the Editors of Commercial Property Executive
City Council Allows 121-acre Gatlin Creek Development to Move Forward
By Camelia Bulea, Associate Editor
The Georgetown City Council unanimously approved a zoning change request at 4900 Williams Dr., thus allowing development on Gatlin Creek to move forward.
The proposed Gatlin Creek Development is planned to include an assisted-living center, a nursing […]
New Location for $36M Carolina HealthCare Behavioral Hospital
By Eliza Theiss, Associate Editor Carolinas HealthCare System (CHS) has found a new site in Davidson for a planned behavioral hospital, this after previous development plans for another location fell through in March. The planned mental health care facility is a 66-bed, single-story, 76,280-square-foot complex with private rooms and large activity areas that open to […]
Novare Plans New Luxury Apartment Community in Midtown
By Georgiana Mihaila, Associate Editor Novare Group’s Viewpoint condo tower will most likely get a new neighbor, as the developer has recently drafted plans for a new 23-story luxury high-rise apartment community on the northwest corner of 6th and Juniper streets. Novare has pitched its plans for 100 6th Street to the Midtown Development Committee. […]
Lincoln Property Hired to Manage, Lease, Sell 388,367-Square-Foot Portfolio
GE Capital Real Estate recently assigned management, leasing and sales duties for a substantial portfolio of office/flex properties to Lincoln Property Company Southeast. The portfolio, encompassing 388,367 square feet, consists of three properties, all located in Orlando. While in 2010, GE Capital Real Estate foreclosed on this portfolio, the companyrecently decided to change real estate service providers.
Iconic Penobscot Building Sold to Canada’s Triple Properties
The foreclosed Penobscot Building located in the heart of Detroit’s Financial District was sold for an estimated price of approximately $5 million to Triple Properties, a Canada-based real estate investment company that also owns the Silverdome in Pontiac. The 47-story Art Deco building was designed by architect Wirt C. Rowland in 1928 as one of the tallest buildings in the world and the tallest structure in the city until 1977, when the 73-story Central Tower of the Renaissance Center was raised.
Nalco Announces $18.7M Expansion in St. John
By Eliza Theiss, Associate Editor Nalco Inc., a company specializing in water, hygiene and energy technologies and services, has announced an $18.7 million expansion at its Garyville facility in St. John the Baptist Parish. According to a company press release, the company will add a 300,000-square-foot dry polymer production facility to its existing complex. It […]
Sterling McMillan Student Housing Community Sold; Towne Properties Plans Oakley Apartment Complex
By Adrian Maties, Associate Editor
M&A Real Estate Partners, a Los Angeles-based real estate company, has purchased the Sterling McMillan student housing community near the University of Cincinnati. The deal was closed on May 1 at an acquisition price of $19.8 million, according to the Cincinnati Business Courier. Sterling University Housing, the student housing division of […]
Wood Partners to Commence Construction on $27 Million Midtown Delray Community in Delray Beach, Fla.
Multifamily developer Wood Partners announced today that it has closed on a $26.9 million deal to build Midtown Delray, a neighborhood of 116 three-story rental townhomes near downtown Delray Beach.
In $300M Makeover, Sahara Will Be Reborn as SLS Las Vegas
By Alex Girda, Associate Editor
Once famously associated with the swinging Las Vegas of the Rat Pack era and the original “Ocean’s 11″ movie, the Sahara Hotel & Casino closed in 2011 after falling on hard times. But the 60-year-old property is getting a new lease on life thanks to a $300 million makeover planned by the property’s […]
Lowe Enterprises Investors Acquire Affinia Chicago Hotel
By Gabriel Circiog, Associate Editor The 28-story Affinia Chicago Hotel has been acquired by Lowe Enterprises Investors on behalf of an investment client. The seller, Denihan Hospitality Group, was represented by Eastdil Secured. Lowe Enterprises Investors represented itself in the transaction. Hotel management will be taken over by Destination Hotels & Resorts—an affiliate of Lowe […]