A report just released by the Urban Land Institute and Ernst & Young concludes that the U.S. will fall behind in the global marketplace if it doesn’t invest in modernizing its infrastructure. The report, Infrastructure 2008: A Competitive Advantage, evaluates the status of existing and planned infrastructure investment not only in the U.S. but in China, Europe, India, Japan and Europe, as well. According to the study, the federal government has been falling asleep on the job, having created what is now a gap in infrastructural funding that is at least $170 billion. Consequences of the inadequate financing are tangible. Vehicle…

UDR Inc. has purchased Edgewater Luxury Apartments, a 193-unit multi-family community in San Francisco, for $115 million from Urban Housing Group. Built in 2007, Edgewater features a mix of one- and two-bedroom units along with a limited number of loft units. The sale represents $595,855 per unit. Located at 355 Berry St., between Fifth and Sixth streets, the 157,200-square foot, six-story apartment building is within walking distance of AT&T Park, the San Francisco Caltrain station and light rail stations.   The Mission Bay neighborhood of San Francisco—where Edgewater is located–was recently named the country’s leading apartment market in Marcus & Millichap…

SL Green Realty Corp. and Hard Rock International have submitted a proposal to revitalize the Aqueduct Race Track in Queens, N.Y., by developing and operating a mixed-use entertainment complex that includes racing, gaming, restaurants, retail and hotels. Financial information about the project will not be disclosed until after the venture completes its presentation to New York State later this week or next. Known for its Manhattan office and retail portfolios, gaming and entertainment is a new direction for the company. “SL Green has a history of successfully implementing real estate investment strategies that take it into new directions while capitalizing…

In an exclusive announcement to CPN today, The Tetra Cos. unveiled plans for the Crescent Centre, a 300-acre mixed-use development in Hardeeville, S.C. The Crescent Centre will be a $300 million dollar retail, commercial and lifestyle center. The site provides 2 million square feet for hotel, retail and commercial parcels, along with 320 multi-family units. Tetra estimates that the construction will be completed by 2014. The 300-acre site, acquired in January 2007, has direct access from Highway 17 and one mile of frontage on I-95. Hardeeville is centrally located fifteen minutes from Hilton Head, S.C. and Savannah Ga. The city has been…

RREEF, a unit of Deutsche Bank AG and the world’s largest alternative investment manager, has plans to invest more than $1 billion in India’s real estate and infrastructure assets over the next three years, according to a news report by Bloomberg today. In related news, a unit of The Blackstone Group has purchased a stake in a prominent Indian construction- and asset-management firm.  “It’s known that India needs more than $450 billion in investments for developing infrastructure,” Kurt Roeloffs, RREEF’s regional CEO based in Singapore, told Bloomberg. “We think India will be an attractive emerging real estate and infrastructure market…

Irvine, Calif.-based Trussnet USA Development Co. has won a finance, design and build contract for the facilitation of a high-tech, mixed-use turnkey development in China. The project, which will encompass 12.9 million square feet, will cost an estimated $2.5 billion to complete.Occupying approximately 247 acres, the project will center on a state-of-the-art telecommunications plant surrounded by office space and several dormitories. Construction activity is on target to get underway next month. The contract marks one of the largest for Trussnet. Previously the company was awarded a $300 million design/build contract for a turnkey manufacturing facility in China, and it also…

Robert Maguire III, chairman & CEO of Maguire Properties Inc., has proposed a plan to privatize the REIT. The proposal represents the latest chapter in the company’s efforts to resolve its debt problems, which is being spearheaded by a special committee of independent directors.As recently as last month, as reported by CPN, the committee let it be known that it hadn’t received any desirable bids for the company, and that it wasn’t pursuing a buyer. The committee cited adverse market conditions inspired by the credit crunch as the main reason for discontinuing its search.The newly proposed plan calls for the…

This week’s column is part two in a three part series on naming. Last week’s column contained advice on how to select a naming firm and today I’ll address the elements that go into creating a great name. Contrary to popular belief all of the great names have not already been taken. So, what are the components of a great name? While the answer varies a bit from industry to industry, the following rules of thumb should be kept in mind: 1. Keep it short: Short names are more memorable, easier to design around, more suitable for domain names and…

Earlier this week, former Grubb & Ellis Co. chairman Anthony Thompson (pictured) launched a new venture, Thompson National Properties L.L.C., a private investment management firm. The explicit purpose of the company is take advantage of current market conditions, which Thompson refers to as the “fourth recession” of his career. Having experienced previous downturns, he says he’s poised to make the most of this one. CPN:Your goal is to take advantage of the downturn? Thompson: Yes. With the successful completion of the reverse merger with Grubb & Ellis, my job was done at NNN Realty, and as the credit crunch played…