the Editors of Commercial Property Executive
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 […]
McCann Realty Enters Orlando Market with 276-Unit Purchase, Plans More Apartments
Along with the acquisition of Vista Lake Apartments, McCann Realty Partners, LLC has made its entrance into the Orlando market. McCann also bought an adjacent parcel of 16.4 acres and plans to build an additional 192 apartments as a second phase within the next year.
Metro Denver EDC Unveils New Campaign
By Gabriel Circiog, Associate Editor The Metro Denver Economic Development Corporation unveiled a new campaign that aims to mobilize the region’s business leaders and perpetuate the image of Denver as a top place for innovative people and companies. The newly formed Metro Denver E-Force will be comprised of executives—known as agents—who will work in partnership […]
Zeller Realty Secures Refinancing for LaSalle Plaza
By Gabriel Circiog, Associate Editor Chicago-based Zeller Realty has secured refinancing for LaSalle Plaza from a unit of Minneapolis-based U.S. Bancorp, U.S. Bank Commercial Real Estate. While terms of the deal were not disclosed, the Minneapolis / St. Paul Business Journal reports the loan is estimated to be worth around $92 million. Located at 800 […]
Utah Jumps to 6th Place in U.S. Development Spending: NAIOP
By Alex Girda, Associate Editor Utah’s development and construction market recorded a substantial upswing in 2011, according to a report from NAIOP. The state’s $3.6 billion in spending on direct investment on all categories of commercial real estate ranked sixth nationwide. That investment propelled Utah from 26th place in 2010, a jump second only to […]
KBS Expands Salt Lake City Foothold With Gateway Tech Center
By Alex Girda, Associate Editor KBS Realty Advisors has added to its Utah portfolio with the acquisition of Gateway Tech Center, a 198,565-square-foot Class A office building located near the 40-acre Gateway District in Downtown Salt Lake City. Located at 155 North 400 West Street, the five-story Gateway Tech Center was built in 1909 as […]
Chestnut Hill Shopping Center Expands Tenant List with Cinema de Lux
National Amusements announced plans to open a state-of-the-art Cinema de Lux at the former Macy’s site at the Chestnut Hill Shopping Center, bringing an unparalleled cinema and dining experience to the area. Scheduled for opening in March 2013, the new movie theater will feature a top-class restaurant, premium reserved seating, and high end dining throughout the complex.
Mooresville to Become Mecca for Furniture Tourism
By Eliza Theiss, Associate Editor At least that is what Michael Bay, owner of Merinos Home Furnishings is hoping for. The 500 South Main Street furniture and indoor décor complex’s owner envisions his expanding furniture collection to become “one of the largest, most spectacular stores in the world, a center for furniture tourism that will […]
Dyno Nobel Considering $800M Plant in Jefferson Parish
By Eliza Theiss, Associate Editor Dyno Nobel International, the Utah-based explosives and chemical products manufacturer, is to spend $30 million on a comprehensive study regarding the feasibility of establishing an $800 million ammonia production factory on a brownfield site in Jefferson Parish, reports Area Development Online. If the study yields a positive result, the facility […]
Study Shows Phase 1A of the Banks Has $91M Annual Economic Impact
By Adrian Maties, Associate Editor The Banks project is drawing more people to downtown Cincinnati, and the city is already cashing in, according to an economic impact study conducted by the University of Cincinnati Economics Center and released on May 22 by the Banks’ developers: Carter, The Dawson Co. and USAA Real Estate Co. The study […]