the Editors of Commercial Property Executive
Trammel Crow to build $19M apartment community in Oak Cliff
Trammel Crow Residential announced it would build a 200-unit apartment community in Oak Cliff next year. The four-story apartment project will sit on about three acres of land, on the banks of the Trinity River and is reported to cost $19.1 million. According to the Dallas Morning News, the city of Dallas’ office of economic development will subsidize the project with $4 million from the neighborhood tax increment finance district.
Ground Broken on Apartments in Fair Lakes
Balfour Beatty Construction, a leader in the U.S. commercial construction industry and part of the London-based Balfour Beatty plc, has started work on a new residential project in Fairfax for The Bainbridge Cos. and Chesapeake Realty Partners.
Eli Lilly Plans $140M Plant Expansion in Indianapolis
Eli Lilly and Co. has announced plans for a $140 million expansion of the company’s Indianapolis insulin manufacturing operations. The company’s initiative represents one of the largest economic development investments in both the city and state in 2012. Construction on the 80,000-square-foot expansion will begin immediately with completion expected in March 2014. More than 100 permanent jobs for highly skilled technicians, scientists, and engineers will be created once the facility becomes operational in 2015.
Investors Purchase Former Time Equities Office Property
City Center Square, one of the largest office buildings in downtown Kansas City, has been acquired by an investment group led by three principals,
Two Class A Industrial Buildings Sold in Baltimore
Hillwood Investment Properties, a Perot company, has announced the purchase of two Class A industrial facilities in Baltimore. Hillwood made the acquisition in a joint venture with Brookfield Asset Management.One of the properties is located at 451 Fletchwood Road, in Elkton, while the other is at 238 Belvidere Road in Perryville. Together the two properties total 1.8 million square feet. They have been built, managed and maintained to meet the highest institutional standards.
Los Angeles Company Buys 2,044-unit Riata Apartment Complex in Northwest Austin
Los Angeles-based IMT Capital LLC, along with affiliate IMT Residential, has made its largest acquisition ever, closing a deal on the 2,044-unit Riata apartment complex. The deal represents one of the largest apartment portfolios ever sold in Austin, according to the Austin Business Journal. The portfolio had been on the market since July, when news broke that CBRE Group Inc. was chosen to list the property on behalf of Hunt Investment Management.
Wesley Village Fetches $45.8M
KBS Legacy Partners Apartment REIT has announced the purchase of Wesley Village for an estimated price of $45.8 million.
Furniture Mart Leaves Lynnhaven, Takes 40 KSF at Regency Hilltop
Furniture Mart has leased 40,000 square feet of retail space at the Regency Hilltop Shopping Center in Virginia Beach.
Penn Medicine to Add New Medical Facility in West Philadelphia
Penn Medicine, one of the world’s leading academic medical centers, has announced plans to move forward with Phase II of an expansion plan of the Penn Presbyterian Medical Center (PPMC) campus located in the University City section of West Philadelphia.
Streets of Brentwood Mixed-Use Project to Request Zoning Hearing
Developers of the ambitious Streets of Brentwood mixed-use project in Nashville’s Brentwood submarket are headed to the Brentwood City Commission for a zoning request hearing.