the Editors of Commercial Property Executive
Brady Sullivan, Starr Development Propose Mixed-Use Conversion of Warren’s American Tourister Factory
Brady Sullivan Properties of Manchester, N.H. has partnered with Starr Development of Boston to repurpose the former American Tourister factory in Warren into a mixed-use facility. According to the Providence Journal, plans call for 225 apartments and 85,000 square feet of commercial/retail space at the 14-acre riverfront site on Main Street.
Transpacific Development Purchases 1.1M-Sq.-Ft. Distribution Center at AmeriPlex
Transpacific Development Co. of Torrance, California has recently purchased a 1.1-million-square-foot distribution center at the AmeriPlex Business Park. According to the Indianapolis Business Journal, the seller of the property at 9101 Orly Road was Metro Holdings One LLC of Columbus, Ohio.
Capitol Broadcasting Acquires Old Bull and Noell Buildings at American Tobacco
Two historic apartment and retail buildings at the American Tobacco Campus in Durham have recently been purchased by the original developers of the 16-acre site. According to the Triangle Business Journal, an affiliate of Capitol Broadcasting Company known as ATC North Residential LLC has acquired the Old Bull and Noell buildings at 300 and 312 Blackwell Street for a combined $9.5 million.
REITbid Brings Liquidity to Illiquid Investments
REITbid announced a new online auction platform that matches buyers and sellers of shares in existing non-traded publicREITs.
Providence G, $20M Downtown Mixed-Use Project, Nears Fall Completion
The renovation of four adjoining structures along Dorrance and Weybosset streets in downtown Providence is slated to bring a mixed-use complex with 56 luxury apartments, 3 restaurants (including one on the roof), a 60-car garage and dry cleaners.
Browning Investments Obtain Preliminary Approval for $25M Mixed-Use Project Over Community Objections
A proposed $25 million residential and retail project in Broad Ripple has received its first approval from the Metropolitan Development Commission. According to the Indianapolis Business Journal, a final decision regarding the rezoning of the 2-acre property northeast of the intersection of College Avenue and the Central Canal is expected on Sept. 4.
Carey Watermark Investors Acquires 400-Key Marriott in Downtown Raleigh for $83M
In an $83 million deal, Carey Watermark Investors Incorporated (CWI) has purchased the 400-room Marriott City Center hotel in downtown Raleigh. The New York-based real estate firm has also announced it would spend another $6 million to upgrade the 17-story property and cover other acquisition–related costs. The investment was financed with $51.5 million of debt.
Hawaii Pacific University Completes First Sale of Special-Purpose Revenue Bonds
Hawaii Pacific University has announced the successful sale of all the securities in the first $42 million issue of its special purpose revenue bonds. The funds will be used to finance the overall development of the university, particularly the Aloha Tower Marketplace project in downtown Honolulu.
Herman Bulls: Tennessee Implementing Country’s Most Advanced Real Estate Strategy
Since 2011, Tennessee has been implementing its T3 program, which is short for “Transforming Tennessee for Tomorrow,” the most advanced real estate strategy of any state known to date. T3 will ultimately move about 14,000 state employees from expensive or outdated office space into more efficient and improved buildings. T3 will also reduce the state’s office portfolio by at least 1 million square feet, saving Tennessee’s taxpayers upwards of $130 million over the next decade. Most recently, the state hired Jones Lang LaSalle to provide comprehensive facility management services for its state-owned and leased office facilities throughout Tennessee. Outsourcing this…
Milhaus Breaks Ground on $26M Redevelopment in Historic District
Construction on the $26 million Circa Apartments at the former Mitchell & Scott industrial site in downtown Indianapolis is currently under way.
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