the Editors of Commercial Property Executive
South Shore Apartments on Block in Chicago
Three high-rise apartment buildings in Chicago’s South Shore neighborhood have been put on the market for an aggregate list price of $50.8 million. All together, the buildings total 528 units. Last year was a record year for investment sales of apartment buildings in the Chicago market, but this year the trade in such properties is going to contract, perhaps by as much as 30 percent, predicts a recent report by CB Richard Ellis Inc. Total apartment sales in metro Chicago in 2007 were a record $2.47 billion; this year, CBRE notes that there will be roughly $1.8 billion in apartment…
New Developer Comes Aboard Master-Planned Community in Colorado
Meritage Development Group has taken over the reigns for RimRock at Rifle, a 350-acre master-planned community on tap for Rifle, Colo. The real estate company acquired the project from Littlestar Ranch L.L.P. RimRock will be the first master-planned community to sprout up in the small City of Rifle, which sits about three hours west of Denver and less than two hours from Utah’s border. Plans for RimRock call for the development to be divided into five mini-villages that together will encompass as many as 1,500 residences in the form of single-family homes and multi-family units, and 110,000 square feet of…
Report: More Private Investment in European Infrastructure Expected
Governments in Europe, particularly those in growing Eastern European countries, are being pressured to build more highways, rail links and other infrastructure to keep up with population and economic growth. But governments are limited in how much they can spend on infrastructure and are increasingly looking to form public private partnerships. Bridging the Gap, Investing in European Infrastructure 2008, a study released this week by Ernst & Young, looks at the current conditions as well as future opportunities for private investment in European infrastructure. In addition to forming more public private partnerships to pay the costs and share the risks,…
Inland Gets ‘New’ Chairman, CEO
Management changes at Inland Real Estate Corp. have given the REIT a new chairman and a new CEO, though both men are company veterans and no one is leaving, at least not immediately. Thomas D’Arcy has been appointed the non-executive chairman of the board of directors, replacing Daniel Goodwin, who had been chairman since 2001 and will continue as a director. D’Arcy has served as an independent director and member of the audit committee since 2005. D’Arcy is a principal in Bayside Realty Partners, a private company operating primarily in New England, and has more than 20 years in commercial…
Hilton to Take Hampton Brand to India in $200M Deal
Capitalizing on India’s booming business and leisure markets, Hilton Hotels has agreed to join forces with Marigold Hospitality Ltd. to develop 16 Hampton by Hilton hotels. Marigold, which will invest $200 to $250 million in the endeavor, will be responsible for acquiring the sites and developing the properties. For Hilton, the agreement paves the way for the company’s Hampton brand to make its entrée into India. Marigold, a joint venture involving Palm Holdings and Trikona Capital formed for the purpose of investing in hotels in India, will complete the acquisition of sites for the first hotels by the close of…
NYC Buildings Department Has Some Explaining to Do
The day after New York City Mayor Michael Bloomberg publicly revealed his disappointment with the city’s Department of Buildings, pointing to the high number of construction accidents that have occurred this year, Buildings Commissioner Patricia Lancaster has tendered her resignation–and the Mayor has accepted it, without assigning blame. In a prepared statement, Bloomberg praised Lancaster for revamping the department during her six-year tenure, noting her success in fighting corruption, improving inspections, and revamping the building code. While the agency has come a long way, given the 13 construction-related deaths since January, it appears it has not come far enough. “There…
Pacific Office Properties to Acquire 7 Office Buildings
Pacific Office Properties Trust Inc. has announced its intention to acquire seven office buildings located in San Diego and Phoenix. The acquisition of these seven buildings would increase Pacific Office’s portfolio by approximately 17 percent from 2.4 million leasable square feet to 2.8 million leasable square feet. Six of the seven buildings for which the option was exercised are Class A/B+ office buildings containing 183,000 leasable square feet in prime San Diego submarkets. The remaining office property, Black Canyon Corporate Center, is a 220,200 square foot office building located in the Deer Valley submarket of Phoenix, Az. The Black Canyon…
Tenneco Renews Lease in Long Beach, California
Tenneco’s Rancho–Long Beach division has renewed its lease for the entire three-building complex, totaling 109,850 square feet, located at 6925 Atlantic Avenue, according to The Staubach Co., who represented the firm.Tim O’Rourke, Michael Burns, Mike Fowler and Ben Stapleton led The Staubach team, while working with Keith Elkins of Jeffer, Mangels, Butler & Marmaro, who represented Carson Property Co., the building owner. Recently, Staubach represented Children’s Medical Center Dallas, as CPN reported. The center took a 99,999-square-foot least at Stemmons Place, a 20-story, 635,000-square-foot class A office tower situated just off the 16-lane Stemmons Freeway in Dallas. Staubach has almost…
Logistics Firm Leases ProLogis Facility in Nanjing
Anji-TNT Logistics, a provider of logistics services for auto part makers, has leased the entirety of a 234,000-square-foot distribution center at ProLogis Park Jiangning in Nanjing, the capital of China’s Jiangsu Province. Anji-TNT will operate the space on behalf of Italian automaker Fiat.ProLogis Park Jiangning is located in a government-sponsored economic development zone adjacent to the Nanjing Lukou International Airport. At full build-out, the park will comprise six facilitates totaling more than 1.5 million square feet.Nanjing, the transportation hub of eastern China, has also seen rapid industrial growth in recent years, including the auto industry. Late this year, for example,…
Fairmont Raffles Promotes Pair of Execs
Toronto-based Fairmont Raffles Hotels International (FRHI) has promoted Thomas Storey to president of Fairmont Hotels and Resorts and Michael Glennie to president, Real Estate & Development of FRHI. A 25-year veteran of the hotel industry, Storey has been with FRHI for seven years and served most recently as executive vice president, development, responsible for the growth of all three FRHI brands–Fairmont, Raffles and Swissotel. Under his guidance, FRHI’s development pipeline reached approximately 120 new projects, including 50 new Fairmont projects. Storey succeeds Chris Cahill, who has moved up to the post of COO. Another key change in the company’s management…