News
D.C.’s First Hyatt Place Hotel Opens in NoMa
Just a month after the opening of D.C.’s first Cambria Hotel & Suites, in the historic Shaw neighborhood, the District is saying ”hello” to another important hotel brand. Hyatt Hotels Corporation, The JBG Companies and Crescent Hotels & Resorts have announced last week the opening of the city’s first Hyatt Place.
Distressed Norris Apartments Housing Complex in North Philadelphia Receives $30 Million Revitalization Grant
Four communities that are part of the “Choice Neighborhoods Initiative” kicked off July on a strong note. The U.S. Department of Housing and Urban Development (HUD) announced this week that it has awarded a combined $119.7 million to redevelop severely-distressed neighborhoods in Columbus, OH, Norwalk, CT, and Pittsburgh and Philadelphia in Pennsylvania.
Meijer Officially Breaks Ground on Second Store in Detroit
The site of the former Redford High School located at the corner of Grand River Avenue and McNichols Roadis being redeveloped into a “supercenter” grocery store by Meijer Inc.
Mosites Selects Morgan Management to Operate Upcoming Apartments on Pittsburgh’s Eastside; Larimer Lands $30M HUD Grant for Housing Redevelopment
The Mosites Co. has formed a joint venture partnership with Morgan Management for the operation of its three apartment buildings currently under construction at the East Liberty Transportation Center, the Pittsburgh Business Times reports.
Model Homes Available at Crescent Communities’ Lockwood Glen
Model homes have recently opened in Crescent Communities’ 220-acre master-planned community Lockwood Glen, announced the Charlotte-based developer. Located in Nashville’s historic Franklin suburb, one of the hottest submarket in metro Nashville, the 220-acre master-planned community of Lockwood Glenn is located close to Franklin’s business district and a short drive from downtown Nashville.
Zendesk HQ Acquired by ASB Real Estate Investments in $60 Million Deal
989 Market Street, the San Francisco home of cloud-based help desk provider Zendesk, just traded hands in a deal worth approximately $61.3 million. The office asset was acquired by ASB Real Estate Investments from seller Harbert Management Corporation, a deal in which the seller received more than double what it had paid for the property back in 2011. This recent purchase was made on behalf of ASB’s Allegiance Real Estate Fund, a $3.5 billion vehicle.
Revolution Places Joint Ventures with KSL Capital to Expand Miraval Resort & Spa Internationally
A joint venture came into being recently between real estate investors Revolution Places and KSL Capital Partners, LLC and the firms announced an agreement to take ownership of Miraval Resort & Spa, respectively, to expand the wellness luxury spa from its current Tucson location to new destinations in the US, Europe, etc. No financial terms were disclosed.
Moderate-Income Apartments in Downtown Albuquerque Nears Completion
The mixed-use project located at the periphery of Albuquerque’s Central Business District along historic Route 66 at 901 Park Avenue SW is nearing completion. The opening date is set for August 8, reports Albuquerque Business First.
Bridge Development Buys 17 Acres in Florida to Build Industrial Facility
Bridge Development Partners makes plans for its third speculative industrial project in South Florida in less than one year with the acquisition of 17 acres in Hialeah Gardens, Fla.
ARCP Investment Group Purchases 2.5 MSF Industrial Portfolio from Mesa
An investment group led by American Realty Capital Properties has acquired a 2.5 million-square-foot industrial portfolio of energy sector properties from Mesa Real Estate Partners for $295 million.