News
Liberty Property Trust, Synterra Partners to Build New Headquarters for Franklin Square
Franklin Square Capital Partners, an investment company specialized in creating and managing alternative investment funds, will move its offices and nearly 150 employees down south in the thriving Navy Yard Corporate Center.
The Pontch Reopens as New Crowne Plaza Hotel
It’s been more than one year since Gabriel Ruiz, a developer and hotel investor based in Mexico, purchased Detroit’s historic Pontchartrain Hotel, affectionately referred to as “The Pontch” by Detroiters. Located at 2 Washington Boulevard on the former Fort Pontchartrain site—Detroit’s first permanent European settlement built in 1701—and across from the Cobo Center, the 25-story building designed in 1965 by King + Lewis Architects last operated as the Detroit Riverside Hotel.
Pittsburgh’s Liberty Center Complex Sells for $135M
Forest City Enterprises, Inc. and its partner, Jos. L. Muscarelle, Inc. have completed the sale of the Liberty Center complex in downtown Pittsburgh’s “Golden Triangle”. A subsidiary of Starwood Capital Group of Greenwich, Conn. acquired the property for $135 million. The transaction generated net cash proceeds, at Forest City’s share, of approximately $30 million.
Strategic Capital, Crest Asset Sell 636-Unit Dallas M-F Portfolio
Seven years after Strategic Capital Partners and Crest Asset Management acquired St. Andrews Apartments and Montclair Apartments, two multi-family communities totaling 636 residences in Dallas, the JV partners have sold the Class A assets to Pensam Capital.
Drawbridge Realty Trust Continues Heightened Activity with Office Purchase in Santa Rosa
Drawbridge Realty Trust has made a move into the Santa Rosa submarket with a recently completed double acquisition. The real estate company has paid a purchase fee of $18 million for the two office buildings, an indication that Drawbridge has begun to put its $150 million revolving credit facility to good use. A series of new investments thought out by the REIT are bound to follow as the company will look to expand and improve its current property portfolio. Seller Basin Street Properties was represented in the transaction by Cushman & Wakefield’s San Francisco office.
$2B Urban Rejuvenation Project in London Under Development
The construction of One The Elephant, a 284-unit multibillion-dollar residential development designed by Squire and Partners, has finally kicked off in London.
Luxury Student Housing Bought for $20M, Upgrades in the Works
Troy, Mich.-based real estate investment services entity Hayman Company has recently announced the acquisition of College Grove, an 864-bed luxury student housing community located in the vicinity of the Middle Tennessee State University (MTSU) campus in Murfreesboro, TN within the Greater Nashville Area.
Embassy Suites Going for $20M
FelCor Lodging Trust Incorporated, an Irving, TX-based REIT boasting a portfolio of primarily upper-scale and luxury hotels located in major or resort markets, has announced entering an agreement to sell the 223-key Embassy Suites Baton Rouge for $20 million in a transaction expected to close by the end of the month.
The Opus Group Announces Electrolux Expands Minooka Operations
Chicago-based The Opus Group recently announced that Electrolux Home Products Inc. will expand its existing operations in Minooka, Illinois by occupying the remaining vacant space within the Minooka Ridge II facility.
1 + 3 Equals $2.3B Deal for Inland, ARC
Three REITs sponsored by AR Capital are the prospective buyers, for a total of nearly $2 billion, of a 16.5 million-square-foot portfolio of 294 largely net-leased retail, office and industrial properties to be sold by Inland American Real Estate Trust.