the Editors of Commercial Property Executive
JV Lands $52M Contract for Qatar Mixed-Use Project
A joint venture led by Hill International, a project and construction management company based in Marlton, N.J., has been awarded a five-year contract worth about $52.6 million for the Barwa Al Khor mixed-use development in Qatar. Hill has a 65 percent interest in the joint venture. The project will be developed by Barwa Al Khor Co., a joint venture organized by Barwa Real Estate Co., of Doha, Qatar, and Kuwait-based Al Imtiaz Investment Co. Al Khor is a coastal town in northern Qatar, about 30 miles north of the capital, Doha. When complete, the Barwa Al Khor development will comprise…
JRK Acquires $285M M-F Portfolio from AIMCO
Los Angeles-based JRK Property Holdings Inc. has acquired a portfolio of multi-family properties from the Apartment Investment and Management Co. (AIMCO) for approximately $285 million. The acquisition was capitalized through a joint venture with JRK Birchmont Advisors, the private equity division of JRK. The transaction is the fourth carried out between JRK and AIMCO. The portfolio consists of 17 properties located in Atlanta; Charleston, S.C.; Cincinnati; Columbus, Ohio; Fort Collins, Colo.; and Richmond. The JRK Residential Group, JRK’s property management subsidiary, will manage the properties. JRK Property Holdings and its Residential Group subsidiary own and manage a $3 billion portfolio…
American Realty Advisors Provides Equity for Grand Hyatt Washington Recapitalization
American Realty Advisors has provided preferred equity financing to an affiliate of Quadrangle Development Corp. for the recapitalization of the Grand Hyatt Washington, D.C. The investment was executed on behalf of one of American’s separate account clients. American Realty Advisors did not disclose the dollar amount of the investment. The hotel (pictured), built in 1987, underwent a full-scale guestroom, guest bath and corridor renovation in 2004, and a comprehensive renovation of the hotel’s meeting and ballroom areas was completed this year. The property includes 43,000 square feet of meeting space, five on-site dining options, and guest access to an adjacent…
Proposed $1B Philadelphia Skyscraper Gets Zoning Approvals, Awaits City OK
The American Commerce Center, a $1 billion, mixed-use skyscraper proposed for 1800 Arch St., in Philadelphia’s Center City, moved another step closer to reality this week when the city’s planning commission unanimously approved zoning changes for the 1.5-acre site.“We are excited to have moved past this hurdle and look forward to the next step in front of the Philadelphia City Council on Dec. 3rd at 9:00 am and are very encouraged by the broad support we have received across the city for the American Commerce Center,” Garrett Miller, president of Hill International Real Estate Partners, L.P., said in a statement….
NYC’s Pier 57 Attracts Trio of Renovation Proposals
At the edge of Manhattan’s Meat Packing District in Chelsea, Pier 57 abuts an area that has seen a burst of activity over the last decade. Located at the end of West 15th St. and encompassing some 375,000 square feet of waterfront space plus rooftop area, the pier is now the focus for three bids for renovation.The Hudson River Trust, which controls the pier site, started receiving proposals in October, and will now decide between visions from The Durst Organization and C&K Properties; The Related Cos.; and Youngwoo and Associates L.L.C. The Durst and C&K submission proposes a total development…
Citigroup Board to Meet Today Amid Rumors of Sell-Off
U.S. stock futures surged early this morning after a report Citigroup may put itself on the block and following upbeat results out of Dell and Salesforce.com, according to MarketWatch. S&P 500 futures leaped 31.7 points to 780.00 and Nasdaq 100 futures climbed 39.25 points to 1,079.70. Dow industrial futures leapt 293 points. U.S. stocks stumbled to 11-and-half year lows as hopes faded for a rescue of the automakers and as concerns grew about Citigroup’s financial health. The Dow Jones Industrial Average dropped 444 points, the S&P 500 lost 54 points and the Nasdaq Composite dropped 70 points, the report stated….
Day in Court: Litigation Returns in Tough Economy
When things go wrong in commercial real estate transactions, litigation follows. This is especially prevalent during difficult times. Accordingly, as with the real estate recession of the early ’90s, the recent unprecedented downturn in the real estate economy and in market fundamentals has already spurred a substantial increase in the demand for litigation consulting and expert witness services, based on what I have seen in my own practice.In addition to the bankruptcies brought on by pressures on income property cash flows and the increasing risk of maturity defaults, disputes will erupt between lenders and borrowers, as well as between partners,…
As Markets Gyrate, Citigroup Ponders Fate
Citigroup executives are currently meeting in something of an emergency session to figure out what to do in the face of flagging investor confidence in the banking behemoth. Or are they? They’re meeting, at least, but the company says that it’s financially strong, despite its four quarters of losses stemming from billions in writedowns. Prince Walid bin Talal of Saudi Arabia seems persuaded of Citi’s long-term prospects, having raised his stake in the bank to 5 percent. But other investors aren’t so sure. After an upward spike this morning, Citi share prices were down about 16 percent by mid-day. Of…
Opus Phoenix-Area Retail Center Moves Forward
Opus West Corp. has begun construction on, and nailed down leases for most of the space at, the 170,000-square-foot Mill Crossing retail center in Chandler, Ariz., in southeast metro Phoenix. The site, at the southwest corner of Gilbert and Germann roads and bordering the community of Gilbert, is in the Loop 202 corridor. Loop 202, also known as State Route 202, is the beltway for the eastern Phoenix metro area, surrounding the suburbs of Tempe, Mesa, Chandler and Gilbert. The center’s anchor tenant will be J.C. Penney Co. with a 104,000-square-foot building. Other tenants signed at Mill Crossing so far…
Developers Move Ahead with Plans for 60-Story NYC Tower
Banking that the healthcare industry will stay healthy despite the tough economic times, developers are moving ahead with plans to build the World Product Centre, a 60-story tower on Manhattan’s West Side that would showcase medical diagnostic and device companies and serve as an international educational center. The 1.5 million-square-foot structure is estimated to cost between $500 million and $1 billion and would be built by Extell Development Co. As reported Aug. 1 by CPN, the tower would be built at 11th Avenue and West 34th Street on the site of the famed Copacabana nightclub. Israel Green, president & chairman…