the Editors of Commercial Property Executive
Historic Sparrows Point Steel Mill Sold For $72M
By Adrian Maties, Associate Editor On Wednesday, August 15, a federal bankruptcy judge in Wilmington, Delaware, approved the sale of the historic Sparrows Point steel mill. The property was sold to liquidator Hilco Trading of Illinois and St. Louis-based Environmental Liability Transfer for about $72.5 million. Its owner, RG Steel LLC, filed for Chapter 11 […]
Keat Foong: Another Nail in the Coffin?
By Keat Foong Is this one more nail in the coffin for low-interest, long-term, mortgages for homeowners? The Obama Administration says it is taking further action to facilitate the eventual closing of Fannie Mae and Freddie Mac. The Treasury Department announced three steps: -An increase in the rate of reduction of the GSEs’ investment portfolio: from 10 percent to 15 percent -The GSEs will submit an annual plan on actions to reduce taxpayer exposure to mortgage credit risk – Fannie Mae and Freddie Mac will forward all profits to the Treasury. They will no longer need to submit 10 percent of dividends…
Kreiger JV Buys Villas at Langley; Grady Management Prepares to Start M-F
By Adrian Maties, Associate Editor Sawyer Realty Holdings sold the Villas at Langley, an apartment complex in Hyattsville, to Krieger Boulevard L.L.C. and Krieger Skyline L.L.C. The cost of the transaction was $48 million, or about $81,000 per unit. Transwestern’s Mid-Atlantic multifamily group represented the seller. The Villas at Langley is a 590-unit complex located at […]
Architect Chosen to Design $8.6M Eddy County Sherrif’s Offices
Albuquerque-based Van H. Gilbert Architect PC (VHGA) has won the bid to design the new Eddy County Sheriff’s Department offices. The $8.6 million project already has most of the financing necessary fior construction. New Mexico Business Weekly quoted County Manager Allen Sartin saying that $2 million for the law enforcement complex had been set aside, and another $5 million would be allocated the next year.
City Approves Pedestrian Skywalk for Downtown Parking Garage
by Adriana Pop, Associate Editor The Metropolitan Development Commission has approved Flaherty & Collins Properties’ request to add two upper-level pedestrian connectors to the five-story parking garage planned for downtown Indianapolis. According to the Indianapolis Business Journal, one of the bridges would lead to West New York Street to the south of the garage, connecting […]
Developers Announce New Pompano Beach Distribution Center
By Georgiana Mihaila, Associate Editor Pompano Beach will soon house a new distribution center, as Weeks Robinson Properties and Jeremy Shapiro of Miami-based Mainstream Investment Realty have unveiled their Class A speculative industrial project at 3901 NE 12th Ave. To be set in the heart of Broward County’s Pompano Beach industrial submarket, the Pompano Beach […]
Sonesta ES Suites Charlotte Opens; $27M Facility for Green Energy Player
By Eliza Theiss, Associate Editor The city of Charlotte recently added a new hotel to its ever-growing hospitality industry. Located at 7925 Forest Pine Dr. in the southern part of the city, Sonesta ES Suites Charlotte is a chapter of Sonesta International Hotels Corporation—a global collection of upscale and extended-stay hotels, resorts and cruise ships. […]
Downtown Office Move Opens Door to Wauwatosa M-F Project
Bartolotta Restaurant Group plans to move its headquarters from Wauwatosa to a 17,400-square-foot Downtown Milwaukee building by the end of August. Bartolotta purchased 520 W. McKinley Avenue to accommodate the company’s growth. VJS Construction Services of Pewaukee and Chamberlin Group of Brookfield are leading a renovation, which will provide Bartolotta with office and warehouse space. According to documents filed with the Milwaukee Economic Development Corp., Bartolotta estimates the total cost of the project to be around $1.05 million, including $850,000 for the acquisition of the building.
MSC Industrial Plans $55M Facility Near Bolton Field
MSC Industrial Direct plans to build a 400,000-square-foot distribution center on a 70-acre parcel north of Bolton Field, on Columbus’ West Side. The facility will be Melville, N.Y.-based MSC’s fifth in the U.S., and will help support the company’s growth strategy and maintain its signature service model.
Net-Leased Investments Provide Strong Alternative to Fixed-Income Assets
By Bradley Feller, Associate Director, Stan Johnson Co. :The low interest rates and slow economic growth that have gripped the United States since the onset of the Great Recession have made it difficult for investors to find yield in the capital markets.
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