the Editors of Commercial Property Executive
Former Lincoln Park Adult Movie Theater Goes Residential
Wayne Metropolitan Community Action Agency (WMCAA), a non-profit organization that provides youth and family services and homeless prevention programs to low- and moderate-income individuals and families in Wayne County, is breaking ground this month on a new mixed-use development that would replace the once famous Park Theater in the City of Lincoln Park.
Texas Developer Breaks Ground on South Boston Residential Tower
Hanover Co., a Houston-based real estate company specializing in the acquisition, development, and management of multifamily properties, broke ground on November 16 on one of the largest housing developments in Boston’s Seaport District.
Velocis Buys Two Austin Shopping Centers in $60M Deal
Dallas-based Velocis, a commercial real estate investment fund, recently purchased two Austin shopping centers totaling over 350,000 square feet of retail space. With the acquisition of West Woods Shopping Center and Springdale Shopping Center, Velocis now has circa $160 million of assets under management.
Historic Motel Converted to $5.7M Low-Cost Housing; Downtown Sears Building on the Market
Renovation work on the historic Luna Lodge is almost complete, and residents will be able to move in after Thanksgiving. Built in the 1950s, the Route 66 motel has been converted to low-cost housing, including 14 apartments and a new 16-unit wing added to the north part of the property, according to the New Mexico Business Weekly.
Last Hotel in Larkspur-Farallon Capital Portfolio Trades Hands in San Francisco
By Alex Girda, Associate Editor San Francisco’s hot hospitality market continues to heat up, as another hotel transaction joins an already packed roster of deals. It was recently reported that the last remaining property in the Larkspur portfolio was traded to a group of Canadian investors for a total of approximately $16.6 million. The Larkspur […]
Mixed-Use Transit-Oriented Development Gets Green Light in Adams County
The Adams County Board of Commissioners recently unanimously approved the Clear Creek Transit Village—a mixed-use transit-oriented development project in Denver,
Transwestern Tapped to Lease, Manage Texas Center for Athletes
Transwestern’s San Antonio office has been hired to provide leasing and management services for the Texas Center for Athletes, according to a company news release. Transwestern managing directors Russell Noll and Alan Grilliette, senior vice president Ken Adams and property manager Kathy Nielsen have been awarded the assignment for the property. The leasing team includes Amber Austin and Licia Shreves.
Mercy Medical Center Plans Expansion; Ohio City to Receive 72 Market-Rate Apartments
Canton’s Mercy Medical Center plans to increase the size of its emergency department. According to the Akron Beacon Journal, the hospital is looking to finalize plans for the 14.5 million-square-foot renovation and construction project.
Westwood Financial Pays $15.4M for East Pointe Retail Center
In a $15.4 million deal, Los Angeles-based Westwood Financial Corp. has acquired the 58,000-square-foot East Pointe Marketplace near Downtown Milwaukee from Mandel Group Inc, the Milwaukee Business News reported. “Sale of this mature asset allows our firm to harvest some of our invested capital, in order to reinvest in current and future developments in the area,” Barry Mandel, president and chief executive officer of Mandel Group., told the Business News. The Chicago office of Holliday Fenoglio Fowler L.P. arranged the transaction on behalf of Mandel Group and its investment partner, Northwestern Mutual Life Insurance Co. Inc.
Chesapeake Lodging Trust Acquires 222-Room The Hotel Minneapolis
Chesapeake Lodging Trust has recently acquired The Hotel Minneapolis, a 222-room Marriott Autograph Collection hotel, for $46 million, or approximately $207,000 per key. The self-advised lodging real estate investment trust funded the acquisition with a borrowing under its revolving credit facility.