the Editors of Commercial Property Executive
Kalamazoo, MPI Deal a Potential Home Run, But Not a Game-Ender
The prospective deal under which life-sciences company MPI Research would occupy two downtown Kalamazoo buildings that were vacated last year by Pfizer would no doubt be a huge boost for the southwestern Michigan city. But a pharma industry observer cautions that bioscience is probably a long way from being a force that will revitalize Rust Belt cities in Michigan or across the Midwest. MPI Research, which is based in Mattawan, Mich., just outside Kalamazoo, has begun negotiations with the City of Kalamazoo about taking over two laboratory buildings that were left vacant after Pfizer, a successor to Kalamazoo-based Upjohn, closed…
$100M Mixed-Use Project Planned for Fort Worth
With a location in a supply-constrained market, Trademark Property Co. has formed a partnership with RP Partners and local investors to snap up seven acres along Interstate 30 and the Trinity River in Fort Worth, Texas, with plans to start construction in less than 90 days on a $100 million mixed-use project. The 350,000-square-foot project (pictured), called WestBend, will offer 100,000 square feet of specialty retail and restaurants, 30,000 square feet of Class A office space above retail, a 135-room hotel above retail and the fully renovated 120,000-square-foot River Plaza office building. The first phase of WestBend will open in…
Master Plan in Works for 6,300-Acre Florida Property
Rayonier and Cousins Properties Inc. have joined forces to create a master plan and secure entitlement for a site spanning 6,300 acres in Flagler County, Fla., about 30 miles north of Daytona Beach.The sprawling chunk of what is currently timberland is located within close proximity to Palm Coast, and is owned by Rayonier subsidiary TerraPointe L.L.C. “We chose to ally with Cousins to help us master plan and come up with the best project for the community,” a Rayonier spokesperson told CPN today. While the planning is in the very earliest of stages, the fact that Flagler County is experiencing…
CalEast, Florida CommerCenters form JV to Develop Industrial in Florida
CalEast Global Logistics L.L.C. and Florida CommerCenters are teaming up to develop industrial warehouses, distribution centers and flex-space throughout central and northeast Florida.Rebecca York, president of Florida CommerCenters in Orlando, declined to release the dollar amount of the joint venture with CalEast but said the company would be Florida CommerCenters’ “primary and preferred partner” for developing industrial properties. Florida CommerCenters, an affiliate of NAI Realvest in Orlando, was formed in February as a commercial real estate development group to seek out and build industrial opportunities in the state. York told CPN today the regions both the firm and the joint…
Colliers Report: Industrial ‘Souring’
The U.S. warehouse market weakened considerably during the first three months of 2008, posting only a modest rise in occupied space and a further increase in vacancy vs. a 2007 forth quarter, according to Colliers International’s latest report. Weak demand and rising completions pushed the first quarter vacancy rate up 23 basis points to 8.13 percent. New construction saw 46.1 million square feet completed during the period–down from the 55.5 million square feet from the previous quarter. Year-ago first quarter completions came in at 36.8 million square feet. Industrial developments int he pipeline also fell hard–thanks to a combinations of…
Conference Update: Despite Economy’s Rumblings, Atlanta Looking Up
Atlanta is on the rise, and now is the time for the commercial real estate industry to jump on the opportunities that are coming with the city’s growth, according to real estate experts at CPN’s annual Atlanta Property Opportunities Conference. Over 150 market executives attended the panel discussions, held this morning at the Grand Hyatt Atlanta in Buckhead. “Atlanta had experienced a big decline beginning in the ‘70s into 2000, but the city is back,” said Cheryl Strickland, managing director of tax allocation districts for the Atlanta Development Authority, who opened the conference as the keynote speaker. “And there is…
JLL to Offer RREEF Industrial Space for Sale
Jones Lang LaSalle Inc. has announced it will exclusively market RREEF’s eight-building, fully leased Centreport/Valwood industrial portfolio in the Greater Dallas/Fort Worth area. The portfolio is made up of 1.34 million square feet located in two state-of-the-art industrial parks.The Jones Lang LaSalle team is helmed by Cary Krier along with Jack Crews, Evan Stone and Seth Bame. The sale is due to RREEF’s interest in “rebalancing” its portfolio, according to Krier.Five buildings totaling 887,703 square feet are strategically located within the Centreport industrial development, adjacent to south entrance of the Dallas/Fort Worth International Airport. The remaining three buildings are within…
Chicago’s State Street Office Tower for Sale
The 622,500-square-foot 515 N. State Street building in Chicago, also known as the AMA Building after its lead tenant, is for sale. The property is just north of Chicago’s Loop and west of North Michigan Ave.Completed in 1990, the building (pictured) has 29 stories of office space and is about 94 percent occupied. Besides the American Medical Association, which occupies roughly 60 percent of the building under a lease running for another seven years, much of the rest of the property is leased by the Accredited Council for Graduate Medical Education.Word of the offer broke late yesterday and by this…
CBL Completes $383M Financing
CBL & Associates Properties Inc. has announced the completion of $383.3 million of financing in four separate transactions. CBL completed $343.7 million of new financing and extended the maturity of one $39.6 million existing loan.CBL has entered into a new, unsecured term facility for up to $228 million. The three-year term on the loan has two one-year extensions and has interest in the range of 150 to 180 basis points over LIBOR. Wells Fargo Bank was lead arranger; Aareal Capital Corp., Regions Bank, US Bank, Fifth Third Bank and Raymond James Bank also took part.CBL also announced that the 50-50…
Roberts Realty To Sell Addison Place Apartments For $60M
Roberts Realty Investors Inc. of Atlanta has agreed to sell Addison Place, a 403-unit apartment community in Johns Creek, Ga., for $60 million or $148,883 per unit. The complex, constructed in 2001, consists of 118 townhouses and 285 apartments. The buyer was not disclosed. After closing, expected at the end of June, the company intends to distribute approximately $17 to $19 million of the transaction’s $29 million in net proceeds. Stockholders will receive approximately $2.50 per share. “We’re holding $10 or $12 million as operating capital,” Charles S. Roberts, CEO of Roberts Realty told CPN today. “We’re going to use…