llocated on the north side of the Miami River in very close proximity to the major transportation arteries including I-95, the Dolphin Expressway, Biscayne Boulevard and Brickell Avenue, as well as the Metro Mover, and is fully leased to the United States Government GSA Immigration and…
ING Clarion Report: Commercial RE to See Challenges in ‘08
Beset by a slowing economy and continued fallout from the subprime mortgage crisis, commercial real estate will likely face challenges as demand slows in 2008. Yet factors such as a restrained construction pipeline are likely to prevent a more severe slowdown, according to a report issued Tuesday by ING Clarion on the state of commercial real estate investment. At a press conference on Wednesday in New York on the report, David Lynn, managing director of research and investment strategy for ING, said that, based on the company’s modeling, the recession will be what he termed a “short and shallow one.”…
Maxxam Expands Los Angeles Fashion District with New Projects
Maxxam Enterprises is leading a redevelopment campaign in Los Angeles’ fashion district with five new projects totaling more than 200,000 square feet in various stages of development, the company announced today. The firm announces the opening of its latest project, 1025 Towne Center, a 50,000-square-foot wholesale complex located on Towne Avenue between 12th and 10th Streets. The property, formerly a two-story warehouse and manufacturing facility, was acquired by Maxxam in March 2005. The 1025 Towne Center revamp included the addition of parking ramps and an elevator to service window-lined offices on the second level, while the ground floor was subdivided…
Cedar, Fameco Tap Emerging Grocery Store Trends
As gas prices rise, people are driving shorter distances. Instead of driving 20 miles to the grocery store near a favorite mall, people are driving a half-mile to the local grocery store, which today offers a host of services, including dry-cleaning and banking. As the economy slows, people are eating in restaurants less often and buying more prepared foods from the local grocery store. They can also take advantage of take-out Chinese food, pizza and other commercial meals being prepared in many of today’s new supermarkets. The supermarket industry is attempting to tap into the trends spawned by rising energy…
Detroit Science Center to Get 80,000SF Addition
The Detroit Science Center has broken ground on an 80,000-square-foot addition to the museum.The $15 million cost of the four-story addition will be funded by The Thompson Educational Fund, which will lease the addition to the Science Center for $1 a year. The University Prep Science & Math Middle School, a public charter school of 486 students, will be located in the addition and will have daily access to the museum’s resources, which includes exhibits and an Imax Theater. The partnership is designed to foster the students’ interest in college and career opportunities in the fields of science, technology, engineering…
AMB Expands Presence in Port of Hamburg
AMB Property Corp. has acquired an industrial complex near the Port of Hamburg, Germany, totaling more than 930,000 square feet of existing buildings and 16 acres of land.Kuehne + Nagel, a Swiss logistics company and AMB customer in other parts of the world, has leased about 402,000 square feet of the park in connection with this purchase.According to San Francisco-based AMB, it intends to build out the site through a phased development plan. The undeveloped land, the company said, can hold about 414,000 square feet of additional industrial development.Currently, the Port of Hamburg is the second-largest container port in Europe…
Buenos Aires Office Tower Fetches $70M
IRSA Inversiones y Representaciones S.A. has acquired the Edificio Republica building in Downtown Buenos Aires, Argentina, for $70.3 million, adding 214,000 square feet to its portfolio. With this purchase, the company also expects to soon close lease agreements for approximately 172,000 square feet. The building was designed by Cesar Pelli, who had also designed the World Financial Center in New York City and the Petronas Towers in Kuala Lumpur. Prices are expected to rise due to a demand and supply imbalance in city, as relatively few office buildings are scheduled to come online in the next few years. And since…
Grocery-, Pharmacy-Anchored Centers are Bread and Butter for Small SoCal Developer
Even in an economy as unsettled as we’re currently going through, people buy food and medication, and for Newport Beach, Calif.–based Marinita Development, that’s the engine that keeps this small but established company chugging along. The developer’s The Shops at Sycamore Creek, a $42 million, 94,000-square-foot supermarket/drug-anchored shopping center fronting I-15 in Corona, Calif., in San Bernardino County, just broke ground on its third building. Nearly 80 percent preleased, the 11.8-acre, six-building project is expected to begin opening next fall. The anchor tenants are a Vons “Lifestyle” supermarket, Vons Fuel Station and CVS/Pharmacy. The buildings range from 4,000 to 48,000…