News

Medical Properties Trust Inc. has just taken another step in its multi-phase acquisition of a 21-property healthcare center portfolio from HCP Inc. with the closing of the purchase of 10 facilities for $168 million.The group of assets Medical Properties has just claimed as its own consists of Wesley Rehabilitation Hospital in Wichita, Kans.; Fort Lauderdale, Fla.’s Sunrise Rehabilitation Hospital; Pioneer Valley Hospital in West Valley City, Utah; Poplar Bluff Regional Medical Center in Poplar Bluff, Mo.; as well as six wellness centers in Connecticut, Massachusetts and Rhode Island.Completion of the transaction comes on the heels of the closing of Medical…

ProLogis has signed two new build-to-suit agreements in South Korea with Logen Express, a national parcel delivery provider, and Wonjin Logistics, a third-party logistics provider, it reported today. These are the first build-to-suit transactions in South Korea for the industrial property giant, according to Thomas Nam, senior vice president and head of Korean business for ProLogis.The first build-to-suit will be developed for Logen Express as a 46,700-square-foot facility near Daejeon City in Okcheon County. The park will provide easy access to the nation’s busiest highway, the Seoul-Busan Expressway. “Supply chain dynamics are strengthening in Okcheon,” Nam added in a statement….

Fendi Casa and Elad Properties have announced their first Los Angeles development, The Carlyle Residences. The Carlyle will be the last permitted high-rise in the Wilshire Corridor’s “Golden Mile,” according to the firms. The development is a 24-story crescent-shaped building with 78 private residences ranging in size from 2,700 square feet to 5,000 square feet. Each will have its own private elevator entrance. The building is scheduled for completion in the first quarter of 2009.Elad Properties has made a serious commitment on the West Coast, including the relocation of COO Thomas Elliot to Los Angeles to oversee all of the…

Capitalizing on India’s booming business and leisure markets, Hilton Hotels has agreed to join forces with Marigold Hospitality Ltd. to develop 16 Hampton by Hilton hotels. Marigold, which will invest $200 to $250 million in the endeavor, will be responsible for acquiring the sites and developing the properties. For Hilton, the agreement paves the way for the company’s Hampton brand to make its entrée into India. Marigold, a joint venture involving Palm Holdings and Trikona Capital formed for the purpose of investing in hotels in India, will complete the acquisition of sites for the first hotels by the close of…

The day after New York City Mayor Michael Bloomberg publicly revealed his disappointment with the city’s Department of Buildings, pointing to the high number of construction accidents that have occurred this year, Buildings Commissioner Patricia Lancaster has tendered her resignation–and the Mayor has accepted it, without assigning blame. In a prepared statement, Bloomberg praised Lancaster for revamping the department during her six-year tenure, noting her success in fighting corruption, improving inspections, and revamping the building code. While the agency has come a long way, given the 13 construction-related deaths since January, it appears it has not come far enough. “There…

Pacific Office Properties Trust Inc. has announced its intention to acquire seven office buildings located in San Diego and Phoenix. The acquisition of these seven buildings would increase Pacific Office’s portfolio by approximately 17 percent from 2.4 million leasable square feet to 2.8 million leasable square feet. Six of the seven buildings for which the option was exercised are Class A/B+ office buildings containing 183,000 leasable square feet in prime San Diego submarkets. The remaining office property, Black Canyon Corporate Center, is a 220,200 square foot office building located in the Deer Valley submarket of Phoenix, Az. The Black Canyon…

Tenneco’s Rancho–Long Beach division has renewed its lease for the entire three-building complex, totaling 109,850 square feet, located at 6925 Atlantic Avenue, according to The Staubach Co., who represented the firm.Tim O’Rourke, Michael Burns, Mike Fowler and Ben Stapleton led The Staubach team, while working with Keith Elkins of Jeffer, Mangels, Butler & Marmaro, who represented Carson Property Co., the building owner. Recently, Staubach represented Children’s Medical Center Dallas, as CPN reported. The center took a 99,999-square-foot least at Stemmons Place, a 20-story, 635,000-square-foot class A office tower situated just off the 16-lane Stemmons Freeway in Dallas. Staubach has almost…

Digital Realty Trust reported results from its study of green datacenter trends that shows significant changes since 2007. The findings are based on a web-based survey of senior decision makers at North American corporations with revenues of at least $1 billion and/or at least 5000 employees.Key findings are:• 51 percent of companies have a green datacenter strategy, a decline from 55 percent in 2007.• 82 percent say there is no clear industry standard. This figure is up from 75 percent in 2007.• 94 percent agreed that a standard should outline how to achieve efficient power usage.• 83 percent agreed that…

Marvel Entertainment Inc. has jointed forces with Dubai-based Tatweer to develop a 4.5 million-square-foot Marvel Super Heroes theme park to be located within the 3 billion-square-foot Dubailand mixed-use destination.A master plan for the Marvel Super Heroes theme park has already been created. The concept for the entertainment property first came to the fore just over one year ago as an endeavor that was to be pursued by Marvel and the Al Ahli group at another location. The development cost of Marvel’s project with its former partner was expected to be in excess of $1 billion. No price tag has yet…

The Ritz Carlton Hotel Co., in cooperation with resort developer Ernesto Coppel, has unveiled plans for a proposed 200-room hotel and 200 luxury residences on a three-mile beach within the 1,850-acre Quivira residential resort community in Los Cabos, Mexico. The Residences will break ground this summer. Plans are under way for The Ritz-Carlton Los Cabos Quivira, an oceanfront resort scheduled to open in early 2011. The Residences and proposed hotel will be the cornerstone of a resort community that will include two 18-hole Jack Nicklaus Signature Golf Courses. Amenities at the resort community will include an 18,000-square-foot spa and wellness…