the Editors of Commercial Property Executive
Boston Firm Acquires Landmark Union Trust Building in Downtown Pittsburgh
The Davis Companies, a real estate investment and development firm based in Boston, has acquired the historic Union Trust Building in downtown Pittsburgh. According to the Pittsburgh Post-Gazette, the company purchased the property for $14 million at a recent sheriff sale.
PK Partners Plans $80M Mixed-Use Project on Vacant Parcels in Indianapolis
An $80 million commercial and residential project could soon rise on two vacant parcels along River Crossing Boulevard in Indianapolis.
California Developer Pacrep Plans Second Condo-Hotel Tower in Waikiki
Los Angeles-based Pacrep LLC is planning the construction of a second luxury condo-hotel tower in Waikiki. According to the Pacific Business News, the City and County of Honolulu will not require an environmental impact statement for the $159.5 million, 280-unit project at 2139 Kuhio Ave.
New Hyatt Place Hotel Planned at Southern Village in Chapel Hill
A new five-story Hyatt Place hotel will soon rise at the Southern Village community in Chapel Hill. According to the Triangle Business Journal, Bryan Properties and its development partner, Beacon ING of Charlotte, have recently finalized a management agreement with the Hyatt Hotels Corp.
Top REITs Keep on Growing
Jack Kern and Mike Ratliff dissect the current state of the REIT sector, and what firms are doing to refine and expand their holdings.
SDC Nutrition Leases 60,000-Sq.-Ft. Building from RIDC in Findlay
Pittsburgh-based SDC Nutrition has recently signed a lease to occupy a 60,000-square-foot building at the RIDC Park West Industrial Park in Findlay Township. The Regional Industrial Development Corporation of Southwestern PA is building out the space, which should be ready for occupancy this summer.
Research Triangle Foundation Buys 100 Acres for Triangle’s First Mixed-Use Expansion
The Research Triangle Foundation, the nonprofit that built the Research Triangle Park (RTP) back in the 50s, has recently announced the acquisition of several adjacent properties along I-40, where it intends to add new development.
Prospective Buyer Terminates $142M Deal to Acquire City-Owned Affordable Housing
The $142 million leasehold sale of 12 city-owned affordable rental complexes located in various parts of Oahu has been canceled. According to the Honolulu Star-Advertiser, the group of investors that agreed to purchase and manage the properties in the summer of 2012 will not be able to make a $35 million payment to the city by the March 31 deadline.
Trade Street Residential Acquires Newly Completed, 288-Unit Apt. Property for $37.2M
Trade Street Residential, Inc. of Aventura, Fla. has recently announced it paid $37.2 million to acquire The Estates at Wake Forest, a newly constructed 288-unit apartment community located at 1524 Woodfield Creek Drive in Wake Forest.
Economy Watch: Home Prices Still Rising on Annual Basis; State Unemployment Rates Edge Down; Residential Delinquencies Drop in ’13
The S&P/Case-Shiller Home Price Indices rose but prices seem to be flattening, regional and state unemployment rates were generally lower in December and the number of U.S. residential loans delinquent increased slightly.