Business Specialties
IHG to Open Second Holiday Inn Express in Melbourne
IHG and its partner Pro-Invest announced plans for a new 299-key hotel, marking the second Holiday Inn Express in Melbourne. Holiday Inn Express Melbourne Little Collins is slated to open in 2020.
Ermenegildo Zegna Relocates in Midtown Manhattan
The luxury retailer will occupy 20,132 square feet of office space at SL Green’s 10 E. 53rd St., spreading throughout part of the sixth and the entire seventh floors. JLL brokered the deal.
Nothing But Net
As the net lease sector continues to take on its own asset class presence, investors and lenders are increasingly putting their capital into the property type, especially single-tenant, triple-net leased properties. Net lease owners with investment-grade tenants in place are most attractive to investors, but a lack of available inventory is leading some lenders to widen their options.
New St. John Providence Medical Center Opens Its Doors
The 60,000-square-foot outpatient facility in Howell, Mich., bears the signature of developer MedCraft Healthcare Real Estate LLC, interior design firm Diekema Hamann and contractor CSM Group.
Defense Contractor Changes Base in Maryland
ELTA North America is tripling its footprint from the 7,500 square feet it occupied in Fulton, Md., less than 10 miles away from the new headquarters.
JV Completes $55M Hyatt Hotel Renovations
Thirty-eight Hyatt Place and Hyatt House locations underwent renovations that included upgrades to guestrooms, common areas, bathrooms and amenities.
GE Taps Consigli Construction for Historic Boston Asset Renovations
The company will rehabilitate the two, six-story assets that total 95,000 square feet. The campus will be built under the LEED v4 rating, with features including rain water treatment and a vegetated rooftop terrace.
Pepper Construction to Build IKEA’s First WI Store
The Swedish home furnishings retailer has secured contractors for the upcoming location in Oak Creek, Wis. The 291,000-square-foot IKEA store is due to open next summer, with 250 full-time employees.
Bridge, Premier Team Up to Build Distribution Facilities
The two buildings which will replace Schiller Park’s former bakery are slated for completion by the end of this year’s second quarter.
H.I.G. Closes $600M Real Estate Fund
The fund’s general partner and related parties were among the list of contributors, as was a $52 million co-investment vehicle. Fund III, launched in June 2015, has so far amassed a portfolio of eight assets accounting for 20 percent of the commitments.