News
German Investor Sells Apple, Bulgari Stores in San Francisco for $160M
Two retail assets in San Francisco’s Union Square district, the Apple store at One Stockton Street and the Bulgari store at One Union Square, have been sold by German investor Deka Immobilien to an unidentified U.S.-based private investor for a total consideration of $160 million.
Economy Watch: No Debt-Ceiling Deal Yet; Consumer Sentiment Slips; Data Black Hole Grows
No debt-ceiling deal has been finalized and the Senate, which unusually met on Sunday, is said to be off until Monday afternoon. Consumer sentiment is down for mid-October to 75.2, compared with 77.5 the month before. And there is still more missing data possible this week due to the shutdown.
Stream Private Data Center Breaks Ground in San Antonio
“San Antonio’s central location, reliable infrastructure and stable cost of electricity make it a great choice for national enterprise users to locate and operate their mission-critical infrastructure,” said Rob Kennedy, co-managing partner, Stream Data Centers. With this in mind, the Stream Private Data Center (PDC) broke ground in the master-planned business park Westover Hills.
Northview Purchases Queen and Crescent Hotel in CBD, Plans to Renovate
Northview Hotel Group, headquartered in Westport, CT has announced the purchase of the Queen and Crescent Hotel, a 196-key asset in the New Orleans CBD, located just outside the French Quarter.
New M-F Deal Completed in Seattle as Company Continues Shopping Spree
As Seattle continues to grow and its development pipeline keeps being populated, investors are obviously keeping one eye on the city’s multifamily assets. One company that has recently moved on the market is JB Matteson Inc, with the company announcing the acquisition of Greenhouse Apartments, in a deal worth $32.1 million. The San Mateo, CA-based company is the new owner of the Columbia City residential asset. Property management services will be handled by E&S Ring Management Corporation, who currently manages other JB Matteson properties.
$250M Project to Deliver Marriott Autograph Collection Hotel, 205 Apartments to Downtown Cleveland
The GEIS Companies and Sandvick Architects, both based in Cleveland, have teamed up to bring new life to the intersection of East Ninth Street and Prospect Avenue, a long overlooked area in the city’s downtown. Dubbed The 9, the $250 million development calls for the renovation and transformation of the former AmeriTrust Tower and historic Cleveland Trust Rotunda into a high-end complex featuring a luxury hotel, apartments, and much more. The project will create 1,000 construction jobs.
Cincinnati Children’s Receives Largest Donation in Hospital’s History
Cincinnati Children’s Hospital Medical Center announced on October 4 it will receive the single largest donation to the hospital since it was established in 1883. Convalescent Hospital for Children will donate $20 million over eight years. The money will be used to expand mental health facilities at Cincinnati Children’s campus in College Hill and long-term and respite care services at the hospital’s Liberty Township campus in Butler County.
HCDA to Review Franco Mola’s Scaled-Back Honolulu Condo Project in January
The Hawaii Community Development Authority will officially unveil the 803 Waimanu St. condominium project in Kakaako in November. According to the Pacific Business News, California-based real estate developer Franco Mola is proposing the construction of a 65-foot, seven-story building with 153 market-priced residences, 30 of which will be slated for reserved housing. Plans also call for 8,477-square-feet of recreation space and ground-floor parking for 92 vehicles.
Statoil to Double Footprint at CityWestPlace, Expand Lease to 581,000 SF
Statoil Gulf Services L.L.C., the U.S. upstream wholly-owned subsidiary of Norwegian energy titan Statoil ASA, entered into a long-term agreement to expand and extend its lease at CityWestPlace, which serves as the company’s North American headquarters.
Wood Partners Breaks Ground on $36M Apartment Project; Walmart Opens Distribution Center in Fort Worth
Wood Partners has broken ground on Alta Maple Station, a $36.3 million luxury apartment project in downtown Dallas.