News
Starwood Capital Buys 1 MSF San Diego Office Portfolio
Starwood Capital Group closed 2013 with a bang by acquiring a portfolio of 12 office properties in San Diego from Kilroy Realty Capital for $295 million.
Mount Vernon Co. Opens $125M M-F Residence in Boston
The Mount Vernon Co. has developed The Edge, a new 79-unit multi-family property designed by Prellwitz Chilinski Associates, as the latest addition to the six-building, 500-unit Allston Green District in Boston.
Shorenstein Acquires 717 KSF M-U Property in Boston
Shorenstein Properties has acquired Center Plaza, a 717,100-square-foot, transit-oriented mixed-use property in downtown Boston for a reported $307 million.
BakerHostetler to Move to Cleveland’s Key Tower in 2016
Prime office spaces continue to be in high demand in Downtown Cleveland. BakerHostetler is just the most recent name added on the growing list of companies looking to do or to continue doing business in the CBD. Ranked 65th on the AmLaw 100 (American Lawyer, 2013, by gross revenue), the global law firm has recently signed a 15-year lease for space in Downtown Cleveland’s iconic Key Tower. Currently it is located in the PNC Center, at East Ninth Street and Euclid Avenue.
Economy Watch: December Employment Down but Full-Year Job Creation Equals 2012; Fed Likely to Taper
The economy created only 74,000 new jobs in December – the fewest in about three years – assumed due to severe weather conditions recently. Total hiring was roughly the same in 2013 – a 2.2 million net increase – as it was in 2012. And the Fed’s tapering of its bond-buying is slated to begin this month.
Cincinnati Seeks Brownfield Fund Grant for Brewery X Redevelopment Project
Cincinnati Beer Week is less than a month away. It’s scheduled to start on February 6 but real beer fans will be able to get into the spirit of the event even sooner. On January 27, a public meeting will be held at The Brew House to discuss the city of Cincinnati’s application for a grant from the Brownfield Fund for the Brewery X Redevelopment Project. The project’s goal is to turn a dilapidated historic building close to downtown Cincinnati, into a brewery with a tap room and an outdoor beer garden. The application is available for review at the Walnut Hills Branch of the Public Library of Cincinnati and Hamilton County.
Terramar Pays $99.5M for Safeway-Anchored Shopping Center in Ewa Beach
In a $99.5 million deal, California-based Terramar Retail Centers has purchased the newly developed 223,000-square-foot Laulani Village Shopping Center in Ewa Beach, Oahu from Property Development Centers, a subsidiary of Safeway Inc.
Ridgeview Takes Over Operations at Sibley Medical Center, Primary Care Clinics
Ridgeview Medical Center has recently announced that it has assumed the operation of Sibley Medical Center and its four primary care clinics. A new nonprofit entity, wholly owned by Ridgeview Medical Center, was created to fulfill the terms of the lease agreement with the City of Arlington.
Washington Trust Provides Financing for Providence Parking, Smithfield Retail Assets
Washington Trust’s commercial real estate group has recently provided $6.45 million in financing to Civic Center Parking Associates LLC for a 438-space parking garage, with two adjacent 39-space parking lots, in Providence.
RADCO Buys 284-Unit M-F Asset in Jenks; MC Cos. Adds 208-Unit Tulsa Property to Portfolio
The RADCO Companies, a real estate turnaround specialist, has purchased The Overlook Apartments in Tulsa, Oklahoma for $12.8 million.