the Editors of Commercial Property Executive
Appirio to Open 12,500SF Office, Cloud Computing Center in Downtown Indianapolis
Appirio, Inc., a San Francisco-based technology company, has announced plans to open a new office and cloud computing development center in downtown Indianapolis. The company will invest more than $2 million in its expansion, which includes leasing, renovating and equipping 12,500 square feet of space in the Pan American Office Tower. The center is expected to open in October, and to create up to 300 high-wage jobs over the next three years. Appirio considered several other Midwestern cities for its expansion but ultimately chose Indianapolis. “Opening an office and cloud development center in Indianapolis gives Appirio access to a large, highly educated talent base with close proximity to customers and partners.
Opus Seals Financing Deal for Nicollet Residences
By Gabriel Circiog, Associate Editor Opus Development has secured financing for a 27-story residential development in Minneapolis, the Minneapolis / St. Paul Business Journal reports. Dave Menke, senior vice president & general manager of Opus Development, confirmed the company has sealed a financing deal with an unnamed large regional bank. He said demolition work is […]
First Potomac Sells Stake in 1200 17th St., N.W., for $43.7M
By Adrian Maties, Associate Editor First Potomac Realty Trust last week announced the sale of its 95 percent stake in 1200 17th St., N.W., in downtown Washington, D.C., for $43.7 million as part of a larger analysis of its development pipeline. First Potomac acquired the property in a joint venture with Akridge from the National […]
Schlitz Park to Wrap $30M Redevelopment By Creating 150 KSF of Office Space
Construction on the third and last phase of a $30 million renovation project will begin by the end of this year at Schlitz Park, the 46-acre riverfront office complex near Downtown Milwaukee. Preliminary designs for remodeling the property’s long-vacant Executive and Stockhouse buildings were unveiled by Gary Grunau, president of Grucon Group L.L.C., which is redeveloping Schlitz Park. Located on the park’s western end, the buildings will offer a combined 150,000 square feet of office and parking for 600 vehicles when construction is complete in fall 2013.
Complex Redesign Project Announced for NYC’s Historic Pier 17
Howard Hughes Corporation (HHC)—a company that owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S.—and the New York City Economic Development Corporation (NYCEDC) have reached an agreement for a multi-year revitalization project of a 195,000-square-foot building at South Street Seaport, one of Manhattan’s most popular areas. South Street Seaport dates back to the 1600’s and was recently named the 26th most-visited tourist attraction in the world by Travel & Leisure Magazine.
$58M Financing in Place for Boca Raton Mixed-Use Project
According to an official announcement, HC Real Estate Capital has arranged $58 million in financing for Boca Raton’s Royal Palm Place and Plaza. Financing was arranged through a Life Company relationship, and the seven-year loan is interest-only at a competitive fixed interest rate. The project will replace a maturing facility on the property.
Austin Student Housing Market on the Upswing
By Camelia Bulea, Associate Editor
The local student housing market has shown obvious signs of improvement in the past year, with several private and public projects being delivered in the last few weeks and more scheduled to come. The Austin Business […]
After 2012 Parade of Homes, Permit Levels Will Tell the Tale
By Alex Girda, Associate Editor Like many other cities whose housing markets took a punch during the recession, Salt Lake City is still looking for clear signs of recovery. It remains to be seen how the designs showcased at the 2012 Salt Lake Parade of Homes impressed prospective homebuyers, but the volume of new home permits […]
Henderson’s Vantage Lofts Gets $15M Restart; Ryland Homes Debuts
By Alex Girda, Associate Editor A stalled 20-acre residential development is getting new life after its acquisition by Rothwell Gornt Cos., a venture capital fund. Recently acquired out of bankruptcy, the Vantage Lofts development is set to resume construction and is slated for completion in the next six to nine months, the Las Vegas Review-Journal reported. Located at Paseo Verde Parkway and Gibson Road, Vantage Lofts (pictured at right) will require about $15 million to complete its 110-unit first phase. Company principal Richard Crighton told the Las Vegas Review-Journal the company is in the process of submitting building permit applications….
Comcast-Spectacor Unveils Proposal for $350M Arena
A group led by Comcast-Spectacor L.P. wants to bring a $350 million oceanfront arena to Virgina Beach.
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