Business Specialties
Connected Vehicle Research Center Planned on Old GM Industrial Site
The RACER Trust, Devon Industrial Group and Walbridge Development are teaming up to transform the former Willow Run Powertrain plant in Ypsilanti Township, Mich., into a technologically advanced connected vehicle research center.
Parkway Buys Thomas Properties for $1.2B
Parkway Properties and Thomas Properties Group will soon become one. The two real estate companies have entered into a merger agreement calling for Thomas Properties to merge with and into Parkway. The $1.2 billion stock-for-stock transaction will leave Parkway shareholders with a 75 percent ownership stake and Thomas shareholders with the remaining 25 percent interest.
World’s First Forbes-Branded Office Tower to Rise in Philippines
Forbes Media has chosen the Philippines as the site for the world’s first Forbes-branded office high-rise. The company has partnered with local developer Century Properties Group to build the approximately 646,000-square-foot Forbes Media Tower in Makati, a suburb of Manila.
Cornerstone Buys Boston Trophy Tower for $110M
Cornerstone Real Estate Advisers, a subsidiary of MassMutual Financial Group, has acquired 99 Summer St. in Boston from Normandy Real Estate Partners for $110 million on behalf of a Cornerstone-managed fund.
Inland Repositioning its Portfolio with Purchase of 2 Westin Hotels for $220M
Inland’s acquisition of the two Westin hotels is part of the company’s long-term strategy to invest in luxury, upper-upscale and urban-upscale properties in the top 25 markets, according to Marcel Verbaas, Inland American Lodging Advisor’s president & CEO.
Clarion Gets $150M in Financing for 1.3 MSF Office Park in Norwalk, Conn.
An ownership entity managed by Clarion Partners has secured $150 million in financing for the 1.4 million-square-foot Merritt 7, an office park in Norwalk, Conn.
Parallel Discusses Strategy Behind Purchase of Landmark Dallas Towers
The purchase by Parallel Capital Partners of the 850,000-square-foot, two-building Urban Towers project in Irving, Texas, announced late Tuesday, marked the company’s re-entry into the Dallas–Fort Worth market.
Greystar Completes Half-Billion-Dollar M-F Portfolio Purchase
Greystar Real Estate Partners’ already substantial portfolio just got quite a bit bigger. The multi-family real estate company recently completed the acquisition of a 4,371-unit portfolio from Inland American Real Estate Trust in a deal valued at $460 million.
CBL Sells 3 Malls in the Southeast for $176M
CBL & Associates Properties has closed on the sale of a three-mall portfolio in the Southeast for a gross sale price of $176 million in cash.
USAA Buys 262 KSF Office Building in San Antonio
USAA Real Estate has acquired One Riverwalk Place, an 18-story, multi-tenant office building located in the central business district of San Antonio, from Winthrop Realty, an affiliate of Apollo Real Estate Advisors.