the Editors of Commercial Property Executive
Detroit Developer to Repurpose Shipping Containers into Energy Efficient Condominiums
Three Squared Inc., a local real estate developer specializing in cargo-based construction, will soon break ground on one of the most innovative multifamily projects in Detroit: a four-story condominium complex built entirely from empty shipping containers.
Grand Opening for Groveton Green, the First and Only LEED Gold Apartment Community in Owings Mills
Groveton Green Apartments held a grand opening ceremony on November 15 in Owings Mills. Baltimore County Executive Kevin Kamenetz, Councilwoman Vicki Almond, Councilman Ken Oliver and Reisterstown-Owings Mills-Glyndon Chamber of Commerce Executive Director Brian Ditto were among those present at the ribbon cutting ceremony.
75-Unit Adaptive Reuse Loft Building Opens North of Boston
Boston-based WinnDevelopment recently inaugurated a 75-unit apartment community constructed from two vacant buildings that used to be part of the former Malden Mills factory in Lawrence, MA.
Live Oak-Gottesman Continues Office Shopping Spree, Buys Network Crossing
Austin-based Live Oak-Gottesman has bought Network Crossing, a 143,831-square-foot office property spanning five buildings in Northwest San Antonio. The acquisition marks the sixth purchase for the company and this is not all. At the time of the sale, the property was 89 percent occupied, reported Citybizlist.com.
Leader Building Still Seeking New Owner
By Adrian Maties, Associate Editor
The Leader Building, a Class B office building in downtown Cleveland, hit the auction block on Nov. 13. Despite fetching a high bid of nearly $7.7 million during an online auction, the property won’t be sold.
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Shorenstein Properties Acquires Minneapolis City Center for $202.5M
Shorenstein Properties has closed on the acquisition of Minneapolis City Center, a 50-story mixed-use complex located in the heart of downtown Minneapolis. Shorenstein made the purchase on behalf of Shorenstein Realty Investors Ten L.P., a commingled fund formed in 2010 and with $1.2 billion of committed capital.
$1B Residential Development Breaks Ground in Denton County
Hillwood Communities has broken ground on a 1,000-acre master-planned development located just north of Alliance Texas. Dubbed Harvest, the $1 billion mixed-use community is planned to include approximately 3,000 single-family homes with prices ranging from $200,000 to about $400,000.
Laurel Apartment Complex Sells for $28M
The Westgate of Laurel, a renovated apartment complex in the heart of the Baltimore-Washington corridor, was recently sold to Westgate DNB Associates, a subsidiary of Geller Associates Inc. of Roseland, N.J.
DSW Inc. Buys its HQ in Columbus for $72M
In a $72 million deal, the footwear and accessories retailer DSW Inc. has acquired its corporate headquarters in Columbus.
Global REIT Markets on Upward Trend
By Robert Lehman, Global Director of REIT Services, Ernst & Young LLP: Globally, REIT markets made solid gains in the latter half of 2011, and first quarter 2012 data confirms this trend.