the Editors of Commercial Property Executive
Aldar, IHG Agree to Abu Dhabi Hotel Development Deal
Major Abu Dhabi real estate developer Aldar Properties has signed an agreement with Intercontinental Hotels Group to build hotels in Abu Dhabi in the United Arab Emirates. Aldar Properties will build a 430-room Crowne Plaza, and a 165-suite Staybridge Suites Hotel. Both are scheduled to begin construction shortly and to be completed by 2009. Aldar has also agreed to build an Intercontinental Hotel, scheduled for a 2011 opening. “Abu Dhabi offers huge growth potential for IHG,” said John Bamsey, (pictured), COO, Middle East and Africa, for IHG. “Abu Dhabi is investing $136 billion in developing business and tourism assets, and…
Rubbermaid to Build 800,000SF Distribution Center in Atlanta
International consumer and commercial products marketer Newell Rubbermaid Inc. has just revealed that it will develop a new distribution facility in the Atlanta area, where it has maintained its headquarters for the last five years. Development of the 800,000-square-foot center is part of the company’s global strategy for consolidating operations and reducing its portfolio of properties. The new distribution center will sit in Union City, about 15 miles from Downtown Atlanta. With the completion of construction, Rubbermaid will be able to distribute more than one product brand from a single location. The project dovetails with the company’s goal of moving…
Retail, Residential Most Likely Development Prospects for Jersey City Site
Retail and residential are the two property types most likely to be developed on a 100-acre brownfield site on the west side of Jersey City, N.J., according to one prominent New Jersey real estate executive. The parcel, which is chromium contaminated, will be developed as the result of an agreement reached earlier this month between Jersey City and Honeywell International.The city sued Honeywell in 2005, and the court ruled that Honeywell must clean up the site, according to the Jersey Journal. Over the next five years, residential and retail development are the most likely property types to be developed in…
UCLA’s Gabriel on the B of A-Countrywide Deal
With the inking of a single deal late last week, Bank of America became the nation’s leading mortgage lender and loan servicer when it bought the troubled Countrywide Finance Corp. for $4 billion in stock. But what is Bank of America getting for that princely sum?This morning, CPN spoke about the acquisition, and its wider implications, with Stuart Gabriel, UCLA professor of finance and holder of the Arden Realty Chair, and director of the Richard S. Ziman Center for Real Estate.Until 2007, Gabriel (pictured) held the Lusk Chair at the University of Southern California and directed the Lusk Center for…
$2B Mixed-Use Redevelopment Planned in Los Angeles
While policy-makers and elected officials ponder how to provide affordable housing to the booming population of Californians–expected to grow by six million residents between now and 2030 in Southern California alone–Fifteen Group Land & Development L.L.C. plans to redevelop a 1930s era apartment complex into a $2 billion mixed-use community that will increase the availability of apartments, homes and retail space. Located in Boyle Heights in East Los Angeles, the project is planned for the current Wyvernwood Garden Apartments. The firm purchased the land in 1998 and acquired an adjacent complex in 2006 for a total of 70 acres. Plans…
$185M Loan Closes for Refinancing, Expansion of Seattle-Area Hyatt
Bellevue Place L.P., owner of the Hyatt Regency Bellevue, has gotten its hands on $185 million in financing for the upscale 382-room hotel. The combination permanent debt and construction loan allows for both the refinancing and expansion of the property, which sits about 10 miles outside of Seattle in Bellevue. Bellevue Place relied on the assistance of real state services firm CB Richard Ellis Inc.’s capital markets group to orchestrate the financing. Pacific Life Insurance Co. provided the 13-year loan. CBRE’s timing on the pursuit of funding was just right. “We went under application in April of 2007 so we…
$500M JV Formed for Development of Major Retail Properties in West
Inland Western Retail Real Estate Trust Inc. and Juliet Cos. have just joined forces to execute the development of retail properties in leading metropolitan markets of the western states. The partnership will dole out $500 million on multi-tenant projects. As per the terms of the strategic joint venture, Inland Western will invest 90 percent of the equity, or as much as $112.5 million. Additionally, the company will take in profits for providing development, property management and leasing services for the projects. As for particular areas of interest, the joint venture, an Inland Western spokesperson told CPN today, “is targeting primarily…
Architect Chosen for $300M San Antonio Lifestyle Center
With construction expected to begin this spring, New York City-based Wereldhave USA has retained Baltimore-based Peter Fillat Architects (PFA) to design 11 buildings in the $300 million éilan lifestyle community on the outskirts of San Antonio. Ground was recently broken and construction should begin in the spring on the 120-acre site, with targeted opening planned for the spring of 2009. The project is located along the IH-10 corridor at La Cantera Parkway on the north side of San Antonio and near two other upscale development projects. The project, master planned by Gensler Architects, will consist of luxury apartments, class A…
Rosewood, Stanford U to Partner on Luxury Hotel/Spa
Rosewood Hotels & Resorts will develop a 120-key hotel and spa in Menlo Park, Calif., in partnership with Stanford University. The Rosewood Sand Hill will be built on 21 acres of university-owned land a mile west of the main Stanford campus. Built as a low-rise, tiered design on a hillside, the hotel will include a restaurant, more than 8,000 square feet of meeting and event space, and a 16,000-square-foot spa, with 13 treatment rooms, a fitness room and an outdoor pool. The largest hotel developed to date in Menlo Park, the Rosewood Sand Hill will be designed by HKS Hill…
Tenants Clamoring for Manhattan, Say Top Office Executives at Deutsche Bank Conference
So far the Manhattan office market has escaped harm from the capital markets meltdown, and this year will bring both changes and opportunities, according to a panel of industry leaders yesterday during Deutsche Bank’s 2008 Real Estate Outlook Conference in Manhattan. “We have seen a disconnect in the marketplace like we’ve never seen before,” commented David Greenbaum, executive vice president for Vornado Realty Trust. The market continues to be strong despite jitters about the financial markets and the national economy. Greenbaum cited a study by Cushman & Wakefield Inc. showing that only 9 million square feet of office space returned…