the Editors of Commercial Property Executive
Dan Gilbert’s Rock Ventures Breaks Ground on 10-Story Garage/Retail Facility in Downtown Detroit
Rock Ventures LLC, the real estate development arm of Dan Gilbert’s Quicken Loans, is building a 1,300-square-foot parking garage and 33,000 square feet of retail space in an effort to provide more parking, more restaurants and more shops to the growing number of people who work in Detroit’s Central Business District.
City of San Francisco to Complete 100K-square-foot Lease Agreement with Laurus
By Alex Girda, Associate Editor The Laurus Coporation is cashing in on one of its earlier San Francisco Bay Area investments. The company has recently announced it is negotiating a leasing agreement for a large chunk of space at its 1155 Market St. property. The L.A.-based investment company is currently holding talks with the City […]
Performa Free to Transfer Beale Street Lease to City
Performa Entertainment Real Estate Inc. has cleared the final roadblock in the way of finalizing a lease transfer agreement with the City Of Memphis for the Beale Street Entertainment District.
Freeport-McMoRan Buys and Occupies 85,000SF American Airlines Building
Phoenix-based Freeport-McMoRan Copper & Gold, a global mining company, has purchased the American Airlines building in Tucson for $5.2 million. The 85,000-square-foot call center building, located at 3350 E. Valencia Road, was closed in August and has been vacant ever since, reports the Inside Tucson Business.
AFL-CIO BIT Announces Investment in Wolf Point Development; Developer Smoothes Infrastructure Details
The AFL-CIO Building Investment Trust recently announced an investment in the proposed Wolf Point Development. The BIT joins Hines, Kennedy Enterprises and the Magellan Development Group in an effort to revitalize the long-stagnating site along Chicago’s river, one of the last prime undeveloped pieces of land around downtown Chicago.
Wood Partners Breaks Ground on 297-Unit Transit-Oriented Multifamily Development in Broomfield
Wood Partners, one of the largest multifamily developers in the country, recently broke ground on a 297-unit apartment community in Broomfield. Located at the southeast corner of Wadsworth Boulevard and 118th Avenue on 13.75 acres, the three-story Alta Harvest Station Apartments is scheduled to be completed in February 2014.
City Unveils Plans for Mixed-Use M-F Project in Downtown Indianapolis
City officials have announced the winning bid for the reconversion of a prime Mass Avenue parcel in downtown Indianapolis. The development team will be comprised of apartment specialist J.C. Hart Co., retail developer Paul Kite Co. and architecture firm Schmidt Associates. The anticipated cost of the project is approximately $43 million. Plans call for up to 235 market-rate apartments, up to 40,000 square feet of ground-floor retail and two levels of surface and underground parking. The project will be developed on a 1.45-acre property bordered by Massachusetts Avenue, North New Jersey Street and East North Street. The site is currently occupied by the Indianapolis Fire Department.
CORTEX Announces $186M Phase II in Biotech District
Phase II of CORTEX, midtown St. Louis’s bioscience and technology hub, will bring 384,000 square feet of additional lab and office space to the technology district. The total facilities space in the technology district will total over 1,000,000 square feet when the phase is complete.
The Long Freeze
It’s been a long time coming, but November is finally here, and with it — the much anticipated presidential election. Throughout the past year’s economic roller-coaster ride, real estate executives have offered a steady mantra: “Sit tight and wait until after the election.”
STAG Industrial Snags Two Properties for $13.4 Million; Veolia to Relocate HQs at Exchange Place
Boston-headquartered STAG Industrial, Inc., a full service real estate company focusing on the acquisition, ownership and management of single-tenant industrial properties throughout the United States, announced this week the acquisition of two properties totaling 325,000 square feet of space.