the Editors of Commercial Property Executive
$200M Dayton Racino Project Moving Forward
By Adrian Maties, Associate Editor Dayton is one step closer to having its racino. Penn National Gaming Inc. (Nasdaq: PENN) announced on July 2 it wants to relocate Beulah Park in Columbus to Austintown and Raceway Park in Toledo to Dayton. It requested official permission of the Ohio State Racing Commission on June 30. It […]
Vornado Sells Washington Properties
By Adrian Maties, Associate Editor Vornado Realty Trust (NYSE:VNO) announced on July 5 it will sell its office building located at 409 Third St., S.W., in Washington, D.C. The price is $200 million and will result in net proceeds of $186 million and a net gain of $120 million. On the same day, Vornado also […]
Lingerfelt Acquires 484,000 Sq. Ft. Office Portfolio
By Eliza Theiss, Associate Editor Lingerfelt Companies of Richmond, VA has announced the purchase of a 484,04-square-foot office portfolio dubbed Nashville Airport North Portfolio from Highwoods Properties, Inc. The buyer paid $41 million. The portfolio is comprised of five Class A office buildings located in Nashville’s airport submarket, in three mature office parks: the BNA […]
Developers Planning New Housing at Harbor Point
By Adrian Maties, Associate Editor Baltimore’s Harbor Point is a mammoth waterfront project by John Paterakis Sr. and the developers now intend to make it even bigger. On Thursday, July 5, at a meeting of Baltimore’s Urban Design and Architecture Review Panel (UDARP), representatives of John Paterakis’ Harbor East Development Group presented a preliminary […]
Woodward Gardens Block Development to Utilize Clean Energy from Detroit Thermal
By Veronica Grecu, Associate Editor Detroit Thermal (DT), a key component of the city’s clean energy infrastructure, announced the addition of Woodward Gardens to its network of over 140 greater downtown area properties that utilize steam energy. Located on Woodward between Mack and Warren, Woodward Gardens Block Development is a four-phased, mixed-use project that aims […]
Universal Orlando to Add 1,800-Room Cabana Bay Beach Resort
Universal Parks & Resorts and Loews Hotels & Resorts plan to accommodate families looking for high-quality, high-value options at Universal Orlando by building a new 1,800-room hotel.
Further Economic Challenges to Come?
By Michael Fishbin, Global and Americas Hospitality Leader, Ernst & Young L.L.P.:
Nearly half of the real estate, hospitality and construction companies (including REITs) Ernst & Young surveyed for its second quarter Global Capital Confidence Barometer perceive the global economy declining, compared with just 39 percent that see it improving.
New Tax on Investment Income
By Lori Shrout, EA, Manager at Gumbiner Savett Inc.:
Investors and property owners should be aware of the new Medicare tax on investment income.
$37M and $24M Industrial Transactions in Memphis
The Memphis industrial market has been running hot with transactions over the past few weeks, with some major industrial market players coming to town and consolidating their presence in the Bluff City.
Foreign Investors Sought for New Proposed Multi-Hotel Complex and Convention Center
By Gabriel Circiog, Associate Editor The Intercontinental Regional Center Trust of Chicago (IRCTC) and Chicago developer Anshoo Sethi are hoping to attract foreign investors via the EB-5 program for their proposed multi-hotel complex and convention center near O’Hare International Airport. The proposed development is projected to have a total economic impact of $2.6 billion over […]