News
Carr Kicks Off Pre-Construction Phase of Office Building in Arlington, Va.
The site at 2311 Wilson Blvd. in Arlington, Va., will soon sprout a premier 175,000-square-foot office building now that Carr Properties has commenced demolition and the pre-construction phase for the project.
Kimco Buys Out Blackstone in 39-Property Portfolio
Kimco Realty Corp. has acquired the remaining 66.6 percent interest in the 39-property Kimstone portfolio that it originally owned with a joint venture partner, a subsidiary of Blackstone Real Estate Partners VII, for $925 million.
State Awards $10M In Historic Preservation Tax Credits to Nine Maryland Projects
Nine Maryland historic restoration projects will receive help from the state, in the form of $10 million worth of tax credits. Seven of the projects are located in the Baltimore Metropolitan Area.
Baltimore’s Inner Harbor Welcomes its First Hyatt Place
Baltimore’s Inner Harbor is home to another hotel. Hyatt Hotels Corporation and 511 South Central Avenue, LLC, a collaboration between Englewood LLC and CG Investments, Inc., announced on Thursday, December 11, that the new Hyatt Place Baltimore/Inner Harbor is now open and ready to receive guests.
NYC Invests $3.5 Million in Fashion Innovation Hub in Sunset Park
A City-financed innovation hub is about to revive the once thriving garment manufacturing industry in New York City.
Pacific Crest Realty Acquires Koreatown Community; Valencia Residential Project in DTLA Scores $41 Million Construction Loan
Pacific Crest Realty has completed the purchase of Alexandria Apartments in Koreatown for a fee of $6 million, in a deal brokered by Kaufman Commercial for both the buyer and the seller. Located at 435 South Alexandria Avenue, the community will be renamed as Chapman Apartments as a result of the acquisition, as a nod to Charles Chapman, a developer and philanthropist who built a residence on the site in 1915. The 1927-built apartment building offers 30 one-bedroom apartments and 19 studio units. It is located near the iconic Chapman Market, the site of the country’s first drive-through grocery back in 1929.
Morgan Properties and Olayan Purchase The Preserve at Owings Crossing
Morgan Properties has acquired another large Maryaland apartment community. In a joint venture with The Olayan Group, the King of Prussia-based company purchased The Preserve at Owings Crossing, in Reisterstown. This is the joint venture’s second acquisition in 2014.
Peak Campus Adds 3,155 Beds to Management Portfolio
Peak Campus Management has been selected as the property manager for a portfolio of five properties totaling 3,155 beds near Florida State University in Tallahassee.
Economy Watch: Oil Prices, Consumer Sentiment
The price of crude oil got another downward push over the weekend. Consumer sentiment is now as high as it’s been since January 2007.
Forest City Sells Cleveland’s Halle Building for $20M
One of Cleveland’s oldest landmark buildings has changed hands. Forest City Enterprises, Inc. announced at the start of December that it has completed the sale of the Halle Building. The property was acquired by affiliates of K&D Management, LLC, for $20 million.