News
First Potomac Assumes Control of Redland Corporate Center with $30M Acquisition
First Potomac Realty Trust announced this week the acquisition of Redland I, the third building at Rockville’s Redland Corporate Center. Redland I cost First Potomac $30 million and marks the first acquisition the company completed since late 2011.
Wangard Breaks Ground on Phase 1 of M-F Project in Park East
Wangard Partners Inc. has broken ground on the first project of a three-phase apartment development in downtown Milwaukee. According to JSOnline, the Wauwatosa-based real estate firm is building a 104-unit apartment complex in the city’s Park East corridor. The $21 million investment will also include 7,000 square feet of commercial space and an underground parking structure.
Deylen Realty to Develop $10M Apartment Community on Virginia Avenue in Indianapolis
Local developer Deylen Realty is planning the construction of a new apartment complex in the city’s Fountain Square neighborhood southeast of downtown. According to the Indianapolis Business Journal, the $10 million project at 501 Virginia Avenue will replace a warehouse with 68 market-rate apartments, 9,900 square feet of retail space and a 104-space parking garage with 76 underground spaces. The facility is currently occupied by Impact Group Inc.
80K SF FedEx Facility Breaks Ground; 451-Car Parking Opens in Overton Square
FedEx Corp. subsidiary FedEx Express has announced commencing construction on the newest facility at the FedEx Express WorldHub in Memphis: an 80,000-square-foot state-of-the-art temperature controlled facility and heavyweight pickup and delivery operation.
Construction to Begin on New GlenLake Office Building in West Raleigh
Highwoods Properties has announced it would soon break ground on its fourth building at the GlenLake Office Park near Crabtree Valley Mall in west Raleigh. The locally based real estate investment trust expects to invest $35.8 million in the development of the approximately 166,000-square-foot project, which is already 25 percent leased.
Jacksonville Landing Redevelopment Plan Includes Adding Residential Units
Toney Sleiman, president and CEO of Sleiman Enterprises, which owns the Landing, stated that he plans to add residential units as the ownership considers renovating the facility. They are already making small steps toward the goal, first of all studying the property and determining a viable number of units and unit with the help of a consultant. They also ordered a parking study and informed that results should be available this month, according to the Jax Daily Record.
Venture West Awards Marketing of 535-Acre Tucson Business Park to CBRE
The 535-acre business park sits in the heart of Tucson’s bio-science region in Oro Valley. Venture West,who has owned the property since 2007, awarded a team of six CBRE brokerage professionals with the marketing and leasing of the realty.
Mehran Changes Strategy from Leasing to Loft Conversion for Office Building
Built in 1958, the office building at 517 Gold Avenue has been the federal office until the early 2000 when they relocated to 500 Gold. For the next decade the eight-story block property was left abandoned.
EXPO Real Special Report: City Rejuvenation through Major Sports Events
At the closing of EXPO Real in Munich, during the Planning and Partnerships forum, panelists shed light on the success of cities in the process of redeveloping vast sites while using the driving force of organizing high-profile sports events.
City Announces Development Team for EyeBAM Mixed-Use and Cultural Building in Downtown Brooklyn
A team of six entities was chosen by Mayor Michael Bloomberg and NYC Department of Housing Preservation and Development representatives to develop BAM North Site II, the last vacant property within the Downtown Brooklyn Cultural District, also known as DoBro or Fort Greene.