the Editors of Commercial Property Executive
Slidell Memorial Hospital Expands Cardiology, ER Units
By Eliza Theiss, Associate Editor Slidell Memorial Hospital broke ground on its much needed new wing Tuesday. The community hospital has been struggling for some time now because of space shortages and increasing numbers of patients. The Times-Picayune reports that the number of patients treated in 2010 at Slidell Memorial was 3,500 more than it […]
California Pension Fund Acquires Statler Arms
By Adrian Maties, Associate Editor The California State Teachers’ Retirement System acquired a majority stake in LCOR, a Berwyn, Pa.-based unit of the defunct financial giant Lehman Brothers Holdings Inc. Included in the more-than-$800 million transaction are 14 apartment buildings totaling 5,000 units and including Statler Arms Apartments in Downtown Cleveland. The Statler is located […]
Cincinnati’s 309 Vine to Get $15M Makeover
By Adrian Maties, Associate Editor The annex building that supplements the 31-story PNC Tower will soon get a $15 million makeover. With construction ongoing at the nearby Banks development, downtown Cincinnati is seeing a lot of activity lately. This new renovation project will bring life back to an important area of downtown Cincinnati and spawn development […]
Sterling Bay Plans Upscale Buildout for Victory Ranch Club
By Alex Girda, Associate Editor Sterling Bay Cos. recently snapped up one of the state’s prime development sites: the 6,500-acre Victory Ranch Club in Park City. The sale price for the property, which was acquired from an affilate of Wells Fargo Bank, was not disclosed. The parcel was originally slated for a 650-unit luxury residential […]
PREI Buys Ten Peachtree Place, Plans to Achieve LEED Silver for the Property
By Georgiana Mihaila, Associate Editor Prudential Real Estate Investors has recently acquired midtown Atlanta’s Ten Peachtree Place, a fully leased, 20-story, Class A office tower. Acting on behalf of a German institutional advisor, Prudential Real Estate Investors—the real estate investment management and advisory business of Prudential Financial, Inc.—has bought the building from a venture managed […]
Eastpoint Mall Auctioned for $30M
By Adrian Maties, Associate Editor The Eastpoint Mall in Dundalk, MD sold May 29 at auction for $30.3 million, barely one-quarter of the asking price it commanded in 2006. LNR Property LLC, a Miami Beach, Fla.-based real estate investment firm, submitted the winning bid. Tidewater Auctions LLC of Towson handled the sale at the Circuit […]
Millennium UN Plaza Hotel Undergoes Complex Makeover
By Veronica Grecu, Associate Editor New York City’s iconic Millennium UN Plaza Hotel located next to United Nations headquarters in midtown Manhattan will undergo a complex interior renovation project by Grace Leo, CEO and Founder of G.L.A. Hotels—a management and consultancy firm using design as a tool for repositioning hotels. Designed by visionary architect Kevin […]
‘Magic’ Johnson, Canyon Partners Return to Miami with Plans for New Walmart-Anchored Center
Miami’s Flagler Corridor will soon have a new Walmart-anchored shopping center, as Canyon-Johnson Urban Funds has recently purchased a 32-acre parcel in this respect in an all-cash transaction.
174-Key Holiday Inn Purchased by GF Management Affiliate
By Eliza Theiss, Associate Editor GF Management, a leading national hotel ownership and management company, has announced in a press release the purchase of the 174-key Holiday Inn—Charlotte University by GF affiliate UPHIC Associates LLC for an undisclosed amount. The hotel is located at 8520 University Executive Park Dr., a quick trip north of Charlotte’s […]
Home Properties Buys Two Virginia Apartment Communities for $112.2M
By Adrian Maties, Associate Editor Home Properties Inc. (NYSE: HME) on May 23 announced that it paid a total of $112.2 million in recent weeks for the acquisition of two Virginia apartment communities. Hunter’s Crossing in Leesburg was purchased on May 11 for $16.2 million, or approximately $99,000 per apartment unit. Woodway at Trinity Centre in […]