News
Berkadia Finances Three Seattle-Area Self-Storage Facilities
Berkadia recently announced that the company’s Seattle office has completed $21 million in combined loan proceeds for three different self-storage facilities. The commercial real estate company arranged the financing for the properties located throughout the Puget Sound area. The borrower is Ray Moore Construction, with the company working with a Berkadia team led by Senior Vice President Louis Weisman. The loans were a 10-year, interest-only, fixed-rate loans secured through a major Wall Street lender.
Cleveland Browns Continue with Phase II of Renovations at FirstEnergy Stadium
Last Wednesday, the Cleveland Browns released more details about the second phase of the FirstEnergy Stadium Modernization Project. It is the final phase of a $125 million makeover, expected to improve the fan experience and also help the team win as many games as possible.
GCS-SIGAL Starts Work on $82M Duke Ellington School of the Arts Modernization Project
The team of GCS-SIGAL, LLC, a joint-venture partnership between GCS, Inc. and SIGAL Construction Corporation, broke ground on December 19 on the Duke Ellington School for the Arts Modernization Project. Former Mayor Vincent Gray and many other school and local officials were present at the groundbreaking ceremony.
First Ever Multifamily Property on Millionaire’s Row in Pasadena Trades Hands
The South Orange Grove Apartments recently traded hands in the Pasadena submarket. The residential property was sold for a price that exceeds the original listing price that was set at $9.5 million. South Orange Grove Apartments was acquired by a private investor from an entity of City Ventures.
Walgreens will Relocate Offices to Findlay, Add Hundreds of New Jobs
Walgreens Boots Alliance will soon move the offices of its specialty pharmacy division in Carnegie to a new facility built by Clayco Corp. in Findlay Township. Upon completion this summer, the project is expected to house between 300 and 400 new company employees.
Vacant Strathmore Hotel Gets New Life as Apartment Building
One year after getting $3.5 million toward redevelopment from the Michigan Economic Development Corporation (MEDC), the reconstruction effort at Detroit’s long-time vacant Strathmore Hotel took another step forward.
ClubCorp Acquires Ravinia Green Country Club in Chicago
Dallas-based ClubCorp, the largest owner and operator of private golf and country clubs in the country has recently acquired the Ravinia Green Country Club in Riverwoods, IL.
Holcomb Woods Business Park Picked Up by Rugby Realty Associate
New Rochelle, NY-based RexxHall Realty LLC, an affiliate of Rugby Realty, LLC has recently announced the acquisition of Holcomb Woods Business Park. The four single-story office buildings totaling 240,000 square feet are located in Roswell, North Fulton County along Georgia 400. The portfolio was 70% leased at the time of acquisition according to a written announcement released by the buyer.
Castle Lanterra Buys Apartment Asset in Baltimore’s CBD
RWN Development Inc., a Maryland-based company, has sold the apartment building at 222 Saratoga E. Saratoga Street, in the Central Business District, to Castle Lanterra. It is the New York-based company’s first acquisition in the Baltimore market.
Monument Realty will Convert Baltimore Office Building into Apartments
Before the end of 2014, Monument Realty purchased the office building at 225 North Calvert Street, in Baltimore. The D.C.-based company plans to turn the 400,000-square-foot property into Class A apartments.