the Editors of Commercial Property Executive
Boston Flex/Office Property Latest Intercontinental Buy
Intercontinental Real Estate Corp. has acquired Locke Drive Technology Park in Marlborough, Mass. The park is a 295,700-square-foot flex/office portfolio comprised of three standalone buildings on 27 acres, and also includes 942 parking spaces. The property is in the I-495 West office submarket in the Boston area. According to a recent report by Richards Barry Joyce & Partners, office vacancies in the submarket in the fourth quarter of 2007 stood at 17.2 percent, which is comparable to the overall suburban Boston vacancy rate of 17.8 percent. The acquisition was made on behalf of Intercontinental’s U.S. Real Estate Investment Fund L.L.C….
CB Richard Ellis Acquires Romanian Services Firm
CB Richard Ellis Inc. said today it had acquired Eurisko Consulting SRL, the largest independent commercial real estate services company in Romania, for approximately $35 million. Noting that Romania has one of the region’s fastest growing economies, CBRE officials said the acquisition expands the firm’s ability to offer services across Central and Eastern Europe. While the firm has had a presence in Romania for about 12 years, this is the first time it has owned an office in the country.“We expect the Romanian commercial real estate market to see substantial growth over the long term,” Colin Waddell, managing director for…
$700M Redevelopment of Vegas’s Moulin Rouge Casino in the Works
Not to be outdone by the billions of dollars being poured into developments on the Strip, Downtown Las Vegas is set for its own rebirth and the redevelopment of the Moulin Rouge Hotel & Casino is expected to play a big part. A joint venture involving Moulin Rouge Development Corp. and Republic Urban Properties L.L.C. has just presented the city with its plan for transforming the property at a cost of $700 million to $1 billion. Located in the Uptown area of the city, the Moulin Rouge debuted in 1955 and enjoyed a short history–only about six months–as a hot…
D.C. Set For Healthy, Yet Challenging, Year
The volatile credit market has not spared the nation’s capital its wrath, but “recession-resistant” Washington, D.C. is still poised for a healthy, yet more difficult, 2008. Delta Associates and Transwestern addressed these challenges and opportunities at their 11th annual Trendlines event, held last evening at the Ronald Reagan Building & International Trade Center in Washington, D.C., with over 1,000 in attendance. Larry Heard, Transwestern’s president & CEO, opened the event, and noted that he recently attended a real estate roundtable where 200 leaders were split on whether the U.S. will move into recession. “But most agreed that 2008 was going…
Interest in 20-Property Affordable Housing Portfolio to Change Hands
A deal has been struck for the Eagle Point Cos. to acquire Lawler Wood Housing L.L.C.’s general partner interest in 20 affordable housing apartment communities. The assets, situated in seven states, account for an aggregate 3,911 units. Thirteen of the properties involved are in Tennessee, with the remaining located in other southeastern states. While the transaction will reduce Lawler’s portfolio of residences by 60 percent, the company is hardly getting out of the game. Lawler’s decision to sell was prompted by the fact that the apartment market is currently booming across the country. A division of Lawler-Wood L.L.C., Knoxville, Tenn.-based…
Roundtable Debates: A Greener Capital City?
Interest in green building is becoming more prevalent everywhere, but even in the U.S. Green Building Council’s home market of Washington, D.C., landlord and developer experience is mixed relative to just how much users will commit, according to a discussion that took place among panelists at the Transwestern-Commercial Property News investor roundtable (pictured) yesterday in the nation’s capital. While a number of participants said they hadn’t even experienced interest in green space in the market yet, Penzance Cos. has encountered some with 455 Massachusetts Ave., where it took some steps toward sustainable design upon development, and is now considering whether…
Cardinal Investments Takes Chelsea Building in Manhattan for $92M
Carlton Advisory Services Inc. has arranged a $92 million financing package for a 159,000-square-foot office building at 511-541 West 25th St. in Manhattan. The acquisition is the latest Manhattan pickup for Cardinal Real Estate Investments L.L.C., a hedge fund based in El Segundo, Calif. According to a statement, Carlton Advisory Services, an affiliate of the Carlton Group, arranged a first mortgage with a balance-sheet lender and obtained mezzanine financing from a boutique money management firm. Despite the tough credit market, Carlton is reporting an busy start to 2008. In January, the investment bank cinched some $1 billion in deals, ranging…
Vegas Jewelry Center Clears Another Hurdle
Another hurdle was cleared yesterday for the World Jewelry Center in Las Vegas, with the Las Vegas City Council unanimously approving the Site Development Plan and Special Use Permit for the project.The approvals allow the developer, Probity International Corporation, all the entitlements necessary to proceed with the project. The project’s Site Development Plan had been previously approved by the City of Las Vegas Planning Commission and the Union Park Design Review Committee.On Jan. 10, CPN reported that the Las Vegas City Council approved the Disposition and Development Agreement, Owner Participation Agreement and related documents, allowing the Jewelry Center to proceed…
Chicago’s Congress Center on Block
Several programs sponsored by the former Triple Net Properties, now known as Grubb & Ellis Realty Investors L.L.C., have put the Class A, 523,000-square-foot Congress Center in Chicago up for sale. Holliday Fenoglio Fowler L.P. will be handling the marketing.A source familiar with the building told CPN that Triple Net is its first owner, having bought the building for $136 million in January 2003 from Development Resources Inc. shortly after it was completed. The 16-story building is being sold subject to existing financing. Congress Center (pictured), at 525 W. Van Buren St., has 16 stories of office space and is…
Alter Group Plans Hotel Near Chicago’s McCormick Place
The Alter Group has acquired a 3.7-acre site near Chicago’s massive McCormick Place convention center, with plans to develop a large new hotel there. The parcel’s previous owners, a husband-and-wife team of Maine real estate developers, sold the property to Skokie, Ill.-based Alter for about $70 million in a deal inked in December. It is already zoned for a hotel. Plans are still at a very early stage, but the hotel may end up as large as 1,500 rooms in two towers, according to Matthew Ward, Alter Group senior vice president. The project would also include about 100,000 square feet…